At ACI’s recent the 12th National Forum on Emerging Payment Systems in San Francisco, Andy Lorentz, the leader of DWT’s Emerging Payments and Prepaid practice, served as conference co-chair and presented as part of a panel entitled “Mobile Payment Systems and the Challenges Facing Financial Inclusion: Managing the Expectations of Millennials, the Underbanked and ...
Developments and Commentary
Julia Dempewolf on Jul 18, 2016
In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months later, hackers attempted to steal over $1 million from a commercial bank in Vietnam using a similar method. Since then, almost a ...
NYDFS Issues Regulation Addressing Anti-Money Laundering Transaction Monitoring and Filtering Requirements
Monami Chakrabarti on Jul 08, 2016
On June 30, 2016, the New York Department of Financial Services (NYDFS) issued a final regulation obliging regulated institutions to meet enhanced requirements for transaction monitoring and filtering programs aimed at preventing Bank Secrecy Act (BSA)/anti-money laundering (AML) violations and transactions with sanctioned entities (the “Final Rule”). The Final Rule ...
Julia Dempewolf on Jul 01, 2016
On June 23, the Office of the Comptroller of the Currency hosted an all-day forum on supporting responsible innovation in the federal banking system. The forum builds on the OCC’s white paper on responsible innovation, which the agency released in the spring. Our analysis of the white paper is available ...
Last week, DWT Consumer Financial Services team member Tom Scanlon spoke at the June NYPAY panel titled, “Regulating Prepaid: Balance Between Protecting Consumers & Promoting Payments”. NYPAY is a New York-based forum for innovators and leaders in the payments and mobile commerce industry. The recent panel was part of a series ...
Courtney K. Stout & Bryan Thompson on Jul 13, 2016
PCI Council announces that new requirements will be considered “best practices” until compliance becomes mandatory on Feb.1, 2018 The Payment Card Industry (PCI) Security Standards Council (PCI Council) released Version 3.2 of the PCI Data Security Standard (PCI DSS), containing several new requirements for merchants, acquirers, and other entities that accept, ...
Davis Wright Tremaine on Jul 05, 2016
PLA today posts materials prepared by Norm Page, Chair of DWT’s China Practice and Adjunct Professor at the East China University of Political Science and Law, regarding cross-border financing transactions between China and the United States. PLA hopes that these materials will provide those practicing in this area with a ...
James H. Mann on Jun 15, 2016
PLA today augments its popular UDAAP Enforcement Action Database page with a link to “Consumer Financial Protection Bureau Law Enforcement: An Empirical Review,” by Professor Christopher L. Peterson. We hope you find it useful.
Davis Wright Tremaine on Jun 14, 2016
For retailers, the costs involved with a credit card data breach go well beyond the immediate needs of retaining a privileged forensic investigator, hiring outside counsel and public relations and crisis management advisors, and notifying customers of the breach and offering credit protection services to them. DWT PrivSec and Payments team ...
The Wild, Distributed World: Get Ready for Radical Infrastructure Changes, From Blockchains to the Interplanetary File System to the Internet of Things
Lance Koonce on May 13, 2016
On May 24 we will be hosting a panel discussion in San Francisco on blockchain and related technologies. Please see below for details on how to register. Every so often—and more frequently now than ever before—we are treated to a deluge of media stories telling us why some new technology will change ...
Our Payments Team addresses changes and continuities in the payments industry every day—leveraging our many years of industry experience and our presence on both coasts and in China. On paymentlawadvisor, we offer commentary on new developments that seem particularly significant, as well as resources that we believe can be helpful to others who are tasked with anticipating, understanding and addressing these developments.
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.@JoAnnBarefoot interviews @CFPB 's Director Richard Cordray on financial innovation https://t.co/Dy6TtO4a20 #podcast
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