Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Anatomy of a Consent Order: “Gizmo” Case Study

Posted in Financial Services Litigation and Enforcement

gizmoOn March 26, 2015, DWT payments team member Andy Lorentz was a presenter at ACI’s 9th Emerging Payments System conference in Chicago, IL. His panel focused on the topic of “Ensuring Compliance with the Increasingly Aggressive State Regulatory and Enforcement Framework Governing Emerging Payment Systems.” Andy’s presentation offered a case study of “Gizmo,” a company offering a P2P payments solution with a social twist—but a company that is also a money transmitter. The case study illustrates the increasing amount of regulatory scrutiny emerging payments companies face, the consequences of failing to establish a strong compliance framework, and how participants in the ecosystem can avoid a similar fate.

 

To view the presentation materials, click here.