The Payment Pattern Regulators Are Targeting Looks Familiar at Fortris
Regulators and gambling groups are following deposits through PSPs, brands and accounts. Fortris markets the same control points in crypto.
Category: Regulation & Compliance
Bilt Says Reporting Error Sent Collection Notices to 1,850 Cardholders
Bilt attributed mistaken collection notices sent to about 1,850 cardholders to a third-party reporting error affecting an old beta card program.
Fed Bars Two Former Bank Employees Over Customer Fund Theft
The Federal Reserve barred two former bank employees after consent orders described unauthorized withdrawals from elderly customers and theft from bank cash.
New York Sues Kalshi Over Alleged Illegal Gambling Operation
New York alleges Kalshi operated an unlicensed gambling platform, accepted wagers from 18-to-20-year-olds and lacked state-mandated safeguards.
Apple Sued Over Fake Sparrow Wallet App and $1.8M Loss Claim
Three users allege Apple’s App Store distributed a fake Sparrow Wallet app that led to more than $1.8 million in bitcoin losses.
CFTC Fines UBS $8 Million Over AML Monitoring Failures
The CFTC fined UBS Financial Services $8 million after finding that foreign-currency wires were omitted from or inadequately covered by AML monitoring.
OCC Denies Wise Trust Bank Charter Over AML and Governance Gaps
The OCC rejected Wise’s proposed U.S. trust bank, citing unresolved AML weaknesses, insufficient management expertise and significant compliance concerns.
Zelle Must Face New York Fraud-Control Lawsuit
A New York judge refused to dismiss the state attorney general’s case against Zelle operator Early Warning Services, keeping fraud-control and marketing claims alive.
UK BNPL Rules Put Third-Party Lenders Under FCA Oversight
The UK now regulates third-party deferred-payment lenders, adding authorisation, affordability and customer-support duties while leaving merchant-own credit exempt.
Fed Ends Special Oversight Program for Banks’ Crypto and Fintech Activity
The Federal Reserve ended its novel activities supervision program, moving bank-fintech, crypto and distributed-ledger oversight into its standard process.