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FinCEN Hits Capital One For $390 Million; Says Bank Violated Bank Secrecy Act

PYMNTS

15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). According to a statement from FinCEN , Capital One admitted to failing to implement and maintain an effective anti-money laundering (AML) program.

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Decomposing changes in the functioning of the sterling repo market from 2014 to 2018

BankUnderground

Since 2014 there have been significant changes in repo functioning, causing policymakers to question why these changes are happening and what it means for financial stability. We find fluctuations in repo were driven by changes in dealers’ supply in the pre-Covid period 2014–18. Our paper addresses these questions.

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Today In Payments Around The World: Lendify Secures $115M In Funding; Contour Teams With Mphasis On Trade Tech

PYMNTS

In today’s top payments news around the world, Swedish peer-to-peer (P2P) lending upstart Lendify has reportedly secured $115 million of funding, while international trade platform Contour has teamed with information technology (IT) solutions firm Mphasis. The Hong Kong sale is being managed by Citigroup, China International Capital Corp.,

Security 134
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China-Based IPOs Raised $11.7 Billion In 2020

PYMNTS

The IPO rate for Chinese companies is the highest since Alibaba’s massive market debut in 2014, according to CNBC , citing a new report from Renaissance Capital. and China over trade and security issues. The last big Chinese IPO rush occurred in 2014, when 14 companies, including eCommerce titan Alibaba, raised $25.7

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SPAC, Online Homeseller Opendoor Ready IPO In $4.8B Deal

PYMNTS

Real estate platform Opendoor is set to go public via a merger with blank-check company Social Capital Hedosophia II in a deal that will value the combined company at $4.8 Social Capital Hedosophia II will infuse Opendoor with a $1 billion cash injection. SPACs like Palihapitiya's Social Capital have become popular in recent years.

Online 173
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U.S. Regulations to Consider When Managing a Cryptocurrency Fund

Perficient

There is good reason for this shift in view; according to Marc Bernegger, co-founder of crypto fund AltAlpha Digital, “after last year’s explosion of crypto hedge funds around the globe, there are now over 400 active funds, excluding those focused on venture capital.” State Regulations.

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Lendingkart Secures $2.95M From Sistema Asia Fund

PYMNTS

Launched in 2014 by Harshvardhan Lunia and Mukul Sachan, Lendingkart offers loans to micro, small and medium-sized businesses, issuing more than 60,000 loans to more than 55,000 SMBs in 1,300 cities across India so far. The total funds raised by LendkingKart is now at $146 million.

Security 116