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India's Paytm Receives Notice From Financial Crime Fighting Agency, Sees No Business Impact

India's Paytm received a show cause notice from India's financial crime fighting agency on Saturday for allegedly violating the country's Foreign Exchange Management Act. The notice relates to violations relating to the acquisition of two subsidiaries - Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019, Paytm said in a statement. This pertains to a period when these companies were not subsidiaries of Paytm, it said.

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Paytm Receives Notice, Sees No Business Impact Δ1.99

India's Paytm received a show cause notice from India's financial crime fighting agency on Saturday for allegedly violating the country's Foreign Exchange Management Act. The notice relates to violations relating to the acquisition of two subsidiaries - Little Internet Private Limited and Nearbuy India Private Limited for the years 2015 to 2019. Paytm stated that the notice has no impact on its services to its consumers and merchants.

CFPB Drops Lawsuit Against Bank of America, JPMorgan Chase and Wells Fargo over Zelle Fraud Δ1.73

The Consumer Financial Protection Bureau is dropping its lawsuit against the company that runs the Zelle payment platform and three U.S. banks as federal agencies continue to pull back on previous enforcement actions now that President Donald Trump is back in office. The CFPB had sued JPMorgan Chase, Wells Fargo and Bank of America in December, claiming the banks failed to protect hundreds of thousands of consumers from rampant fraud on Zelle, in violation of consumer financial laws. Early Warning Services, a fintech company based in Scottsdale, Arizona, that operates Zelle, was named as a defendant in the lawsuit.

India Regulator to Challenge Court Order Against Sebi Officials Δ1.73

India's market regulator and the Bombay Stock Exchange will take appropriate legal action to challenge a Mumbai court order against their officials in relation to an alleged stock market fraud and regulatory violations, they said in separate statements on Sunday. The Securities and Exchange Board of India (SEBI) has stated that it would initiate "appropriate legal steps" to challenge the order, while the Bombay Stock Exchange has described the application as "frivolous and vexatious in nature." SEBI officials have also emphasized their commitment to ensuring due regulatory compliance.

CFPB Drops Lawsuit Against US Banks Over Alleged Fraud on Zelle Δ1.72

The Consumer Financial Protection Bureau has dismissed a lawsuit against some of the world's largest banks for allegedly rushing out a peer-to-peer payment network that then allowed fraud to proliferate, leaving victims to fend for themselves. The agency's decision marks another shift in its enforcement approach under the Biden administration, which has taken steps to slow down regulatory actions. This move comes amid a broader review of consumer protection laws and their implementation.

India's Fast-Delivery Giants Face Heat Over Deep Discounts Δ1.72

Indian consumer products distributors have filed an antitrust case against big fast-delivery businesses of Zomato, Swiggy and Zepto, calling for an investigation into alleged deep discounting practices that are upsetting smaller retailers. Quick commerce sales are booming in India, with companies like Zomato, Swiggy and Zepto expanding their warehouses and gaining market share. The All India Consumer Products Distributors Federation has asked the Competition Commission of India to investigate how discounts are doled out by these companies.

Treasury Department Abandons Anti-Money Laundering Law Enforcement Δ1.72

The US Treasury Department announced it will not enforce an anti-money laundering law requiring the disclosure of beneficial owners, citing concerns for low-risk entities and small businesses. This decision comes amid repeated legal challenges to the Biden-era Corporate Transparency Act, which aims to combat illicit funds laundering in the United States. The act's supporters argue that its abandonment undermines efforts to tackle money laundering.

Treasury Department Abandons Anti-Money Laundering Enforcement Δ1.71

The US Treasury Department has announced that it will no longer enforce an anti-money laundering law, which requires business entities to disclose the identities of their real beneficial owners. The Biden-era Corporate Transparency Act has faced repeated legal challenges and opposition from the Trump administration, who deemed it a burden on low-risk entities. The decision allows millions of US-based businesses to avoid disclosing this information.

CFPB Drops Lawsuits Against Major Firms in Shocking Shift Δ1.71

The Consumer Financial Protection Bureau (CFPB) has dismissed at least four enforcement lawsuits against major financial institutions, including Capital One and Berkshire Hathaway-owned Vanderbilt Mortgage & Finance, marking a significant shift in the agency's direction since its new acting director took over this month. The dismissals come after the CFPB's former head of enforcement stated that the agency had never seen such a rapid pace of dismissals before. This abrupt change raises concerns about the bureau's commitment to consumer protection and enforcement.

Why QMMM Holdings Limited (QMMM) Soared Last Week Δ1.71

QMMM Holdings Limited (NASDAQ:Q MMM) surged by 60 percent week-on-week to end Friday's trading at $1.47 each, driven by a surge in investor appetite following a notification from Nasdaq that it fell below the $1 bid price requirement to remain listed on the stock exchange. The company received an 180-day warning to regain compliance with Nasdaq's continued listing requirements or face delisting, sparking hopes of a turnaround. QMMM Holdings Limited is currently evaluating options to regain compliance and intends to regain timely compliance with Nasdaq's rules.

Cfpb Drops Enforcement Action Against Transunion Δ1.70

The US Consumer Financial Protection Bureau on Friday dropped an enforcement action against consumer credit bureau TransUnion, adding to the embattled agency's mass dismissal of cases against financial companies accused of cheating consumers. The CFPB had brought the case in 2022, accusing the company and longtime executive John Danaher of violating a 2017 order against deceptive marketing practices. However, Russell Vought, the agency's acting director, decided to continue a 2022 case against fintech lender MoneyLion.

Rockstar Games Sues PlayerAccounts Marketplace for Breaking TOS Δ1.70

The publisher of GTA 5, Take Two, is taking Roblox's marketplace, PlayerAuctions, to court over allegations that the platform is facilitating unauthorized transactions and violating terms of service. The lawsuit claims that PlayerAuctions is using copyrighted media to promote sales and failing to adequately inform customers about the risks of breaking the game's TOS. As a result, players can gain access to high-level GTA Online accounts for thousands of dollars.

Malaysia's Ex-PM Ismail Declares Wealth to Anti-Graft Agency Amid Seizure of Assets Δ1.70

Ismail Sabri Yaakob has submitted a formal wealth declaration to authorities as part of an ongoing corruption probe, following the seizure of nearly $40 million in assets allegedly linked to him. The Malaysian Anti-Corruption Commission is investigating government publicity expenditure and procurement during Ismail Sabri's premiership from August 2021 to November 2022. Ismail Sabri's wealth declaration comes after he was questioned by investigators last year as part of a probe into possible misconduct involving $157 million in government publicity spending.

US CFPB Drops Zelle Case Against JPMorgan, BofA, Wells Fargo Δ1.70

The U.S. Consumer Financial Protection Bureau has dropped a lawsuit filed in December against three of the nation's largest banks over their handling of the payment service Zelle, citing a desire to operate a "streamlined" agency despite allegations that it intends to gut its operations. The CFPB had accused JPMorgan Chase, Bank of America, and Wells Fargo of failing to protect consumers from fraud costing hundreds of millions of dollars. By dropping the case, the agency is essentially giving up on its ability to hold these banks accountable for their handling of Zelle.

EU Must ‘Fully’ Apply Its Market Fairness Rulebook on Google, Search Rivals Urge Δ1.70

The European Union is facing pressure to intensify its investigation of Google under the Digital Markets Act (DMA), with rival search engines and civil society groups alleging non-compliance with the directives meant to ensure fair competition. DuckDuckGo and Seznam.cz have highlighted issues with Google’s implementation of the DMA, particularly concerning data sharing practices that they believe violate the regulations. The situation is further complicated by external political pressures from the United States, where the Trump administration argues that EU regulations disproportionately target American tech giants.

Pertamina Pledges To Improve Transparency Following Corruption Allegations. Δ1.70

Indonesia's state-owned energy company Pertamina has publicly apologized and pledged to improve its governance after five executives at its units were arrested over alleged corruption involving oil imports. The Attorney General's Office last week arrested the executives on charges of alleged corruption related to oil imports between 2018 and 2023 that caused $12 billion in state losses. Pertamina CEO Simon Aloysius Mantiri vowed to fix loopholes found by the AGO to prevent future negative impacts on the company or state budget.

Crypto Atm Operators Face Serious Consequences Δ1.70

A UK court has issued a four-year prison sentence to Olumide Osunkoya, London-based operator of unregistered crypto ATMs, in the UK's first case involving unregistered cryptoasset activity. Osunkoya was found guilty of operating the ATMs for transactions worth 2.5 million pounds ($3.2 million) across several locations within the UK between December 2021 and March 2022. The Financial Conduct Authority (FCA) has taken a strong stance against flouting regulations, highlighting the need for strict enforcement in the cryptocurrency industry.

Robinhood to Pay $26 Million to Settle Finra Allegations Δ1.70

Robinhood Markets Inc. has agreed to pay $26 million to settle Financial Industry Regulatory Authority (Finra) allegations of failing to respond to red flags about potential misconduct and not verifying the identities of thousands of customers, among other regulatory issues. The settlement comes on the heels of a separate $45 million fine by Robinhood Securities and Robinhood Financial with the US Securities and Exchange Commission for failing to preserve records and report suspicious activity. Finra's action highlights the need for robust compliance measures in the retail trading industry.

Singaporeans Smuggling Nvidia GPUs to China-Based DeepSeek Face Up to 20 Years in Prison Δ1.70

The Singapore Police Force has charged three men with fraud in a case involving allegedly illegal re-export of Nvidia GPUs to Chinese AI company DeepSeek, bypassing U.S. trade restrictions. The police and customs authorities raided 22 locations, arrested nine individuals, and seized documents and electronic records. Customers use Singapore to centralize invoicing while our products are almost always shipped elsewhere.

Robinhood Paying $29.75 Million to End US Regulator's Probes Δ1.70

Robinhood Markets has agreed to pay $29.75 million to resolve several probes into its supervision and compliance practices, including failure to respond to "red flags" of potential misconduct. The brokerage regulator said the company failed to implement reasonable anti-money laundering programs, miss suspicious or unauthorized trading, and properly supervise social media influencers who promoted the company. Robinhood's agreed settlement covers a range of issues that date back to 2014.

Intel Shareholder Lawsuit Dismissed — Complaints Stemmed From Single-Day $32B Devaluation in 2024 Δ1.70

A federal judge on Wednesday dismissed a lawsuit against Intel, which accused the company and its management of hiding financial troubles of its semiconductor manufacturing division in 2023. The U.S. District Judge Trina Thompson in San Francisco ruled that plaintiffs failed to present evidence that Intel and its executives committed any wrongdoing. The case was dismissed without prejudice, meaning the plaintiffs can file an amended complaint with stronger evidence.

UK Asks Social Media Firms to Assess Online Risks by March 31 Δ1.70

Britain's media regulator Ofcom has set a March 31 deadline for social media and other online platforms to submit a risk assessment around the likelihood of users encountering illegal content on their sites. The Online Safety Act requires companies like Meta, Facebook, Instagram, and ByteDance's TikTok to take action against criminal activity and make their platforms safer. These firms must assess and mitigate risks related to terrorism, hate crime, child sexual exploitation, financial fraud, and other offences.

Why Jpmorgan Might Be Hiding Its Trading Size Δ1.69

JPMorgan has been accused of evading capital requirements created to prevent another financial crisis—a claim the bank denies. The Federal Reserve has allowed U.S. banks, including JPMorgan, to flout some of the norms established by common standards to regulate financial institutions critical to the health of the global economy. If the Fed is looking the other way, experts say it could diminish the meaning of these rules and lead other countries to follow suit.

India's Angel One Says Assessing Impact After Security Breach Δ1.69

Indian stock broker Angel One has confirmed that some of its Amazon Web Services (AWS) resources were compromised, prompting the company to hire an external forensic partner to investigate the impact. The breach did not affect clients' securities, funds, and credentials, with all client accounts remaining secure. Angel One is taking proactive steps to secure its systems after being notified by a dark-web monitoring partner.

Hacked Health Firm HCRG Demanded Journalist 'Take Down' Data Breach Reporting Citing UK Court Order Δ1.69

A U.S.-based independent cybersecurity journalist has declined to comply with a U.K. court-ordered injunction that was sought following their reporting on a recent cyberattack at U.K. private healthcare giant HCRG, citing a lack of jurisdiction. The law firm representing HCRG, Pinsent Masons, demanded that DataBreaches.net "take down" two articles that referenced the ransomware attack on HCRG, stating that if the site disobeys the injunction, it may face imprisonment or asset seizure. DataBreaches.net published details of the injunction in a blog post, citing First Amendment protections under U.S. law.

IBM Wins UK Lawsuit Against LzLabs Over Alleged Theft of Mainframe Technology Δ1.69

IBM has successfully sued Switzerland-based LzLabs and its subsidiary Winsopia over the alleged theft of trade secrets related to IBM's mainframe technology. The High Court ruled in favour of IBM, finding that Winsopia breached its licensed software agreement with IBM in 2013. This decision could have significant implications for intellectual property protection in the tech industry.