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A new study by LexisNexis Risk Solutions offers a glimpse into what financial services companies are spending to comply with regulations, policies and standards regarding financial crimes. The 2022 True Cost of Financial Crime Compliance Study revealed the cost of compliance continues to rise above pre-pandemic levels, up 13.6 percent since 2021, to just shy of $57 billion for U.S. and Canadian firms combined.

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Recent cryptocurrency developments, such as the newly formed partnership between Google and Coinbase, reflect growing adoption of crypto schemes. The Green Sheet explored emerging trends in the cryptocurrency space with Rory Herriman, chief technology officer at CoinFlip, a financial services platform and Bitcoin ATM provider with more than 4,000 machines across 49 states and Canada. Following are excerpts from the interview.

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Authenticate 2022, held Oct. 17 to 19, at the Sheraton Grand Seattle, drew approximately 500 on-site and 400 virtual attendees from the global identity community. Hosted by FIDO Alliance with signature sponsors Google, Microsoft, Visa and Yubico, the three-day event highlighted advanced approaches to online and mobile authentication in exhibits, live demos, keynote presentations, and interactive breakout and networking sessions.

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The Consumer Financial Protection Bureau is taking to task a payments company that helps register folks for fundraising events, alleging the firm tricked consumers into signing up for club memberships they never used, to the tune of about $300 million.

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In an Oct. 17, 2022, article titled "Visa, Mastercard Draw New Government Scrutiny Over Debit-Card Routing," the Wall Street Journal reported the Federal Trade Commission is investigating Visa and Mastercard's security tokens (Visa Token Service and Mastercard Digital Enablement Service) for potentially restricting debit card routing competition in online payments.

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Transact Tech will return to New York City on Nov. 14, 2022, to explore trending topics impacting payments, financial services and investment communities. Produced by the Electronic Transactions Association and sponsored by Bank of America, Discover Global Network, Mastercard and Visa, the one-day event will attract stakeholders at the intersection of capital markets and payments, stated Jodie Kelley, CEO at the ETA.

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October meetings in Montreal and Madrid, separately hosted by Amadis and nexo standards, will address efforts to standardize global payment acceptance, the organizations stated. Jacques Soussana, secretary general of nexo standards, noted that consumers expect flexible payment options at all points of interaction.

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If you're among the millions of fans who have overpaid for concerts, fallen for scams, misplaced paper vouchers or tried in vain to attend a live performance, YellowHeart could be your ticket to a better entertainment experience. The global ticketing company, based in New York City, launched a Web3 platform designed to make entertainment purchases more accessible while mitigating ticket scalping and fraud.

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Senator Richard Durbin, D-Ill., wants to put his proposed new credit card routing rules on the legislative fast track. He and Senator Roger Marshall, R-Kan., proposed an amendment to a major defense funding bill that mirrors legislation the two introduced in July 2022 to allow merchant choice in the routing of credit card payments.

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The 2022 Nobel Prize in Physics, disclosed Oct. 4, 2022, by the Swedish Royal Academy of Sciences, reflects growing interest in quantum technology applications in science and business. Academy representatives stated the award of 10 million Swedish kronor will be shared by three physicists who led experiments with entangled quantum states, clearing the way for new quantum-based solutions, according to members of the Nobel Committee for Physics.

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