It is proposed to create a National Payment System, which will allow on a qualitatively new level to solve two important tasks: strengthening the role of the state as the controller of the national currency turnover and overcoming corruption and shadow economy.The main idea of this new concept...

In one of his classical articles, Edwin Sutherland highlighted as early as 1940 the mutual benefits that economists and criminologists could derive from a better integration of their knowledge. Although his interdisciplinary invitation was aimed at white collar crime, other forms of delinquency...

The second of a two-part "handbook" — the first has been simultaneously posted on author's SSRN page — this pithy article details the potential defenses available to financial institutions and the issues that all parties should be prepared to address when proposing or rebuffing a claim...

On Nov. 10, 1978, President Jimmy Carter signed a lightly amended version of House Resolution 14279 into law. Days later, Rhode Island's Fernand St. Germain made clear its primary purpose: the modernization of the existing bank regulatory system. Tucked within this bill lay the Electronic Funds...

The dominant narrative about financial technology holds that change in the financial services industry demands a broad rethinking of regulatory approaches. But the regulation of payment services defies this narrative. Its technology and business-model neutrality makes it relatively well-suited...

The Demonetization in the year 2016 has played a key role in changing the manner how we spend our money. It has also revolutionized the banking services. This has been made possible because of a monumental change in the data tariff regime due to the entry of Jio in the telecommunication market....

A long-standing process to harmonise national rules on the transfer of funds has been underway at European Union level since the nineteen-eighties. This process aims to improve the proper functioning of the internal market for domestic and cross-border payment transactions, and is performed...

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on...

Recent years have witnessed the emergence and rapid growth of a large, diverse, and constantly evolving shadow payment system. The shadow payment platforms (SPPs) that populate this system perform many of the same core payment functions as conventional deposit-taking banks: including custody,...