Payments Daily · Wednesday, October 14, 2026Daily
PAY.NEWS
Bank of America fined over $1.21 billion for anti-money laundering and other violations
Bank of America was fined and agreed to pay a settlement of more than $1.21 billion for violations of anti-money laundering requirements, sanctions laws, and the Bank Secrecy Act. Visa was approved to begin preparations for establishing a domestic bank card clearing institution in China, but must still complete the relevant procedures before it can conduct domestic business.
Payments & Infrastructure
Bank of EnglandFirst partyBank of England Money Markets Committee discusses extending RTGS and CHAPS settlement hours
The Bank of England Money Markets Committee updated its plans to extend RTGS and CHAPS settlement hours to support innovation, cross-border payments, and liquidity management. Feedback on the May 2026 consultation paper generally supported extending the existing operating day, but members noted that liquidity tools outside business hours, liquidity and collateral management on weekends and bank holidays, operational resilience, and value-date rollovers still need to be addressed. The Bank of England said it will continue working with the industry to further clarify the proposal.
Regulation & Compliance
Bank of America fined more than $1.21B for AML and sanctions violations
Bank of America was fined and agreed to pay more than $1.21 billion in fines and settlements for violating AML requirements, sanctions laws, and the BSA.
Fintech NewsVisa approved to begin preparations for establishing a domestic bank card clearing institution in China
Visa received approval from the People's Bank of China for its Application to Prepare, formally launching preparations to establish a domestic bank card clearing institution in China. The approval only permits Visa to advance the preparations in accordance with the requirements of the People's Bank of China. Visa must still complete the relevant procedures before it can conduct domestic bank card clearing business in China.
Ledger InsightsEU finance ministers support raising the DLT Pilot Regime limit to €300 billion, while Lagarde opposes it
The Council of the European Union reached broad agreement on its negotiating position regarding the MISP, supporting an increase in the limit for a single DLT market infrastructure under the DLT Pilot Regime from €6 billion to €300 billion, while retaining the possibility of raising it to €500 billion in the future through a delegated act adopted by the Commission.
CoinDeskSberbank approved to enter Russia's cryptocurrency trading register
Sberbank, Russia's largest bank, has joined the Bank of Russia's register of cryptocurrency trading service providers and plans to open cryptocurrency trading to all customers on December 1. The bank has tested BTC, ETH, and USDT trading in its app while advancing its digital custody and crypto wallet businesses. Cryptocurrency payments remain prohibited within Russia, and from July 2027, relevant transactions must be completed through registered intermediaries.
PYMNTSFinCEN clarifies that banks may use government-issued digital credentials to verify customer identities, subject to compliance requirements
FinCEN and staff of the federal banking regulators issued two FAQs clarifying that banks and credit unions may use qualifying government-issued digital credentials to verify customer identities under the CIP, but institutions are not required to accept them. VDCs must be digitally signed by the issuing institution, cryptographically bound to a device, and protected by activation factors such as a PIN or biometric authentication, and the institution's systems must be able to process them. Banks must still identify indicators of fraud, address anomalies, and retain sufficient records. Existing obligations concerning customer due diligence, beneficial ownership, sanctions compliance, and suspicious activity monitoring remain unchanged.
Payments & Agent Economy
Digital Transactions NewsAmEx releases agentic commerce framework; Forter launches Agentic Commerce Engine
AmEx released the Intent Intelligence Framework, which captures and authenticates customer intent before an agent completes a purchase and provides it to issuers for payment authorization, fraud prevention, and dispute handling. Forter launched the Agentic Commerce Engine to help merchants verify agentic shoppers and manage agentic transaction flows, fraud risk, and activity monitoring.