Mmastodon BusinessBanking first seen 3 d ago, last 3 d ago, peak #11

New US romance scam law puts banks on notice

Original: Why banks should care about the new romance scam law The new law mostly codifies existing practice. Most dating services

A new federal law targeting romance scams has been signed, and it largely codifies what dating platforms already do. Most services already send fraud-ban notices to users because at least four US states required them, and the federal rule now overrides those state laws. Banking commentators are weighing what the law means for financial institutions' fraud and compliance obligations.

Why now: Banks and compliance professionals are assessing how the new romance scam legislation affects their fraud-prevention duties.

US Congressbanksdating services

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Evidence

• Why banks should care about the new romance scam law The new law mostly codifies existing practice. Most dating services already send fraud-ban notices to all users because at least four states require them, and the federal law overrides those state rules. https://www.… · AlexJimenez@mas.to

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