Visa Europe has reported a 250 per cent increase in contactless payments in the United Kingdom last year, contributing to an 11.5 per cent overall increase in payments on Visa cards. The proportion of contactless payments in the UK grew from one in 25 to one in seven, Finextra reports. Visa Europe, which is merging with Visa Inc, increased revenue by 25 per cent last year. British regulators are considering whether to allow two Iranian banks in London to resume operations after years of sanctions, Reuters reports. Melli Bank and Persia International Bank are reportedly working with regulators on how to meet new UK banking requirements. Financial and economic sanctions on Iran are clearing, given reported progress on conformity to last year's nuclear accord with key powers. The head of Latvia's banking regulator resigned amid questions over the supervision of transactions from the former Soviet Union following a string of money-laundering scandals. Kristaps Zakulis, who'll stay in his post until a replacement is chosen, said on Monday in an e-mailed statement to Bloomberg that his departure would reduce "suspicions, rumors and the shadow of doubt" with regard to the Financial and Capital Market Commission. He was appointed in 2012. Recent money-laundering scandals include bribes by a Scandinavian telecommunications company, a Russian tax fraud and the theft of US$1 billion from Moldova.