Payment services

Recent Articles

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    26/09/2024

    New safeguarding regime for payments and e-money firms (FCA CP24/20)

    On 25 September 2024, the FCA published CP24/20 setting out its proposed changes to the safeguarding regime for payments and e-money firms. The consultation closes to comments on 17 December.The changes are likely to present a high compliance burden for many firms. While many of the requirements are examples of the FCA codifying existing guidance, they are no longer subject to risk-based and scale qualifications, meaning smaller firms are likely to need to implement much more substantive systems and controls than they currently have in place, and senior managers of all firms will become much more...
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    08/08/2024

    The new CBUAE Payment Token Services Regulation: 10 things you need to know

    In June 2024, the Central Bank of the UAE (“CBUAE”), the supervisory and regulatory authority of the banking and insurance sector within the United Arab Emirates (“UAE”), published the long awaited Payment Token Services Regulation in Circular No.2 /2024 (the “PTSR”). The publication of the PTSR marks a significant development in the UAE’s regulatory framework for virtual assets. We have highlighted ten key issues below.1.      What activities are within scope of the PTSR?The PTSR sets out a comprehensive framework for licensing...
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    22/07/2024

    Key Takeaways from our AI in Financial Services Panel Event

    During our recent panel event on Artificial Intelligence (“AI”) in Financial Services, the panel explored how firms are implementing AI in practice, the application of legal, regulatory and ethical frameworks to AI, and potential challenges for firms and regulators. An audience of legal, compliance and business professionals from across the sector made interesting contributions to the debate. The session operated under the Chatham House rule, but here are some of the key takeaways from what was a fascinating discussion....
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    06/03/2024

    FCA sends Dear CEO letter to firms in warning over money laundering failings

    The Financial Conduct Authority (“FCA”) has sent a Dear CEO letter (the “Letter”) to Annex 1 Firms warning them about common failings found in their ability to prevent money laundering, terrorist financing and proliferation financing (hereafter “Financial Crime”). This forms part of the FCA’s enhanced monitoring of Annex 1 Firms in relation to their Financial Crime controls and its increasingly proactive approach in enforcing its regulatory expectations.The FCA is asking Annex 1 Firms to carry out a gap analysis against the failings it has identified...
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    02/02/2024

    DORA obligations apply to different payment operators and processors in Spain

    Royal Decree-Law 8/2023 applies certain obligations of DORA Regulation to payment system operators, payment scheme operators, electronic payment arrangement operators, payment processors and other technological or technical service providers.On 28 December 2023, Royal Decree-Law 8/2023, of 27 December, adopting measures to address the economic and social consequences of the conflicts in Ukraine and the Middle East, as well as to mitigate the effects of the drought (hereinafter the "Royal Decree-Law"), was published in the Official State Gazette (BOE). Among other measures, the text includes certain...
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    11/10/2023

    EU: Adoption of the new consumer credit directive: impact for BNPL

    On 9 October 2023, the Council of the European Union adopted the new directive on consumer credits (CCD) in its final and definitive version. This version was already approved by the European Parliament on 12 September 2023. The CCD introduces a new set of consumer protection rules, which impact Buy-Now-Pay-Later (BNPL) activities. BNPL is a frequently used payment method whereby a merchant enables its customers to postpone payment while purchasing goods or services, generally at the intervention of a third-party lender.Currently, BNPL falls outside the scope of the previous Consumer Credit Directive...
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