Payment services

Recent Articles

•  

  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...

  Read more
•  

  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....

  Read more
•  

  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 in...

  Read more
•  

  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...

  Read more
•  

  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...

  Read more
•  

  27/07/2021

  UK Government explores AML reform for Open Banking payment service providers

  The perceived disconnect between the compliance burden on account information service providers (AISPs), who provide “information only” services to customers to enable them to view consolidated financial information about multiple accounts, and the actual ML/TF risks their services are exposed to has been observed by market participants for some time. This had led to different approaches in practice as to the level of customer due diligence that AISPs carry out. The European Banking Authority (EBA) has also recently consulted on and issued updates to its Guidelines on ML/TF risk factors...

  Read more