Archive | Publications and events

Speech of ECB Board Member Coeuré on European Retail Payments Policy

Benoît Coeuré, Member of the Executive Board of the ECB, today held a speech at a joint conference by the European Central Bank and the Banque de France, “Retail Payments at a Crossroads: Economics, Strategies and Future Policies”. Although this is a conference that focuses primarily on scientific research in the area of payments, his speech provides some insight into the policy issues that are now top-of-mind for the ECB.

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IAMTN-GMTS London 2013

Global money transfer summit 2013,  29 – 30 October 2013, London, UK

Thaer Sabri, the EMA Chief Executive set out the changes that are proposed in the 4th Money Laundering Directive and Wire Transfer Regulation. He described the changes in the FATF Forty Recommendations and Guidance on New Payment Products and Services, that are reflected in the new text. He also provided a overview of the impact on payment service providers.

EMA: position on the draft Payments Account Directive

In may 2013, the European Commission published a legislative proposal on Payments Accounts. The proposal stipulates requirements for all Payment Services Providers and Member States with respect to:

  • Comparability of payment account fees
  • Payment account switching
  • Access to payment accounts

The Electronic Money Association has responded to the Payments Account Directive by proposing that a distinction be made between those companies that offer specialised payment, card- or e-money accounts for specific services as opposed to the full-service bank deposit accounts that include direct debits, standing orders etc. Continue Reading →

Financial Conduct Authority to become utilities-style competition regulator for the payments industry

On October 9, HM Treasury announced that the Financial Conduct Authority will become the competition regulator for the payments industry. The reforms, which will be implemented via amendments to the Banking Reform Bill, seek to ensure that new players can access payment systems in a fair and transparent way, competing with them on a more level playing field.

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EMA: proposed amendments for the 4th Anti-money Laundering Directive and Wire Transfer Regulation

As a part of the ongoing discussions on the fourth Anti-Money Laundering Directive and the Wire Transfer Regulation we have today published our amendments for the 4th Anti-money Laundering Directive. In particular we suggest to keep the current Simplified Due Diligence (SDD) regime of the third Anti-Money Laundering Directive in place, rather than eliminating it. Continue Reading →

FCA publishes anti-money laundering annual report 2012/13

The Financial Conduct Authority (FCA) published its first Annual report on Anti-Money Laundering (AML) on July the 25th. This report sets out the  obligations relating to anti-money laundering, and the FCA’s approach to firms’ compliance with these obligations. It also lists the trends and emerging risks in money laundering that the FCA sees in the firms it regulates.

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EU Commission proposals for revised Payment Services Directive and MIF-regulation

On 24 July 2013, the Commission adopted a legislative package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs). The changes in the Payment Services Directive include a.o. changes in scope, the addition of a new type of institution (Third Party Payment Services Processor) and further rules as to transaction authentication. The Regulation on MIFs seeks to cap the interchange fees for card payments to 0,3 and 0,2 % for international credit- and debit-transactions. Over time these limits would also apply to domestic transactions. Continue Reading →

EMA response: draft Dutch Betting and Gaming Act

On the 22th of May, the Dutch Ministry of Justice started a consultation on changes in the Betting and Gaming Act (Betting and Gaming Act), the Betting and Gaming Tax Act (KSB) and some other acts concerning the regulation of remote games of chance.

The Electronic Money Association responded to this consultation and stressed that the proposed rules should not distinguish between payments accounts of credit institutions, payment institutions or e-money issuers. Continue Reading →

FATF guidance for a risk-based approach for innovative payments

The Financial Action Task Force on Fraud has just published their guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services. It describes the nature of these innovative payment systems and recognizes that they may play a significant role in the area of financial inclusion. The guidance on the risk-based approach for AML/CFT-regulation is non-binding and does not override the purview of national authorities. Continue Reading →