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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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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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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 →