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.
Last week the FCA published an interim-report on mobile banking and payments. This interim report outlines the views and roadmap of the FCA on the risks in mobile banking. Next up is a phase of work which involves a more detailed assessment of a sample of providers of mobile banking. Continue Reading →
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.
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 →
Yesterday, the European Central Bank published its recommendations for the security of Internet payments. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This Forum of regulators and supervisors was set up in 2011 as a voluntary cooperative initiative between authorities.