The FCA believes that there is a continuing problem with poor safeguarding practices across the industry due to poor implementation of the current regulatory framework under the Payment Services Regulations 2017 (PSRs) and...more
The Payment Systems Regulator (PSR) has published a policy statement and final Specific Direction to banks and other payment firms participating directly or indirectly in CHAPS (the UK’s high-value payment system) to...more
Key developments of interest over the last month include: UK Payment Systems Regulator announces two market reviews on card fees; Reserve Bank of India publishes Payments Vision 2025; and U.S. Department of Commerce solicits...more
6/30/2022
/ Central Bank Digital Currency (CBDCs) ,
Digital Assets ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Interchange Fees ,
Payment Systems ,
Popular ,
Public Comment ,
U.S. Commerce Department ,
UK ,
UK Payment Systems Regulator
Key developments of interest over the last month include: HM Treasury announces package of crypto measures including next steps on UK regulatory approach to cryptoassets, stablecoins and DLT in financial markets; Philippines...more
4/28/2022
/ Cryptoassets ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
European Commission ,
Financial Conduct Authority (FCA) ,
FinTech ,
HM Treasury ,
Popular ,
Stablecoins ,
UK ,
UK Competition and Markets Authority (CMA) ,
UK Payment Systems Regulator
Key developments of interest over the last month include: Stop Press: The international response to Russia’s invasion of Ukraine on 24 February 2022 includes a number of significant economic sanctions measures. See our latest...more
3/1/2022
/ AML/CFT ,
Bitcoin ,
Cryptocurrency ,
Digital Currency ,
E-Commerce ,
Economic Sanctions ,
European Commission ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Russia ,
UK Payment Systems Regulator ,
Ukraine
The PSR has published its planned remedies consultation following the final report of its card-acquiring services market review (November 2021). The remedies focus on addressing the root causes of the PSR’s finding that the...more
Key developments of interest over the last month include: Hong Kong: HKMA issues Discussion Paper on crypto and stablecoins Ireland: Central Bank publishes "Dear CEO" letter on supervisory expectations for payment and...more
Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. It is expected that the implementation...more
In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 3 April 2020 the European Commission issued a public consultation to help inform a retail...more
4/22/2020
/ Bank Service Providers ,
Business Plans ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Financial Conduct Authority (FCA) ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
FSB ,
Payment Systems ,
PSD2 ,
Retail Market ,
UK Payment Systems Regulator
Key developments of interest over the last month include:
Spain: The Spanish Council of Ministers has approved a draft Bill for the Digital Transformation of the Financial System, which will create a Spanish regulatory...more
3/20/2020
/ AML/CFT ,
Cryptocurrency ,
Digital Currency ,
EU ,
FATF ,
Federal Budget ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Regulatory Requirements ,
Sandbox ,
SEPA ,
UK ,
UK Brexit ,
UK Payment Systems Regulator