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Payments & FinTech Lawyer

Volume: 1 Issue: 14
(November 2007)


The Information Commissioner's Office (ICO) has launched an investigation with the Metropolitan Police into security breaches that are allowing the personal financial details of individuals to be sold on the internet. / read more

HM Treasury and the Financial Services Authority (FSA) will provide keynote speakers to E-Finance & Payments Law & Policy's half-day Special Briefing: The Third Money Laundering Directive, hosted at the London offices of Sidley Austin (UK) LLP on 31 January. / read more

UK consumers are the lowest users of cash in Europe, and are increasingly using the internet for Christmas shopping, according to the results of two independent surveys. / read more


On 20 November 2007, HM Revenue & Customs, the UK's tax and excise agency, acknowledged that it has lost computer discs containing vast amounts of personal data, including names, addresses, dates of birth, child benefit numbers, National Insurance numbers and bank or building society account information. The missing disks may include information on as many as 25 million individuals, including recipients of child benefit payments. The disks were password protected, but not encrypted. The loss could have important implications for the payment and banking industry, not to mention the UK Government. / read more

The Joint Money Laundering Steering Group, a body made up of leading UK trade associations in the financial services industry, has published sectoral guidance on anti-money laundering for e-money issuers. Alessandro Liotta and Dominic Hodgkinson, of Pilsbury Winthrop Shaw Pittman LLP, examine how the guidance considers the effect of the new UK anti-money laundering regime, including implementation of the Third Money Laundering Directive, on e-money issuers. / read more

Although chip and PIN has been a positive step forward for card security in the UK, criminals are continuing to target our cards and card details to commit fraud via transactions made over the internet, phone and by mail order; a fraud commonly referred to as card-not-present (CNP) fraud. Jason Kempton, Senior Project Manager at APACS, the UK payments association, sets out recent developments in combating CNP fraud. / read more

After three years of legal argument, the House of Lords has recently ruled that the provisions protecting domestic consumer transactions made by credit card under section 75 of the Consumer Credit Act extend to overseas credit card transactions. Alicia Young, partner at Hugh James Solicitors, examines the ruling and its implications. / read more

The recent House of Lords judgment, which ruled that the protections offered to consumers under section 75 of the Consumer Credit Act extend to overseas transactions made by credit card, has polarised opinion between banks and consumer groups. In this article, Dave Birch, Director at Consult Hyperion, argues that the decision could benefit banks and other credit card issuers as they will be able to offer consumers additional value through trust and reputation in the transaction process. / read more

The International Association of Money Transfer Networks (IAMTN) recently announced that it would be setting up a global database of all the operators in the payments industry. Lady Olga Maitland, Chief Executive Officer of the IAMTN, outlines how the database will work, who it will contain and who will assist in compiling it. / read more

A report analysing electronic banking in the small to medium-sized business sector has found that South African companies are down-sizing the number of their banking relationships, due to a preference for one-on-one service. Althea Bacchialoni, a principal analyst with BMI-TechKnowledge, which produced the report, highlights its major findings. / read more

About Payments & FinTech Lawyer

The monthly publication covering legal, regulatory and policy developments relating to the fast-moving payments and FinTech sectors. Key topics include mobile payments, e-money, prepaid and other payment cards, online banking, digital currencies such as Bitcoin, card fraud and other cyber crime, RegTech, robo-advice, P2P lending, and crowdfunding, as well as regulatory regimes such as the Second Payment Services Directive (PSD2), the Payment Accounts Directive, and the Fourth Anti-Money Laundering Directive / read more

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