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Payments & FinTech Lawyer

Volume: 1 Issue: 7
(April 2007)


PayPal, the payments processor owned by internet auction site eBay, will move its European headquarters from the UK to Luxembourg after its Commission de Surveillance du Sectuer Financier (CSSF) granted PayPal Europe S.ŗr.l. et Cie S.C.A., a Luxembourgbased limited partnership, a banking licence for the European Union. / read more

E-Finance & Payments Law & Policy is organising a full day 'Payment Services Directive Intensive' at the London offices of international law firm, Sidley Austin (UK) LLP on 27 June, following the Payment Services Directive's (PSD) approval by EU MEPs. The Intensive will provide expert analysis of the PSD and practical implications for the key stakeholders in the payments industry. / read more

The launch of contactless credit and debit cards featuring a Radio Frequency ID (RFID) enabled chip in the UK will begin in September 2007 in seven London postcodes (EC2, EC3, EC4, E1, E14, SE1, SE16), followed by a 'gradual national upgrade' in 2008, the UK payments association, APACS, announced on 8 May. / read more


The year 2007 promises to be a busy one for those in the EU payments industry who are involved with anti-money laundering compliance. In January 2007, a new EU Regulation No.1781/2006 (the '2007 Regulation') introduced requirements that money transfers be accompanied by the identity of the sender including the name, address and account number. / read more

The European Parliament's adoption of the Payment Services Directive, which provides the legal foundation to make the Single European Payments Area possible, has led to Europe-wide discussion about implementation issues. Samee Zafar, of Edgar Dunn & Company's financial services team, highlights that a delicate balance needs to be struck, pointing out that over regulation of the payments industry should not be allowed to stifle innovation. / read more

Governments have adopted different responses to concerns that virtual worlds could be used for money laundering. Dave Birch, director, Consult Hyperion, highlights how this could occur, however points out that most people use virtual currencies for small transactions and that risks from other payment industries need to be taken into account in order to avoid overregulation, which could stifle the development of virtual currencies for legitimate users. / read more

Financial services regulators and law enforcement agencies have increasingly become concerned about the potential of prepaid cards to be used for money laundering. Terrence P. Maher, a partner with Baird Holm LLP who serves as the general counsel to the Network Branded Prepaid Card Association, provides an overview of US legislation designed to tackle this issue, highlighting issues that should be examined as part of risk assessment. / read more

Internet banking is growing at a faster rate than any other form of banking in the US, according to research from TowerGroup, which analyses the future of banking in its report, Delivery channel volumes in the United States, 2006-10: from 'in line' to online. In this article, we provide a summary of the report's findings, written by Jerry Silva, research director, delivery channels, TowerGroup. / read more

The explosion in virtual worlds has raised some interesting questions about when taxation should apply. Does tax apply to a virtual transaction that takes place in a virtual currency, or does it apply when that income is converted into 'real world' currency? Graeme Nuttall, a partner with Field Fisher Waterhouse LLP, examines these issues and the view of taxation authorities from around the world. / 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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