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Payments & FinTech Lawyer

Volume: 7 Issue: 1
(January 2013)


The European Commission launched the European Cybercrime Centre (EC3) as part of Europol, Europe’s law enforcement agency, on 11 January, which aims to become the focal point in Europe’s fight / read more

The UK Financial Services Act was given Royal Assent on 19 December, formalising on 1 April the split of the Financial Services Authority (FSA) into the Financial Conduct Authority (FCA), which will regulate firms’ conduct, and the Prudential Regulatory Authority (PRA). The Bank of England will also gain greater regulatory authority. / read more

The Federal Deposit Insurance Corporation (FDIC) published on 3 January a report on risks to financial institutions from m-payments, highlighting reputation damage and compliance failure as amongst the key risks. / read more


Data protection: Binding Corporate Rules for EU processors / read more

Following the festive excesses of December, the month of January is an opportune moment to reflect on what have been some of the recent milestone changes in payment services regulation before examining what is on the regulatory agenda for the coming year and beyond. Peter Chapman, Associate at Clifford Chance LLP, discusses the impact of the changing regulatory landscape on payment services providers for both established incumbents and market entrants alike. / read more

Agency to remain vigilant in enforcing payment network rules / read more

Payment fraud through invoices is a challenge for businesses and that challenge is only made greater when a company's employees, having become complacent in the workplace, are caught off-guard by the range of methods available to criminals. Susie West, Founder and CEO of, analyses three types of payment fraud relating to invoices, and discusses how, in each case, e-invoicing can prevent the financial crime. / read more

While prepaid cards and related products have been regulated in the United States and other jurisdictions for some time, in Canada, by contrast, there has been no federal regulation of prepaid access products, either from a consumer protection or anti-money laundering perspective. With the release of a consultation paper by the Department of Finance on proposed changes to Canadian anti-money laundering legislation in December 2011 and the introduction of federal prepaid payment products regulations under the Bank Act and Trust and Loan Companies Act in October 2012, all of that is about to change, as Jacqueline Shinfield, Partner at Blake, Cassels & Graydon LLP, explains. / read more

Will the forthcoming changes to the SEPA guidelines increase online fraud? In this article, Tim Wright, a Managing Partner in the Global Sourcing practice with Pillsbury Winthrop Shaw Pittman LLP, reviews the Single Euro Payments Area alongside the growing problem of card fraud and some of the potential solutions being discussed by the stakeholders involved. / read more

The challenge facing the European Cybercrime Centre / read more

The development of electronic payment systems in India is underway. Payment initiatives that have taken place over the last three years have resulted in higher acceptance and penetration of modern electronic payment systems in India, despite cheques still being the dominant mode of payment. Sakate Khaitan, a Partner at Clasis Law, provides an overview of the developing electronic payment infrastructure in India. / 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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