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Payments & FinTech Lawyer

Volume: 7 Issue: 2
(February 2013)


News

The European Central Bank released final recommendations for the security of internet payments on 31 January, applicable to all payment service providers (PSPs) providing internet payment services. / read more

The European Commission (EC) published on 6 February a draft of the Fourth Anti-Money Laundering (AML) Directive, which, inter alia, clarifies due diligence rules and increases cross-border harmonisation requirements for obliged parties. / read more

The Payment Card Industry Security Standards Council (PCI SSC) issued on 7 February the PCI-DSS Cloud Computing Guidelines to aid businesses in clarifying the risks involved in cloud services and to support PCI-DSS compliance in this area. / read more


Features

The US Executive Order and the EU Directive. / read more

With only a year to go until the Single Euro Payments Area (SEPA) migration deadline, Sophie Cameron spoke to Javier Santamaría, Chair of the European Payments Council (EPC), about the transition so far and how regulation can stay on top of such a rapidly evolving payments landscape without restricting innovation. / read more

New payments companies need to be aware of the legal and compliance issues that are part of operating in two of the most heavily regulated US industries: financial services and telecommunications. Getting the legal and regulatory issues wrong can be fatal to a start-up’s business model and product offering. Erin Fonté, a Shareholder and Payments Lawyer at Cox Smith Matthews, discusses the fragmented US regulatory landscape surrounding m-payments and the need to bake in compliance from the start. / read more

Commercial banking is a money making endeavour, literally. Commercial banking's business model is dependent on the variable nature of the national fiat currencies that it uses. Indeed the entire financial system and monetary policy cannot function without the option to increase the supply of its fiat currencies. Replace the US Dollar with Bitcoins, and the banking system as we know it today ceases to exist, explains Julia Dixon, Editor of DGC Magazine. / read more

Data breach compliance mandates may provide a strong foundation upon which to build, but the financial impact of a breach involving personally identifiable information, healthcare data, or even intellectual property, is now becoming more visibly painful than the costs associated with temporarily falling out of compliance with an industry mandate. Despite decades of investment in security technology, and improvements in security practices, there seems to be little sign of hope that the rate of these painful breaches is slowing down, explains Geoff Webb, Director of Solutions Strategy at NetIQ. / read more

To cope with the rising threat of cybercrime, Singapore has embarked on numerous projects, including legislative reform and adopting measures that are broadly in line with those considered or implemented by countries such as the United States and Israel. Winnie Chang, Partner and Head of Technology, Media and Telecommunications practice at Colin Ng & Partners LLP, discusses the changes to the Computer Misuse Act and the international collaborative efforts taken by Singapore to combat cybercrime. / read more

A number of recent initiatives targeted at increasing regulation of the US prepaid card market raise concerns regarding the costs versus the benefits of such efforts. For example, on 24 May 2012, the Bureau of Consumer Financial Protection (CFPB) issued an Advance Notice of Proposed Rulemaking (ANPR) seeking comment on the agency's plans to extend to general purpose reloadable prepaid cards certain Regulation E consumer protections currently extended to electronic fund transfers initiated by customers for instance via automated teller machines (ATMs), among certain other transactions. Kevin L. Petrasic, Partner at Paul Hastings, discusses the question of how much regulation is appropriate with regard to prepaid cards. / read more

The International Services Agreement plurilateral represents an opportunity for the US to boost its services trade sector, the largest portion of the US economy, and a successful deal resulting from World Trade Organisation member talks in Geneva could indeed benefit the global economy as a whole. Mark Ludwikowski and Andy Olson of Sandler, Travis & Rosenberg, discuss the US role in what could be the biggest financial services trade deal in decades. / read more

Darren Hodder, Director of Fraud Consulting Ltd, discusses 2013 so far and what it has meant for the online payments sector, and looks ahead to what the rest of the year may bring. This article originally appeared as the February 2013 'Editor's Insight' column. / 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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