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Payments & FinTech Lawyer

Volume: 8 Issue: 2
(February 2014)


In the first action under ‘Operation Choke Point’, the US Department of Justice brought a lawsuit against Four Oaks Bank, accusing the bank of being ‘deliberately ignorant’ in processing payments on behalf of unscrupulous merchants, which saw Four Oaks agree to settle, with the DoJ issuing a memorandum in support of the proposed consent order on 15 January, which is subject to approval by the US District Court for the Eastern District of North Carolina. / read more

The New York Department of Financial Services (NYDFS) announced on 11 February that it will introduce in 2014 a virtual currency regulatory framework, likely to include a ‘BitLicence’ for NY businesses using virtual currencies, alongside consumer disclosure, capital requirements and permissible investment rules. / read more

The European Central Bank (ECB) published on 5 February its Opinion on the Second Payment Services Directive (PSD2), which, inter alia, states that a ‘single authority’ to ensure compliance with PSD2 amongst EU Member States would be welcome. / read more


The US lags behind most of the world in adopting EMV technology, and has not seemed overly concerned about catching up, argues Erin F. Fonté of Cox Smith. However, recent developments regarding the Durbin amendment, along with what could be the largest series of retail card breaches in the US, have seen many calling for widespread adoption of EMV in the US on an accelerated timetable, Fonté explains. / read more

The scope of the EU’s draft Network and Information Security Directive (NIS) - or draft Cyber Security Directive - published in February 2013, has been somewhat reduced by amendments recently put forward by the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs. These amendments limit the extent to which the Directive can be applied to the Cloud landscape. Stewart Room of Field Fisher Waterhouse assesses the impact of these changes and the justifications behind them. / read more

In the last few months, countries such as Singapore, Norway and Germany have all acted to regulate Bitcoin, and in the US, the New York State Department of Financial Services has held talks around the subject of regulating crypto currencies. In this article, Robert Courtneidge, Global Head of Cards and Payments at Locke Lord LLP, argues that rather than seeing crypto currencies as a danger to their usual enforcement powers, regulators can embrace crypto currencies; Courtneidge examines how regulators could be brought around to this position. / read more

Following the approval in October 2013 of new legislation around mobile payments in Brazil and in light of recent figures about its mobile market, which indicate that Brazil’s mobile phone market is the largest in Latin America, the development and expansion of mobile payments in the country has seemingly come to a turning point. Joseph Frisz, President of e-payments company Paytroniks, describes why many are now looking at Brazil for m-payments growth, and outlines what further barriers still stand in the way to m-payments adoption in the country. / read more

In order to help combat internet banking fraud and to clarify the rules around customer reimbursement of funds when online banking fraud does occur, the Dutch Banking Association and the Consumer Union in the Netherlands recently published a set of five security rules for banking customers to follow. In addition to aiding customers by providing a set of best practices to adhere to in terms of keeping banking safe, these rules will be utilised by Dutch banks in determining the level of reimbursement applicable when customers are victims of fraud. Wieske Ebben, Payments Policy Advisor at De Nederlandsche Bank, describes these guidelines and what they aim to achieve. / read more

Consumer insurance - such as motor or home insurance - may be a common enough feature of the online landscape, but with insurance being a complex product, the Financial Conduct Authority is keen that insurers are conducting themselves in a proper fashion online and that consumers are not being harmed or misled. Thematic reviews of the insurance sector are a focus of the FCA. Charlotte Taggart and Andrew Price of Reynolds Porter Chamberlain LLP discuss these reviews, as well as other regulatory and non-regulatory developments affecting the online insurance sector in recent months. / read more

Regulation (EU) No 260/2012 (the ‘SEPA 2012 Regulation’) established common technical and business requirements for credit transfers and direct debits denominated in euros and was seen as an important building block in creating a single euro payments area (‘SEPA’) in the EU. By Michael McKee, Partner, and Gavin Punia, Solicitor, at DLA Piper UK LLP. This article was originally published on the E-Finance & Payments Law & Policy homepage in February-March 2014. / read more

The Reserve Bank of India published on 7 February the ‘Report of the Technical Committee on Mobile Banking,’ which puts forward a number of changes relating to the operation of mobile banking in India. Following the publication of the report, Simon Fuller spoke to Pavan Duggal of Pavan Duggal Associates and Salman Waris of Seth Dua & Associates, who each gave their own comments about what this means for m-banking 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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