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Payments & FinTech Lawyer

Volume: 9 Issue: 1
(January 2015)


US President Barack Obama announced on 12 January the draft Personal Data Notification and Protection Act, which would create a nationwide standard for the reporting of data breaches, with companies suffering breaches that pose a reasonable risk of harm to individuals needing to notify individuals within 30 days of discovering the breach. / read more

The Presidency of the Council of the EU issued a press release on 17 December announcing that it has reached an agreement with the EU Parliament on the proposed Fourth Anti-Money Laundering Directive and Funds Transfer Regulation, which includes a requirement that all EU countries establish a central register of beneficial ownership information. / read more

The British Bankers Association (BBA) and the UK Payments Council (PC) have responded to HM Treasury’s call for information on digital currencies, asking that the Government only lightly, if at all, regulates the distributed ledger technology - the blockchain - behind decentralised currencies, in a response dated 3 December. / read more


In November 2014 the GSMA, an association representing mobile operators worldwide, released its Code of Conduct for Mobile Money Providers (the ‘Code’), as a result of calls from operators to develop a harmonised approach to minimise regulatory and operational risks when providing ‘mobile money.’ Emma Wright, a Partner at Bond Dickinson, assesses the Code and its requirements. / read more

Thomas J. Smedinghoff, Of Counsel at Locke Lord LLP, and Chair of the American Bar Association Identity Management Legal Task Force, provides detailed analysis of the development of identity management to build trust in online commerce, which includes comparisons between the approaches being adopted by the EU and the US. / read more

On 28 August 2014, the EU Council adopted the Payment Accounts Directive (‘PAD’) into its official journal, giving Member States until 18 September 2016 to transpose PAD into national law. Ruth Fairhurst of Eversheds LLP examines the impact that PAD will have on consumers and financial institutions within the UK. / read more

Once a frontrunner in the efficiency of its payment systems, New Zealand (‘NZ’) could be seen to have fallen behind other jurisdictions when it comes to innovation in the sector. However as Simon Jensen and Renee Stiles of Buddle Findlay discuss, there are a number of interesting developments in NZ that could see New Zealand’s payments sector transformed, provided stakeholders work together. In this article, Simon and Renee discuss the specific projects taking place and their potential. / read more

It has been over a year since the Payments Council launched the Current Account Switch Service (‘CASS’). Available to consumers, small enterprises and charities, the free to use service aims to make it easier to switch bank or building society, leading to more choice, more competition on the high street and more entrants into the retail banking arena (or so the theory goes). Its success is measured by reference to three key metrics (agreed between HM Treasury and the Payments Council): (i) consumer awareness; (ii) consumer confidence; and (iii) service performance. By Charles Kerrigan and Sam Sherwood of Olswang. / read more

Nigeria’s National Electronic Identity Card (‘e-ID Card’) project aims to not only provide proof of identity for all Nigerians, but facilitate payments, thus leading to greater financial inclusion and the development of a workable consumer credit system in Nigeria. However, a number of criticisms, including data protection concerns, have been levelled at the project. Michael Kayode Onyekwere and Enyioma Madubuike of Olaniwun Ajayi LP discuss the project and the criticism. / read more

Traditional high street banks have faced tough challenges over the past few years; not only have they had to deal with the aftermath of the financial crisis and significant regulatory change, but the disruption caused by digital has even resulted in the emergence of ‘digital only’ competitors. Despite this, banks have been innovating, and, as Kevin O’Shaughnessy, Partner at PA Consulting Group explains, there is more they can do to position themselves as digital banks over the crucial next few years. Here, Kevin discusses where banks looking to further embrace the digital, social age should focus. / 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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