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Payments & FinTech Lawyer

Volume: 9 Issue: 11
(November 2015)


News

The Australian Government published its response to the Financial System Inquiry on 20 October, setting out an agenda for improving Australia’s financial system, which includes measures to strengthen the resilience of the financial system and stimulate innovation. / read more

The Telegraph newspaper published a report on 3 November detailing how the T&Cs of certain banks warn that if an Apple device user allows others to store their fingerprints on his/her device via TouchID, the bank will treat this as equivalent to that user failing to keep their security details safe, with consequences for user liability, for example in cases of fraud or disputed transactions using Apple Pay. / read more

Technology giants Google, Apple, Amazon, Intuit and PayPal announced the formation of a coalition, on 3 November, to promote policies to help foster greater innovation in financial services. / read more


Features

On 22 October, the UK Competition and Markets Authority (‘CMA’) issued its provisional findings (‘PFs’) in its retail banking market investigation. The CMA’s main finding was that there is a lack of effective competition in the sector, as a result of weak customer engagement. The CMA’s proposed solutions are aimed at empowering customers to consider switching bank accounts. However, for Ajal Notowicz, Head of EU & UK Competition Law at Dickson Minto W.S, the question is whether the CMA’s proposals go far enough. Ajal explains what the CMA has - and hasn’t - proposed. / read more

ISO 20022 - an international standard that defines the ISO platform for the development of financial messaging standards - is hardly new. In fact it is a standard that has become quite heavily embedded in the industry, and, as competitors to ISO 20022 are practically non-existent, the challenge now seems to be to make the most of what ISO 20022 has to offer. Lauren Jones, Head of Standards for Payments UK, the trade body representing the payments industry in the UK, looks at what ISO 20022 is and just as importantly what it is not, and analyses how the conversation around ISO 20022 is evolving. / read more

Credit reporting has recently seen significant development in China. While the People’s Bank of China (‘PBOC’) has collected information from credit applicants since 1997, this information is limited to data connected to borrowing by individuals and organisations from financial institutions. However, commercial credit reporting agencies may soon become more heavily involved, with eight agencies granted a six month preparation period to become individual credit reporting agencies by the PBOC. These applicants include Zhima Credit Management, created by Alibaba, which allocates an individual a credit score based on a range of factors, for example his/her online shopping and credit card payment records. Kevin Wang of CMS, China, details these developments in credit reporting and the involvement of companies such as Alibaba in this changing landscape. / read more

The UK’s Home Office and Treasury have together produced a National Risk Assessment (‘NRA’) on anti-money laundering (‘AML’) and counter terrorist financing (‘CTF’). This report sought to identify weaknesses in the UK’s AML/CTF regime, and has resulted in a number of controversial findings. Marcus Bonnell and Gabrielle Ives of RPC discuss the NRA. / read more

Having been part of the US market during the late 1990s and the first half of the 2000s, digital gold currency platforms - using privately-issued digital units backed by precious metal, and not national money - disappeared after the US Financial Crimes Enforcement Network (‘FinCEN’) created, in 2011, two new rules that changed the digital currency industry. However, as P. Carl Mullan of Digital Currency Intelligence Authority Limited (‘DCIA’) - a private financial intelligence service that provides data and reports on the movement of funds through non-bank digital currency products - explains, there has been a resurgence in digital gold platforms, driven in part by the loss of faith in government-issued national money resulting from the financial crisis of the late 2000s. / read more

The Hong Kong Monetary Authority - Hong Kong’s banking regulator - has recently reportedly asked banks to look at their use of near field communications (‘NFC’) smart card technologies. The call for banks to review the use of NFC appears linked to reports about the security of such cards and in particular whether cardholders’ personal data is at risk. Mark Parsons and Tommy Liu of Hogan Lovells explain the security concerns, and discuss the applicable laws and regulations. / 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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