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Payments & FinTech Lawyer

Volume: 9 Issue: 9
(September 2015)


The UK Government announced a review into the implementation of anti-money laundering (‘AML’) and counter terrorist financing (‘CTF’) requirements on 28 August, in order to improve the efficiency and effectiveness of the rules, as part of the government’s Cutting Red Tape programme. / read more

The Australian Parliamentary Joint Committee on Law Enforcement published on 7 September a report recommending that card users be given the option to ‘opt-in’ to activating contactless payments. The Committee referred to a Victoria Police submission, which raised concerns that the AUD 100 contactless limit and the use of zero liability policies by banks, inter alia, may motivate card theft. / read more

Safaricom released in early September an Application Programming Interface (‘API’) for its mobile money service M-PESA, enabling third party developers to design apps. Safaricom believes the API will open up a number of payment use cases. / read more


China has sought to close the regulatory void around its internet finance sector with the release of the Guiding Opinions on Promoting the Healthy Development of Internet Finance (‘Opinions’), which will have extensive implications for the sector. Barbara Li, Partner at Norton Rose Fulbright examines the Opinions. / read more

Tim Wright, a Partner in the Outsourcing and Technology team at Pillsbury Winthrop Shaw Pittman LLP, in this article provides detailed analysis of how Payments UK’s new Code of Conduct for Indirect Access Providers will operate alongside the ongoing work of the UK’s new Payment Systems Regulator (‘PSR’). / read more

The European Commission (‘EC’) issued another Statement of Objections against MasterCard (‘MC’) on 9 July, concerning MC’s prohibition on cross-border acquiring and the setting of inter-regional interchange fees, in the context of the issuing, acquiring and use of MC-branded cards. Susanne Zuehlke, Partner at Willkie LLP, considers the EC’s Objections. / read more

Financial services firms, when considering how best to prepare themselves against the threat of cyber crime, have more than one perspective that needs to be considered. Firstly, legal requirements, such as Europe’s forthcoming Network and Information Security (‘NIS’) Directive, need to be considered. Information assurance standards like PCI DSS also need consideration. Finally, there is a need to look at the firm’s own experience regarding cyber security and the experience of others in the industry. Hans Allnutt, Partner at DAC Beachcroft, Michael Fignon, Manager at Portcullis Computer Security Ltd, and Sandra Cole, UK & International Claims Manager at specialist insurer Beazley, discuss these three perspectives respectively in the context of financial services. / read more

The desire to innovate is firmly on the UK government and regulator agendas, as the Financial Conduct Authority’s (‘FCA’) aptly-named Project Innovate indicates. However, it is worth looking at what is driving this need for innovation and who will benefit from the changes. Fiona Ghosh, Partner at Addleshaw Goddard, analyses the various drivers behind innovation in the UK and the reasons why ‘innovation’ is such a hot topic for industry and lawmakers alike. / read more

Recently French and European institutions have modified legislation relating to anti-money laundering (‘AML’) and counter terrorist financing (‘CTF’). Cathie-Rosalie Joly and Philippe Riboulin of Ulys law firm discuss the new measures relating to AML/CTF from the French legislature. / 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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