Consultations

The European Commission has today adopted two proposals in the area of Anti-Money Laundering:

1. A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
2. A regulation on information accompanying transfers of funds.

The two proposals will have a considerable impact for the industry, given the changes in scope, definitions and the proposed elimination of the Simplified Due Diligence regime. …

EC Proposals for 4th Anti-Money Laundering Directive and Regulation on Funds Transfer InformationRead More »

Yesterday, the European Central Bank released a draft version of the Recommendations for payment account access services for public consultation. These recommendations were developed by the European Forum on the Security of Retail Payments, SecuRe Pay (the “Forum”). In the Forum all the EU supervisors work together with the aim to foster the establishment of a harmonised EU/EEA-wide minimum level of security.

The draft report lists a number of Recommendations which seek to ensure that the Third Party Providers of Payment Account Access Services and the involved Governance Authorities (scheme owners) meet the following requirements: …

ECB consultation on security requirements for payment account access services (deadline: April 12, 2013)Read More »

Today, the ECB released a comprehensive set of Recommendations for the security of internet payments, following a two-month public consultation carried out in 2012. The Recommendations represent the first achievement of the European Forum on the Security of Retail Payments (SecuRe Pay), a voluntary cooperative initiative between relevant authorities from the European Economic Area (EEA) – supervisors of payment service providers and overseers in particular.

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SecuRe Pay releases final recommendations on the security of internet paymentsRead More »

The European Central Bank (ECB) is consulting on standards to increase the security of internet payments in the European Union. It has drafted recommendations that developed by the European Forum on the Security of Retail Payments, SecuRe Pay. This Forum of regulators and supervisors was set up in 2011 as a voluntary cooperative initiative between authorities.

The report outlines security recommendations and best practices such as the principle of strong authentication.  …

ECB Consultation on security of internet payments (deadline: June 20, 2012)Read More »

In January 2012, the EU Commission started a consultation on the Green Paper – Towards an integrated European market for card, internet and mobile payments. The purpose is to collect information from all interested stakeholders on the existing situation of the card, internet and mobile payments market and the potential hurdles for integration at European level in these markets.

The consultation includes 32 questions to the stakeholders, which cover areas such as:

• regulation of the multilateral interchange fee for four  party card schemes
• card scheme rules on cross-border acquiring, co-badging, surcharging and scheme-governance,
• standardisation, interoperability and security requirements for payments,
• governance of the SEPA-activities in Europa.

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EC Consultation: Green paper on EU market for card, internet and mobile payments (deadline April 11, 2012)Read More »