The EMA frequently responds to government and European consultations on regulation that impacts the e-money and payment services industry. Sometimes, we also express our views on issues that are raised in the public domain where we feel it is important to provide an industry input.
Our publications reflect the views of the EMA as whole; individual members’ views may vary from time to time. The public consultation responses are listed below. For further information on these positions, please contact us.
As a part of the ongoing discussions on the fourth Anti-Money Laundering Directive and the Wire Transfer Regulation we have today published our amendments for the 4th Anti-money Laundering Directive. In particular we suggest to keep the current Simplified Due Diligence (SDD) regime of the third Anti-Money Laundering Directive in place, rather than eliminating it. …
Last week the FCA published an interim-report on mobile banking and payments. This interim report outlines the views and roadmap of the FCA on the risks in mobile banking. Next up is a phase of work which involves a more detailed assessment of a sample of providers of mobile banking. …
FCA: thematic review on mobile banking and paymentsRead More »
FCA: thematic review on mobile banking and payments Read More »
The Financial Conduct Authority (FCA) published its first Annual report on Anti-Money Laundering (AML) on July the 25th. This report sets out the obligations relating to anti-money laundering, and the FCA’s approach to firms’ compliance with these obligations. It also lists the trends and emerging risks in money laundering that the FCA sees in the firms it regulates.
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FCA publishes anti-money laundering annual report 2012/13Read More »
FCA publishes anti-money laundering annual report 2012/13 Read More »
On 24 July 2013, the Commission adopted a legislative package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs). The changes in the Payment Services Directive include a.o. changes in scope, the addition of a new type of institution (Third Party Payment Services Processor) and further rules as to transaction authentication. The Regulation on MIFs seeks to cap the interchange fees for card payments to 0,3 and 0,2 % for international credit- and debit-transactions. Over time these limits would also apply to domestic transactions. …
EU Commission proposals for revised Payment Services Directive and MIF-regulationRead More »
EU Commission proposals for revised Payment Services Directive and MIF-regulation Read More »
On the 22th of May, the Dutch Ministry of Justice started a consultation on changes in the Betting and Gaming Act (Betting and Gaming Act), the Betting and Gaming Tax Act (KSB) and some other acts concerning the regulation of remote games of chance.
The Electronic Money Association responded to this consultation and stressed that the proposed rules should not distinguish between payments accounts of credit institutions, payment institutions or e-money issuers. …
EMA response: draft Dutch Betting and Gaming Act Read More »
The Financial Action Task Force on Fraud has just published their guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services. It describes the nature of these innovative payment systems and recognizes that they may play a significant role in the area of financial inclusion. The guidance on the risk-based approach for AML/CFT-regulation is non-binding and does not override the purview of national authorities. …
FATF guidance for a risk-based approach for innovative paymentsRead More »
FATF guidance for a risk-based approach for innovative payments Read More »
Today the Dutch Ministry of Finance has published its consultation on changes in the Betting and Gaming Act (Betting and Gaming Act), the Betting and Gaming Tax Act (KSB) and some other acts concerning the regulation of remote games of chance. The Ministry also published an English version of the draft law (pdf) and an Explanatory memorandum (pdf). …
Dutch consultation on draft Betting and Gaming Act (deadline: July 21, 2013)Read More »
Dutch consultation on draft Betting and Gaming Act (deadline: July 21, 2013) Read More »
On May 8, the European Commission published a proposal for a Payment Account Directive. The origins of the proposal lie in the discontent that the Commission has with respect to the provision of information by banks to their customers and the reluctance of banks to facilitate switching between account. In addition the Commission wishes to ensure the availability of a bank account with basic features to all European citizens.
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EC Proposal for a Payment Account Directive Read More »
The European Commission has yesterday published a proposal on a Directive for Network and Information Security (NIS) in Europe. This proposal requires Member States to set up Computer Emergency Response Teams (CERTs), and to adopt national NIS strategies and national NIS cooperation plans.
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European Commission proposal for a Directive on network and information security (NIS)Read More »
European Commission proposal for a Directive on network and information security (NIS) Read More »
The European Commission has today adopted two proposals in the area of Anti-Money Laundering:
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. …
