EMA publications

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.

FCA publishes anti-money laundering annual report 2012/13

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 »

EU Commission proposals for revised Payment Services Directive and MIF-regulation

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 »

EMA response: draft Dutch Betting and Gaming Act

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 ActRead More »

EMA response: draft Dutch Betting and Gaming Act Read More »

FATF guidance for a risk-based approach for innovative payments

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 »

Dutch consultation on draft Betting and Gaming Act (deadline: July 21, 2013)

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 »

EC Proposal for a Payment Account Directive

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 »

European Commission proposal for a Directive on network and information security (NIS)

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 »

EC Proposals for 4th Anti-Money Laundering Directive and Regulation on Funds Transfer Information

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 »

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

ECB publishes recommendations for security of internet payments

Yesterday, the European Central Bank published its recommendations for the security of Internet payments. These recommendations were 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.

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ECB publishes recommendations for security of internet payments Read More »

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

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 »

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