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Operational adjustments To address the implications of the Bill and the regulators crypto-regulatory roadmap, PSPs will need to make significant operational adjustments, including enhanced due diligencethe proposals for admissions and disclosures (A&D) and market abuse regimes (MARC).
It’s important to note that governance of personal data protection and consumerprotection rules must be followed within 6 months from the OJK regulation, meaning by July 2025.” ” The timeline is urgent, and all existing providers must demonstrate full compliance.
But after repeated blowups, the motivation for stricter enforcement goes towards protecting people and, at the same time, shielding financial systems from emerging and time-critical risks. Consumerprotection has always been the loudest rallying cry. Today, the broader ecosystem is also seen as a vector for financial crime.
The justification was largely consumerprotection; card companies didn’t want customers to feel penalized for using credit. While the outright bans have been overturned, merchants must be careful to follow consumerprotection laws, especially regarding transparency. Update your point-of-sale (POS) system. Read the rules.
David Abbott VP Payments Business and Strategic Accounts, Tuum “With increased scrutiny on payment services and electronic money providers, maintaining a robust and dedicated regulatory framework is critical to ensuring stability, innovation and consumerprotection in support of the National Payments Vision.
In many ways, BNPL is just a modern spin on subprime lending a long-standing issue in financial services when it comes to consumerprotection. The explosive growth of BNPL services has raised concerns about rising consumer debt, as the lack of transparency about fees, terms, and penalties leaves consumers exposed to hidden costs.
Building an ethical finfluencer strategy The benefits of a finfluencer partnership are clear, so the real question is how brands can harness these benefits while ensuring compliance and consumerprotection? Duediligence is key, but so is creative freedom.
These changes aim to address persistent issues in safeguarding practices and enhance consumerprotection. Why safeguarding matters Safeguarding ensures that funds received by payment and e-money firms are protected. The FCA’s consultation provides a roadmap to better safeguarding practices and consumerprotection.
End-state rules: The more transformative phase involves: Statutory trusts : Firms will need to hold consumer funds in statutory trusts, meaning consumers will have clear legal ownership of their funds in the event of firm failure, greatly improving consumerprotection.
Click to explore key changes to APP fraud reimbursement rules Click here to open infographic By reducing the cap to £85,000, the PSR aims to balance the need for robust consumerprotection with the realities of operating in a competitive payments market. The FCA expects PSPs to contribute to and utilise shared fraud databases actively.
Key considerations for a successful CiC DueDiligence : Prior to pursuing a CiC, thorough duediligence is essential. Consumer Duty policies : Ensuring the firm’s consumerprotection policies are robust and up-to-date. As such, the FCA evaluates both the acquirer and the target firm comprehensively.
Extended DueDiligence : More time for conducting duediligence checks on suspected fraudulent transactions leads to a stronger evidence base for rejection. How does it help tackle APP Fraud?
Julie Cunningham, founder and CEO of Portend As Julie Cunningham , founder and CEO of duediligence platform Portend , explains: “Fintech impact platforms often grapple with complex regulatory landscapes. “Adhering to stringent data protection laws is a primary challenge.
The purpose of this stipulation is to ensure consumers are able to access their funds without delays and to increase the reliability of custodial funds arrangements. Consumerprotection and transparency Consumerprotection is the underlying reason behind the new proposed rule.
Compliance Risk Compliance with various consumerprotection-related laws and regulations [1] is critical for banks furnishing BNPL loans to ensure that obligations are understood and met on both sides of the transaction.
Consumerprotection Banks must not only safeguard their consumers’ data privacy, but they must also protectconsumers from misinformation. However, by conducting proper duediligence, regularly updating controls, and learning from other institutions’ mistakes, firms may find it easier to sleep at night.
The risk is exceptionally high when merchants refrain from subjecting their affiliates to solid duediligence (KYC screening) during the customer acceptance process. Such practices can lead to legal and regulatory challenges, particularly if consumers are harmed or misled.
At FICO World, two senior FICO leaders, experts in the areas of fraud and financial crime prevention, will engage in a lively discussion of how best to approach some of the top global compliance threats in the areas of anti-money laundering, know your customer (KYC), tax and business duediligence.
Many in financial services have been concerned that some elements of the FCA’s more stringent approach may not always be justified by reductions in financial crime and money laundering or consumerprotection. Consumer Duty: One crucial aspect to consider when preparing your application, is compliance with the Consumer Duty.
When consulting on the VATP regime, the SFC and FSTB concluded that regulating VA exchanges was a priority whereas OTC trading activity was omitted on the basis that it was not a material consumerprotection risk at that time.
Because many banks did not do their duediligence when engaging in fintech partnerships, significant risks have emerged from them: “The OCC has valid points around fintech and banking relationships when it comes to managing risks. Rick Kuci, COO of FundKite “Unfortunately, many banks caused this risk issue for themselves.
But the regulatory landscape is becoming more unforgiving in some ways, with data privacy and consumerprotection top of mind. There’s the long-term lure, of course, of increased customer headcount and cross-pollination of new revenue streams. Those features can be provided to the bank as a sales enablement tool.
DFS’s stated goals under the policy include consumerprotection as well as safety and soundness of VCEs. However, DFS may at any time and in its sole discretion require VCEs to delist or limit New Yorkers’ access to specific coins.
now takes a step toward embracing crypto by fostering a holistic approach that balances innovation with consumerprotection. Although the Federal Reserve has signalled a more neutral stance, many financial institutions still view crypto as a high-risk sector requiring enhanced duediligence.
Both the FCA and DORA frameworks aim to ensure that financial institutions can maintain critical services even during severe disruptions, safeguarding consumerprotection and financial stability. In terms of shared objectives, both the UK and the EU share a common goal of enhancing operational resilience within the financial sector.
“Unfortunately, some fintechs rush to onboard clients without proper duediligence, exposing themselves to regulatory action and disrupting services for legitimate users. This highlights an often-overlooked aspect of inclusivity: protecting the access of those who are already banked.
Lorien Carter , market research analyst at Juniper Research “The emphasis on robust consumerprotections, such as full reserve backing and guaranteed par redemption, sets a high bar for recoverability and resilience standards.
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