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Top regulatory priorities for the payments sector

The Payments Association

The FCA is introducing phased safeguarding rules, with interim measures strengthening existing regulations and final requirements aligning with the Client Assets (CASS) framework. The FCAs consultation closed in December 2024, with final rules expected in mid-2025. Engaging external auditors may provide additional assurance.

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When do crypto firms need additional EU licences for stablecoin transfers? EBA issues guidance on the interplay between PSD2 and MiCA

The Payments Association

Streamlined PSD2 authorisation: Where additional PSD2 authorisation is required, NCAs are advised to streamline procedures and leverage information already provided under MiCA. Use PSD3/PSR to amend MiCA to prescribe a single set of rules applicable to CASPs providing EMT-related payment services. Will PSD3/PSR fix the problem?

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From Paper to Digital: The Evolving E-Invoicing Mandate

Trade Credit & Liquidity Management

Foster Collaboration Between Legal and Technical Teams: Align tax, legal, and IT departments to manage the end-to-end invoicing process, ensuring invoices meet both regulatory and operational requirements. This collaboration helps avoid discrepancies and audit risks. In Summary.

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UK Financial Conduct Authority plans to reform safeguarding rules for e-money and payment institutions

The Payments Association

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). See our previous Sidley Update on that review.

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Regulators Detail Banking Rules For Hemp Firms

PYMNTS

Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior. Department of Agriculture’s (USDA) interim final rule on hemp production.

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FinTech Firms Combine KYB With KYC For Identity Verification

PYMNTS

In that case, the company checks two different sources in a given country with two different rule sets. That procedure can be described as a two-by-two check, and is geared toward verifying individuals on two sides of a transaction.

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What are the Biggest Challenges Facing Compliance Teams?

The Fintech Times

This month, The Fintech Times will look at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer. Regulatory rules are constantly changing, with new ones being introduced at a rapid rate. .