The monthly law journal covering legal issues in banking, e-finance, e-money and online payments including, mobile payments (m-payments), micropayments, pre-paid cards and other payment cards, online banking, NFC (near field communication) and other contactless payments, digital currencies such as Bitcoin, mobile wallets and virtual money, e-invoicing, e-billing and e-payments, card fraud and other cybercrime, as well as regulatory regimes such as the E-Money Directive (EMD and 2EMD), the Payment Services Directive (PSD), SEPA, the US Electronic Money Regulations 2011, and the UK Bribery Act 2010. / read more
November's edition of E-Finance & Payments Law & Policy
This month's edition of the journal features articles on two key investigations carried out in the UK, each with controversial results. The CMA has spent a year or so analysing the banking sector specifically from a competition angle, with issues on the table including whether breaking up the UK's major banks would have a positive effect on competition. The CMA has now published its findings, and Ajal Notowicz of Dickson Minto W.S. considers whether the CMA's proposals go far enough.
Meanwhile, the UK Home Office and Treasury have analysed AML/CTF, and found some weaknesses in the current UK framework. The findings of their work - a National Risk Assessment - have caused a stir, particularly the suggestion that certain professions - such as accountants - are more at risk of money laundering taking place within the profession, findings hotly disputed by industry associations. Marcus Bonnell and Gabrielle Ives of RPC discuss the NRA.
Over in Hong Kong, recent security concerns around near field communication (NFC) smart cards appear to have led to a call by the Hong Kong Monetary Authority for banks to review their use of NFC. Mark Parsons and Tommy Liu of Hogan Lovells provide background on what has happened and the applicable regulations.
PLUS: Credit reporting develops in China - UK Payments on the evolution of ISO 20022 - a new coalition for financial innovation arises in the US - Australia reacts to the Murray inquiry - T&Cs of banks and Apple Pay's TouchID - digital gold currencies.
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