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Payments & FinTech Lawyer

New fraud reporting guidelines for payment service providers

From 13 January 2018 onwards, all payment service providers (‘PSPs’) operating within the European Union will be required to provide their competent authorities with statistical data on fraud relating to different means of payment. The competent authority of each Member State will then be required to provide this information to the European Banking Authority (‘EBA’) and the European Central Bank (‘ECB’). Fiona Simpson and Siân Akerman of Kingsley Napley LLP provide details on the draft Guidelines issued by the EBA that are currently open for consultation and the potential impact of the new requirements on payment services businesses.

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