Blog
Brexit Firm Awareness
One month ahead of the (latest) impending Brexit day, the general feeling among firms remains one of confusion. As it stands, the assurance one can
Outsourcing function, not responsibility
As of today, credit institutions, MiFID investment firms, e-money institutions and payment institutions must maintain a register of outsourcing agreements that can be made available
Meeting the IT Requirements of PSD2
PSD2 has brought focus on payment services providers’ technology and security standards as never before. In fact, the scope of change has been so significant
5MLD – What are the key changes in the Fifth Money Laundering Directive?
Her Majesty’s Treasury published a consultation paper on the UK’s transposition efforts relating to the EU’s 5th Money Laundering Directive (5MLD) earlier this year. The Directive
Authorised Push Payments – Confirmation of Payee
Firing off an email to the wrong recipient can be embarrassing however sending funds to the wrong beneficiary is not only negligent but can also
Countdown to No-Deal Brexit (or not)
At the beginning of February this year, eight weeks prior to the original 29th March Brexit date, we published a blog entitled “No-deal Brexit –
REP017: Are You Ready To Submit Your Fraud Report by 31 August?
Under PSD2, payment services providers across the EU are required to provide statistical data on fraud to their respective competent authority. In the UK, relevant
Preparing for your AML Compliance Audit – top tips from the other side
Broken down to its most basic level, an audit is a method by which firms seek an external opinion on their policies, procedures, systems and
fscom features in Thomson Reuters
fscom’s James Borley features in Thomson Reuters where he discusses the desire among payments firms for a better understanding of the licensing requirements of competent
Dear CEO: Safeguarding attestation required by 31 July 2019
On the 4 July 2019, the FCA released a ‘Dear CEO’ letter that addressed both the positive and negative practices of non-bank Payment Service Providers
One Month Left! New Communication Rules for Payment and E-Money Institutions
Back in October last year, fscom director Alison Donnelly wrote a blog on the FCA’s consultation on new rules for payment and e-money institutions. As explained in that blog, due to FCA concern with how
Dear CEO: The Principles of being the Principal
In May of this year, the FCA released a ‘Dear CEO’ letter that addressed the failings of principal firms within the investment management sector. The
OFAC Publishes Compliance Guidance on US Sanctions
For the first time, the US Office of Foreign Assets Control (OFAC) has reached out to provide guidance to firms on creating and maintaining an
Authorised push payments and the voluntary code
What are you doing to protect your customers from authorised push payment (APP) scams? That is a question payment service providers (PSPs), including payment and
FinTechNI to Host US LendIT Founder & FinTech Leader Brustkern
FinTechNI, a collaboration between stakeholders in the local FinTech community to spearhead, publicise and promote Northern Ireland as a major FinTech hub, today announced it
Standard Chartered Bank: Fined $1.1 billion for Anti-Money Laundering and Sanctions Violations
Last month Standard Chartered bank agreed to pay a $1.1 billion for both Anti-Money Laundering and Sanctions violations. This blog is an overview of the
New Communication Rules for Payment and E-Money Institutions
Back in October last year, fscom director Alison Donnelly wrote a blog on the FCA’s consultation on new rules for payment and e-money institutions. As explained in that blog, due to FCA concern with how
Open banking and strong customer authentication: help!
With only four months to go to the final PSD2 implementation date of 14 September 2019, all payment service providers must make sure they are
EWPN Announces Ambassador for Ireland
fscom is delighted to announce Alison Donnelly has been appointed as the European Women in Payments Network (EWPN) Ambassador for Ireland. EWPN is an
Becoming an Authorised Payment Institution
Payescape Managing Director, John Borland talks about his recent experience of applying to become an authorised payment institution (API) with the Financial Conduct Authority (FCA).
Payment services: making safeguarding work
Safeguarding is both a simple and important concept. Every payment and e-money institution that I have ever worked with wants to protect their customers’ funds
The Current Role of Transaction Monitoring in AML
The cost of global transaction monitoring is expected to grow from $8.29 billion in 2019 to $16.79 billion by 2023. What are the drivers for
fscom announces brand refresh
fscom is proud to announce a refresh of its brand identity. The initiative reflects the firm’s recent changes in its headquarters move to state of
Strong customer authentication: not as simple as just 2FA
In my previous blogs I have given you the basics of strong customer authentication (SCA) and explained how the exemptions could be used to minimise the disruption experienced by
Strong customer authentication: the exemptions explained
In my previous blog, I outlined the basic requirements of the new obligation, brought in under PSD2 (the second Payment Services Directive), for all payment service
Strong customer authentication under PSD2: the basics
Strong customer authentication (SCA) is a valid attempt by the EU to curb electronic payment fraud, including ‘card-not-present’ fraud. From a glance the concept is
Brexit Planning: Understanding The Authorisation Process In EEA Jurisdictions
Deal or No Deal? Despite initial rejection of the Withdrawal Agreement in the House of Commons, the ‘deal’ may yet be palatable to a majority
No-deal Brexit – is there a regulatory backstop?
Following another week of inconclusive Brexit debate at Westminster, the prospect of a disorderly, no-deal withdrawal seems, either by accident or design, to be looming
How the “challenger banks” have become the ‘challenged’ banks
Better customer service, cleaner user interfaces, simpler language, spending insights and even gambling blocks…digital banks or ‘challenger banks’ as they are commonly referred to, have
Cryptoassets and FinCrime: Building for the Future
Whether you call them cryptocurrencies, cryptoassets or virtual assets, these tokens and their underlying technology, Distributed Ledger Technology (DLT), remain at the forefront of regulators
