Blog
The RTGS game changer for payment and e-money institutions
Following on from my previous blog post, where I looked at the UK’s current and future payments architecture, one of the most interesting developments identified at the Project
fscom Appoints Leading Payment Services Regulator as Head of Assurance
We are delighted to announce that James Borley will be joiing us in January, where he will take up has role as Director and new Head
Improving the UK’s payment systems
Last week, Project Regulator, which I lead on behalf of the Emerging Payments Association, hosted a special briefing on the new payments architecture organised by the
Trouble in paradise? The AML failings of the Paradise Papers leak
If you’ve been following the news over the past week or so you’ll no doubt be aware of the latest dossier on leaked information – titled
PSD2 questions and answers
The gateway for PSD2 applications opens today. About 500 authorised payment institutions and e-money institutions and 150 payment initiation and account information service providers are
3 Approaches FinTechs Are Using to Create a Competitive Advantage
Tomorrow I’ll have the pleasure of introducing some of the most dynamic payments and e-money businesses from around the world, when I chair the one
GDPR: business headache or business opportunity?
If you are a CEO, board member or otherwise involved in delivering a business strategy or IT you probably feel like you are walking around
Suspicious Activity Reports – The Importance of Getting it Right!
“Enforcement agencies are struggling with significant numbers of low quality reports and criminals could be slipping through the net.” In 2019, the England and Wales
FCA focus on CF10 personal responsibility
The competence and capability expected of holders of the compliance function has been brought into sharp focus by two final notices issued by the Financial
The common pitfalls and failures of AML risk assessments
Risk assessments have been a part of the EU Anti Money Laundering landscape for some time now and while 4MLD brought to the fore the need
There’s an ICAAP to fit everyone; so wear it!
Last year, the FCA sent a ‘Dear CEO’ letter about ICAAP. For those who don’t know, the ICAAP is a process a firm follows to assess
Latest EU AML risk assessment reviewed
As part of the EU commitment to improving AML controls, the European Commission and its individual member states are required to produce regular reports on the
PEPs, Sanctions and Laundromat Scandals…
Last year saw an unwelcome re-emergence of the so-called ‘laundromat’ scandal; the term, which harks back to the dry-cleaning establishments into which Al Capone and
Emerging Payment Awards Demonstrate Maturing Fintech Market
Last week the Emerging Payments Association announced the finalists for this year’s Emerging Payments Awards. With more than 200 entries from payments related businesses around the world,
What does a good BREXIT deal look like for financial services?
London is the second largest financial centre in the world and financial services is the largest industry in the UK, therefore it is logical to
The ink is barely dry on 4MLD, but it’s time to consider 5MLD already.
The reason is that some of the provisions in the current draft have the potential to be a headache to implement. I don’t mean the reductions in Simplified Due Diligent thresholds,
Why financial services regulation is crucial to fintech
Harnessing internet and mobile technologies to create new and superior financial products, FinTech and RegTech firms are uniquely placed to compete with long-established firms and
Countdown to PSD2: what do payment service providers have to do?
In six months’ time, the second Payment Services Directive (PSD2) will be implemented in the UK. And while we don’t yet have finalised implementing documents,
Are you ready for 4MLD on Monday?
Is your firm prepared for 4MLD? If not, you only have this weekend to get sorted and while we have had draft versions and a
The FCA on Distributed Ledger Technologies
The FCA do not want to regulate specific technologies. This was the clear message from the FCA’s Distributed Ledger Technology event, hosted by the FCA
Wire transfer information changes imminent
Payment and e-money institutions must be ready to include additional information with wire transfers by the end of this month, with the new Wire Transfer
The big 4MLD update
After several weeks of reviewing the new draft legislation implementing the new anti money laundering directive and the Consultation JMLSG guidance, here is my detailed breakdown
Safeguarding guidance: FCA update
The FCA’s proposed interpretation of the safeguarding obligation is causing serious concern in the industry. Under the new guidance, payment and e-money institutions will be
Compliance Audits – What’s the Point?
Today’s consumer generally has a choice of banking providers. They get to call the shots while banks tow the line and play nicely for the
Who are the PSD2 payment initiation service providers?
From January 2018, UK providers of payment initiation services will have to be authorised by the FCA under the Payment Services Regulations 2017, the legislation that
Will Brexit damage the UK FinTech ecosystem?
Many surveys, and there have been a lot recently, try to indicate which city or country is a leading FinTech hub. Time and again New
FX forwards: in or out of scope under MiFID II?
For years, the UK charted a lonely but pragmatic course with its interpretation that deliverable FX forwards are not investment instruments. UK payment and e-money
The Top 4 Regulatory Challenges for FinTechs in 2017
2017 is gearing up to be a game-changing year for FinTech in the UK and abroad, as firms begin to adapt to rapidly approaching regulatory
fscom Appoints Alex Lee as Non-Executive Chairman
We’re delighted to announce the appointment of former Ernst & Young partner, Alex Lee, as Non-Executive Chairman. With over 25 years’ experience in the global
The Fourth Money Laundering Directive (4MLD): Responsibility Reminder
At fscom, it’s our job to keep you in the know, so we just wanted to send you a reminder of your anti-money laundering responsibilities
