Blog
FCA issues statement on Covid-19
In response to the Covid-19 situation, which saw many UK financial institutions enacting their contingency plans, the FCA issued a statement yesterday setting out their expectations on firms. There
Safeguarding the customers’ money
Crown Currency Exchange, a business based in Cornwall that sold currency mainly to consumers for holiday spending but was also a small payment institution, collapsed
Covid-19: A wake up call to focus on Business Continuity Plans
In the past four weeks, we have seen the highly infectious coronavirus be declared a global pandemic and make its way into conversations at every
EPA publishes collaborative report to debate payments regulation ahead of PSD3
The Emerging Payments Association (EPA), which celebrates collaboration and innovation within new and existing finance companies, has published its first report to address the issues from
Authorised push payments fraud and the expanded role of the Financial Ombudsman
Authorised push payment (APP) scams were a hot topic in 2019 with the authorities taking a series of three coordinated actions to push down on
Capital adequacy: Brace for impact
The Financial Conduct Authority (FCA) is taking every opportunity to warn payment and e-money institutions over “unacceptable” practices in safeguarding client funds, as well as around risk
2020 Regulatory Outlook – Top Themes for Financial Services for the Year Ahead
As we propel ourselves fully into 2020, we move forward from a formidable decade of regulatory reform in the financial services sector. The emergence of
Brexit: All systems go
As the clock strikes 11pm on Friday the 31st of January, the UK will make unprecedented steps and become the first state to leave the
Operational and security risk reporting (REP018) and IT audits
REP018 is the name the FCA has given to the reporting return for the operational and security risk assessment that all payment service providers (PSPs)
Capital adequacy: Brace for impact
The Financial Conduct Authority (FCA) is taking every opportunity to warn payment and e-money institutions over “unacceptable” practices in safeguarding client funds, as well as around risk
The Brexit Saga Continues
The Brexit saga continues, but what does the FCA expect from you? At the time of writing on the 17th of October, we sit almost two
Tricky Verifications – The importance of getting it right.
In the ever-evolving world of anti-money laundering firms are under more pressure and scrutiny than ever before, especially when it comes to verifying the identity
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 featured in Thomson Reuters discussion on the desire among payments firms for a better understanding of the licensing requirements of competent authorities in other
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
