Blog
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 expected to
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
MiFID II – FX Forward Contracts Confirmed as Out of Scope
The European Commission (EC) has now published the delegated acts supplementing the second Markets in Financial Instruments Directive (MiFID II) made in 2014. From a
Crisis management under PSD2: what you need to know
The technical glitch that left thousands of customers of high profile fintech start-ups without access to their money last month should act as a major
Second Payment Services Directive (PSD2) dates for your diary
The regulatory landscape is facing significant change over the incoming months with the implementation of four major European initiatives (impacting the payment services, anti-money laundering,
Banks Risk FCA Enforcement for Misuse of Currency Converters
Payment institutions, banks and some e-money institutions have just received an email from the Financial Conduct Authority (FCA) issuing a stark warning regarding three main areas:
Effective Safeguarding: The Lessons Learnt from Towergate
E-money and payment institutions are obligated to notify the Financial Conduct Authority (FCA) if they fail to safeguard properly. Yet how can we ensure safeguarding
