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Future of European Fintech Alliance statement on the final Regulatory Technical Standards (RTS) on strong customer authentication
The Future of European Fintech Alliance, consisting of 72 European FinTechs, challenger banks and FinTech associations, has taken note of the final Regulatory Technical Standards (RTS) on strong customer authentication and secure communication under PSD2 adopted by the European Commission. The text constitutes a workable compromise between the interests of the incumbent banking industry on [...]
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Major UK retailers unaware and unprepared in the face of PSD2
New research has revealed that major UK retailers are unaware, unprepared and paralysed ahead of the Second Payment Services Directive (PSD2) set to go live on January 13th. The research, from Consult Hyperion and tech PR consultancy CCgroup, notes that PSD2 requires banks to grant third-party providers – including retailers – access to a consumer’s bank account [...]
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Western Union settles $60 million AML probe
Western Union is to pay $60 million AML fine to resolve allegations that it failed for more than a decade to maintain a program to deter and report transactions involving suspected criminal fraud and money laundering. The settlement with the New York Department of Financial Services (DFS) follows the money-transfer company’s agreement in January 2017 [...]
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MiFID II: the new financial regulatory system
London and the EU are bracing themselves for MiFID II, the new dawning of one of the biggest regulatory shake-ups of since the 1980s ‘Big Bang’ as a new framework of rules, as it comes into force across Europe. The financial sector across the European Union has been preparing for months ahead of the new regulations coming [...]
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Under GDPR, never collect data without consent
To be a successful business in Europe in 2018, you will need to be able to demonstrate GDPR compliance. Numerous articles have already detailed what GDPR is, the ramifications of failing to comply with it, and many of the steps towards compliance. If there is one thing you know for certain, it is that there [...]
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