fscom News and Events

Are you ready for 4MLD on Monday?

[fa icon='calendar'] 23-Jun-2017 21:15:30 / by Mike Southgate posted in E-money, Compliance, 4MLD, Payment services

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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 consultation JMLSG guidance in circulation for some time now, the new Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017) are were finally laid before Parliament yesterday, and will come into force on Monday, meeting the 4MLD implementation deadline of 26 June.

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Wire transfer information changes imminent

[fa icon='calendar'] 07-Jun-2017 09:32:15 / by Mike Southgate posted in E-money, 4MLD, Payment services

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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 Regulations (WTR2) (also known as the Fund Transfer Regulation, FTR) coming into effect on the 26 June.

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Safeguarding guidance: FCA update

[fa icon='calendar'] 16-May-2017 17:22:02 / by Alison Donnelly posted in E-money, FCA, Payment services

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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 match the value of payments they make on behalf of their clients from their own funds because they will have to both keep the value in a safeguarding account and remit it to the payee.

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MLRO Masterclass: how to handle tricky due diligence issues

[fa icon='calendar'] 09-May-2017 09:30:00 / by Alison Donnelly posted in E-money, Compliance, 4MLD, Payment services

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All you want is a straight answer. Is this enough? Can I onboard this client? Can I accept this document? Is my EID provider running a tight ship or will I get sunk? Straight-talking fscom anti money laundering expert, Mike Southgate will give the straight answers at the next MLRO Masterclass.

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Who are the PSD2 payment initiation service providers?

[fa icon='calendar'] 03-May-2017 16:02:19 / by Alison Donnelly posted in PSD2, Payment services

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  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 implements the second Payment Services Directive, PSD2. The regulations, which were published by HM Treasury in draft form earlier this year, defines such services as ' a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider '.  
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Crisis management under PSD2: what you need to know

[fa icon='calendar'] 31-Mar-2017 23:53:29 / by Alison Donnelly posted in PSD2, E-money, FCA, Payment services

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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 wake up call to payment services providers across the UK.

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Effective Safeguarding: The Lessons Learnt from Towergate

[fa icon='calendar'] 30-Mar-2017 12:31:06 / by Alison Donnelly posted in E-money, FCA, Payment services

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