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GDPR: Tracking the Implementation at Country Level
13th Aug 2019 | Written by:
The General Data Protection Regulation (Regulation 2016/679), also known as the GDPR, significantly increases the responsibilities and obligations for payments businesses in how they collect and...
Australia Eyes Open Banking 'Testing Ground' As Data Sharing Becomes Law
2nd Aug 2019 | Written by:
Legislation to launch open banking in Australia has passed parliament after months of delays, but is likely to face imminent changes to allow consumers to “delete” data held by firms.
Australia Set To Abolish High-Value Cash Payments
29th Jul 2019 | Written by:
Paying for most goods and services with more than A$10,000 ($6,900) in cash will become a criminal offence in Australia from January next year, under a new law proposed by the government.
Australia Has Second Attempt At Open Banking Legislation
23rd Jul 2019 | Written by:
The Australian government has said it will re-introduce legislation this week to enable open banking to begin on schedule in February 2020, but its reception from opposition parties remains...
Nevada Eyes 'Lithium Valley' Crown With New Blockchain Legislation
1st Jul 2019 | Written by:
Although Nevada’s emerging blockchain sector remains small in terms of revenues compared to the mining or gaming industries, it has been growing rapidly as state lawmakers look for ways to...
PSD2: Tracking the Implementation at EU and Country Levels
26th Jun 2019 | Written by:
PSD2 entered into force on January 13, 2018 repealing Directive 2007/64/EC (PSD1). The revised Payment Services Directive (Directive (EU) 2015/2366), also known as PSD2, introduced new obligations...
Trump Threatens Correspondent Banking Links With New Iran Sanctions
25th Jun 2019 | Written by:
The U.S. threatened to cut off foreign financial institutions from U.S. correspondent banking networks on Monday night as President Donald Trump issued sweeping new sanctions against Iran’s leaders.
Iceland: Parliament Announces Approval of Amendments to the Central Bank Act
21st Jun 2019 | Written by:
On June 20, 2019, the Icelandic parliament (Althing) announced its approval of amendments to various laws relating to the merger of the Central Bank of Iceland and the Financial Supervisory Author...
Finland: Financial Supervisory Authority Issues Principles for Determining Penalties and Fines
19th Jun 2019 | Written by:
On June 19, 2019, the Financial Supervisory Authority published the principles for determining penalties and fines. When determining the changes to the principles published in 2015, the regulator...
Law Commission: UK Must Act To Weed Out 'Useless' Transaction Reports
18th Jun 2019 | Written by:
A long-awaited review into the UK’s beleaguered suspicious activity reporting regime has recommended that the government issue a definitive guidance document to help stem the flow of superfluous...
Lithuania: Parliament Introduces Amendments to Money Laundering and Terrorist Financing Prevention Act VIII-275 for Transposition of 5th AMLD
31st May 2019 | Written by:
On May 31, 2019, the Lithuanian parliament (Seimas) passed the draft Republic of Lithuania Cash Flow and Terrorist Financing Prevention Law VIII-275 Articles 2, 4, 7, 9, 10, 11, 19, 20, 25,...
Nepal Ban Checks Rise Of Alipay And WeChat
23rd May 2019 | Written by:
The global march of China’s digital payments leviathans has hit a snag in Nepal, where the central bank has banned the use of Alipay and WeChat Pay.
CFPB Wins Latest Round In Constitutionality Challenge, But More Battles Await
8th May 2019 | Written by:
The U.S. Consumer Financial Protection Bureau (CFPB) has beaten back another legal challenge to its leadership structure, with a federal appellate court ruling that the agency's single-director...
Finland: Legislative Changes to Anti-Money Laundering Legal Framework Come into Force
1st May 2019 | Written by:
On April 30, 2019, a series of acts, either newly introduced in their entirety or already existing but partially amended, were published in the Finnish official gazette upon their adoption by the...
Money Remitters In Firing Line Over Ukrainian Separatist Crowdfunding
9th Apr 2019 | Written by:
Money transfer giants MoneyGram and Western Union, along with two of Russia’s largest banks, have been accused of facilitating thousands of dollars in donations to the Ukrainian separatists...
Singapore: Government Publishes Serious Crimes and Counter-Terrorism (Miscellaneous Amendments) Act 2018 in Official Gazette
27th Mar 2019 | Written by:
On December 31, 2018, the Serious Crimes and Counter-Terrorism (Miscellaneous Amendments) Act 2018 was published in the government gazette. The act seeks to amend the Corruption, Drug Trafficking...
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