In the latest edition of our regular update for the banking industry we look at topics including changes to EU rules on anti-money laundering and counter terrorist financing, guidance issued by the European Banking Authority (EBA) on outsourcing to the cloud and new rules for financial firms on reporting of major security incidents.
Changes to EU rules on anti-money laundering and counter terrorist financing designed to increase transparency on who really owns companies and trusts have been agreed in principle by the European parliament and the European Council
EBA's finalised guidance for banks on outsourcing to the cloud lacks detail, says expert
New guidance issued by the European Banking Authority (EBA) on outsourcing to the cloud still lacks the kind of detail banks need to be comfortable that the arrangements they put in place are compliant, an expert in financial services and technology law has said.
Bank of England plans will smooth process of Brexit for EU-based banks, says expert
The process of Brexit will be smoother for European-headquartered investment banks as a result of plans outlined by the Bank of England (BoE) over the way it intends to approach authorisation and supervision of international firms in future, an expert in financial services regulation has said
FCA lays out new rules on reporting of 'major incidents' affecting payment services
Financial firms will be required to publish data on the major operational or security incidents that prevent customers from using their payment services under new rules set by the Financial Conduct Authority (FCA).
Treasury competition seeks to liberate rent payment data to help consumers obtain mortgages
The UK government has offered a total of £2 million in funding to financial technology companies that can develop digital applications that allow consumers to share their rent payment data with credit reference agencies and lenders
PSD2: new security guidelines for businesses in the payments market finalised
Businesses involved in the payment services market will be required to have the security measures they put in place audited, under new guidelines set out by the European Banking Authority (EBA).
ESMA speculative financial products crackdown plans could increase risk, says expert
The European Securities and Markets Authority (ESMA) is planning to use its product intervention powers to cut down on the sale of contracts for difference (CFDs) to retail clients
New payment services must gain consumer trust through sound data security practices to succeed
ANALYSIS: Without the trust of consumers, third parties requiring consumer consent to use new rights of access to bank and payment account data will struggle to make an impact in the market.
UK government urged to set 'minimum standards' for banks to adopt to combat online fraud
Banks should have to adhere to new "minimum standards", which the UK government should set, for combatting online fraud, a parliamentary committee has said.
ECB warns of potential risks in bitcoin futures trading
Trading in bitcoin futures could present a potential risk to financial stability if financial institutions are left liable for losses, a member of the executive board at the European Central Bank has warned.
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