Included in this issue: Shaping the future of data in payment systems; Commission report on restricting cash payments to aid CTF and AML; and more...

UK

Shaping the future of data in payment systems

The Payment Systems Regulator (PSR) has launched a discussion paper on the collection, usage and sharing of data in the payments industry. Issues where the PSR could consider developing policies or take action include:

• Some people may be reluctant to share the data attached to their payments with third-party companies providing other payments-related services ('overlay services')
• Potential providers of new services may have limited access to data about transactions across a whole payment system ('global' datasets), including those needed to develop new industry AML and anti-fraud measures
• Potential barriers that could stop consumers and businesses getting the benefits from additional 'enhanced' data attached to transactions
• The impact of high fixed costs on the collection, analysis and use of data
• The potential for enhanced price differentiation

The full discussion paper can be found on the PSR website, with a deadline of 3 September 2018.

PSR, 13 June 2018

Worldwide

Commission report on restricting cash payments to aid CTF and AML

The European Commission has published the findings of a study and a public consultation on restricting payments in cash to combat terrorist-financing. The study concluded that restrictions on cash payments would not significantly hamper the financing of terrorist activities but would have a positive impact on the fight against money laundering. 

European Commission, 12 June 2018