William James
Partner, Co-head of Digital Assets, Payments and FinTech, Commercial
London, UK
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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.
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.