Included in this issue: Convenience of debit card payments puts cash in second place; AMLD5 published in EU Official Journal; FMLC publishes report on FinTech—issues of legal complexity; and ECB issues revised assessment methodology for payment systems.

UK 

FMLC publishes report on FinTech—issues of legal complexity

The Financial Markets Law Committee (FMLC) has published a report on FinTech: issues of legal complexity, covering virtual currencies and distributed ledger technologies, and annexing historical FMLC reports.

FMLC, 18 June 2018

Convenience of debit card payments puts cash in second place

The latest UK Payment Markets report shows how new technology, payment innovation and changing consumer habits contributed to 13.2 billion card payments at the end of 2017 overtaking cash payments (13.1 billion) for the first time. In comparison, cash payments were down 15 per cent year-on-year.

UK Finance, 18 June 2018

Worldwide

AMLD5 published in EU Official Journal

The Fifth Anti-Money Laundering Directive (AMLD5) was published in the Official Journal of the European Journal on 19 June 2018. It comes into force on the twentieth day following publication.

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC.

EU OJ, 19 June 2018

ECB issues revised assessment methodology for payment systems

The European Central Bank (ECB) has issued a revised assessment methodology for payment systems. The methodology aims at ensuring a consistent and harmonised application of ECB Regulation 795/2014 on oversight requirements for systemically important payment systems (SIPS) and the principles for financial market infrastructures (PFMIs), which were adopted by the governing council of the ECB in June 2013 as a basis for the conduct of Eurosystem oversight in relation to all types of financial market infrastructures.

ECB, 15 June 2018

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

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Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

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William James

William James

Partner, Corporate
London

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