Cross border payments: cards on tour
Does your business enable customers to send money abroad? Does your business issue cards which can be used to make purchases and withdraw cash overseas? The new Regulation (EU) 2019/518 on Cross Border Payments (CBPR2) (amending the existing 2009 regulation (CBPR1)) could impact the charges that can be applied to such transactions and the information you need to provide to customers.
This is in addition to the changes to BCOBS 2 (concerning the communication and promotion of currency transfer services) that come into effect on 1 August 2019.
To read our full update on CBPR2, click the link below: