In Kenya, the Proceeds of Crime and Anti-Money Laundering (Amendment) Act 2017 has been signed into law, imposing stiff penalties on those guilty of economic crimes. In South Africa, the Financial Intelligence Centre Amendment (FICA) bill has was signed by the president in April 2017. The FICA bill aims to strengthen existing legislation that combats money laundering and the financing of terrorism. The bill bolsters the fight against global financial crime by making it easier to identify the ultimate owners of companies and accounts including those of “domestic prominent influential persons”.
Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.
Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.
The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2