n Europe, the Fourth Anti-Money Laundering Directive came into force on 27 June 2017. While the industry is still assessing the implications of the Directive, the European Parliament adopted the Fifth AML Directive (5AMLD) on 19 April 2018. This Directive is awaiting approval by the European Council, after which member states will have 18 months to pass implementing legislation. The European Commission plans to bring virtual currency exchange platforms under the scope of the Fifth AML Directive. In addition, the Commission will examine the possibility of applying the licensing and supervision rules of the PSD to virtual currency exchange platforms, prepaid cards, and virtual wallet providers.

Digital-world consumers expect banks to securely step up their technology game


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.

Collaborative Payments Ecosystem Boosts Customer Centricity


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.

New payments ecosystem key enablers


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


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