Argentina’s Financial Information Unit (FIU) issued new mandatory minimum guidelines for risk management around AML and counter-terrorism financing (CTF), which came into effect on 15 September 2017. The guidelines introduce a risk-based approach as recommended in 2012 by the Financial Action Task Force (FATF).
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