The Central Bank of the Islamic Republic of Iran (CBI) amended the executive directive for regulations overseeing foreign exchange, banking instruments, and bonds that are carried by travelling individuals to improve scrutiny and strictly adhere to international regulations on AML and CTF. The measures were announced days after the FATF urged Iran to fully implement the action plan by 31 January 2018.
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