The British Government has set up an AML watchdog, the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). The OPBAS Regulations 2018 came into effect on 18 January 2018 and give OPBAS duties and powers to ensure AML supervisors at professional bodies meet the standards required by the Money Laundering Regulations 2017.
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