Articles

A new circular by BaFin addresses BaFin’s concerns to financial institutions regarding AML-Compliance in connection with virtual currencies. The circular also indicates BaFin’s view regarding a license requirement for cryptoexchange platforms upon the „Bitcoin-ruling“.

The European Banking Authority (EBA) published a draft of the EBA Guidelines on Outsourcing and launched a public consultation. The consultation period closed on 24 September 2018. The new Guidelines are planned to enter into force on 30 June 2019 and will add further provisions and regulations with regard to outsourcing arrangements.

The European Commission envisages to fight money laundering terrorist financing more effectively by implementing an overall European strategy. EBA shall be strenghtened and able to supervise the EU member states and financial institutions in the EU.

On 13 June 2018 EBA has published an opinion on the interpretation of regulatory technical standards (RTS) on strong customer authentication (SCA) and common and secure communication. The opinion clarifies some open questions on the interpretation of the RTS.

The second payment services directive (Directive (EU) 2015/2366, “PSD2”) as well as well as the fourth anti-money laundering directive (Directive (EU) 2015/849, “4AMLD”) gives EU member states’ (“Host Member State”) authorities the competence to require those payment service providers or e-money issuers having its head office in...

What are the practical implications? What does it mean that the RTS are now in force? And isn’t PSD2 already in force since 13 January 2018?