Regulation & Compliance - Long Reads, News, Articles & Research: Finextra

2023 APP fraud trends and changing liability at a glance

Dominique Dierks Content Manager at Finextra

2023 APP fraud trends and changing liability at a glance

APP fraud has been an increasing concern for both banks and customers. While consumer education and fraud prevention are being prioritised by financial institutions, regulators have been looking at the question of liability. The new PSR directive on APP fraud reimbursements highlights a historic change in the way fraud liability is handled. This a...

17 November 2023 /regulation

Paige McNamee Senior Reporter at Finextra

Understanding the EU’s DORA framework

The Digital Operational Resilience Act (DORA) was designed to address the potential systemic and concentration risks faced by the financial services sector, due largely to its close reliance on third party providers (TPPs). DORA requires entities to follow and implement protection, detection, containment, recovery, and repair focused rules to prev...

14 November 2023 /regulation

Dominique Dierks Content Manager at Finextra

Understanding ISO 20022

Instant and cross border payments are high on the list of priorities for businesses and authorities worldwide, yet interoperability and integration between different clearing systems has been a challenge hindering meaningful progression. That’s why ISO 20022 will be a game changer once it becomes an official messaging standard. Yet for novices, t...

10 November 2023 /regulation

How net zero frameworks can be guided by national policy

Sehrish Alikhan Reporter at Finextra

How net zero frameworks can be guided by national policy

ESG and broader financial sustainability efforts have been major industry trends in the financial services sector in the last few years, with an increasing number of financial institutions adapting to ESG standards and implementing sustainable objectives to maintain transparency and accountability as climate change continues to wreak havoc on the ...

08 November 2023 /regulation

What is the EU AI Act? Understanding Europe’s first regulation on artificial intelligence

Dominique Dierks Content Manager at Finextra

What is the EU AI Act? Understanding Europe’s first regulation on artificial intelligence

Artificial intelligence has rapidly evolved over the last couple of decades. Yet while AI innovation and adoption offers numerous benefits, it has so far been largely unregulated. This is about to change as the European Commission presses on with the EU AI Act. Signifying the first global piece of AI regulation, the proposed framework is drafted t...

03 November 2023 /regulation

Economic Crime and Corporate Transparency Act: What banks need to know

Níamh Curran Senior Reporter at Finextra

Economic Crime and Corporate Transparency Act: What banks need to know

The Economic Crime and Corporate Transparency Act (ECCTA) received royal assent last week and affects the way financial institutions manage economic crime. The bill is part of the UK Government’s wider economic crime plan, which was detailed earlier this year by MP Suella Braverman. The bill aims to limit the “dirty” money coming into the UK marke...

02 November 2023 /regulation

Why Biden’s Executive Order on AI signals increased scrutiny on AI policy, business and regulation

Scott Hamilton Contributing Editor at Finextra Research

Why Biden’s Executive Order on AI signals increased scrutiny on AI policy, business and regulation

US President Joe Biden’s Executive Order on Artificial Intelligence (AI), introduced on the 30th of October, recommends wide parameters be applied to the management of this fast-emerging technology. Though the order itself has no real ‘teeth,’ or legal enforcement power, it highlights several areas where the chief executive and his cabinet believe...

01 November 2023 /regulation /ai

What to expect from the EU's new PSD3, PSR and FIDA regulations

Renate Prinz Partner at McDermott Will & Emery LLP

What to expect from the EU's new PSD3, PSR and FIDA regulations

This article was co-authored by Annabelle Rau, associate at McDermott, Will & Emery. In November 2015 the Payment Services Directive II (PSD2) on payment services in the internal market came into force, most of the rules are applicable under the according Member State laws since January 2018. PSD2 led to much turmoil among payment service prov...

30 October 2023 /regulation

Artificial intelligence, data and technology adoption – a balancing act

Dominique Dierks Content Manager at Finextra

Artificial intelligence, data and technology adoption – a balancing act

This is an excerpt from The Future of Digital Banking in North America 2024 report. Safe and accurate data is a foundation for financial companies. Enriching and authenticating data between parties will enable institutions to use their data more intelligently, make better decisions, address real customer needs and offer embedded finance. Yet in re...

26 October 2023 /regulation

UK-US Data Bridge: An extension to EU-US data privacy framework

Pilar Arzuaga Senior Associate at MWE

UK-US Data Bridge: An extension to EU-US data privacy framework

This piece was co-authored by Pilar Arzuaga, senior associate, Sharon Lamb, partner, and Michaela Novakova, associate. The UK government has published the Data Protection (Adequacy) (United States of America) Regulations 2023 (SI 2023/1028), the UK-US Data Bridge Regulations, which adopted an adequacy decision for the US (the UK-US Data Bridge) a...

25 October 2023 /regulation

How will the PSR's new APP fraud rules impact banks' inbound transaction processing?

Nick Fleetwood Head of Data Services at Form3

How will the PSR's new APP fraud rules impact banks' inbound transaction processing?

In September 2022, the Payment Systems Regulator (PSR) consulted on a number of measures to address Authorised Push Payment (APP) fraud within the UK’s faster payments system. Now that the Financial Services and Markets Act (FSMA) House of Lords has achieved royal assent, the PSR now has the authority to enact a number of proposals to tackle APP ...

17 October 2023 /regulation

Data protection watchdog seeks constraints on EU open finance plans

Andreas Carney Partner at Pinsent Masons

Data protection watchdog seeks constraints on EU open finance plans

The European Data Protection Supervisor (EDPS) has urged EU law makers to adopt tighter restrictions on the type of ‘customer data’ that is proposed to come within new data sharing schemes for the financial services sector, as well as how such data can be accessed. The EDPS is an independent European supervisory authority mandated to monitor and e...

05 October 2023 /regulation

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