Weekly Headlines 17 July 2020

17th July 2020

BIS sets out cross-border roadmap

FATF warns on So-called Stablecoins

EMVCo offers guidelines for travel industry

European Parliament sets out AML measures

ESMA charged with investigating Wirecard collapse

FCA consults on access to cash guidelines

ACI Worldwide sees eCommerce boom

Amazon’s sellers EU hit by Brexit change

Transferwise valuation grows

Currencycloud gets e-money licence


BISEnhancing cross-border payments: building blocks of a global roadmap.

The CPMI report is the output of Stage 2 in work to develop a global roadmap for enhancing cross-border payments. It identifies 19 “building blocks” where further joint public and private sector work could enhance cross-border payments and supports a global approach to addressing the underlying frictions identified in the FSB Stage 1 report.


FATF has issued a Report to G20 on So-called StablecoinsReport

The report suggests that the mass-adoption makes them attractive to criminals and terrorists. The global body says that the first step to ensuring an effective global response to so-called stablecoins, and virtual assets more broadly, is ensuring that the FATF’s pre-existing Standards are transposed into domestic law and operationalized.


EMVCo has produced new guidelines for the travel industry.

The EMV 3DS Travel Industry Message Extension guidelines, developed with IATA and Amadeus, cover how travel operators can provide data to payment card issuers to better verify the authenticity of an e-commerce transaction using current payment authentication processes.


European ParliamentMEPs set out new measures to stop money laundering.

MEPs have welcomed the Commission’s Action Plan and highlighted the most pressing changes needed to achieve an efficient EU framework for AML. Interconnected registers of beneficial owners, a preventive blacklisting policy and effective sanctions are among tools are proposed by MEPs.


ESMA The regulator is to assess the German financial reporting system following Wirecard collapse

In a statement ESMA says it will undertake an assessment of the supervisory response in the financial reporting area by BaFin and the Financial Reporting Enforcement Panel (FREP). The fast-track assessment will focus on the application of the Guidelines on the Enforcement of Financial Information and follows an EC request for a fact-finding analysis of the events leading up to the collapse of Wirecard AG.


The FCA has published guidance to firms on maintaining access to cash for customers.

Guidance consultation

The FCA has published a consultation on draft guidance for firms setting out its expectations for banks, building societies and credit unions when they are considering closing branches or ATMs, or converting a free to use ATM to pay to use. The FCA has made it clear that although closures or conversions are decisions for firms to take, firms should inform the FCA at an early stage of any plans to close or convert branches or ATMs, and continue to engage with the FCA through any process.


ACI Worldwide research indicates increase in June global eCommerce sales.

Global eCommerce sales rose 28% in June 2020 compared to June 2019, making it the largest year-over-year increase in sales since COVID-19 restrictions were put in place in March.


Amazon will no longer transfer UK sellers’ goods to the EU after Brexit.

Amazon has informed its UK sellers that “pan-European FBA inventory transfers will stop between the UK and EU on 1 January 2021. Merchants will need to split their stock, sending what they are seeking to sell overseas to Amazon fulfilment centres in the EU. The same applies to those in the EU selling to UK consumers.


Transferwise’s latest fund raising sees valuation grow to £4 billion.

Included in the secondary share sale was a $200 investment by D1 Capital Partners, a US Hedge fund, giving it a c4% shareholding.


Currencycloud has been granted an e-money license by the Dutch Central Bank .

The licence will allow Currencycloud to continue operating across the EU post Brexit and is part of its strategy to expand its European footprint from its existing Amsterdam office. The company will remain headquartered in London.


Industry Videos

Dutch cashierless store trial

ING is working with supermarket chain Albert Heijn and US AiFi on a cashierless store trial.

Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.

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