Crisis response or road to recovery?
On June 21, the Financial Action Task Force announced that it had adopted an interpretive note to its recommendation on new technologies to further clarify the applicability of the recommendations to virtual asset activities. It also issued guidance to assist countries and businesses on their AML/CFT obligations regarding virtual asset activities. In her International Banking column, Kathleen Scott discusses some of the major points of the new interpretive note and guidance.
The UK continues to be the global pioneer in Open Banking through the implementation of the EU Payment services Directive (PSD2) and the open banking initiative by the Competition and Markets Authority (CMA).