ESAs warn consumers of risks in buying Virtual Currencies
The European Supervisory Authorities (ESAs) for securities (ESMA), banking (EBA), and insurance and pensions (EIOPA) have today issued a pan-EU warning to consumers regarding the risks of buying Virtual Currencies (VCs).
The ESAs are concerned that an increasing number of consumers are buying VCs unaware of the risks involved. VCs such as […]
ESAs provide guidance to prevent terrorist financing and money laundering in electronic fund transfers
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) released on September 22th 2017 guidelines to prevent the abuse of funds transfers for terrorist financing and money laundering purposes. These guidelines are part of the ESAs’ wider work on fostering a consistent approach to Anti-Money Laundering and Countering the […]
EBA consults on the use of the Cloud by financial institutions
[Newsflash n. 31]
On 18 May 2017, the European Banking Authority (“EBA”) launched a public consultation on its recommendations on the use of cloud services by financial institutions.
While a set of CEBS guidelines on outsourcing (“CEBS Guidelines”) have been introduced in 2006 for general outsourcing to a third party of activities that would normally be […]
Distributed ledger technology in payments, clearing, and settlement
Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. Distributed ledger technology (DLT) is one such innovation that has been cited as a means of transforming payment, clearing, and settlement processes, including how funds are transferred and how securities, commodities, and derivatives are cleared and […]
Guidelines on cryptography and key management, and requirements on privacy shielding for PIN entry
The EPC publishes today two updated documents useful for payment services providers and their technical suppliers, in particular professionals dealing with payment security issues.
- The “Guidelines on cryptographic algorithms usage and key management” specifies a number of recommendations on crypto algorithms, digital signatures, security protocols, cryptographic transformations and key management, used […]