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Catch up on six of the stories our payments compliance analysts have covered lately, and stay up-to-date on the latest news.

US Under Fire For Lack Of Financial Transparency In New Study

A by researchers at the University of Sussex has found that the US is falling behind other developed economies in terms of financial transparency.

After analysing data from 70 jurisdictions over four decades, the researchers found that the US has fallen behind in curbing financial secrecy, and has now taken over from Switzerland as the “international banking centre of choice for corrupt transactions”.

Meanwhile, the UK has ceased to be a leading destination for financial interests looking to avoid sanctions, as a result of years of reforms, the researchers said.

However, Hong Kong and Dubai have become more important as offshore tax havens and money laundering hubs.

According to the study, this is due to their legal systems and their close connections to emerging markets that generate significant amounts of both licit and illicit funds.

Canada's Largest Bank Sets Aside Additional $2.6bn For US AML Penalties

TD Bank Group has allocated an additional $2.6bn to cover potential penalties related to US regulatory investigations into deficiencies in its anti-money laundering (AML) programme, according to media .

This brings the bank’s total provisions for the issue to more than $3bn, as it expects to reach a global resolution by the end of the year, which will include both monetary and non-monetary penalties.

To mitigate the financial impact, TD Bank will sell 40.5m shares of Charles Schwab, reducing its stake in the US brokerage from 12 percent to 10 percent.

The investigations focus on allegations that Chinese drug traffickers laundered at least $650m through TD Bank between 2016 and 2021, with the involvement of a corrupt employee.

"We recognise the seriousness of our US AML program deficiencies and the work required to meet our obligations and responsibilities is of paramount importance," said Bharat Masrani, the bank's CEO.

"Our remediation program is well underway. TD has strengthened its US AML program."

Israeli Payment Systems Now Open To Non-Banks, Including Revolut

The Bank of Israel has up its payments systems to non-bank entities for the first time, with among the first handful of non-banks to gain access.

In addition to Revolut, Grow Payments, Global Remit - Currency Services and Ofek Cooperative Credit Society have been granted authorisation to connect directly with Israel’s payment systems.

Oded Salomi, director of the payment systems and clearing department at the Bank of Israel, said that opening up to non-banks — both foreign and domestic — will benefit the country’s payment ecosystem.

"These entities have the potential to develop advanced and innovative payment solutions, increase competition and optimise business processes and services for the benefit of consumers and businesses," he said.

Pix Arrives In Europe Following Wipay, PagBrasil Partnership

Spanish payments firm Wipay has with PagBrasil in a move that will bring Brazil’s Pix instant payment system to Europe for the first time.

The collaboration will allow Brazilians to pay using Pix while travelling in Spain or Portugal.

The partnership will begin with a pilot scheme at Barcelona Airport, where visitors will be able to make Pix transactions by scanning a merchant QR code.

Subsequently, the two partners plan to export the collaboration to other markets in Europe.

“Our vision is that any Brazilian who comes to visit can enjoy the same convenience and security in payments as they do in their country,” said Jugatx Ansotegui, director of international business development at Wipay.

Registration Deadline Passes For UK PSPs Ahead Of APP Fraud Reimbursement Rules

The deadline has now for in-scope payment service providers (PSPs) to register with Pay.UK ahead of new rules on mandatory reimbursement of authorised push payment (APP) fraud.

In July, the Payment Systems Regulator (PSR) confirmed the deadline of August 20 for firms to register themselves under the Faster Payments System (FPS) Reimbursement Directory.

Under the new rules that go live on October 7, in-scope PSPs will be required to reimburse APP fraud victims within five working days, and receiving PSPs will be required to share the cost of the fraud loss with the sending PSP.

“The key benefit of the policy is improved experience and protection for end users, and the increased focus on the implementation of best-in-class fraud detection and prevention solutions across the industry,” said Pay.UK.

CSSF Launches DORA Readiness Survey For Luxembourg Financial Entities

The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial regulator, has a DORA Readiness Survey aimed at assessing the preparedness of financial entities for the Digital Operational Resilience Act (DORA).

This survey comes as the implementation deadline for DORA, set for January 17, 2025, approaches.

The survey, which consists of ten closed questions, seeks to gauge the readiness levels of financial entities and identify any challenges they are facing.

Additionally, the CSSF hopes to raise awareness among entities that may be lagging in their preparations.

Entities licensed in Luxembourg, including those under direct European Central Bank (ECB) supervision, will receive invitations to participate via email.

Although participation is not mandatory, the CSSF strongly encourages it, with responses open until September 15.

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