On 21 July 2017, the German Federal Financial Supervisory Authority (BaFin) published a draft Circular Letter on monitoring and controlling retail financial products. The consultation ended on 31 August 2017 and the German Banking Industry Committee (die Deutsche Kreditwirtschaft, DK) has already provided a position statement on the draft. BaFin’s final version is still awaited.
After the fourth is before the fifth: EU Member States were only required to have completed implementation of the Fourth Anti Money Laundering (AML) Directive (EU) 2015/849 in national law a short while ago – on 26 June 2017. And already, the next reform is on the doorstep in the form of the Fifth AML Directive. One of the aims of this Directive is to also incorporate virtual currencies extensively for the first time.
Fortunately, the 13th of January wasn't a Friday because this was the day when the Second Pay-ment Services Directive (PSD2) - after fierce debate and tough negotiating in political and busi-ness committees - came into effect.
In modern-day payment systems, the distribution of risk associated with the misuse of payment instruments by third parties is primarily determined by evidentiary rules. What is the current judicature regarding prima facie evidence? And will it still be possible to invoke it following the implementation of the Second Payment Services Directive (PSD II)?
The Payment Services Directive 2 (PSD2) supersedes the circa 10-year-old first Directive (PSD): PSD2 picks up on the developments and current requirements of payments and paves the way for a further harmonisation of payments within the EU.