Tag: Payment services

OFSI penalises FinTech company for breach of Crimea sanctions

On 5 August 2021, the UK’s Office of Financial Sanctions Implementation (OFSI) announced that it has imposed a penalty on TransferGo Limited (TransferGo) of £50,000 for issuing payments to accounts held at the Russian National Commercial Bank (RNCB) in violation of EU sanctions against Crimea (in breach of Council Regulation (EU) No 269/2014, as enforced … Continue Reading

PSD2: German regulator sets deadline for migration to SCA for online card-based payments

The German Federal Financial Supervisory Authority (BaFin) will allow payment service providers with seat in Germany to execute card-based payments online without strong customer authentication (SCA) until 31 December 2020. Based on a communication dated 17 October 2019 (link; only available in German), BaFin thus takes into account the relating opinion of the European Banking Authority (EBA) … Continue Reading
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