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Payments and AML


Building an efficient and integrated market for payment services is a longstanding ambition of the EU, aiming to allow citizens and businesses to perform cross-border payments as easily and safely as domestic ones and at a similar cost.

New market developments need to be considered however. Firstly, on-going innovation, with the increasing digitalisation of commerce, enabled by internet, mobile-phones and distributed ledger technology adoption. Secondly, the emergence of new players, with new payment service providers, BigTechs and also digital currency providers offering payment services alongside incumbent banks and international card schemes.

Moreover, new issues are appearing. The reliability and effectiveness of financial infrastructures which constitute critical links of the global financial web need to be ensured, due to the implications in terms of financial stability. More recently, the objective of ensuring a sufficient autonomy of the EU in this area has also become a priority of the EU payments strategy, in order to preserve the continuity of transactions.

Improving and further integrating EU payment services has necessitated the definition of common rules and consumer protection arrangements across the EU and also the determination of common economic and financial rules among a wider and more varied community of potential financial partners, as well as ensuring a level playing field among market participants.

Reflecting on the appropriate infrastructures has also proved necessary, in a context of significant changes in the payment environment including PSD2 and its revision, MIFD, the adoption of ISO 20022, the SWIFT Global Payment Initiative, TIPs and EPI, the forthcoming regulation on the digital euro and the initiative to enhance customer authentication in payments. Central Banks for their part have accelerated Central Bank Digital Currency (CBDC) projects aiming to (i) maintain accessibility and usability of central bank money in digital environments and (ii) support monetary sovereignty and limit the risks associated with “external” digital assets, while (iii) contributing to the strategic autonomy objective of the EU.

In parallel, continued effort is needed to improve the EU AML approach, as demonstrated by various high-profile money-laundering scandals across the Union. The structural deficiencies of the current system are being addressed with a renewed legislative package including the creation of a dedicated EU authority (EU AMLA).

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Eurofi Views Magazine chapters

Accelerating the fight against financial crime - April 2023

Adena Friedman - Nasdaq

AML: key success factors - April 2023

Marcus Pleyer - Federal Ministry of Finance, Germany | Ante Žigman - Croatian Financial Services Supervisory Agency (HANFA) | Tobias Thygesen - Danish Financial Supervisory Authority (Finanstilsynet) | Andreas Schrik - Austrian Financial Market Authority | Paolo Costanzo - Banca d’Italia | Dr Christopher P. Buttigieg - Malta Financial Services Authority (MFSA) | Markus Ronner - UBS | Sylvie Matherat - Mazars | Bryant Gofstein - Western Union

Cross-border payments and global infrastructures - April 2023

Julian Reischle - Deutsche Bundesbank | Isabel Schmidt - BNY Mellon | Marc Bayle de Jessé - CLS Bank International

Instant payment attractiveness for EU citizens - April 2023

Giuseppe Grande - Banca d’Italia | Tim Hermans - National Bank of Belgium | Marianne Demarchi - SWIFT | Perrine Kaltwasser - La Banque Postale

PSD2 review priorities - April 2023

Ondřej Kovařík - European Parliament | Nils Friberg - Ministry of Finance, Sweden | Juan Orti - American Express | Joachim Schmalzl - Deutscher Sparkassen- und Giroverband (DSGV)

CBDC opportunities and challenges - February 2022

Ulrich Bindseil - European Central Bank | Denis Beau - Banque de France | Marcel Haag - European Commission | Anna Breman - Sveriges Riksbank | Marion Rouso - La Banque Postale | Kristine Braden - Citigroup Global Markets Europe AG | Alejandra Kindelán Oteyza - Grupo Santander

Cross-border payments: success factors and challenges - February 2022

Ulrich Bindseil - European Central Bank | Burkhard Balz - Deutsche Bundesbank | Marc Bayle de Jessé - CLS Bank International | Massimiliano Alvisini - Western Union | Brett Loper - American Express | Thierry Chilosi - SWIFT

EU AML / CFT authority: success factors - February 2022

Gediminas Šimkus - Bank of Lithuania | Marcus Pleyer - Federal Ministry of Finance, Germany | Philippe Bertho - Autorité de Contrôle Prudentiel et de Résolution | Derville Rowland - Central Bank of Ireland | Duncan DeVille - Western Union | Jesper Berg - Danish Financial Supervisory Authority

Instant payments and EPI - February 2022

Burkhard Balz - Deutsche Bundesbank | Tuomas Välimäki - Bank of Finland | Piero Cipollone - Banca d’Italia | Eric Tak - ING Group

Global cross-border payments - September 2021

Denis Beau - Banque de France | Thomas Lammer - Committee on Payments and Market Infrastructures | Dirk Schrade - Deutsche Bundesbank | Marc Bayle de Jessé - CLS Bank International | Tim Keane - Western Union Payment Services Ireland

New EU retail payment era - September 2021

Madis Müller - National Bank of Estoni | Ulrich Bindseil - European Central Bank | Burkhard Balz - Deutsche Bundesbank | Ondřej Kovařík - European Parliament | Charlotte Hogg - Visa Europe | Jean Diacono - American Express

Redesigning EU AML policy - September 2021

Dominique Laboureix - Autorité de Contrôle Prudentiel et de Résolution | Martin Merlin - European Commission | François-Louis Michaud - European Banking Authority | Jesper Berg - Danish Financial Supervisory Authority | Rimantas Šadžius - European Court of Auditors | Marcus Pleyer - Federal Ministry of Finance, Germany | Agata Strozynska - Western Union