EFA

With its new Strategy, Europe paves the way for digital finance

  • EFA 
BRUSSELS, 24 September 2020 – The European FinTech Association (EFA) welcomes the just-released EU Digital Finance and Retail Payments Strategies.  The emergence of FinTech has transformed the way consumers interact with their finances, by giving them more transparent and accessible information about their finances and by providing a wealth of innovative new products and services to use. As European Fintechs we believe all European consumers should be able to benefit from affordable and innovative financial services solutions – but cross-border barriers remain.  Today’s release of the EU Digital Finance Strategy takes a clear step forward to tearing down these barriers and completing the Digital Single Market for financial services.  For example, facilitating digital onboarding will make it easier for consumers to make use of these new products – no matter which EU country they live in. In addition, harmonised one-stop shop licensing and passporting rules for a broad range of digital finance activities will spur innovation and give important legal… Read MoreWith its new Strategy, Europe paves the way for digital finance »

Input on EDPB Guidelines on the interplay of the Second Payment Services Directive and the GDPR

  • EFA 
The EFA has provided its comments regarding Guidelines 06/2020 on the interplay of the Second Payment Services Directive and the GDPR. The EFA welcomes the Guidelines’ clarification as to the lawfulness of processing data for other purposes than the ones set out in the PSD2 (see below under 1). However, in EFA’s opinion, the Guidelines need to further clarify technical measures and information requirements in regard to data of Silent Parties.  Please find the EFA’s input here.

Input on EBA’s AML/CTF Draft Guidelines

  • EFA 
The EBA issued a public consultation on revised money laundering and terrorist financing (ML/TF) risk factors Guidelines ​as part of a broader communication on AML/CFT issues. This update takes into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and new ML/TF risks, including those identified by the EBA’s implementation reviews. These Guidelines are central to the EBA’s work to lead, coordinate and monitor the fight against money laundering and terrorist financing, explained in the accompanying factsheet. Download EFA’s consultation input on EBA’s Draft Guidelines (PDF) here

European FinTechs join forces and launch European FinTech Association

  • EFA 
Gathering leading FinTech companies supporting European citizens and businesses, the newly formed European FinTech Association will engage proactively with European stakeholders to forge a truly digital financial services agenda. BRUSSELS, 16 June 2020 – In the last decade, financial services have been revolutionised by the introduction of tech-based solutions. Today, consumers and businesses benefit from new, innovative financial products and services and are empowered to choose what’s right for them thanks to more competition in the market. Following the European Commission’s ambition for a new digital finance strategy and in light of the extraordinary circumstances consumers and businesses are facing, FinTechs are uniting to launch the European FinTech Association (EFA). EFA is the first not-for-profit Brussels-based organisation representing over twenty leading FinTech companies of all sizes, from across Europe. The Association brings together the previously established EFAlliance and FinTechs4Europe to give one voice to European FinTech players. The Association unites a diverse group of FinTech providers ranging from payments, to… Read MoreEuropean FinTechs join forces and launch European FinTech Association »

AML position paper

  • EFA 
The European FinTech Association (EFA) calls for: EU-wide harmonization of digital identification methods• Minimum set of qualified methods and criteria for the digital identification of customers need to be accepted EU-wide• Facilitating third party reliance via mutual recognition of AML-compliant identification procedures across EU member states is key for safe and convenient KYC procedures. The design of applicable “suitable safeguards” as described by recital 35 AMLD should be conclusive on the European level Transsectoral approach for mutual recognition of ID-levels between different regulated sectors• “eIDAS” Regulation (EU) No. 910/2014 and use of Qualified electronic signatures (QES) could provide for identification standard that facilitates interoperability of digital identities across industry sectors, including banking, health, mobility, public and telecommunication More regulatory guidance regarding application of AML rules to new regulated services, e.g. via circulars or guidelines Re-consideration of AML Rules for Account Information Service and Payment Initiation Service Providers Harmonization of Suspicious Transaction Reporting and improving the cooperation between the FIUs according… Read MoreAML position paper »

MiFID II-MiFIR position paper

  • EFA 
Response of the European FinTech Association (EFA) to Section XI (“Digitalisation and new technologies”) on the public consultation of the review of the regulatory framework for investment firms and market operators by the European Commission. Click here for PDF Version