Latest Payments News: MAS Announces New Cyber And Technology Resilience Expert Panel, and more

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

MAS Announces New Cyber And Technology Resilience Expert Panel

The Monetary Authority of Singapore (MAS) has unveiled a revamped Cyber and Technology Resilience Experts (CTREX) Panel, which replaces its previous Cyber Security Advisory Panel.

With an expanded focus on both cybersecurity and technology resilience, the new panel aims to enhance operational resilience in Singapore’s financial sector.

“As financial institutions become increasingly reliant on technology to deliver services, it is critical for them to be able to maintain technology resilience and manage cyber risks well,” said Chia Der Jiun, managing director of the MAS in a media statement.

“We look forward to tapping on the CTREX Panel to provide global perspectives to MAS and the industry on building these important capabilities, as we continue to forge ahead on our digitalisation journey.”

The panel comprises 13 global thought leaders, including executives from Mastercard, Citigroup, Microsoft, Nasdaq, Amazon Web Services and Google Cloud, and will provide strategic advice on emerging technology risks and cyber threats.

It will hold its inaugural meeting in mid-2025, focusing on fortifying the cyber and tech defences of Singapore’s financial ecosystem.

Bank Of Lithuania Lowers Cost And Expands Main Payment Account Services

The Bank of Lithuania's board has approved changes to the main payment account service basket for 2025-27.

Starting next year, the cost of the regulated service basket will drop by a third, from €1.47 to €1 per month, with a reduced fee of €0.50 for low-income residents.

“We approved the composition and price of the basket of services for the main payment account, which we calculated based on the needs expressed by users,” said Gediminas Šimkus, chairman of the central bank's board.

Šimkus said that this move will further strengthen competition. “Practice shows that, in order to gain customer favour, payment service providers offer competitive baskets to target audiences.”

The revamped basket will offer increased benefits, including the ability to withdraw €800 in cash per month, an increase of €250 or 45 percent from the current limit of €550.

In addition, users will be able to make 15 payment transfers per month, up from the current 10.

These adjustments come after the Seimas, the country’s legislative body, approved proposals from the Bank of Lithuania and the Ministry of Finance.

The proposals also fixed the maximum commission credit institutions can charge, linked to the minimum monthly salary.

The main payment account basket includes essential services such as account management, secure online banking and payment card services. Users also have the option to select from other service baskets provided by banks and credit unions.

PSR Confirms £85,000 Cap For APP Scam Reimbursements

The UK's Payment Systems Regulator (PSR) has confirmed that, from October 7, the maximum reimbursement for victims of authorised push payment (APP) scams via Faster Payments will be capped at £85,000.

In an email circulated on September 25, the regulator said that the decision comes after careful consideration of feedback, with a final policy statement explaining the reasoning behind the decision will be released next week.

The Bank of England has, meanwhile, aligned with this cap for CHAPS transactions, ensuring consistency across major payment systems, and will review the cap within 12 months.

UAE Overhauls AML Oversight

The government of the United Arab Emirates (UAE) has announced that the National Anti-Money Laundering and Combating Financing of Terrorism and Illegal Organisations Committee (NAMLCFTC) will replace the Executive Office for Anti-Money Laundering and Countering the Financing of Terrorism.

All employees of the Executive Office will transfer to the NAMLCFTC, with Hamid Saif Al Zaabi appointed as secretary-general.

“The Cabinet’s decision embodies the directives of the wise leadership and reflects the UAE’s strong and steadfast commitment to protecting the integrity and soundness of the local and global financial system, and taking all necessary measures to combat financial crimes worldwide,” commented His Excellency Khaled Mohamed Balama, governor of the central bank and NAMLCFTC chair.

He continued to say that the UAE’s efforts towards AML/CTF are based on “an integrated approach that reflects the vision of the leadership and the directives of the Supreme Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism, and on an effective national system and a strong legal and institutional framework”.

CFPB Proposes Amending Remittance Transfer Rule To Streamline Consumer Inquiries

The US Consumer Financial Protection Bureau (CFPB) has unveiled a proposed amendment to the Remittance Transfer Rule.

The change aims to provide clearer guidance for consumers on where to direct specific inquiries regarding international money transfers, potentially resolving issues more efficiently.

Under current rules, remittance companies are required to include contact information for state regulators and the CFPB in payment disclosures.

The proposed amendment clarifies that, for certain issues, consumers should instead first contact their remittance provider, which may save time and reduce unnecessary inquiries to regulatory bodies.

The CFPB will be accepting comments on the proposed rulemaking until November 4, 2024.

Belgium Sees 50 Percent Surge In Online Investment Fraud In 2024, FSMA Reports

The Financial Services and Markets Authority (FSMA) in Belgium has reported a dramatic increase in online investment fraud during the first half of 2024 compared with the same period in 2023.

The regulator recorded a total of 1,332 cases, with scams primarily targeting individuals aged 50 to 69, who it says may be financially flexible but often less familiar with digital investment risks.

The most common scams involved fraudulent trading platforms and cryptocurrency schemes, which accounted for nearly half of all cases. In addition, so-called “recovery room” fraud, whereby criminals falsely promise to recover funds lost in previous scams, surged by 60 percent.

“Every year, more and more consumers contact the FSMA about illicit activities or when they have doubts about an investment offer. This is a positive development, but we see that we need to convince even more Belgians to report fraud,” said Jean-Paul Servais, president of FSMA.

“We are convinced that many victims do not always take the step, sometimes out of shame.”

In response, the FSMA has relaunched its 2023 awareness campaign and continues to push its financial education initiative, Wikifin, to help consumers avoid falling victim.

The regulator is also increasing efforts to block fraudulent websites and is encouraging consumers to report suspicious activity through its new online contact form.

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