Payments Regulatory Deadlines to Watch in August

Each month, we leverage data from our Horizon Scanning Regulatory Deadlines Calendar to bring you a glimpse of the key response deadlines and legislation effective dates coming up, so you can plan and take action around some of the most important regulatory developments unfolding right now.

In August, there are 25 regulatory deadlines on the horizon — with 12 key consultation periods coming to an end and requiring a response, and 13 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in August?

European Union

Regulation (EU) 2024/1689 of 13 June 2024 laying down harmonised rules on artificial intelligence (Artificial Intelligence Act) has been officially published in the Official Journal of the European Union (OJEU). The regulation establishes standardised rules for the market placement, activation, and usage of AI systems within the EU, prohibitions on certain AI practices, and specific criteria for high-risk AI systems and duties for their operators, and more. The regulation will enter into force on the 20th day following this official publication and shall apply from August 2, 2026.

U.S.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued an interim final rule amending the Reporting, Procedures, and Penalties Regulations. The regulations, which are located in Title 31, Part 501 of the Code of Federal Regulations, outlines, among other things, key recordkeeping and reporting requirements for every person, including financial institutions, engaging in blocked property and rejected transactions. The interim final rule is effective August 8, 2024.

South Africa

The South African Reserve Bank has issued a directive on cybersecurity and cyber-resilience within the national payment system which is applicable to payment institutions, operators and payment system Financial Market Infrastructure Operators (FMIs).

The directive requires payment institutions to carry out effective cyber governance arrangements, identify critical operations and information assets, impose cybersecurity measures including embedding protective controls and implementing cyber-hygiene measures, and more. The directive takes effect on August 17, 2024.

Hong Kong

The Hong Kong Monetary Authority (HKMA) has released guidance on the provision of custodial services for digital assets by authorised institutions (AIs).The authority has stated that the guidelines apply to all AIs that provide digital asset custodial activities for Virtual  Assets (VAs) whether the assets are received in the course of conducting VA-related activities as an intermediary, distributing tokenised products, or providing standalone custodial services. AIs that are covered by the guidance are required to notify the authority that they have complied with it within 6 months of the issuance of this guidance (by August 20, 2024).

Missouri

The Missouri governor has approved Senate Bill 1359 which creates the Money Transmission Modernization Act of 2024 (the Act). The Act will replace existing state money transmission laws with the provisions of the Model Money Transmission Modernization Act, created by the Conference of State Bank Supervisors. The Act contains provisions regarding the requirements for licensing, change of control, conducting business through authorized delegates, permissible investments, net worth, surety bond, and examinations, among others. The Act takes effect August 28, 2024.

The Vixio PaymentsCompliance Horizon Scanning tool shows you real-time updates on regulatory deadlines and trends across 140+ global jurisdictions, including all US states, at the click of a button. Its Regulatory Deadlines Calendar feature sets out effective dates for published legislation, closing dates for consultation periods on proposed regulatory developments, and deadlines for specific requests for information by regulatory authorities.

We’ve only shown you a snapshot of August’s deadlines.

Want to see them all? Book a demo with a member of our team, who can show you the full Regulatory Deadlines Calendar for this month.