Payments Regulatory Deadlines to Watch in June

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 June, there are 23 regulatory deadlines on the horizon — with 16 key consultation periods coming to an end and requiring a response, and 7 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in June?

New Zealand

The New Zealand Parliament has passed the Anti-Money Laundering and Countering Financing Terrorism (Requirements and Compliance) Amendment Regulations 2023. This body of regulations is broken into three parts, with part two coming into effect June 1, 2024. Part two of these regulations includes requirements for customer due diligence procedures, AML/CFT Programmes, international wire transfers. 

Israel

The Israeli Securities Authority (ISA) has approved the regulation of Payment Services Law and Payment Initiation Law 5783-2023 as part of its state budget approval and economic plan for 2023-2024, effective from June 6, 2024. The law will allow companies which receive a licence from the ISA to offer payment services and digital wallet management to the public and businesses in competition with banks and credit card companies. The law regulates an additional new payment alternative which is called "payment initiation" which can serve as an alternative payment method when customers pay on the internet and on e-commerce, without using a credit card.

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 June 10, 2024 (30 days after its publication in the Federal Register).

Australia

The Australian Prudential Regulation Authority (APRA) has published a letter containing its response to the consultation on proposed updates to the Economic and Financial Statistics (EFS) reporting standards and guidance.The consultation letter is addressed to all authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs), and is accompanied by:  

• The clean and marked-up versions of the reporting standard ARS 701.0 and respective guidance.
• An updated document containing the priority listing for EFS data items, which will apply to data reported to APRA for reporting periods ending after October 31, 2024. 

The revised reporting standard ARS 701.0 contains finalised definitional changes and will apply to reporting periods ending on/after June 30, 2024.

Hungary

The Hungarian Parliament has adopted the law on “The Crypto-Asset Markets”. The law adopts measures to implement Regulations (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) and Regulation (EU) 2022/2554 on Digital Operational Resilience in the Financial Sector (DORA). The scope of the Act covers: the requirements of crypto-asset service providers in Hungary in relation to the provision of crypto-asset services, including the issuance, public offering or admission to trading of crypto-assets in Hungary, and the supervisory activities of the Hungarian National Bank in relation to crypto-asset service providers operating in Hungary. The law enters into force on June 30, 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 June’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.

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