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EBA Warns Payment Firms Not Ready For No-Deal Brexit

Law360, London (December 15, 2018, 2:16 AM GMT) -- The European Banking Authority warned Friday that U.K.-based payment firms used by European Union customers are unprepared for the possibility of Britain's crashing out of the bloc in a no-deal Brexit.

Payments could be disrupted if the U.K. leaves the EU on March 29 without an agreed deal and no transition arrangements, the bloc’s banking watchdog said in its annual risk assessment report.

Although Britain’s main banks are carrying out sweeping changes in anticipation of Brexit, the EBA said it was concerned about the preparations of smaller and less sophisticated institutions and, in particular, payment and e-money institutions.

“The latter are...

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