FCA Lets Payment Firms Off Hook On ID Rules — For Now
Law360, London (August 13, 2019, 4:21 PM BST) -- The Financial Conduct Authority said Tuesday that it will not take enforcement action against U.K. payment companies that breach Europe’s rules for verifying the identity of customers for 18 months after the September start date, as it seeks to avoid disruption in the market.
The City watchdog said it will not hit operators in the payments and e-commerce industry with penalties if they fail to comply with so-called strong customer authentication rules until March 2021. The SCA rules are intended to to help prevent fraud by tightening security procedures for consumers when they make payments or use their accounts online....
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