Brexit Won't Hit Anti-Fraud Payment Rules, FCA Says

Law360, London (October 28, 2019, 3:46 PM GMT) -- The U.K. will follow the European Union's anti-fraud payment rules even if there is a no-deal Brexit that tears up shared regulations, the country's financial regulator confirmed Monday.

The Financial Conduct Authority published a policy statement saying technical standards on strong customer authentication, an EU requirement to improve the security of electronic payments across borders, would not change even if the U.K. left the bloc without a deal.

The guidelines tighten authentication requirements when customers make online payments to cut down on fraud. Consumers must provide at least two proofs of identification when making payments, such as passwords or codes that...

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