First, the Bad News: Payroll Processing Services Require a License For years, payroll processing services have enjoyed a regulation-free business. Payroll businesses processed payments on behalf of their clients to be paid to employees, government (state & federal), contract employees and vendors. All without being classified as a Money Services Business and the need to […]
If your company has any links to the financial markets, the chances are you’ve heard of the new MiFID II legislation. This revised version of the MiFID is scheduled to take effect from the 3rd January 2018, and it’s vital that any firms linked to financial instruments prepare for the changes in good time. As […]
A couple of days ago, a news article came out, that cited: FBR goes after Bitcoin traders. The article highlights that money-laundering or the flight of capital is the main threat to this pursuit (which by the way has not been confirmed as of yet). I wanted to explore the basis under which these raids […]
Government launches consultation on enhancing anti-money laundering regulation of designated non-financial businesses and professions – Lexology
A great opinion article from Herbert Smith Freehills LLP on enhancing anti-money laundering regulations. On 6 January 2017, the Government published a consultation paper on proposals to extend the customer due diligence (CDD) and relevant… Source: Government launches consultation on enhancing anti-money laundering regulation of designated non-financial businesses and professions – Lexology
PayPal in Pakistan At a recent conference in Islamabad, Pakistan’s Minister for State for IT and Telecom: Anusha Rehman cites that the government will soon invite the likes of PayPal, Amazon and Ebay into Pakistan to start operations. This news first popped up on my timeline by a post carried out by ProPakistani and then one […]
Prologue Last year I wrote, what I thought to be candid (read: fair) assessment of State Bank of Pakistan’s newly released license application for becoming a Payment Service Operator (PSO) or a Payment Service Provider (PSP). The two articles can be read here: How State Bank of Pakistan just killed the Payments & Fintech Startup […]
What recourse do Bitcoin companies operating in the US have in light of the recent ruling by FinCEN?
On October 27, 2014, the Financial Crimes Enforcement Network (FinCEN) released new guidance for custodial bitcoin exchanges and payment processors, ruling that such companies may be considered money services businesses under US law. The past couple of days have been very hectic. Besides fielding calls from lots of people, everyone is asking the same […]
State Bank of Pakistan recently released the much anticipated Rules for Payment System Operators & Payment Service Providers. The expectations were high. The results. Disappointing.