EBA Publishes Final Guidelines on Fraud Reporting Under PSD2
EBA published the final report on the guidelines on fraud reporting under the revised Payment Services Directive (PSD2). In addition to the guidelines, the final report contains a table summarizing the responses received to the consultation, the EBA analysis of the responses received, and the resulting changes to the guidelines. The guidelines are addressed to payment service providers and competent authorities in EU.
The guidelines require payment service providers across the 28 EU member states to collect and report data on payment transactions and fraudulent payment transactions using a consistent methodology, definitions, and data breakdowns. Having assessed the responses received to the consultation paper it had published in August 2017, EBA decided to make a number of changes to the guidelines and related annexes. The final guidelines no longer require quarterly reporting of high-level data and a more detailed set of data on a yearly basis, but the reporting of a uniform set of data on a semi-annual basis instead.
Additionally, the geographical scope of the data has been reduced in size and complexity compared to the draft guidelines that had been proposed in the consultation paper; this is because the guidelines no longer require country-by-country data breakdowns and there is now a uniform geographical breakdown (instead of three different ones). Moreover, fraudulent transactions where the payer is the fraudster are no longer within the scope of the guidelines. Furthermore, jointly with ECB, EBA has made further efforts to align the guidelines with related reporting requirements, in particular with the ECB Regulation on payment statistics (ECB/2013/43).
Related Links
Keywords: Europe, EU, Banking, PSD 2, Guidelines, Fraud Reporting, PMI, ECB, EBA
Previous Article
ECB Concludes Comprehensive Assessment of Six Bulgarian BanksRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
