The latest edition of Oaklen Consulting's industry watch highlights several opinions on anti-money laundering and payment fraud.

The EBA publishes its comments on a draft European Regulation which should erase the different interpretations resulting from the 5th Anti-Money Laundering Directive. This opinion details the main areas to be harmonized and prefigures the impacts to be expected on several European texts (in particular RGPD, DME and DSP2) to achieve this harmonization.

The annual report of the Observatoire de la Sécurité des Moyens de Paiement (OSMP) highlights the hierarchy of fraud between payment methods:

• For the card, an eCommerce transaction is 10 times more fraudulent than a contactless transaction, which is itself twice as fraudulent as a transaction with a code;
• A card transaction outside the SEPA zone is 10 times more fraudulent than a card transaction in France;
• A check is seven times more fraudulent than a card payment in proximity;
• A direct debit in the SEPA zone is three times more fraudulent than a direct debit in France.

The EBA (Euro Banking Association) draws attention to the "interest" of fraudsters in "close loop" gift cards that benefit from anonymity for high amounts (€1,000) and do not include anti-money laundering due diligence (up to €10,000 of card purchases).

A W3C document reviews the convergence and complementarity of standards defined by EMVCo, FIDO Alliance and W3C for the fight against fraud in online payments. The document also proposes several ways to improve, in particular for a better integration with the recently renamed "Click to pay".

The Financial Stability Board (FSB), following a questionnaire sent to the world's leading financial supervisors, publishes a consultation on principles for strengthening oversight and control of outsourcing and third-party risks.

For more information and the complete watch: contacteznous@oaklen.eu

‍