We realise that there is a need for a new regulatory approach in money transfers and we are working very hard to introduce the new payments legislation next year
London, UK (PRWEB) September 9, 2009
FSA John Burns:" We anticipate up to 120 UK payment institutions, the majority of which we would expect to be money transfer operators to be fully authorized"
"With the deadline for the Payments Services Directive implementation looming, we have seen July as a very busy month" - commented John Burns of the Financial Services Authority at the Roundtable meeting on international money transfer regulation that took place at Beaufort House in the City of London, yesterday. This important meeting was organised by the International Association of Money Transfer Networks (IAMTN) and was hosted by international law firm Barlow Lyde & Gilbert LLP. The event was co-chaired by Ian Mason, a partner at Barlow Lyde & Gilbert LLP and ex-head of the Wholesale Group in the Enforcement Division at the Financial Services Authority (FSA), and Norman Frankel, CEO of Mi-Pay.
There are an estimated 2700 money service businesses in the UK, with many of them being able to opt for a less cumbersome "registration", but we expect around 120 payment institutions to seek full authorisation. Perhaps because of the transitional provisions in the Directive which enable those who were operating before 25 December 2007 to delay obtaining authorisation until 1 May 2011, only 55 have applied so far - continued John Burns.
The Roundtable meeting was also attended by the senior officials of the Central Bank of Russian Federation, as well as leading market players Moneygram, VISA, Mastercard, Unistream and Mi-Pay.
"There were close to 3 trillion roubles in cross-border transactionss in Russia in 2008, and we see no signs of any substantial deterioration in the market so far," said Tatiana Chugunova, the Deputy Chair of the Central Bank of Russia. "We realise that there is a need for a new regulatory approach in money transfers and we are working very hard to introduce the new payments legislation next year," she added.
George Piskov, Chairman of the Uniastrum Bank and a founding director of IAMTN, said: "It was a very productive meeting with so many practical aspects of international money transfers being discussed in a very open and constructive manner."
The next IAMTN event is MONEY TRANSFERS SINGAPORE 2009, which will be held on the 28th of September 2009 at the Grand Hyatt Hotel in Singapore.
For further information please contact:
IAMTN : Kellie Waidson tel: +44 203 291 2634
Barlow Lyde & Gilbert LLP: Louise Nelson tel: +44 207 643 7664