Shearman & Sterling LLP | FinReg | Revised EU Guidelines on Fraud Reporting Under the Payment Services Directive Published
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  • Revised EU Guidelines on Fraud Reporting Under the Payment Services Directive Published
    01/22/2020
    The European Banking Authority has published amendments to the 2018 Guidelines on fraud reporting under the revised Payment Services Directive (known as PSD2). The Regulatory Technical Standards on "strong customer authentication" requirements for payments services providers, setting out the process by which service providers authenticate the identity of customers have applied directly across the EU since September 14, 2019. Following clarifications by the European Commission on the application of SCA to certain transaction types, the EBA has amended the reporting templates linked to the guidelines to cater for reporting of transactions where SCA is not applied for reasons other than an exemption under the SCA RTS. The amendments will apply to the reporting of payment transactions initiated and executed from July 1, 2020.

    View the EBA's announcement and the consolidated Guidelines.

    View details of the SCA RTS.

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