In today’s top news in digital-first banking, the United Kingdom might increase its limit on contactless payments, while The Bank of Jamaica has drafted regulations for the nation’s ePayments sector. Plus, banks could withhold stimulus checks to cover overdraft fees, although some larger financial institutions have vowed to temporarily “zero-out” in-the-red customer accounts.
Banks Ask UK Treasury to Increase Limit on Contactless Payments
Britain might increase its cap on contactless payments to £100 (approximately $136) from £45 (approximately $61) in one of its first actions since officially departing the European Union (EU). The revision would mean greater convenience for consumers and also symbolize a step away from the bloc’s rules. UK Finance, a city lobbying organization, posited the idea originally.
Bank of Jamaica Drafts Regulations for Country's $4 Billion ePayments Industry
The Bank of Jamaica (BOJ) has unveiled a consultation paper on methods it will use to regulate electronic retail payment service providers (PSPs). The central bank is looking for industry input on its ideas by the middle of January.
Banks May Withhold Stimulus Checks to Cover Overdraft Fees
Certain intended coronavirus stimulus beneficiaries won’t see any funds the federal government sends them via direct deposit, since unpaid overdraft charges will more than consume the newly injected money. However, a number of bigger financial institutions have vowed to temporarily “zero-out” in-the-red accounts for approximately 30 days so clients can take out or spend the total amount of any stimulus payment.
Congress Eyes New AML Rules for Antiquities Trade
New legislation that Congress ratified will put into place rules on the antiquities trade, aiming to clamp down on potential money laundering or other criminal activity. The legislation was part of a package Congress passed after it overrode President Donald Trump’s veto. The antiquities space will encounter stricter scrutiny under new parts of the large National Defense Authorization Act (NDAA).
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