Subject: SCN Daily News (HTML) Friday, 12 July 2019
Date: 12/07/2019, 10:10

Smart Card News Online

Friday, 12 July 2019

Canada's Crypto Exchanges Must Now Register as MSBs, Report Transactions Over $10K

Canada has updated its anti-money laundering rules, making changes that will affect cryptocurrency exchange operations in the country.

The rules now class both Canadian and foreign crypto platforms as money servicing businesses (MSBs), which must "fulfil all obligations, including implementing a full compliance program and registering with FINTRAC [the Financial Transactions and Reports Analysis Centre of Canada]."

Link: CoinDesk

Are Biometrics the Final Word in Preventing Aid Diversion?

In June, the World Food Programme threatened to suspend the distribution of food aid unless Houthi leaders agreed to the use of biometric technology to prevent diversion. This developing situation has focused fresh humanitarian attention on biometrics - and technology more generally - as a means to prevent fraud.

Link: Probono Australia

Apple Pay Support for Hong Kong's Octopus Transit Card Coming Later This Year

It's confirmed, the much-rumoured Apple Pay support for Hong Kong's Octopus transit card system is coming later this year. It was first rumoured last month that support would come alongside the release of iOS 13.

Link: Mactrast

EU Central Bank Says Crypto Isn't Currency

The European Central Bank (ECB) opened up about cryptocurrency and said it wouldn't recognize it as an actual currency, according to reports. The bank also said it didn't have any plans to put bitcoin into its reserves.

Link: Pymnts

EPSM Recommends Harmonised Migration Plans on PSD2-SCA

The EPSM (The European Trade Association) has made clear that rolling out SCA-compliant solutions to merchants poses major challenges. To avoid significant acceptance disruptions, EPSM recommends that all regions should agree an additional timeframe of 18 months for standard applications, as well as up to 36 months for challenging applications, such as those in the travel and hospitality sector.

Link: EPSM Press Release

No Money to Pay Investors, KZN 'Bitcoin' Scheme says it was Hacked

Bitcoin Wallet, the investment scheme that took Ladysmith by storm, promising 100 percent returns on monetary deposits in only 15 working days, said on Tuesday that it was "hacked" and investors' monies had been paid into fraudulent accounts after it decided to trade online.

Link: The Citizen

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