News last week that Lloyds of London is looking at setting up a subsidiary outside of London again raised the issue of Brexit and the wider economy. There is a renewed determination to closely manage how Brexit will affect both financial services and London’s standing as a global financial hub.
Of course, as the world’s leading insurance market, it is no surprise that Lloyd’s are looking to reduce their Brexit risk exposure and hedge against the Brexit fall-out.
2017 will be a significant year for fintech with both PSD2 and the 4th EU Anti-Money Laundering Directive on the horizon. We have been vocal on PSD2’s implications for the payments and banking sectors, especially in terms of authentication. The 4th EU Anti-Money Laundering Directive has to be transposed into national law by June 2017 and it also has significant implication for authentication. Customer due-diligence will now have to take place at casinos, both online and bricks and mortar, for deposits and withdrawals of over €2,000.