UK Finance responds to Bank of England paper on Innovation in Money and Payments

The response encourages a streamlined regulatory framework which effectively balances stability and innovation to foster investment opportunities.

UK Finance has recommended:

• A singular regulatory voice led by the Bank of England on UK money & payments infrastructure; and
• Clarifications on economic crime prevention within the context of interoperability as to ensure jurisdictions maintain equivalent KYC (Know Your Customer) and KYB (Know Your Business) standards to the UK.

Firms can review the UK Finance response as part of remaining aware of ongoing and future regulatory developments.