Publications

2018: A year of consents and sensitive data as distorted through GDPR and PSD II

Authors: James Debono
Published on May 8, 2019
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Practices: Banking Regulatory
Last year the EU heralded two new laws which rattled the regulatory waters and legal landscapes of a number of EU Member States, while generating significant press coverage across the globe. Initially, the revised Payments Services Directive (Directive 2015/2366 or PSD II) came into force in January, which was then followed by the general data protection regulation (Regulation 2016/679 or GDPR) which kicked into force around the end of May.

CJEU Crystallises the Definition of a ‘Payment Account’

Authors: James Debono
Published on May 3, 2019
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Practices: E-Money & Payment Services
In October last year, the European Court of Justice (CJEU or the Court) hammered home the circumstances under which an online savings account can be excluded from the definition of the ‘payment account’ under the Directive 2007/64 (Payment Services Directive or PSDI), thereby rendering the latter inapplicable. Case C-191/17, Bundeskammer für Arbeiter und Angestellte v ING-DiBa Direktbank Austria Niederlassung der ING-DiBa AG, was the first occasion wherein the Court had to:

Blockchain compliance training for service providers

Authors: Max Ganado
Published on April 24, 2019
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While we live in an age of exponential technological in­novation, true black-swan breakthroughs are still rare. Most of our technological development is either incremental, or developing along predictable lines. But blockchain is one of those rare breakthroughs that are as innovative as they are unexpected, as timely as they are revolutionary.

Malta, blockchain and the prevention of money laundering

Authors: Max Ganado
Published on April 16, 2019
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Practices: Fintech & Blockchain
Co-authored with Patrick Young

This is a time of unprecedented reputational risk in financial markets. From a relatively niche activity, anti-money laundering has become a massive focal point throughout the financial system. Malta is not alone in facing the issues of how to deal with AML and the process of Knowing Your Client, albeit often the lens appears acutely focused on our islands.

Strengthening our institutions

Authors: Max Ganado
Published on April 15, 2019
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The need to split the Attorney General’s office and function into at least two different constitutional functions of the same calibre, with a Director of Public Prosecutions having independence and security of tenure, has long been suggested.