Payments Regulatory Deadlines to Watch in May

Jimmie Franklin

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May 2, 2024

Each month, we leverage data from our Horizon Scanning Regulatory Deadlines Calendar to bring you a glimpse of the key response deadlines and legislation effective dates coming up, so you can plan and take action around some of the most important regulatory developments unfolding right now.

In May, there are 40 regulatory deadlines on the horizon — with 23 key consultation periods coming to an end and requiring a response, and 17 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in May?
Lithuania

The Lithuanian Financial Crimes Investigation Service has published an updated list of criteria for identifying possible money laundering and suspicious money operations or transactions. This comes into effect on May 1, and the objective of the criteria is to assist institutions including payments, e-money and crypto asset service providers,  in determining whether or not to conduct business with a particular customer. 

UK

The Financial Conduct Authority (FCA) has published the Consumer Credit (Regulatory Reporting) Instrument 2024 (FCA 2024/17). The instrument amends the FCA handbook in relation to the reporting requirements for firms providing consumer credit products, and comes into effect on May 1.

Brazil

The Central Bank of Brazil (BCB) has published Normative Instruction No. 463. This provides version 7.2 of the Operational Manual of the Directory of Transactional Account Identifiers (DICT). The latest updates amends how Pix participant entities need to insert the encrypted transaction information into the DICT, a database that links aliases and user account information, and will come into effect on May 2.

Argentina

The Ministry of Industry and Commerce has issued Resolution 12/2024 with disclosure requirements for advertisements of goods and services. The resolution aims to enhance the protection of consumers of goods and services in Argentina granted by Law No. 24,240 on Consumer Protection by improving the clarity of advertisements and promotional materials. The provisions of the resolution will come into force 30 days after its publication in the Official Gazette, on May 24.

Turkey

The Central Bank of Turkey has issued a circular containing the deadlines for notifications to be made by payment and e-money institutions during the year 2024, effective by May 31. The circular outlines information regarding the  reporting period, deadlines, and required forms to be submitted. Deadlines for each form range from May to December 2024.

The Vixio PaymentsCompliance Horizon Scanning tool shows you real-time updates on regulatory deadlines and trends across 140+ global jurisdictions, including all US states, at the click of a button. Its Regulatory Deadlines Calendar feature sets out effective dates for published legislation, closing dates for consultation periods on proposed regulatory developments, and deadlines for specific requests for information by regulatory authorities.

We’ve only shown you a snapshot of May’s deadlines. Want to see them all? Book a demo with a member of our team, who can show you the full Regulatory Deadlines Calendar for this month.

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