This month saw the Foreign Account Tax Compliance Act (FATCA), which imposes a withholding tax on payments from U.S. sources to certain noncompliant foreign entities, finally take effect. Treasury and tax departments have been working diligently over the past few years to ensure that they are compliant—and if they aren’t, it’s going to be a tough road going forward. Also this month, we look at cyber risk, which has become a top priority for companies. Given the recent surge in cyberattacks on major public companies, pressure to bolster their cybersecurity protocols is increasing. Also on the cybersecurity front, Lisa Joublanc of Global Payments provides an in-depth look at the breach her organization suffered in 2012, and provides tips for businesses considering purchasing cyber insurance. Elsewhere in this issue, three major Chinese banks suspend a yuan remittance service after it comes under investigation for money laundering, the European Banking Authority (EBA) urges EU banks to refrain from dealing in Bitcoin, and more.
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AFP Payments is a monthly newsletter delivering best practice information, news and analysis of global payments challenges, regulations and emerging technologies. As the world migrates from paper-based to electronic payment methods, financial professionals and others need to stay atop developments ranging from new card-based payment options, to changes in banking practices, to regional payments concerns around the world.