Konsentus acquires Open Banking Europe from PRETA
Press release announcing the Konsentus acquisition of Open Banking Europe from PRETA
January 22, 2021
Press release announcing the Konsentus acquisition of Open Banking Europe from PRETA
Every business from sole traders to large corporations are always on the lookout for ways to save time and money.
With the big banks’ monopoly on providing financial services now broken by FinTechs and new players in the Open Banking space, the choice of alternatives has never been more exciting – and maybe a little confusing for newcomers.
The 6th Anti-Money Laundering directive (6AMLD) came into effect on the 3rd December 2020 and must be implemented by regulated businesses by 3rd June 2021. After the 5th AMLD introduced so many fundamental changes to the regulatory landscape, most notably introducing a focus on ultimate beneficial owners and strengthening the need for a Know Your Business offering, will the 6th be so impactful?
The EU has not at this point, granted the UK and GDPR equivalency status. We continue to hope that this, or a trade agreement is in place before the 31st. However, we have in place with our EEC clients standard contractual clauses under which we facilitate data transfers.
A new set of Standard Contractual Clauses (SCC) have been drafted, and the consultation period for these closed on the 10th December 2020.
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