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Catch up on six of the stories our payments compliance analysts have covered lately, and stay up-to-date on the latest news.

Riksbank Pushes For Enhanced Legal Protections For Cash

Sweden's rapid shift towards digital payments has left cash usage in steep decline, prompting the deputy governor of the central bank to advocate for new regulations to safeguard its status.

Speaking at the Swedish parliament, Aino Bunge stressed the importance of cash as an inclusive payment option, and echoed other Nordic central banks like Norway in saying that it is a vital backup during crises or conflicts.

"The Riksbank has long taken the view that shops selling essential goods should be obliged to accept cash,” the deputy governor of the Riksbank said. “It is therefore very positive that the inquiry presents proposals that are in line with this."

A December 2024 inquiry by lawmakers into cash use proposed requiring merchants selling essential goods, such as food and pharmaceuticals, to accept cash.

It also recommended strengthening the cash-handling infrastructure, echoing concerns raised by the Riksbank in a submission last autumn.

"The infrastructure is vulnerable, particularly with regard to the transport of cash to and from businesses. It is therefore positive that the inquiry recognises the need to safeguard it. A well-functioning infrastructure is a prerequisite for us to be able to continue using cash,” said Bunge.

Should Sweden’s government introduce access to cash rules, it would reflect action taken at EU level, where a proposal was made as part of the in 2023 to guarantee access to cash in the euro area.

Fraud Social Experiment In Lithuania Reaches 'Saddest Conclusion'

The Lithuanian Banks Association (LBA) has revealed alarming findings about consumer vulnerability and fraud reachability after a social experiment.

As part of the "Recognise the Scammers" campaign, the LBA a fake online store, Trendora.lt, and a corresponding Facebook page.

The store featured items such as hot air fryers and robot vacuum cleaners at unrealistically low prices to simulate typical scam tactics, and was promoted by local celebrities.

The campaign attracted more than 10,000 visitors, who were redirected to an educational site, atpazinksukciu.lt, after interacting with the fake store.

The fake store's advertising on social networks reached more than 0.5m Lithuanian residents.

"One of the saddest conclusions of the experiment is that modern communication platforms are a great tool for fraudsters,” said Eivilė Čipkutė, president of the Latvian Bar Association.

“The store and its profile on the social network had clear signs of fraud: there were errors in the texts, prices and discounts were unreliable, and there was no information about the company.”

Čipkutė pointed out that during the entire month of the experiment, no filters worked, and the advertising campaign was broadcast without interruption.

“No less important is the fact that some consumers, even after realising that the store was fake, were sincerely indignant that they had not been able to buy an extremely cheap deep fryer or phone. In other words, belief in favorable offers, especially if there are famous people's faces next to them, is very strong."

After entering the website, consumers were greeted with messages urging caution and providing tips to spot fraudulent websites.

The campaign comes with fraud on the rise in Lithuania, with projected losses of €19m in 2024, a 66.7 percent increase from 2023.

RBI Loosens Restrictions On Non-Resident Rupee Accounts

The Reserve Bank of India (RBI) has introduced several new amendments to regulations on financial accounts held by Indians overseas, in an effort to encourage greater use of the rupee (INR) in cross-border transactions.

Last week, the RBI published to India’s Foreign Exchange Management (FEMA) Regulations that will make it easier for non-residents to transact in INR.

Effective immediately, overseas branches of Authorised Dealer banks will be able to open INR accounts for non-residents, and these accounts may be used to make current account and capital account transactions with residents in India.

An Authorised Dealer bank, under the RBI’s licensing framework, is a financial institution that is permitted to deal in foreign exchange transactions.

Also under the new amendments, non-residents will be able to transact with other non-residents using funds held in any repatriable INR account.

These include the and the Special Rupee Vostro Account.

Additionally, non-residents will be able to use funds held in repatriable INR accounts for foreign investment purposes in non-debt instruments.

Finally, persons residing in India that export goods and services to other countries will be able to open accounts in any foreign currency overseas.

The amendments build on several RBI memoranda of understanding (MoU), signed in 2023 and 2024, with the central banks of the , and the on the use of local currencies in cross-border transactions.

EBA Clarifies Public Offering Rules For MiCA

The European Banking Authority (EBA) has provided new clarifications on the application of the Markets in Crypto-Assets (MiCA) Regulation regarding public offerings and trading admissions of asset-referenced tokens (ARTs) and e-money tokens (EMTs).

The guidance, via a Q&A, addresses legal obligations following the regulation's Titles III and IV enforcement from June 30 last year.

The EBA points out that under Articles 16 and 48 of MiCA, only authorised issuers can offer ARTs or EMTs to the public or seek their admission to trading in the EU.

Other entities may do so only with written consent from the authorised issuer, and operators of trading platforms listing non-compliant tokens are considered to be seeking admission to trading on their own initiative, in violation of the MiCA framework.

In addition, the EBA says in its response to law firm Kramer Levin that certain crypto-asset services, such as exchange services or order execution, may be deemed public offerings if promotional activities are involved, requiring case-by-case assessments.

Since the June 30 implementation date, offering or trading non-compliant ARTs and EMTs, including tokens initially offered or traded before the enforcement date, has been prohibited.

European Payments Council Taps Swift For Verification Of Payee Scheme

The European Payments Council (EPC) has announced the launch of the EPC Directory Service (EDS) development project, selecting Swift as its supplier.

The agreement, finalised in late 2024, marks a significant step in supporting the EPC’s Verification of Payee (VoP) scheme.

It follows a request for proposal (RFP) process that ran through the second and third quarters of 2024, and subsequent approval by the EPC Board in September 2024.

The EDS will serve as a critical infrastructure for payment service providers (PSPs) working to comply with the EU’s Instant Payment Regulation (IPR), which is being rolled out throughout 2025.

“We are pleased to select Swift for the development and operation of the EDS platform, after a very competitive RFP process to which several relevant European and global suppliers of IT services participated,” said Giorgio Andreoli, director general of the EPC.

“This agreement marks a significant milestone in advancing the VOP scheme, ensuring greater security and interoperability in payments across Europe.”

Set to go live on October 5, 2025, alongside the EPC VoP Rulebook, the EDS will also support other EPC API-based schemes, including SEPA Request-to-Pay (SRTP) and SEPA Payment Account Access (SPAA).

Technical guidelines for PSPs and Routing and Verification Mechanisms (RVMs) will be published in February, as the EPC progresses towards implementation.

“Swift has a long-standing reputation as a leading reference data provider and we’re pleased to be using this experience in collaboration with the EPC,” said Thomas Peeters, head of Western Europe at Swift.

“This directory service will enable the efficient operation of EPC schemes, including Verification of Payee, and make it easier for PSPs to comply with the Instant Payments Regulation ahead of the deadline later this year.”

Bank Of Ireland Welcomes New Suite Of Fraud Prevention Commitments

Ireland’s largest commercial bank has welcomed a new suite of fraud prevention commitments unveiled by the Irish government last week, including new data-sharing powers for financial institutions.

The Bank of Ireland, the largest of Ireland’s “big four” banks, has the prioritisation of anti-fraud measures outlined in lawmakers’ latest .

From 2025 onwards, lawmakers will commit to developing a shared fraud database, and to examining the feasibility of an SMS scam filter.

At present, financial institutions, utility companies and payments firms are unable to share details of fraud between them.

The Bank of Ireland, which supported the measure prior to the Programme for Government, said a shared fraud database would allow financial institutions to prevent customer losses more swiftly.

However, such a database would require new enabling regulations under the Data Protection Act 2018.

Similarly, an SMS scam filter would help to prevent scam attempts from reaching consumers, but it too would require new legislation.

The Commission for Communications Regulation (ComReg) has highlighted that other English-speaking countries, such as the UK and Australia, already have SMS scam filters in place.

In August 2024, lawmakers in Australia enacted new legislation to create an , which aims to prevent scammers from impersonating commercial organisations and government agencies.

As by ComReg, other EU member states such as Belgium, Poland and Spain have either already introduced an SMS scam filter or are planning to do so.

Finally, the Bank of Ireland said it supports the government’s plans to advocate for new national and EU laws that would prohibit unregulated firms from advertising financial products online.

“Prevention really is better than cure when it comes to fraud,” said Bank of Ireland CEO Susan Russell.

“We welcome the inclusion of these commitments in the Programme for Government and we will continue to advocate for their speedy delivery by the new government.”

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