Moreover, in both the United States and the EU, cybersecurity-related regulations and Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations apply to FinTech companies. We may argue that the EU has expanded the scope of its rules to include services that EU FinTech companies offer to consumers.
As matters stand, complying with FATCA would involve breaching a number of local laws on privacy, confidentiality and equal opportunities. There would also be heavy cost implications. 2  BIS central bankers’ speeches  But non-compliance would be equally costly in that there would be a withholding on passthru payments1. However, the choice that we are faced with today goes beyond purely financial considerations.