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Kenya: Movable Property Security Rights Act Enacted

(May 18, 2017) On May 10, 2017, Kenyan President Uhuru Kenyatta signed into law the Movable Security Rights Bill 2017, legislation aimed at facilitating the use of movable property as collateral for securing a credit line.  (President Kenyatta Signs Movable Property Security Rights Bill into Law, OFFICIAL WEBSITE OF THE PRESIDENT (May 10, 2017).)  It does this […]

Macau: ID Card Scan and Facial Recognition Required for Mainland Bank Card Holders Using ATMs

(May 11, 2017) On May 7, 2017, the Government of the Macau Special Administrative Region (SAR) of the People’s Republic of China announced that “know your customer” (KYC) technology will be installed in automated teller machines (ATMs) in the city, in particular those in and near casinos.  Holders of UnionPay cards issued by mainland China […]

Japan: Merchants to Be Required to Have IC Chip Readers for Credit Cards

(Jan. 18, 2017) An amendment to Japan’s Installment Sales Act (Act No. 159 of 1961) was promulgated on December 9, 2016. (Act to Amend the Installment Sales Act, Act No. 99 of 2016, KANPO Extra Edition No. 273 (Dec. 9, 2016), at 3, KANPO website (in Japanese).)  The amendment aims to enhance credit card security. […]

Switzerland: Referendum on Sovereign Money Will Go to a Vote

(Jan. 20, 2016) On December 24, 2015, the Swiss Government announced that a proposed referendum on sovereign money had achieved the required 100,000 number of signatures to be put to a vote. In a sovereign money system, all physical and electronic money is created by the central bank and the commercial banks act only as […]

Italy: Updated Legislation on Credit Entities and on Strengthening of Bank of Italy

(July 17, 2015) On June 27, 2015, new legislation on the supervision of credit entities and on the strengthening of the country’s central bank, Decree-Law No. 72, entered into effect in Italy. (Decree-Law No. 72 of May 12, 2015, Implementation of EU Directive 2013/36, That Amends Directive 2002/87/CE and Repeals Directives 2006/48/CE and 2006/49/CE, Concerning […]