Conclusion

In 2020, the Compliance team focused mainly on engaging more often and in greater detail with PSPs. This process, which will also be a major focus in 2021, is intended to facilitate the CCTS’ complaint-handling process, thereby ensuring faster resolution and investigation times for customers.

Over this past year, we are happy to have noticed a decrease in major non-compliance issues. Although the overall number of compliance breaches seems to remain similar, the CCTS noted a large increase in engagement for lower priority compliance matters, and noted the willingness of many PSPs to participate in the process of resolving non-compliance. Most PSPs with which our Compliance team engaged were appreciative of the feedback provided, and took advantage of the opportunity they were given to ask questions and discuss specific cases.