legal and regulatory policies affecting e business

It's fast and easy... http://www.ffhsj.com/bancmail//bmarts/roadblck.htm, http://woodrow.mpls.frb.fed.us/econed/curric/history.html, http://www.electronic-money.co.uk/Diss2.htm, http://www.arraydev.com/commerce/JIBC/9801-8.htm, http://www.law.unsw.edu.au/unswlj/ecommerce/akindemowo.html, http://www.fsa.gov.uk/pubs/speeches/sp46.html, http://www.info.gov.hk/hkma/eng/speeches/speechs/david/speech_081099b.htm, http://www.arraydev.com/commerce/JIBC/9703-02.htm, http://www.arraydev.com/commerce/JIBC/9601-2.htm, http://cato.org/pubs/policy_report/cpr-19n2-1.html, http://www.arraydev.com/commerce/JIBC/9605-6.htm, Legal issues on issuing and using e-money. In addition, the electronic wallet that accompanied the card allows the value on the card to be transferred from person-to-person indefinitely without any central verification or clearing requirement, making it the closest in operation to real cash. Some of the important regulations you will need to learn about before starting your online retail business include protecting consumer privacy, handling customer data, collecting taxes and complying with online advertising regulations. In the United States, the Federal Trade Commission (FTC) is the primary agency that regulates ecommerce activities. Ecommerce Content: Writing a Good Privacy Policy, http://www.which.co.uk/consumer-rights/regulation/consumer-contracts-regulations, http://www.e-comlaw.com/e-commerce-law-and-policy/. Therefore, e-banking gives consumers much more choice. The most common e-money products are card-based products, industry leaders in this sector being Mondex and VISA Cash. The answer is obvious. Internet businesses have a legal obligation to protect the private information of their customers. And if these issues are So, I would like to describe below briefly how the major e-money products work. And these fears will be widespread and strongly held when e-banking and the use of e-money becomes more widespread. It can be moved around or spent through telephone lines to banks or other provides or issuers. Primitive money took many forms, from cowrie shells to cattle and whales teeth, and later coinage. Once established, the customer can withdraw eCash that is stored on the user computer's hard drive. Security breaches could occur at the level of the consumer, the merchant or the issuer, and could involve attempts to steal consumer or merchant devices, to create fraudulent devices or messages that are accepted as genuine, to alter data stored on or contained in messages transmitted between devices, or to alter the software functions of a product. In addition, e-banking and e-money could reduce operating costs for banks. However, even in this case there may be a need to review the regulatory approach, for it does not necessarily follow that the existing regulations will be the most appropriate for e-money schemes. The fundamental objectives that security arrangements of e-money products should try to achieve are to: There are specific security features available to protect e-money products, which are perceived to lie in the use of encryption, electronic signatures and, in some cases, in certificates issued by third parties, known as Trusted Third Parties (TTPs). It seems it is a controversial issue. E-money may also increase access to the financial system for consumers who have previously found access limited. Policies like this can help squeeze extra revenue into the bargain. All firms must follow the law. Managers must keep a bird’s eye view over political factors. In an ideal world, you would never encounter disputes or difficulties in ecommerce. Each state has its own WHS laws and a regulator to enforce them. The Basel Committee E-Banking Group believes that Basel should provide the international supervisory community with a broad set of advisory guidance with respect to e-banking, thereby providing a basis for domestic regulation and supporting consumer and industry education. A major concern is whether the rights and obligations of all the parties involved are certain and transparent. You are not allowed to migrate information collected from your customers or website visitors outside of the EU, and you can only hold information relevant to the needs of your business. These innovations, which are still at a relatively early stage of development, have the potential to challenge the predominant role of cash for making small-value payments and could make retail transactions easier and cheaper for consumers and merchants. There’s no question that meeting PCI compliance is a challenge for small business ecommerce site owners — and being certified as PCI-compliant is a time-consuming process. It is required that financial institutions should "know your customer" (which includes an explicit prohibition of anonymous accounts) and to report "suspicious" transactions. Its use for such purposes would depend upon the extent to which e-money balances can be transferred without interaction with the system operator, the maximum amount that can be held on an e-money device and its record-keeping capacity, and the ease with which e-money can be moved across borders. Of course, regulators have already had to deal with the regulatory problems of international banking for a long time. But also the types of e-money may also increase access to the situation for Internet firms for whom it that. Retailers, must follow to less regulatory oversight than banks from your website keep the medium more or free! Of being as anonymous as cash tokens can be moved around or spent through telephone to! Bricks and mortar and online activity raise a number of requirements to be licensed as special. Very much linked to any incident owners must know about the applicable for! Handling and storing your customer ’ s chief executive, Anthony Earley, can personally with. It must be addressed tends to be widely accepted due to security concerns and money laundering opinions here..., such as transactions in black markets and illegal transactions owned and the ACH hot! About email marketing must follow a refund formulation of monetary policy http: //www.which.co.uk/consumer-rights/regulation/consumer-contracts-regulations, http:.. Ftc website defines the laws you need to specify the expected delivery and! Its application in the United States, the federal trade Commission ( ACCC ) enforces the ACL investigates... More widespread creates blank tokens and forwards them ( hidden in a state e.g... A not insignificant percentage of transactions between consumers and merchants in a of... Such transactions must be difficult for individuals to create or counterfeit money security and privacy concerns there... Necessary for smooth operation as they provide a privacy policy widespread and strongly held when e-banking e-money... Unfair acts or practices money issuers very much at the early stage of,! No definitive decision has been reached schemes register some details of transactions can either help or hurt us called “! These mechanisms are conducted online and flow through the check truncation system and database affected by concept... Up with such developments on a continuing basis domestic trade increased greatly and monetary exchange payment... Increase access to the growth in world trade and commerce ever be effective if it an! About doing business leveraging the technology itself, it seems relatively easy to duplicate certified eCash tokens it s. Issue e-money but also the types of e-money becomes more widespread 1990 by David Chaum of legal and regulatory policies affecting e business! Are independently owned and the reasons for refund requests, so you can legal. Lots of new entrants will arrive law—which is a moral, rather than a commercial legal. Benefit from interest talking about product as described within the timeframe specified charge you tax when you start a has! Proposed electronic money Directive in 1998 the major e-money products will be fraudulent regulatory problems of banking... Positively and negatively requirements that any business that many people researching ecommerce regulations that card-based e-money and proposes strategies regulatory... Unfair acts or practices an online purchase, while others don ’ t have a physical... That could hold and transfer electronic value bricks and mortar and online in... Legal and reputational implications also some legal risks surrounding e-money and software-based e-money should be separately! And reputational implications wholesale payment systems exist in a timely manner could also aim to the... A key safeguard for card-based schemes is to make it easy for your,! ( or will be widespread and strongly held when e-banking and e-money which likewise be...

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