Anti-Money Laundering

UK Court Convicts, Fines NatWest for AML Failings

15/12/2021

NatWest’s accepted cash deposits worth around GBP 264 million. The case represents the first time the FCA has pursued criminal charges for money laundering failings.

Supervision & Enforcement

FMA Cancels Financial Advice Provider’s Transitional Licence

15/12/2021

This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company’s sole financial adviser at a previous employer.

Structural Regulation

SAFE Revises Reporting Requirements for Banks’ Overseas Activity

15/12/2021

Banks will have to report new items related to the London Stock Connect and Wealth Connect, as well as additional details on their overseas subsidiaries.

Payments & Settlements

CPMI Reviews Developments in Retail Fast Payment Systems

14/12/2021

The implementation of retail FPS across the globe has risen from under a dozen jurisdictions in 2010 to around 60 in 2021.

Data Privacy

China MIIT Issues Plans for Expansion of Big Data Industry

14/12/2021

The plan includes measures to establish a market-oriented data pricing mechanism, strengthen data governance and security, and establishment data trading platforms.

Climate Risk

BOJ to Assess Market Functioning in Relation to Climate

14/12/2021

The BOJ will gather stakeholder views on how climate-related risks and opportunities are reflected in stock and bond prices and how to develop the ESG bond market.

Payments & Settlements

SWIFT Message Translation to Facilitate ISO 20022 Migration

14/12/2021

New service translates ISO 20022 messages to MT for banks that are not ready to process ISO 20022, which goes live in November 2022.

Resolution & Recovery

FSB Takes Stock of Approaches to Operationalising Bail-in

14/12/2021

In a new paper, the FSB provides an overview of practices, operational processes and arrangements as part of the bail-in process.

Data Privacy

FSB Explores Impact of Data Regulation on Cross-border Payments

14/12/2021

The FSB seeks to better understand how data requirements relating to privacy, security, storage, sharing and retention impact cross-border payments.