BIG PICTURE

AML / KYC

Wolfsberg Group Addresses Role of Internal Audit Function

By Editors | 29/03/2024

The Group offers a set of principles as guidance for the IA function to promote effective financial crime risk management within FIs.

Fintech / Regtech

US Treasury Publishes Report on AI-Specific Cyber Risks

By Manesh Samtani | 28/03/2024

The report outlines measures including the development of a common AI lexicon and a data lake to help FIs train AI models to detect fraud.

ESG / Sustainability

Climate Finance Held Back by VCM Participation Barriers – Report

By Manesh Samtani | 26/03/2024

Companies say they would substantially boost their investments in decarbonisation if purchases of carbon credits were recognised and incentived by standard-setters.

AML / KYC

Bring Environmental Crime Back into Policy Spotlight: World Bank

By Editors | 26/03/2024

World Bank blog post calls for increased coordination between money-laundering prevention and environmental protection agencies.

Capital / Liquidity

APAC Banking Sector Well-prepared for Basel III Adoption: Fitch

By Ranamita Chakraborty | 26/03/2024

APAC banking groups are well-prepared due to prevailing conservative regulatory approaches and less extensive use of internal models within the region.

Big Picture

ESMA Publishes Industry Feedback on Adoption of T+1 in Europe

By Mark Johnston | 26/03/2024

The feedback was mixed. ESMA will seek to better understand the suitability, costs and benefits of a shorter settlement cycle and publish a final report by Jan 2025.

Big Picture

New Mediums of Exchange Will Add to HK’s GDP: Report

By Manesh Samtani | 25/03/2024

BCG, DLA Piper, HKT Payment Limited, paywith.glass, VSFG and ZA Bank say CBDC, tokenised deposits and stablecoins will add HK$160bn to Hong Kong’s GDP by 2032.

Crypto / Digital Assets

OECD Assesses DeFi’s Role in ASEAN to Promote Financial Inclusion

By Manesh Samtani | 20/03/2024

Innovation associated with DeFi, provided in a regulated and compliant form, could offer possible financial inclusion benefits such as in MSME financing.

Big Picture

US Move to T+1 Settlement Poses Systemic Risk to Europe

By Mark Johnston | 20/03/2024

EFAMA says in a policy paper that the US move to a T+1 settlement cycle could dmea European fund managers would be unable to meet CLS cut-off times.