BIG PICTURE

Big Picture

NGFS Paper Sets Out Biodiversity Loss Research Agenda

By Editors | 21/06/2021

An NGFS/INSPIRE study group will seek to improve understanding of the link between biodiversity loss and financial stability.

AML / KYC

Basel Institute on Governance Takes Stock of Illicit Enrichment Laws

By Sanday Chongo Kabange | 21/06/2021

While some intricacies regarding illicit enrichment laws are yet to be properly tested in courts, they have “remarkable potential” in the field of asset recovery.

AML / KYC

WEF Offers Framework to Help Prevent Illicit Financial Flows

By Sanday Chongo Kabange | 16/06/2021

The “Unifying Framework” published this month sets out five core practices for gatekeepers to use to identify and respond to potential illicit activity.

AML / KYC

Financial Crime Compliance Costs to Reach $213.9bn for 2021

By Editors | 12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Big Picture

WEF Publishes ‘Policy-maker Toolkit’ for Decentralised Finance

By Sanday Chongo Kabange | 10/06/2021

The report offers a range of policy actions that can be adopted for DeFi, ranging from the introduction of new licence types and imposing prohibitive measures to doing nothing at all.

Capital / Liquidity

IMF Reaffirms Hong Kong Stability, Identifies Pockets of Risk

By Manesh Samtani | 10/06/2021

The IMF recommends enhancing monitoring of lending to Mainland China, increasing oversight over banking groups, and regulating mortgage lending by non-banks.

Big Picture

MAS Sets Out Climate Strategy in Inaugural Sustainability Report

By Manesh Samtani | 09/06/2021

Five asset managers have been appointed to manage S$1.8bn of Singapore’s official foreign reserves under new mandates focused on climate change and the environment.

Big Picture

BOE Issues Paper Exploring New Forms of Digital Money

By Sanday Chongo Kabange | 09/06/2021

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

AML / KYC

Addressing Sanctions Risk in Maritime Trade

By Manesh Samtani | 02/06/2021

Banks facilitating transactions involving maritime trade must put in place systems and processes to detect illicit activity that could result in a breach of sanctions regulations.