International

Implementing strict KYC processes to comply with the 'travel rule' may be costly, but it is a necessary sacrifice to build a stronger industry in the long-run, says Michael Ou at CoolBitX.

The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and share knowledge on emerging technologies.

Without coordinated action, a new global financial crisis triggered by climate change would render central banks and financial supervisors powerless.

Trading venues and their participants should synchronise the clocks they use for timestamping reportable events with coordinated universal time (UTC), IOSCO says.

Non-bank financial intermediation posing bank-like financial stability risks grew by 1.7% in 2018, significantly slower than the 2012-2017 average annual growth rate of 8.5%.

Many banks are retooling to include modern slavery as one of the issues they track within their existing AML protocols, says Matt Friedman, CEO of The Mekong Club.

Foreign investors will be subject to the CFIUS national security review process even for deals to take a non-controlling interest in certain US companies.

To reap the benefits of new technologies to develop markets and expand financial inclusion, the security of information and communications technologies must be ensured.

The central banks of Vietnam, Kuwait and Morocco have been invited to become BIS members, the first expansion of its member base since 2011.

ISDA, Clifford Chance, R3 and the Singapore Academy of Law have published a new whitepaper analysing the legal issues relating to the use of smart derivatives contracts on a distributed ledger.