But, because the financial sector spends more on IT security and manages the risks better, it also suffers lower costs than other sectors.
Project Ion seeks to further optimise the settlement process in public markets. Project Whitney explores the use of asset tokenisation and digital infrastructure to support private markets.
43% of third parties do not receive due diligence checks, and 62% of respondents do not know the extent to which third parties are outsourcing work.
There are trade-offs between expecting FIs to enhance or adjust their cyber resilience and AML frameworks, versus avoiding excessive burdens that could hinder the delivery of key financial services.
Temasek's participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.
Some CCP margin models underestimate market volatility because they rely on a short period of historical price movements from tranquil times, the paper says.
More global coordination is needed to foster change in methodologies and mindsets to deal with global green swan risks, says a new BIS paper.
The messaging standard is aimed at helping virtual asset service providers comply with FATF requirements to collect and transfer originator and beneficiary information.
Many countries have shown a last-minute commitment to tackling money laundering and a sudden uptick in investigations only because they faced an upcoming FATF evaluation.
The launch comes as cyber criminals look to leverage the uncertainty and panic around Covid-19 for financial fraud, scams, and other malicious activity.