The launch of the BIS Innovation Hub Centre took place on the sidelines of the 2019 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology.
Firms still take more than a day on average to resolve reconciliations and disputes caused by a lack of data transparency through the trade lifecycle.
The revisions update the list of risk indicators banks should use to conduct risk assessments and specify conditions for using KYC utilities for obtaining customer information.
Banks that draw down on their buffers in times of stress are not deemed to be in breach of their minimum regulatory capital requirements.
The draft guidance analyses the use, reliability and independence of digital ID systems, and looks at how they can meet FATF requirements around customer due diligence.
Asian banks have a large and complex operational task ahead of them as they prepare for a post-LIBOR world after 2021, say KPMG’s Marie Gervacio and Luke Gower.
In addition to cost savings, LEI use in client onboarding would speed up time to revenue, improve compliance and credit risk mitigation, and enable better tracking of suspicious entities.
Market fragmentation poses serious risks to the liquidity and health of the derivatives markets, said CFTC commissioner Brian Quintenz at the ISDA Annual Japan Conference.
FATF mutual evaluations have shown that many jurisdictions are still finding it challenging to ensure transparency of ownership of legal persons.
The FATF's responsibilities and the efficiency and effectiveness of its evaluation process must be reassessed, says RUSI’s Tom Keatinge.