International

Market Infrastructure

IIA Releases New Global Internal Audit Standards

By Editors | 10/01/2024

The Standards will help elevate the quality of internal auditing and enhance the internal audit function’s role as a partner to boards and senior management.

Big Picture

New Margin Models Offer Improved Efficiency: FIA Analysis

By Ranamita Chakraborty | 09/01/2024

While offering capital efficiency benefits, VaR models pose challenges for CCPs due to their increased complexity and reduced transparency.

Fintech / Regtech

Large Language Models Can’t Yet be Used for ‘Highstakes’ Analysis: BIS

By Manesh Samtani | 06/01/2024

Current large language models like GPT-4 do not yet have the “rigorous reasoning abilities necessary for some core analytical activities”.

Big Picture

Early Testing Will Be Key to Derivatives Reporting Compliance

By Manesh Samtani | 04/01/2024

DTCC’s Chris Childs and Priya Kundamal say there is no replacement for early testing to ensure data and reporting systems are fit for purpose.

Sanctions

US Threatens Foreign Banks with Sanctions over Russia Transactions

By Editors | 23/12/2023

New executive order authorises OFAC to sanction non-US banks for facilitating certain Russian transactions as US imposes new restrictions on Russian seafood and gold imports.

Enforcement

Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme

By Ranamita Chakraborty | 22/12/2023

Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.

Capital / Liquidity

FSB, IOSCO Issue Guidance to Address Liquidity Mismatch in Funds

By Manesh Samtani | 21/12/2023

The FSB recommendations and IOSCO guidance aim to strengthen liquidity management by managers of open-ended funds.

ESG / Sustainability

Global Consortium to Set-up Circular Tokenised Sustainable Impact Fund

By Nithya Subramanian | 20/12/2023

The SEE fund will be an auditable SDG-focussed fund with an embedded penalty mechanism built into its governance structure.

Enforcement

INTERPOL: $300m in Assets Seized in Latest HAECHI Operation

By Mark Johnston | 20/12/2023

The latest HAECHI operation resulted in nearly 3,500 arrests and the blocking of over 82,000 bank accounts linked to cyber-enabled scams.