International

AML / KYC

RUSI Calls On FATF to Devise Financial Inclusion Strategy

By Editors | 15/06/2021

Little concrete work has been done by the FATF so far to actively promote financial inclusion as part of its primary integrity mandate.

Capital / Liquidity

ISDA Chief Calls for Use of Common Risk Data Reporting Standard

By Ranamita Chakraborty | 14/06/2021

CRIF will reduce the risk data reporting burden, increase the accuracy and consistency of the information reported, and allow for more automation.

Market Infrastructure

ISDA Consults on Fallbacks for GBP & USD LIBOR ICE Swap Rates

By Editors | 14/06/2021

Current fallbacks are not expected to be able to function effectively upon a permanent cessation of the GBP and USD LIBOR ICE Swap Rates.

Fintech / Regtech

El Salvador Becomes First Country to Allow Bitcoin as Legal Tender

By Editors | 13/06/2021

El Salvador president Nayib Bukele is inviting bitcoin miners to set up at a state-owned geothermal facility powered by a volcano.

AML / KYC

G7 Leaders Commit to Acting on Corruption, Shell Companies

By Manesh Samtani | 13/06/2021

The communique highlights a need to tackle the misuse of shell companies and curtail the ability of illicit actors to hide wealth, including in real estate.

Crypto / Digital Assets

Task Force Created to Align Digital Token Identifier With ISIN

By Editors | 12/06/2021

The task force is a joint collaboration between Etrading Software, the registration authority for the new ISO standard for DTIs, and ANNA.

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.

Market Infrastructure

Regulatory Harmonisation Critical to OTC Derivatives Reporting

By Priya Kundamal | 11/06/2021

The fragmentation of trade reporting rules and the lack of a common data set across jurisdictions hinders transparency and global risk monitoring, writes DTCC’s Priya Kundamal.

Capital / Liquidity

BCBS Consults on Prudential Treatment of Cryptoasset Exposures

By Manesh Samtani | 11/06/2021

Bitcoin and other “Group 2 cryptoassets” will be subject to a 1250% risk weight to avoid exposing bank depositors and creditors to a loss.