International

AML / KYC

FATF to Drive Digital Transformation of AML/CFT Systems

By Manesh Samtani | 26/10/2020

Digital transformation of AML/CFT systems will help to ensure their resilience in future and build their efficiency, the FATF says.

AML / KYC

FATF Adopts Measures to Mitigate Proliferation Financing Risk

By Editors | 25/10/2020

The changes are aimed at ensuring FIs and DNFBPs do not unwittingly support or become part of proliferation financing networks or schemes.

Market Infrastructure

ISDA Launches IBOR Fallbacks Supplement, Protocol

By Editors | 25/10/2020

The implementation of fallbacks for derivatives will help to mitigate the systemic risk that could occur following the disappearance of LIBOR.

Market Infrastructure

GFXC to Complete FX Global Code Review by Mid-2021

By Manesh Samtani | 23/10/2020

Among the key issues in the FX market has been settlement risk, given the increasing number of trades being settled without PvP protection, says RBA deputy governor Guy Debelle.

Capital / Liquidity

BCBS Task Force Outlines Progress on Climate Risk Initiatives

By Shruti Khairnar | 20/10/2020

Kevin Stiroh, Co-chair of the Task Force on Climate-related Financial Risks, highlighted the importance of globally concerted efforts and information sharing.

Capital / Liquidity

Capital Buffer Rules May Need to Change, says BOE’s Jon Cunliffe

By Sanday Chongo Kabange | 19/10/2020

Restrictions on dividends and other payouts that can be imposed represent a ‘first-mover disadvantage’ to banks dipping into their capital buffers to support lending.

Market Infrastructure

FSB Publishes Cyber Resilience Toolkit for Financial Sector

By Editors | 19/10/2020

The financial system is only as strong as its weakest link, the FSB says, encouraging the use of the final toolkit to enhance cyber incident response and recovery activities.

AML / KYC

Global Tax Evasion Probe Targets Euro Capital Bank, Puerto Rico

By Manesh Samtani | 18/10/2020

Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.

Market Infrastructure

FSB Sets Out Global Transition Roadmap for LIBOR Phaseout

By Editors | 18/10/2020

By end-2020, firms should be in a position to offer non-LIBOR loans to customers. By 25 January, firms should adhere to the ISDA fallbacks protocol.