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Big Picture
Privacy Concerns, Bank Mistrust Lead to Higher Cash Use: Study
By Editors | 28/04/2020
The findings suggest that government policy to promote electronic payments may have to address fundamental concerns about privacy and confidence in financial institutions.
AML / KYC
Digital Identification in a Post-COVID World
By Editors | 28/04/2020
Social distancing has put KYC into sharp focus, with regulators reiterating their support for digital onboarding to ensure financial transactions are possible.
Fintech / Regtech
FMSB Publishes Spotlight Review on Algorithmic Trading
By Editors | 23/04/2020
The Spotlight Review highlights the importance and challenges of model risk management in areas where algorithmic trading is being deployed.
Market Infrastructure
Bloomberg Publishes Rulebook on IBOR Fallback Methodology
By Editors | 23/04/2020
The rulebook’s final methodology, rules and conventions are based on the results of four market-wide consultations ISDA conducted between 2018 and 2020.
AML / KYC
US Agencies Issue Alert on North Korea Cyber Threat
By Manesh Samtani | 22/04/2020
The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.
Market Infrastructure
ARRC Sets Out 2020 Objectives for LIBOR to SOFR Switch
By Editors | 22/04/2020
The ARRC will establish final recommended conventions for SOFR-based floating rate notes, business loans, and securitisations by 31 July.
ESG / Sustainability
A Focus on Governance, Stewardship, and Engagement
By Siew Kai Choy | 20/04/2020
Boards must prioritise and assess culture as a strategic asset, and develop an appreciation for how it may lead to behaviour with material consequences, says Siew Kai Choy.
Market Infrastructure
FSB Consults on Cyber Incident Response and Recovery Toolkit
By Editors | 20/04/2020
The toolkit lists 46 effective practices, structured across seven components: governance, preparation, analysis, mitigation, restoration, improvement, and coordination and communication.
AML / KYC
Wolfsberg Group Updates Correspondent Banking Due Diligence Questionnaire
By Editors | 20/04/2020
The changes are focused on improving the CBDDQ’s ease of use and readability. One question has been eliminated and some of the wording has been clarified.
Market Infrastructure
FSB Reports to G20 on Covid-19 Financial Stability Implications
By Editors | 17/04/2020
The FSB says internationally coordinated action to support a well-functioning, resilient financial system and open markets remain a priority.
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