International

Anti-Money Laundering

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.

PEPs & Sanctions

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.

Emerging Prudential Risks

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.

Payments & Settlements

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.

Climate Risk

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 Adequacy

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.

Cybersecurity

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.

KYC & CDD

SoW/SoF Checks: What Does Good Look Like?

By Editors | 18/10/2020

Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.

Anti-Money Laundering

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”.