International

Cybersecurity

Two Thirds of Cyber Incidents Caused by Staff – Willis Towers Watson

By Manesh Samtani | 08/08/2018

Companies and their staff need cyber training and education to ensure they are aware of the need to protect customer information at all times, and in particular, of the reputational and business interruption risks of having cyber incidents, says Willis Towers Watson’s Jessica Wright.

Anti-Money Laundering

Financial Institutions on Frontline Against Human Trafficking – FATF

By Manesh Samtani | 06/08/2018

Countries must assess risk of human trafficking and laundering of its proceeds, and share this information with stakeholders; partnerships with private sector – financial institutions in particular – are key.

Trading & Investment

IOSCO Issues Recommendations on Managing Extreme Volatility

By Editors | 02/08/2018

IOSCO believes volatility control mechanisms support the goal of ensuring markets are fair, efficient and transparent, thereby increasing market integrity and investor confidence.

Structural Regulation

LIBOR Transition Programmes Should Mobilise Immediately – Report

By Manesh Samtani | 01/08/2018

New report by Oliver Wyman says firms should start developing new non-LIBOR products and managing down LIBOR exposures; those that do not act quickly in anticipation of the transition will increase risks and costs.

Anti-Money Laundering

FATF Publishes ‘Professional Money Laundering’ Report

By Manesh Samtani | 31/07/2018

FATF says many countries not sufficiently investigating, prosecuting professional money launderers who provide third-party laundering services for a fee, often acting in a professional capacity also serving legitimate clients.

Conduct, Culture & Accountability

And Justice For All Banks

By Peter Guy | 30/07/2018

Directly fining banks for the misdeeds of former executives has proven to be unproductive. Yet, determining personal liability for individual bank officers continues to be an elusive and difficult task.

Payments & Settlements

SWIFT Pilots Enhanced Multi-Bank Cross Border Payment Standard

By Editors | 29/07/2018

Pilot participants of SWIFT enhanced gpi standard include 10 multinational corporates and 12 banks; new standard to enable multinational firms to initiate and track gpi payments to and from banks in a single format and integrate payment flows with internal systems.

Structural Regulation

CPMI-IOSCO Report Shows PFMI Implementation Progress

By Manesh Samtani | 27/07/2018

21 of 28 jurisdictions self-attest to full implementation of PFMI; South Korea’ implementation gap relates to trade repositories, while Indonesia’s relates to clearing and settlement systems.

Anti-Money Laundering

Crypto a Key Focus of FATF Report to G20

By Manesh Samtani | 26/07/2018

FATF is actively monitoring crypto assets for AML/CTF risks and is reviewing its guidance and standards to determine if changes are needed to reflect their technical aspects.