On 17 April 2020, the Wolfsberg Group released an updated version of its Correspondent Banking Due Diligence Questionnaire (CBDDQ) and Financial Crimes Compliance Questionnaire (FCCQ) with changes focused on greater clarity and ease of use. The Wolfsberg Group has also updated the supporting FAQs, completion guidance and capacity building guidance.
The
On 20 April 2020, the European Banking Authority (EBA) published an updated guide on how to report the International Monetary Fund (IMF) Financial Soundness Indicators (FSIs) and a revised methodological guide on how to compile risk indicators and detailed risk analysis tools. FSIs provide insight into the financial health
On 14 April 2020, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) announced that investment funds and investment firms are still not doing enough to combat money laundering and terrorist financing.
Under the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van
Following our earlier blog which set out the various short-selling restrictions that regulators have introduced globally in response to the COVD-19 pandemic, the Finanzmarktaufsicht of Austria, the Financial Securities and Markets Authority of Belgium, the Autorité des Marchés Financiers of France, the Hellenic Capital Market Commission of Greece and the Comisión Nacional del Mercado de
On 17 April 2020, the FCA published an updated statement regarding its expectations on financial resilience for FCA solo-regulated firms.
Key points in the statement include:
On 16 April 2020, the European Central Bank (ECB) announced a temporary reduction in capital requirements for market risk, by allowing banks to adjust the supervisory component of these requirements.
The ECB is temporarily reducing a supervisory measure for banks – the qualitative market risk multiplier – which is set by supervisors and
On 17 April 2020, the FCA announced a package of measures to support consumers facing payment difficulties due to the COVID-19 pandemic. The range of temporary measures cover motor finance and high cost credit agreements including:
In terms
On 16 April 2020, the FCA updated its web page on COVID-19 by adding a section on cross-border payments regulation. In this new section the FCA refers to a European Commission statement on 9 April 2020 reminding payment service providers of the forthcoming application date of 19 April 2020 for currency conversion transparency requirements. The
Our latest 40 minute briefing webinar will be taking place on 6 May 2020 from 8:45am to 9:45am.
In this latest webinar lawyers, compliance and government relations professionals from our financial services group consider market conduct in these uncertain times.
The webinar will cover:
On 15 April 2020, the Financial Conduct Authority (FCA) published a Dear CEO letter regarding conduct in relation to business interruption insurance for SMEs concerning Covid-19.
In the letter the FCA outlines that insurers and brokers have an essential role to play in supporting their customers who may be unclear whether they have