Africa

TNFD releases fourth and final beta framework

On 28 March 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) issued its fourth and final draft of the beta framework for nature-related risk management and disclosure. The TNFD’s goal is to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks and opportunities. The TNFD … Continue Reading

Beneficial ownership registers: Regulation Around the World

In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading

Basel Committee announces a review of recent market developments, advances work on climate-related financial risks, and review of Basel Core Principles

On 23 March 2023, the Basel Committee on Banking Supervision (Basel Committee) announced a range of policy and supervisory initiatives, following a meeting on 14 March and 22-23 March to take stock of recent market developments and risks to the global banking system. Following the meeting, the Basel Committee announced the following:… Continue Reading

FATF updates Recommendations on international standards on combatting money laundering and the financing of terrorism proliferation

On 10 March 2023, the Financial Action Task Force (FATF) published updated Recommendations which were adopted at its plenary on 15 February 2023. The FATF has reviewed and updated the FATF Recommendations, in close co-operation with the FATF-Style Regional Bodies (FSRBs) and the observer organisations, including the International Monetary Fund, the World Bank and the … Continue Reading

FATF publishes report on countering ransomware financing

On 14 March 2023, the Financial Action Task Force (FATF) published a report on countering ransomware financing. The report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. The report highlights that criminals are almost exclusively using crypto, or virtual assets and have easy access … Continue Reading

FATF updates Guidance on Beneficial Ownership of Legal Persons

On 10 March 2023, the Financial Action Task Force (FATF) published updated guidance that focuses primarily on Recommendation 24 (beneficial ownership transparency of legal persons). In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

CPMI consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments

By Simon Lovegrove (UK) on March 2, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment Services, Payment services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) published a consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments. This consultive report presents the CPMI’s proposed requirements for harmonised use of ISO 20022 for cross-border payments. The proposed requirements are the result of earlier discussions by a joint … Continue Reading

FATF publishes Plenary outcomes

By Simon Lovegrove (UK) on February 27, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money Laundering, Regulation and Compliance, The Netherlands, United Arab Emirates, United Kingdom

On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023. On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at the FATF … Continue Reading

FSB publishes G20 Roadmap for enhancing cross-border payments

By Simon Lovegrove (UK) on February 24, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment Services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 23 February 2023, the Financial Stability Board (FSB) published a report on the G20 Roadmap for enhancing cross-border payments (the Roadmap). In October 2022, the FSB published a prioritisation plan and engagement model for taking the Roadmap forward. The plan showed that the Roadmap had reached an inflection point and needed to move to … Continue Reading

FSB report on the financial stability risks of decentralised finance

On 16 February 2023, the Financial Stability Board (FSB) published a report on the financial stability risks of decentralised finance (DeFi). The report describes DeFi as an umbrella term commonly used to describe a variety of services in crypto-asset markets that are intended to replicate some functions of the traditional financial system by seemingly disintermediating … Continue Reading

CPMI-IOSCO stocktake of industry progress on auctions

On 14 February 2023, the International Organisation of Securities Commissions (IOSCO) and Committee on Payments and Markets Infrastructures (CPMI) issued a press release regarding the CPMI-IOSCO stocktake of industry progress on auctions. In the press release the CPMI and IOSCO take stock of the industry progress made since the publication of the CPMI-IOSCO report Central … Continue Reading

Wolfsberg Group publishes updated Correspondent Banking Due Diligence Questionnaire

By Simon Lovegrove (UK) on February 10, 2023 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money Laundering, Regulation and Compliance, The Netherlands, United Arab Emirates, United Kingdom, United States

On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents. The CBDDQ update includes a new section on fraud and additional questions related to whistleblower policy, virtual bank … Continue Reading

Monthly Global FinTech regulatory updater

By Simon Lovegrove (UK) and Hannah Meakin (UK) on February 6, 2023 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

Monthly Global FinTech regulatory updater

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 9 January 2023 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

BIS publishes standards on the prudential treatment of cryptoasset exposures

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse its finalised prudential standard on banks’ cryptoasset exposures and the Committee’s work programme and strategic priorities for 2023-24. The standard provides that unbacked cryptoassets and stablecoins with ineffective … Continue Reading

FSB encourages final transition to robust reference as cessation of remaining LIBOR panels approaches

By Simon Lovegrove (UK) on December 16, 2022 Posted in Africa, Asia, Australia, Benchmarks, Canada, France, Germany, Italy, The Netherlands, Uncategorized, United Arab Emirates, United Kingdom, United States

On 16 December 2022, the Financial Stability Board (FSB) issued a progress report on the transition from LIBOR and other benchmarks. The progress report: The progress report makes the following conclusions:… Continue Reading

Monthly Global Fintech regulatory updater

By Hannah Meakin (UK) and Simon Lovegrove (UK) on December 15, 2022 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

Basel Committee publishes evaluation of the impact and efficacy of the Basel III reforms

By Simon Lovegrove (UK) on December 14, 2022 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 14 December 2022, the Basel Committee on Banking Supervision published a report on the evaluation of the impact and efficacy of the Basel III reforms. This report provides the Committee’s first holistic evaluation of the impact and efficacy of the Basel III reforms and how they have affected bank resilience and systemic risk as … Continue Reading

FSB proposed strengthening the liquidity management framework for open-ended funds

On 14 December 2022, the Financial Stability Board (FSB) published its assessment of the effectiveness of the FSB’s 2017 recommendations on liquidity mismatch in open-ended funds (OEFs). The assessment, which forms part of the FSB’s work programme to enhance the resilience of non-bank financial intermediation (NBFI), includes proposals for further policy work in this area. … Continue Reading

Basel Committee clarifies how climate-related financial risks may be captured in the existing Basel Framework

By Simon Lovegrove (UK) on December 8, 2022 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 8 December 2022, the Basel Committee on Banking Supervision issued responses to frequently asked questions to clarify how climate-related financial risks may be captured in existing Pillar 1 standards. The responses, which are consistent with the Basel Committee’s Principles for the effective management and supervision of climate-related financial risks, cover the calculation of risk … Continue Reading

FSB calls for urgent work to address cross-border resolution challenges in the non-bank sector

On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading

GFXC meets to discuss work programme progress to further strengthen FX Global Code adherence, especially on buy side, and endorse new Co-Vice Chair

By Hannah Meakin (UK) on December 7, 2022 Posted in Africa, Asia, Canada, Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 6 December 2022, the Global Foreign Exchange Committee (GFXC) issued a press release concerning its recent video conference meeting where, among other things, it nominated and elected a new Co-Vice Chair. Also during the meeting GFXC members also agreed to commission a Digital Proportionality Tool for facilitating FX Global Code adherence. This tool to … Continue Reading