…a compilation of banking regulatory developments across the globe. September 5, 2017: 1. Switzerland: Financial Standard Board – Key Attributes of Effective Resolution Regimes for Financial Institutions
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US Federal Regulators issue FAQs on AML Requirements
The US federal regulators have issued responses to Frequently Asked Questions regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit Suspicious Activity Reports. -
The Central Bank of Bahrain launches eKYC as part of digital transformation strategy
The Central Bank of Bahrain has announced the launch of eKYC by financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector. Bahrain’s -
Banking: Recent Regulatory Developments
…a review of recent regulatory developments across the globe. REGULATORY CHANGES i) Canada: Advisory Committee on Open Banking The Government of Canada launched Advisory Committee on Open -
The Bahamas: Central Bank relaxes exchange controls on residential real estate transactions
The Central Bank of The Bahamas (Bank) proposes to liberalize exchange controls (EC) on residential property transactions (both purchases and sales) involving non-residents effective October 1, 2019. The EC
February 21, 2021
FINTRAC updates its guidance on politically exposed persons
FINTRAC has updated its guidance on politically exposed persons and heads of international organizations, ongoing monitoring and business relationships. Further details are available here. Photo Credit: Pixabay North America
February 21, 2021
IsDB and ITFC sign agency agreement to support COVID-19 Restore Program
The Islamic Development Bank and the International Islamic Trade Finance Corporation have signed an agency agreement to facilitate the implementation of COVID-19 Restore Program. The program will be implemented through provision of trade finance and line of finance operations in member countries. The agreement also aims to further Asia & South America
February 16, 2021
Bank of Canada researches digital currency options
The Bank of Canada (Bank) is researching potential system designs and business models for a digital currency. In 2020, the Bank engaged three independent project teams to conduct exploratory design work. All three design proposals, coming from the University of Calgary, McGill University, and the University of Toronto and North America
February 10, 2021
LIBOR Transition: US regulator publishes a self-assessment tool for banks
The Office of the Comptroller of the Currency (OCC) has issued a bulletin that provides a self-assessment tool for banks to evaluate their preparedness for the expected cessation of the London InterBank Offered Rate (LIBOR). The OCC indicates the tool can be used to assess the appropriateness of a North America