The Central Bank of Nigeria has issued draft guidelines on the initiation, evaluation and pricing of shared services by banks and financial institutions. According to the regulator, the absence
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Consumer Protection: Bank of Russia discusses draft law
The Bank of Russia has indicated that the protection of retail investors in the financial market needs to be enhanced. In moving this forward, the Bank recently discussed a -
Germany: Guidance on outsourcing to cloud service providers
BaFin and the Deutsche Bundesbank’s joint assessment of outsourcing to cloud service providers, the guidance applies to regulated entities including financial services institutions, credit institutions, insurance undertakings, payment institutions, and -
Nordic-Baltic countries engage the IMF on the region’s AML/CTF Risks
The Nordic-Baltic countries have requested the International Monetary Fund to analyze the most pertinent money laundering/terrorist financing (ML/TF) risks in the region. The request is due to the ML/TF -
Canada: Prudential regulator consults on tailored capital and liquidity requirements for small banks
The Canadian prudential regulator (OSFI) has published a consultative document on advancing proportionality in the capital and liquidity regime for small and medium-sized banks. The document includes an overview
January 8, 2020
United States: Financial regulators release accountability report on fintech initiatives
The Conference of State Bank Supervisors has published an accountability report on financial technology companies (fintechs) initiatives. The report outlines progress made on a series of initiatives to streamline state licensing and supervision of fintechs. A copy of the report can be accessed here. Photo Credit: Pixabay North America
January 7, 2020
Bank of England proposes data reforms across the UK financial sector
The Bank of England has published a discussion paper, “Transforming data collection from the UK financial sector.” The paper is aimed at improving the timeliness and effectiveness of data collection from firms across the UK financial system. The paper outlines issues facing the current data collection system. It Europe
December 23, 2019
Central Bank of Nigeria issues Consumer Protection Framework
The Central Bank of Nigeria has issued Consumer Protection Framework (Framework) for the financial services industry. The Framework is aimed at enhancing consumer confidence in the industry and promoting financial stability, growth and innovation. The CBN requires regulated institutions to develop policies, to be approved by their respective Africa
December 23, 2019
Arab Monetary Fund consults on Digital Identity and e-KYC Guidelines
The Arab Monetary Fund (AMF) has published Digital Identity and e-KYC Guidelines in the Arab Region for public consultation. Prepared by AMF’s Regional FINTECH Working Group, stakeholders are to provide comments on the draft guidelines by January 20, 2020. Further details are available here. Photo Credit: Pixabay Asia & South America
December 23, 2019
FSB report: risks to financial stability from LIBOR transition must reduce
The Financial Stability Board (FSB) has published its annual progress report on the implementation of recommendations to reform major interest rate benchmarks. The report outlines the risks to financial stability from continued reliance on London Interbank Offered Rate (LIBOR) beyond 2021. It sets out progress on implementing related FSB Other