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
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US federal agencies announce changes to the Community Bank Leverage Ratio
The federal bank regulators have announced the issuance of two interim final rules to provide temporary relief to community banking organizations. The rules will modify the community bank leverage -
United States: OCC amends stress testing rule for national banks and federal savings associations
The Office of the Comptroller of the Currency has amended stress testing requirements for national banks and federal savings associations. The amendment, through a final rule, impacts stress testing -
Bank of Canada publishes Financial System Review for 2020
The Bank of Canada has published its Financial System Review (FSR) for 2020. The FSR focuses exclusively on COVID-19 impact on the Canadian financial system. It details the results -
Data Breach Investigation: Reserve Bank of New Zealand reiterates its full commitment
The Reserve Bank of New Zealand (Bank) has assured a recent data breach is receiving its full attention. According to the Bank, a detailed forensic cyber investigation is underway.
November 27, 2019
Citi to pay £44 million for regulatory reporting governance and controls weaknesses
The UK Prudential Regulation Authority (PRA) has imposed a combined fine of £43.9 million on Citigroup Global Markets Limited, Citibank N.A. London branch and Citibank Europe Plc UK branch (CEP UK) (together, Citi). The fine was over Citi’s failings in relation to their internal controls and governance arrangements underpinning Europe
November 27, 2019
Goldman Sachs to pay $1 million for violating CFTC’s record keeping requirements
The U.S. Commodity Futures Trading Commission (CFTC) has fined Goldman Sachs & Co. LLC (Goldman) $1 Million. The penalty was over Goldman’s failure to make and keep certain audio recordings as required under CFTC regulations for swap dealers, as detailed below. Goldman began using recording hardware to record North America
November 27, 2019
Switzerland: FINMA is set to implement small banks regime
The Swiss Financial Market Supervisory Authority (FINMA) has announced it will be implementing small banks regime (regime) starting January 1, 2020. The regime seeks to increase efficiency in regulation and supervision for small institutions. FINMA’s goal is to reduce the regulatory burden on such institutions without jeopardizing their Europe
November 25, 2019
Philippines: Monetary Board amends the definition of deposit substitutes
The Monetary Board has approved a revision to the definition of a deposit substitute. The purpose is to align with the provisions of the Bangko Sentral ng Pilipinas (BSP) Charter. Under the BSP Charter, a deposit substitute means a form of obtaining funds from the public, other than deposits, Asia & South America