The Central Bank of Kuwait (CBK) has announced a liquidity management and forecasting dashboard. According to CBK, the dashboard will enhance the ability to forecast liquidity conditions more accurately
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Iceland: Central Bank finalizes agreement on guarantee of supplemental loans to businesses
The Central Bank of Iceland and the Ministry of Finance and Economic Affairs have sealed an agreement on Treasury guarantees of credit institutions’ supplemental lending to businesses in response to -
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 -
Banks and Financial Institutions Regulation
This review captures recent regulatory developments in the banking space. 1. CANADA: i) Department of Finance: Regulations Amending Certain Regulations made under the Proceeds of Crime (Money Laundering) -
Central Bank of Egypt announces measures to offset the impact of COVID-19
The Central Bank of Egypt has introduced measures to offset the impact of COVID-19. These measures include: i) cutting interest rates; ii) deferring all credit dues for all customers
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