In light of the COVID-19 pandemic, the National Credit Union Administration has published a Risk Alert, ‘Cybersecurity Considerations for Remote Work.’ Applicable to federally insured credit unions, the Risk
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Canada: FINTRAC updates its guidance on customer verification requirements
FINTRAC has updated its guidance on methods to verify the identity of an individual and confirm the existence of a corporation or an entity other than a corporation. The requirements -
South Korea: Margin requirements for non-centrally cleared derivatives
The Financial Services Commission (FSC) has postponed implementation of margin requirements for non-centrally cleared derivatives by one year. The postponement, noted the FSC, is aimed at easing compliance burdens -
Bank of England proposes to stress test financial stability implications of climate change
The Bank of England is consulting on its proposed framework for the 2021 Biennial Exploratory Scenario (BES) exercise, in relation to climate-related risks. The objective of the BES is -
COVID-19: Bank of Mauritius clarifies announced moratoriums on loans to borrowers
The Bank of Mauritius has clarified announced moratoriums on loans by commercial banks in the country. Aimed to combat the adverse effects of the COVID-19 pandemic, the moratoriums are
November 17, 2019
FSB discusses regional vulnerabilities, stablecoins and other challenges
The Financial Stability Board (FSB) Regional Consultative Group (RCG) for Europe met recently to discuss substantial issues on global and regional financial vulnerabilities. Vulnerabilities x-rayed include incessant search for better yield and continued pressures on the profitability of European banks. During the meeting, the RCG members discussed interest Other
November 13, 2019
Bank of Canada to introduce a Standing Term Liquidity Facility
The Bank of Canada (Bank) has announced that it intends to introduce a new liquidity facility, the Standing Term Liquidity Facility (STLF). The STLF will complement the Bank’s current tools for the provision of liquidity and will strengthen its role as lender of last resort. Under the North America
November 12, 2019
US: Wells Fargo fined over $14 Million for swap requirements violation
The Commodity Futures Trading Commission (CFTC) has sanctioned Wells Fargo Bank, N.A. for violating swap dealer business conduct standards. CFTC noted that Wells Fargo failed to deal with a counterparty in a fair and balanced manner based on principles of fair dealing and good faith. The bank also North America
November 12, 2019
Financial Services Authority as single real estate regulator in British Columbia
The BC Financial Services Authority (BCFSA) has taken its first steps toward becoming the single regulator for real estate. As the single regulator, a change expected to assist in combating money laundering, the BCFSA will take responsibility for real estate licensing, conduct, investigations, and discipline. Since 2016, the North America
November 11, 2019
Finland: Updated guidelines on management of operational risk
The FIN-FSA Financial Supervisory Authority has updated Regulations and Guidelines 8/2014 Management of Operational Risk in supervised entities of the financial sector. The updated guidelines cover incident reporting of network and information security breaches. The guidelines also address fraud reporting concerning payment services. The document outlines certain European Banking Europe