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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Singapore issues Revised Guidelines to Combat Heightened Cyber Risks
The Monetary Authority of Singapore has issued revised Technology Risk Management Guidelines (Guidelines). Intended to keep pace with emerging technologies and shifts in the cyber threat landscape, the Guidelines -
FINRA Sanctions Transamerica Financial Advisors, Inc.
FINRA announces Transamerica Financial Advisors, Inc. has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different -
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 -
Canada & Section 983 of the Bank Act: Why OSFI must Consider Reversing its Compliance Expectations
Introduction On August 11, 2017, the Office of the Superintendent of Financial Institutions (OSFI) announced it was suspending compliance expectations set out in its June 30, 2017 cover note
November 6, 2019
Czech National Bank launches FinTech contact point
The Czech National Bank (CBN) has established a FinTech contact point. In so doing, the CBN is following the lead of the European Supervisory Authorities, which already have FinTech support programs. The FinTech contact point is aimed at promoting the introduction of innovative technologies on the Czech financial Europe
November 4, 2019
US federal agencies finalize changes to resolution plan requirements
The federal agencies have finalized a rule that modifies their resolution plan requirements for larger financial firms while reducing the same requirements for smaller firms that present less financial risk to the system. The resolution plans executed by the largest firms since 2012 had improved their governance, resolution strategies North America
October 30, 2019
EBA proposes to further strengthen depositor protection in the EU
The European Banking Authority has published its second opinion on implementing the Deposit Guarantee Schemes Directive in the EU. The opinion focuses on payouts by deposit guarantee schemes (DGSs) and proposes a number of changes to the EU legal framework. The proposed changes are aimed at strengthening depositor Europe
October 29, 2019
US: Federal agencies propose rule to amend the swap margin rule
US federal agencies have proposed to change the swap margin rules to facilitate the implementation of prudent risk management strategies at certain banks and swap entities. The swap margin rule would no longer require swap entities to hold initial margin for uncleared swaps with affiliates. Inter-affiliate transactions would still be North America
October 29, 2019
US: Regulatory agencies simplify capital calculation for community banks
US federal bank regulatory agencies have issued a final rule simplifying capital requirements for community banks by allowing them to adopt a simple leverage ratio to measure capital adequacy (leverage ratio framework). The leverage ratio framework removes requirements for calculating and reporting risk-based capital ratios for a qualifying community North America