This review highlights regulatory interventions by supervisory authorities from around the world. 1. Canada: i) Office of the Superintendent of Financial Institutions – Final Total Loss Absorbing Capacity
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New reporting requirements: FINTRAC’s implementation delivery schedule
FINTRAC has published a delivery schedule for the implementation of new reporting obligations related to the amended Regulations that will come into force on June 1, 2021. The schedule -
US Federal Regulators issue FAQs on AML Requirements
The US federal regulators have issued responses to Frequently Asked Questions regarding suspicious activity reporting and other AML considerations for financial institutions that are required to submit Suspicious Activity Reports. -
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 -
Mauritius joins African Development Bank Bloomberg Bond Index
The African Development Bank has added Mauritius to its Bloomberg African Bond Indices (ABABI). The Bank of Mauritius (Bank) initiated actions to comply with the requirements for the inclusion
October 28, 2019
Australia: Consultation on capital treatment of government guaranteed mortgages
The Australian Prudential Regulation Authority (APRA) has released for consultation its proposed revision to the capital treatment for eligible mortgages covered by the Government’s First Home Loan Deposit Scheme (FHLDS). APRA is proposing to adjust its capital requirements for authorised deposit-taking institutions (ADIs) to support the FHLDS. The Oceania & Antarctica
October 27, 2019
New AML rules for private businesses in British Columbia
Effective May 1, 2020, amendments to B.C. Business Corporations Act will require private businesses in the province to keep and maintain transparency records of beneficial owners. Information to be collected from a beneficial owner will include full legal name, date of birth, citizenship and last known address. According North America
October 24, 2019
Review of capital regime for UK credit unions
The Prudential Regulation Authority (PRA) is proposing changes to the capital requirements that apply to credit unions. For credit unions with more than £10m of total assets, the PRA proposes to provide a greater degree of flexibility and remove barriers to growth by replacing the current regime with a Europe
October 23, 2019
SRB consults on its ‘Expectations for Banks’
The Single Resolution Board (SRB) has launched a consultation on its ‘Expectations for Banks.’ The document outlines best practices on key aspects of resolvability. The document sets out the capabilities the SRB expects banks to demonstrate in order to show that they are resolvable. It outlines benchmarks for assessing resolvability and Europe
October 22, 2019
United States: Proposed Guidance for Credit Risk Review Systems
The FDIC, the Federal Reserve, the Office of the Comptroller of the Currency, and the National Credit Union Administration are seeking comment on proposed guidance for credit risk review systems. The proposed guidance discusses sound management of credit risk, a system of independent and ongoing credit review, and appropriate North America