Introduction Financial institutions routinely use models for a broad range of activities, including underwriting credits; valuing exposures, instruments, and positions; measuring risk; managing and safeguarding client assets; determining capital
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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 -
Nordic-Baltic countries engage the IMF on the region’s AML/CTF Risks
The Nordic-Baltic countries have requested the International Monetary Fund to analyze the most pertinent money laundering/terrorist financing (ML/TF) risks in the region. The request is due to the ML/TF -
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 -
Nigeria: Draft Prudential Guidelines for Development Finance Institutions
The Central Bank of Nigeria has published for comment draft Prudential Guidelines for Commercial, Merchant and Non-Interest Banks. The regulator, in June 2010, issued the revised Prudential Guidelines to
October 17, 2019
Prudential Regulation Authority consults on supervision of funding liquidity risk
The Prudential Regulation Authority (PRA) is consulting on proposals to update its approach to supervising liquidity and funding risk. The exercise is aimed at: i) reflecting relevant updates to the Bank of England’s Market Operations Guide; and ii) reiterating relevant expectations set out in SS9/17 ‘Recovery Planning.’ The Europe
October 15, 2019
Australia: Regulator consults on strengthening capital protection for bank depositors
The Australian Prudential Regulation Authority (APRA) has launched a review of the capital treatment of authorised deposit-taking institutions’ (ADIs’) investments in their banking and insurance subsidiaries. To ensure deposit holders continue to be protected where the major banks hold significant investments in subsidiaries, APRA is proposing changes to Prudential Oceania & Antarctica
October 14, 2019
United States: OCC fines Citibank $30 million over control deficiencies
The Office of the Comptroller of the Currency (OCC) has imposed a $30 million fine on Citibank, N.A. (Citi) over control deficiencies. The violations, according to the regulator, resulted from deficient processes and controls the bank had implemented to identify and monitor the statutory holding period of other real North America
October 14, 2019
FSB and the IMF update on G20 Data Gaps Initiative
Financial Stability Board (FSB) and the International Monetary Fund (IMF) have updated on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). Data gaps limit the ability of policymakers and market participants to assess financial stability risks and economic developments in a timely and accurate Other
October 11, 2019
Canada: Consultation on policy proposals for new high-value payments system
Payments Canada is seeking feedback on policy proposals that will shape a new by-law for Canada’s new high-value payments system, Lynx. The proposals touch on key requirements including membership eligibility, payments finality and service charges deduction. Stakeholders are to provide feedback by November 15, 2019. Image by Jan North America