The Reserve Bank has released three independent international experts’ assessments of its Capital Review. The proposals aim to protect the public from the personal, social, and economic impacts of
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Implementation of the Principles for Effective Risk Data Aggregation and Reporting
The Basel Committee on Banking Supervision has published its progress report on banks’ implementation of the Principles for effective risk data aggregation and reporting (Principles). Issued in 2013, the -
Banks and Financial Institutions Regulation
A snapshot of recent regulatory developments in the banking space is set out below. 1. CANADA: Department of Finance: Consultations on the Review of the Canadian Payments Act -
India: Reserve Bank consults on Guidelines for Payment Gateways and Payment Aggregators
The Reserve Bank of India (Reserve Bank) has published a discussion paper on ‘Guidelines for Payment Gateways and Payment Aggregators.’ The discussion paper seeks public comments on comprehensive guidelines -
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
September 10, 2019
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 deposit money banks in Nigeria as part of its efforts at enhancing the quality of banks’ assets. According to Africa
September 10, 2019
Ireland: Guidelines on preventing money laundering and countering terrorism financing published
The Central Bank of Ireland has launched Guidelines to assist regulated entities to meet their anti-money laundering and countering the financing of terrorism obligations. Speaking at the launch, Director General, Financial Conduct, Derville Rowland said firms must ‘adopt a risk-based approach to fulfilling their obligations and ensure that their Europe
September 10, 2019
Finland: Strong customer authentication in online card payments deferred
Finland Financial Supervisory Authority (FIN-FSA) has indicated that it will, on a temporary basis, not impose administrative sanctions on supervised entities for not implementing strong controls to authenticate customers with regard to their online card payments. According to FIN-FSA, the temporary exemption is to ensure seamless continuity of online Europe
September 10, 2019
Australia: APRA updates its Enforcement Approach
The Australian Prudential Regulation Authority (APRA) has updated its Enforcement Approach to provide clarity around how it plans to increase transparency and data reporting. The revised document, according to the regulator, also sets out APRA’s intention to take stronger action against institutions that fail to meet their legal obligations Oceania & Antarctica
September 10, 2019
Netherlands: Central Bank to supervise cryptocurrency firms
Firms offering services for exchange between virtual money (cryptos) and regular money, and crypto wallet providers will be subject to De Nederlandsche Bank (DNB)’s supervision effective January 10, 2020. As part of the supervision, the DNB has indicated that these firms will be required to register with it. In Europe