BaFin has reduced the countercyclical buffer rate to zero percent effective April 1, 2020. According to the regulator, the rate reduction is aimed to strengthen the resilience of the
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Ireland: Central Bank launches guidance on enforcement sanctions
The Central Bank of Ireland has published a new guide to sanctions imposed under the Administrative Sanctions Procedure (ASP) for the financial services sector. The ASP Sanctions Guidance increases -
IMF concludes 2020 Article IV Consultation with Nigeria
The International Monetary Fund (IMF) has concluded its 2020 Article IV Consultation with Nigeria. In a press release following the exercise, the IMF notes the Nigerian economy is at a -
Australia: APRA extends Initial Margin Requirements for Non-centrally Cleared Derivatives Commencement Dates
The Australian Prudential Regulation Authority (APRA) has deferred by one year the commencement dates for the final two phases of the initial margin requirements for non-centrally cleared derivatives. The -
South Korea: National Assembly approves financial consumer protection bill
The National Assembly of South Korea has approved a financial consumer protection bill for the country. The objective of the bill is to enhance the rights of financial consumers
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