Background In many jurisdictions globally, a financial asset is considered unclaimed when there has been no customer-initiated activity or contact for a certain period, usually for a few years.
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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 -
Climate change: BIS launches second green bond fund for central banks
The Bank for International Settlements (BIS) has launched a euro-denominated, open-ended fund for green bond investments by central banks and official institutions. The launch follows the successful introduction of -
IsDB and ITFC sign agency agreement to support COVID-19 Restore Program
The Islamic Development Bank and the International Islamic Trade Finance Corporation have signed an agency agreement to facilitate the implementation of COVID-19 Restore Program. The program will be implemented -
The European Banking Authority proposes Framework for STS Synthetic Securitization
The European Banking Authority has published its proposal for developing a simple, transparent and standardized (STS) framework for synthetic securitization. The proposal, which is limited to balance-sheet securitization, includes
June 2, 2020
South Africa publishes margin requirements for non-centrally cleared derivatives transactions
The Financial Sector Conduct Authority and the Prudential Authority have published a Joint Standard on Margin Requirements (Standard). The Standard prescribes margin requirements for non-centrally cleared derivatives transactions in South Africa. It will become effective at a date to be announced by the regulators. Additional details are available Africa
May 23, 2020
Report on Fintech Adoption in Hong Kong Banking Industry
The Hong Kong Institute for Monetary and Financial Research has published a report on Fintech penetration in Hong Kong. Titled “Fintech Adoption and Innovation in the Hong Kong Banking Industry,” the report explores the current landscape of Fintech development in the Hong Kong banking industry and how banks view Asia & South America
May 20, 2020
European Central Bank consults on Climate-related and Environmental Risks
The European Central Bank (ECB) has issued a consultation on its draft Guide on Climate-related and Environmental Risks (Guide). Current prudential rules require European banks to identify, manage, and disclose all material risks to which they are exposed. In this regard, the Guide explains how the ECB expects banks Europe
May 18, 2020
Singapore: Proposed regulatory approach for derivatives contracts on payment tokens
In November 2019, the Monetary Authority of Singapore (MAS) issued a consultation paper on proposed regulatory approach under the Securities and Futures Act (SFA) for derivatives contracts that reference payment tokens as underlying assets. Following stakeholders’ comments, the regulator has now published its feedback. On the proposal to Asia & South America
May 18, 2020
Norges Bank to implement a Framework for testing Cyber Resilience of Financial Institutions
The Central Bank of Norway (Norges Bank) and the Financial Supervisory Authority of Norway (Finanstilsynet) have announced plans to develop a framework to test the cyber resilience of Norwegian banks (Framework). The Framework, according to Norges Bank and Finanstilsynet, will build on the TIBER-EU framework designed by the European Europe