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
-
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 -
Most Recent Regulatory Interventions in the Banking Space
…a compilation of banking regulatory developments across the globe. September 5, 2017: 1. Switzerland: Financial Standard Board – Key Attributes of Effective Resolution Regimes for Financial Institutions -
Consumer Protection: Bank of Russia discusses draft law
The Bank of Russia has indicated that the protection of retail investors in the financial market needs to be enhanced. In moving this forward, the Bank recently discussed a -
Ireland: New lending rules for credit unions
The Central Bank has issued new lending rules for credit unions. The rules remove the existing lending maturity limits which cap the percentage of credit union lending which may
May 14, 2020
United States: CFPB Issues Final Remittance Rule
The Consumer Financial Protection Bureau has published a final rule covering remittances transfers (Rule). The Rule imposes requirements on entities that send international money transfers on behalf of consumers. Among its requirements, the Rule mandates that remittance transfer providers generally must disclose the exact exchange rate, the amount North America
May 14, 2020
Bank of Canada publishes Financial System Review for 2020
The Bank of Canada has published its Financial System Review (FSR) for 2020. The FSR focuses exclusively on COVID-19 impact on the Canadian financial system. It details the results of policy actions introduced to assist Canadians and businesses through this extremely challenging period. To date, the Bank’s policy North America
May 11, 2020
South Korea: Margin requirements for non-centrally cleared derivatives
The Financial Services Commission (FSC) has postponed implementation of margin requirements for non-centrally cleared derivatives by one year. The postponement, noted the FSC, is aimed at easing compliance burdens on South Korea-based financial institutions due to the COVID-19 pandemic. In April, both Canada and Australia similarly extended their Asia & South America
May 7, 2020
Australia: Prudential Regulator publishes FAQs on loan repayment deferrals and residential mortgage lending
The Australian Prudential Regulation Authority (APRA) has released a set of FAQs on its expectations for regulated deposit-taking institutions during the period of disruption due to COVID-19. The FAQs cover the regulatory capital approach for loan repayment deferrals. The page also clarifies APRA’s guidance for serviceability assessments in Prudential Oceania & Antarctica
May 7, 2020
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 a list of criteria to be considered when labeling synthetic securitization as STS. Among the regulator’s proposed criteria are requirements Europe