Governance
Italian and German banking associations propose more flexible rules in light of pandemic impact
Source: Italian Banking Association
Shaping the Banking Union, refocussing on a fair regulatory approach towards the implementation of Basel III in the EU and adapting the treatment of non-performing loans (NPLs) in light of the current economic scenario, : these are the requests the Italian Banking Association (ABI) and the German Banking Industry Committee (GBIC) put forward in a document which calls on European institutions to adopt significant first and second level regulatory measures to counter the economic effects of Covid-19.
Ripple formally responds to SEC lawsuit
Ripple has accused the Securities and Exchange Commission of distorting the facts about the status of its cryptocurrency XRP in its first formal response to a regulatory lawsuit filed in December.
NZ regulator creates specialist roles in fintech and ESG
Source: New Zealand Financial Markets Authority
The Financial Markets Authority (FMA) has announced the appointment of two new specialist roles focused on deepening the regulator’s expertise in two evolving and important sectors: financial technology (FinTech) and environmental, social and corporate governance (ESG) impacts on financial markets.
Westpac hit with record fine for AML breaches
Australian bank Westpac has become the latest institution to fall foul of anti-money laundering rules after it was slapped with a record fine of A$1.3bn ($0.9bn) by the Australian regulator.
Capital One hit with $390 million fine over "egregious" AML failures
The Financial Crimes Enforcement Network (FinCEN) has enforced a $390 million civil money penalty on Capital One for engaging in both "willful and negligent" violations of the Bank Secrecy Act.
Regulators Seek Faster Fintech Innovation to Cope with Covid-19
Covid-19 has led to a strong increase in the use of fintech products and services, prompting central banks and other financial authorities to step up their own regulatory innovation efforts, according to a report from the World Bank and the Cambridge Centre For Alternative Finance (CCAF).
FinCen leaks throw doubt on banks' AML efforts
A remarkable leak detailing 17 years' worth of confidential transaction reporting has cast doubt on banks' anti-money laundering (AML) efforts by suggesting that leading banks continued to transfer money even when they knew it could be connected to fraud.
Regulatory innovation advances in the face of Covid-19
While Covid-19 may have wreaked havoc across financial services, according to a recent report the pandemic has driven the urgency to prioritise and actively deploy fintech initiatives by regulators.
JPMorgan Chase fined $920 million for market manipulation
Source: US Justice Deparment
JPMorgan Chase & Co. (JPMorgan), a New York, New York-based global banking and financial services firm, has entered into a resolution with the Department of Justice to resolve criminal charges related to two distinct schemes to defraud: the first involving tens of thousands of episodes of unlawful trading in the markets for precious metals futures contracts, and the second involving thousands of episodes of unlawful trading in the markets for U.S. Treasury futures contracts and in the secondary (cash) market for U.S. Treasury notes and bonds.
Australian fintech inquiry calls for regulatory reform
An Australian Senate Committee inquiry into fintech has put forth 32 recommendations to promote further competition in the financial sector, with a particular focus on regulatory impediments.
China hints more fintech regulation to come
Some of China's largest fintech companies may face more regulation following comments made by the top banking regulator.
Citi penalised for system design flaw that scrubbed millions of audio files
Citibank has been fined $4.5 million by the Commodity Future Trading Commission (CFTC) for a design flaw which led to the deletion of millions of audio files, including recordings which had been subpoenaed.
Basel Committee updates principles for banks' operational resilience
Source: BIS
In recent years, the growth of technology-related threats has increased the importance of banks' operational resilience.