Focus Insight

BCBS issues two climate-related reports highlighting work remaining

On April 14, 2021, the Basel Committee on Banking Supervision (BCBS) issued two climate-related reports--Climate-related risk drivers and their…

15 April 2021

Brazil’s central bank set to incorporate social, environmental and climate factors into financial regulation

Following in the footsteps of other central banks around the world, and in face of the pressing need for an inclusive and sustainable economic…

15 April 2021

FINTRAC updates guidance on record keeping, client identification, beneficial ownership and correspondent banking

In March 2021, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated its guidance on (1) record keeping, (2) client…

14 April 2021

UK Prudential Regulation Authority Clarifies Third-Party Risk Management Expectations

The UK Prudential Regulation Authority (PRA) published a policy statement (PS7/21) and a supervisory statement (SS2/21) on clarifying and modernizing…

12 April 2021

NY Department of Financial Services enforces first-in-the-nation cybersecurity rules and fines mortgage lender $1.5 million for failure to comply

In March 2017, New York State’s Department of Financial Services (“DFS”) implemented the nation’s first cybersecurity rules requiring all regulated…

12 April 2021

FinCEN proposes new regulations on convertible virtual currencies and digital asset transactions

The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Treasury Department, has proposed a new rule to bring convertible virtual…

09 April 2021

Financial services supervising authorities deliver strong message on building operational resilience in the United Kingdom

We recently noted that the UK Financial Conduct Authority (FCA) published the outcome of a review into the factors that determine failure or success…

08 April 2021

The SMCR, five years on

Five years ago, on 7 March 2016, the Senior Managers and Certification Regime (SMCR) came into force. At first it applied only to dual-regulated…

08 April 2021

Stablecoin policy guidelines issued by Bank of Thailand

On March 19, 2021, the Bank of Thailand (BOT) issued policy guidelines on how stablecoins are to be regulated. These were issued following the BOT’s…

05 April 2021

The FCA’s NatWest probe: has the regulator bitten off more than it can chew?

Thomas Cattee, white-collar crime specialist at Gherson in London, examines the Financial Conduct Authority’s recently-launched criminal proceedings against NatWest – the first case it has brought against a bank under the Money Laundering Regulations 2007.

01 April 2021

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