The Consultation: GBRR meets Philippa Allen, CEO of ComplianceAsia

“AML is never off the agenda.” In the first of our series of interviews with key figures from the consultancy world, GBRR sat down with Philippa Allen, CEO of Asia-focused compliance consulting firm ComplianceAsia.

01 November 2021

FATF finalises crypto guidance: NFTs and DeFi to join the roster

The Financial Action Task Force will include decentralised finance and non-fungible tokens in its recommended framework, according to updated guidance on crypto regulation.

01 November 2021

Climate risk to become part of PRA’s “core supervisory approach”, with remedial actions in store

The UK’s prudential regulator has warned it plans to ramp up supervision of climate-intensive financing and levy higher capital requirements to compensate for climate risk in 2022, while the Financial Conduct Authority has announced its own refreshed ESG strategy.

29 October 2021

Turkish bank’s sovereign immunity defence rejected in New York

Turkey’s Halkbank will not avoid criminal charges for allegedly disregarding United States sanctions against Iran, after a US appeals court rejected its argument that it was protected by sovereign immunity.

29 October 2021

EU Commission confirms Basel rules delay

The European Commission has announced that it will apply the Basel output floor at group level – departing from its longstanding tradition of applying prudential measures to subsidiaries – but the measure will only be fully implemented in 2030.

28 October 2021

Bank inhousers back voluntary carbon market at ISDA event

In-housers at Citi and Deutsche Bank have urged rapid regulation of the voluntary carbon market in the run-up to COP26 at an ISDA event in London, saying that it’s the only way to avoid greenwashing’s “kiss of death” – but they don’t want that regulation to come from government.

27 October 2021

Next stop: Glasgow

Banking regulators have issued a stream of initiatives targeting climate risk in recent days, with the litigation risks of climate-related disclosure and calibrations of scenario analysis on the agenda as governments prepare for the opening of COP26 in Glasgow, Scotland.

25 October 2021

OFAC outlines sanctions guidance for crypto firms

The United States Treasury Department has called on management boards at crypto firms to foster a “culture of compliance” with international sanctions programmes.

25 October 2021

Federal Reserve bans own officials from trading

The United States Federal Reserve will ban its top officials from holding individual stocks, and outlaw all trading activity during periods of heightened financial stress, as it responds to a controversy that saw two of its bank chiefs step down.

22 October 2021

US regulators define “new” Libor contracts in latest guidance

Federal regulators in the United States have laid out the boundaries of what a “new” Libor contract constitutes, ahead of the benchmark’s forthcoming end date this December.

22 October 2021

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