News

New York’s state Department of Financial Services has proposed new guidance to help banks curb their climate-related risks – but warned them not to engage in “climate redlining” by disinvesting from low-income communities in the green transition.

22 December 2022

UK bank TSB has accepted an eight-figure fine for operational risk management and governance failures connected to an IT migration following its takeover by Spanish banking group Sabadell, labelled a "stark reminder of the consequences of badly-executed change".

21 December 2022

New York’s financial regulator has issued guidance for what banks should include in their applications to engage in crypto activities – including details of their crypto-focused business plans, corporate governance arrangements, and evidence of how clued-up their boards and senior management are on the risks of crypto.

21 December 2022

Credit Suisse and BNP Paribas have joined Citigroup in the Federal Reserve and FDIC doghouse over failings in their resolution plans – as the head of another US regulator calls for an end to what he calls the “preferential treatment” given to foreign banks’ US branches and agencies.

20 December 2022

The Basel Committee has released its long-awaited new prudential standard for banks with crypto exposures, but practitioners predict the committee will have to revisit the standard before long as new products develop.

20 December 2022

Amid concerns that foreign banks are setting up “letterbox entities” as their new EU hubs, the European Securities and Markets Authority has criticised German regulator BaFin’s supervision of financial institutions’ post-Brexit relocations.

19 December 2022

The new CEO of stricken crypto exchange FTX has described an “utter lack of record keeping and no internal controls whatsoever” at the company ahead of its bankruptcy, saying regulatory attention on the sector in future would have to focus on transparency and the separation of customer funds.

19 December 2022

In the space of a week, Danske Bank has been handed a US$678 million penalty from a Copenhagen court – the largest fine for money laundering in Danish history – and reached a US$2.06 billion settlement with US and Danish authorities, over a money-laundering scheme operated out of the bank’s former Estonian branch.

16 December 2022

This week’s NIBs include an FMI ordinance in Switzerland, a launch date for Hong Kong’s new investor ID regime, a roadmap for the European Banking Authority’s sustainable finance plans, and a personnel boost for Goldman Sachs’ lobbying efforts.

16 December 2022

The EU’s financial regulators are warning the European Commission against pinning  too much hope on changing the prudential framework for securitisations in its attempt to revive the “subdued” market in the EU.

15 December 2022