Banking & Payments Federation Ireland’s Post

The introduction of the Conduct of Financial Institutions Act (COFI) will mark a pivotal moment in South Africa's #financial #regulatory landscape. Compli-Serve’s MD, Richard Rattue says: “I am not brave enough to predict an effective date, however, we can reasonably expect promulgation during the course of 2024." COFI aims to consolidate and streamline the current sectoral approach of financial sector #regulation, focusing on customer-centric market conduct. "Key considerations for #compliance under COFI include enhanced transparency, fair treatment of customers, and the obligation of financial institutions to act in their customers' best interests. Though it creates further compliance requirements, COFI is an important step in enhancing trust and stability in the financial sector,” he says. #TopComplianceTips24

INSIGHTS 📈| Reserve Bank of Australia's Assistant Governor, Financial System Group, Brad Jones shared some key insights on #SMEfinancing and why the default approach is dead at the recent Council of Small Business Organisations Australia (COSBOA) summit in #Sydney. We unpack what this means and take a closer look at where to stand and what's next for SMEs. #COSBOA24 #smallbusiness #smallbusinessaustralia 

🌐 Exciting insights from the ABBL/KPMG Luxembourg #PrivateBanking Report 2023! 📈 Amid global challenges, Luxembourg's private banks stand resilient. A must-read for every student who is pursuing a career in the #banking sector! 🚀

Paolo Siciliani (Bank of England) published an article titled “Market resilience and the roles of (prudential) regulation and competition policy” in #Concurrences 4-2023. Read more here: https://shorturl.at/rvzH2 This paper examines how competition policy affects market resilience, especially regarding firms' incentives. It questions whether reduced market concentration decreases the likelihood of large-scale disruptions and suggests that regulatory measures are essential to ensure competition supports sustainable resilience. #competitionlaw #antitrust #antitrustlaw #droitdelaconcurrence #DireitoDaConcorrencia #DerechoDeLaCompetencia #marketresilience #marketpower

On July 3, the French Banking Supervisor publicly released its Decision No. 2024-C-18, which sets new weights for banks' exposures related to French cities, intercity structures, departments, and regions, and now treats them as exposures to the central government. In an environment with multiple financial headwinds, this decision should further improve French sub-sovereign access to and cost of funding, at a time when their investment needs are significant. Read more here: https://lnkd.in/eBBB-iWt #SovereignRatings

Developments in the implosion of Luxembourg’s Banque Havilland S.A. The private bank’s Liechtenstein and Swiss operations have been put into voluntary liquidation days after it emerged that the European Central Bank moved to revoke its Luxembourg banking license. In an internal memo, executives have said that the business has no problems with its solvency or liquidity. Buyers could still takeover parts of the bank and the Monaco unit is already said to have received an approach from a potential suitor. Read the latest here on Bloomberg News Banque Havilland Begins Closure of Swiss and Liechtenstein Units https://lnkd.in/eV9b4nDY

This ⬇️ on sanctions compliance and regulatory risk avoidance. Investigative due diligence and a robust sanctions compliance framework are keys to reputational and regulatory risk management. VIDOCQ FINTRAC Canada | CANAFE Canada

#AML_Compliance Per the Ministerial Directive issued today, effective immediately, securities firms must: ·     treat every financial transaction originating from or bound for Russia, regardless of its amount, as a high-risk transaction for the purposes of subsection 9.6(3) of the Act ·     verify the identity of any client (person or entity) requesting or benefiting from such a transaction in accordance with Part 3 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations ·     exercise customer due diligence in relation to any such transaction, including ascertaining the source of funds or virtual currency, the purpose of the transaction and the beneficial ownership or control of any entity requesting or benefiting from the transaction. keep and retain a record of any such transaction, in accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, regardless of the monetary thresholds set out in those Regulations. https://lnkd.in/e3P3sjTi #SGDComplianceTeam

Bank of Italy has amended the Supervisory Regulations for Banks as well as for Financial Intermediaries to include the content of the communication issued in December 2022 on notification requirements applicable to #securitisations. In addition to providing for a template of notification, Bank of Italy has (surprisingly) prescribed further rules, including - among others - the need to deliver a document containing the assessment by the internal control functions on compliance with articles 6 to 8 of the EU Securitisation Regulation. Additional rules have been also set out in relation to securitisations involving multiple originators as well as both supervised and non-supervised entities. Fortunately, there is a grandfathering period of a few months to adapt - but please note that the amended rules apply from 1 July 2024. Hence be ready and stay in touch! The amendments to the Supervisory Regulations are at the following link: https://lnkd.in/dw2V6zgC