MAS published a guidance to enhance operational controls in Payments and Electronic Funds Transfer (EFT) operations. MAS conducted thematic inspections targeted at strengthening banks’ operational controls in their Payments and EFT operations from 2016 to 2019. MAS inspected and benchmarked selected banks whose operations ranged in size and complexity and covered the banks’ Treasury/Global Markets, SWIFT Messaging, Cash/Remittances, Trade Finance, and Wealth Management businesses. This guidance summarizes the key inspection findings and elaborates on how banks’ controls in Payments and EFT operations should be enhanced.
The key findings and recommendations in the guidance are related to improving governance and management oversight, enhancing operational and system controls, and strengthening detection capabilities. Banks should incorporate learning points from the guidance in a risk-based and proportionate manner, giving proper regard to the profile of their business activities. Banks should remain vigilant to the evolving nature and impact of payment fraud risks, as they continue to enhance their risk controls and secure their IT environment. MAS held industry sharing sessions in October 2019 to share observations with the industry following the thematic inspections.
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Operational Risk, Governance, Proportionality, MAS
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.