OSFI announced the decision to rescind, on July 26, 2021, the Guideline B-8 on deterring and detecting money laundering and terrorist financing, based on response to the feedback received on the consultation on Guideline B-8. OSFI had issued, on October 16, 2020, a letter seeking views on the ongoing relevance of Guideline B-8, given the role of FINTRAC as the Canadian federal supervisor for anti-money laundering and anti-terrorist financing. Views were also sought on whether elements of Guideline B-8 should be maintained and incorporated in a revised Guideline E-13 on management of compliance risk. OSFI has decided that other guidance will be amended to remove references to Guideline B-8, as needed, while no corresponding amendments will be made to the Guideline E-13. Additionally, OSFI expects to undertake a comprehensive review of the Guideline E-13 in 2022, with a focus on the compliance risk management approach more generally.
Related Link: OSFI Statement
Keywords: Americas, Canada, Banking, FINTRAC, ML/TF Risk, AML/CFT, Guideline E-13, Guideline B-8, Compliance Risk, Operational Risk, OSFI
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.