ESAs published the final guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT). They also published the draft regulatory technical standards set out the criteria member states must consider when deciding whether foreign payment service providers and electronic money issuers should appoint a Central Contact Point to support the fight against money laundering and terrorist financing (ML/TF); they also list the functions this Central Contact Point will have to have to discharge its role effectively.
The guidelines on AML/CFT promote a common understanding of the risk-based approach to AML/CFT and set out how this approach should be applied. They provide guidance on the factors that credit and financial institutions should consider when assessing the ML/TF risk associated with a business relationships and occasional transactions. In addition, they set out how credit and financial institutions can adjust the extent of their customer due diligence measures to mitigate the ML/TF risk they have identified. These guidelines are part of the ESAs wider work on fostering a consistent and effective approach to AML/CFT by credit and financial institutions as well as AML/CFT supervisors. ESAs will keep these guidelines under review and update them as appropriate. A first update is foreseen once amendments to the Money Laundering Directive (EU 2015/849) have been agreed. The guidelines will apply by June 26, 2018.
Keywords: ESA, Europe, AML/CFT, RTS, Banking
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.