General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
May 08, 2018

CPMI published a paper on the strategy for reducing the risk of wholesale payments fraud related to endpoint security. The strategy is composed of seven elements that work holistically to address all areas relevant to preventing, detecting, responding to, and communicating about fraud. The report also discusses the plan of CPMI to promote, support, and monitor local and global progress in operationalizing the strategy, with due recognition of the need for flexibility to reflect the uniqueness of each system and jurisdiction, including the legal, regulatory, operational, and technological structures and constraints under which they may operate.

The finalized strategy reflects feedback received during last year's consultation Successful implementation of the strategy depends on operators, participants, and other relevant private-sector and public-sector stakeholders in each jurisdiction that are engaging actively in and, taking ownership of, developing and carrying out an appropriate action plan for their respective jurisdictions. Thus, CPMI has set out a plan to promote, support, and monitor local and global progress in operationalizing the strategy. Each CPMI member central bank, and CPMI as a whole, is committed to acting as a catalyst for effective and coherent operationalization of the strategy within and across jurisdictions and systems and will monitor progress throughout 2018 and 2019 to determine the need for further action.

Both ECB and FED have welcomed the CPMI strategy for stronger wholesale payments security. ECB reaffirmed its commitment to act as a catalyst for the effective and coherent implementation of the strategy within the euro area. The common strategy further complements the work of ECB, which recently published the cyber resilience oversight expectations and TIBER-EU framework, to enhance the cyber resilience of the European financial ecosystem. FED also noted that each CPMI member central bank has committed to acting as a catalyst for carrying out the strategy in its jurisdiction and actively monitoring progress. Accordingly, FED, in close collaboration with the Federal Reserve Banks, will continue related efforts to advance the security of the wholesale payments ecosystem.

 

Related Links

Keywords: International, PMI, Banking, Wholesale Payments, Fraud Risk, ECB, FED, CPMI

Related Articles
News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News
News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News
News

US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps

US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule.

March 19, 2019 WebPage Regulatory News
News

EIOPA Requests Data on LTG Measures from Insurers Under Solvency II

EIOPA has requested the European Economic Area insurance undertakings, which are subject to Solvency II, to provide information on the long-term guarantee (LTG) measures.

March 18, 2019 WebPage Regulatory News
News

PRA Proposes Reporting Amendments to Pillar 2 Liquidity Framework

PRA proposed (CP6/19) regulatory reporting amendments and clarifications to the Pillar 2 liquidity framework for banks in UK.

March 18, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

OCC Updates Recovery Planning Booklet of the Comptroller's Handbook

OCC updated the Recovery Planning booklet of the Comptroller’s Handbook.

March 15, 2019 WebPage Regulatory News
News

CFTC and MAS Announce Mutual Recognition of Derivatives Trading Venues

CFTC and MAS announced the mutual recognition of certain derivatives trading venues in the U.S. and Singapore.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2763