The European Union adopted a new €297 million assistance package to support refugees and host communities in Jordan and Lebanon via the EU Regional Trust Fund in Response to the Syrian Crisis. The EU has also decided to extend the mandate of the Trust Fund which will allow the Trust Fund’s projects to run until the end of 2023.

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Michel Klompmaker

On November 14, the first edition of the Augmenting Customer Due Diligence (ACDD) event was held at the Jaarbeurs in Utrecht. Compliance is certainly not a boring field and you must be fully familiar with what is possible and what is not allowed. No financial institution, large or small, appears to be immune to the threat of fraud or money laundering. This event was meant to examine how data and innovation can accelerate progress towards common goals, such as cost reduction and streamlining of the CDD (KYC) process. Continue reading…

The Federal Trade Commission has reached settlements with four companies that allegedly misrepresented their participation in the EU-U.S. Privacy Shield framework, which enables companies to transfer consumer data legally from European Union countries to the United States. The FTC also alleged that two of the companies failed to comply with Privacy Shield requirements.

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A team from the International Monetary Fund (IMF), led by Boriana Yontcheva, visited Bamako during November 19-29, 2019, to hold discussions on the first review of the economic and financial program supported by the IMF under the Extended Credit Facility (ECF).

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The Board of Directors of the Bank for International Settlements (BIS) appointed Benoît Cœuré as Head of the new BIS Innovation Hub on Sunday, set up to foster international collaboration among central banks on innovative financial technology. Mr. Cœuré will start his new role on 15 January 2020 for a five-year term. Mr. Cœuré has since 2013 chaired the Committee on Payments and Market Infrastructures, the global standard-setter for payment, clearing and settlement services. He also led the Group of Seven working group on global stablecoins and co-chairs a related Financial Stability Board working group. Continue reading…

The Basel Committee on Banking Supervision published today two consultative documents related to Pillar 3 disclosure. The first document proposes a set of revised disclosure requirements related to the market risk framework finalised in January 2019. The second document consults on voluntary disclosure templates related to banks’ sovereign exposures. Revisions to market risk disclosure requirements set out a set of adjustments to the Pillar 3 templates for the revised market risk framework to reflect changes introduced in Minimum capital requirements for market risk in January 2019. In addition to these changes, the Committee proposes to enhance disclosure of the trading desk structure of banks using the internal models approach by reinforcing a materiality threshold to determine the scope of individual trading desks subject to the requirement. Continue reading…

The Basel Committee on Banking Supervision’s (BCBS) Basel III standard includes a countercyclical capital buffer (CCyB) regime. National authorities can implement a CCyB requirement to ensure that the banking system has an additional buffer of capital to protect against potential future losses related to downturns in the credit cycle.

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Alstom Network UK Ltd has been ordered to pay a total of £16.4 million for conspiracy to corrupt relating to a contract to supply trams in Tunisia. This sentence comprises £15 million in fines and £1.4 million in costs. The company was convicted in April 2018 of conspiracy to corrupt, having paid an intermediary called Construction et Gestion Nevco Inc. (Nevco) €2.4 million to secure an €79.9 million contract with Transtu, the company responsible for running the Tunis Metro. To satisfy internal compliance checks and make its agreement with Nevco appear a legitimate contract for services, Alstom helped to produce paperwork as ‘evidence’ of services rendered.

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The European Commission has presented its Opinions on euro area Member States’ 2020 Draft Budgetary Plans, taken steps under the Stability and Growth Pact and adopted the fourth Enhanced Surveillance Report for Greece. Since July this year and for the first time since 2002, no euro area Member State is under the Excessive Deficit Procedure. The euro area debt-to-GDP ratio is expected to continue its declining path of recent years and to fall from about 86% in 2019 to about 85% in 2020. This is happening against the backdrop of a weakening European and world economy.

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