The phone call between the president of the European Council Charles Michel and president Vladimir Putin of the Russian Federation took place on Thursday January 16, 2020 ahead of the upcoming Libya Conference, which is to be held in Berlin on January 19. During the call, president Michel addressed the situation in Libya and in the wider Middle East.

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The European Banking Authority (EBA) launched a consultation on draft Regulatory Technical Standards (RTS) on how institutions should calculate the own funds requirements for market risk for their non-trading book positions that are subject to foreign-exchange risk or commodity risk under the FRTB standardised and internal model approaches. The consultation runs until 10 April 2020.

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by Ahsan Habib

It seems to be a reasonable enough assumption that a dedicated money launderer would be able to utilise crowdfunding to wash their dirty money.The features facilitating the exploitation of crowdfunding for money laundering include the lack of legal regulations imposing a direct obligation to identify clients of crowdfunding platforms, as well as the absence of supervision of their activities. This can generate such threats as the mingling of income from legal and illegal sources, transferring criminal proceeds to persons conducting crowdfunding, and legitimating assets through the organisation of crowdfunding campaigns.
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In his keynote speech at the SUERF/DNB conferende, Luis de Guindos, Vice-President of the ECB, says, among other things, the following: For decades, Europe’s leading financial centre has been the City of London and, in some notable areas, the EU’s financial ecosystem has relied heavily on services provided by UK-based banks and market infrastructures. Derivatives clearing – a critical segment of financial markets – is a striking example. As of December 2019, almost 90% of all over-the-counter (OTC) derivatives positions taken by euro area institutions were cleared at UK global clearing houses.

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The Financial Conduct Authority (FCA) and the Bank of England have recently set out their intentions to augment their data and analytics aptitudes. They both rely on the availability to high-quality data to meet their individual targets of both continuing monetary and financial stability, market integrity, effective competition and consumer protection. The FCA’s invigorated Data Strategy sets out a transformation plan to turn into an exceptionally information driven controller. The system indicates the organisation’s increasing focus on the use of cutting-edge analytics and automation strategies to provide more depth into the comprehending of how markets work and enable the FCA to productively foresee, monitor and react to firm and market issues.
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The Office of the Comptroller of the Currency (OCC) released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2019 through December 31, 2019. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.

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Laura Langone, head of insurance operations at online rental marketplace Airbnb since April 2019, is now president of the Risk and Insurance Management Society (RIMS).

The organization announced Thursday her 12-month appointment, effective immediately. She succeeds Gloria Brosius.

Daring to be different is key for risk professionals, the San Francisco-based Langone said in a statement from RIMS. Complacency isn’t something the industry can afford, she said. The time has come to embrace new technologies, different perspectives and different strategies.

“Stepping outside of our comfort zone can be intimidating, but those who are ready for the challenge will find greater opportunities to strengthen their risk programs and elevate their careers,” she said. “I am beyond excited to serve as RIMS 2020 president and to help ensure this global risk management community offers the tools, resources, and support that allows us all to dream bigger, aim higher and be different.”

Langone’s long career in risk management spans more than two decades. She has been a member of RIMS for 22 years and been on its board of directors since 2016. She has held a number of positions within the RIMS Silicon Valley Chapter, including serving as its president for four years. She has volunteered on several RIMS committees and chaired the group’s Enterprise Risk Management Committee in 2015.

Before joining Airbnb, she led insurance and risk management both at PayPal, an online payments company, and Juniper Networks, an international tech company that develops networking and cybersecurity products. She was a senior vice president at Marsh, according to her LinkedIn bio, and holds an MBA and a Juris Doctor legal degree.

Joining Langone as officers on the RIMS board are:

RIMS vice president Ellen R. Dunkin, a senior vice president, general counsel and chief risk officer at Amalgamated Life Insurance Company RIMS treasurer Patrick Sterling, a senior director of legendary people and risk at Texas Roadhouse; and RIMS secretary Jennifer Santiago, assistant vice president and university risk officer at Penn State.

Two new members joining the board are Tina Gardiner, who serves as manager of risk management services for York Region in Ontario, and Twane Duckworth, chief of risk management for the City of Jacksonville.

Brosius, who is director of risk management and insurance at Pinnacle Agriculture Distributions, will remain on the board as ex-officio.

Source: https://www.canadianunderwriter.ca/