FinTech platforms account for an increasing share of credit provision and policymakers have to consider the opportunities and risks such activity brings, a new report by the Committee on the Global Financial System (CGFS) and the Financial Stability Board (FSB) finds.

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by Ken van Ierlant

Technological developments move so quickly that you can’t keep up with the requisite investments. Companies can build a complete in-house IT environment, but if they do they run the risk that it will be outdated before it even becomes operational. Moreover, these efforts distract from the core activities and core competencies of your business. It is much easier to purchase your IT landscape in the form of services.
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Banks have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under final revisions issued today by the Basel Committee on Banking Supervision. The revisions pertain to Annexes 2 (“Correspondent banking”) and 4 (“General guide to account opening”) of the guidelines on the Basel Committee’s Sound management of risks related to money laundering and financing of terrorism.
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The Governors of the Global Economy Meeting welcome the publication of the FX Global Code, a single global code for the wholesale foreign exchange market, as well as the establishment of the Global Foreign Exchange Committee to maintain the Code in the future. Continue reading…

by Vincent Wellens & Jad Nader

On 17 May 2017, the Luxembourg financial sector regulator (CSSF) published four circulars in order to streamline its regulation on (IT) outsourcing in the financial sector, and to introduce specific rules for the use of cloud services. Through these circulars, the CSSF defines the conditions under which financial service providers may outsource activities, IT-related activities in particular without infringing the regulatory principles of central administration and sound governance. These circulars complement the imminent legislative changes which will foresee in an explicit legal exemption from the professional secrecy obligation in the financial sector as far as outsourcing is concerned.
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by Jeremy Lehman

“I like Uber because it’s so easy. Really, anything informative and elegant.” “To be honest, it probably sounds stupid-Amazon-they have a million products, and I can get what I want in 10 seconds.” “It’s such a cliché, but Apple because I use them for everything, even news now. I’m constantly on their devices. I’m holding their phone right now.” Several consumers shared the brands or businesses that best engage them digitally in a casual survey. Sophisticated consumers almost apologized for citing big, predictable names in content streaming, ecommerce, and ride sharing. These companies-all digital natives-are defining consumer expectations.
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Criminals will find it more difficult to launder money through the UK thanks to a new government crackdown. The Economic Secretary to the Treasury, Simon Kirby, (see photo) has unveiled plans to create a new watchdog that will tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit. The new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will help improve the overall standards of supervision and ensure supervisors and law enforcement work together more effectively.
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