The volatile performance of cryptocurrencies has made significant headlines over the past year. This is hardly surprising given that bitcoin, easily the best-known crypto, has fallen by 70% in value since reaching its peak last November.
Reporting and Governance
Onus on ESG funds to clean up act or face regulatory enforcements
Amid fears that a wave of greenwashing scandals could break, global regulators have launched a multi-layered strategy to combat mis-selling, spearheaded by dramatic enforcement actions that may yet target individuals.
OCC warns that banks face elevated risks
Banks face a phalanx of risks ranging from high inflation, rising interest rates, operational issues related to an increasingly complex environment and compliance challenges, but at least credit risks are low for the time being, said the Office of the Comptroller of the Currency (OCC).
Basel Committee published 18 principles for tackling climate-related financial risks
Jurisdictions are expected to apply as soon as possible 18 principles related to climate risks for banks drafted by the Basel Committee on Banking Supervision.
Brexit: London’s foothold in the ESG regulation race
Although the EU might currently be leading the ESG regulatory race, Brexit could give London the agility, flexibility, and speed to eclipse the rest.
Most financial firms have seen compliance costs rise in last five years
The last five years have seen almost 90% of financial firms reporting increased compliance expenditure with one in 10 saying those costs have doubled, according to a survey by compliance tech and data analytics firm SteelEye.
ANNA driving identifier interoperability to improve digital asset market transparency
Driving interoperability between identifiers to improve transparency in digital asset markets is one of the top priorities for the Association of National Numbering Agencies.
New identifier helping track systemic risks in OTC derivatives on track for launch
The unique product identifier looks set to launch from late next year as major jurisdictions are managing to stay on track.
Credit Suisse run in with FCA is a warning to others
Credit Suisse is no stranger to controversies. Over the last decade, official investigations and leaks to journalists have revealed the bank’s facilitation of suspect activities, from tax fraud and secret loans to forex manipulation and money laundering. By Max Heywood, head of public sector at Elucidate
Authorities get serious over using cryptocurrencies to evade sanctions
The president of the European Central Bank, Christine Lagarde, has warned that cryptocurrencies are being used by Russian actors to bypass sanctions. The G7 leaders, in a statement issued by the White House, have stressed that measures are in place to pursue those who attempt to use crypto assets to evade such sanctions. By Katie McDougall, Harriet Jones-Fenleigh, Adam Sanitt; and Emma Houldsworth at Norton Rose Fulbright
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