Reporting and GovernanceRSS
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US Congressional committee warned about cloud risks to banks

The rapid move by banks into the cloud has raised concerns with a US congressional committee where a hearing revealed the benefits and dangers of this trend

Basel Committee consults on AML/CFT guidelines

The Basel Committee on Banking Supervision is requesting feedback on introducing guidelines on the interaction and cooperation between prudential and anti-money laundering and combatting the financing of terrorism (AML/CFT) supervision.

Basel Committee says supervisors must pay attention to the impact of open banking

Banks and their supervisors need to pay greater attention to the effects of open banking on the industry in areas such as sharing customer data and the growing connectivity among players, the Basel Committee on Banking Supervision said in a report. 

Citigroup hit with record £43.9m fine for compliance failings

Citigroup has been hit with a £43.9m ($56.6m) fine by the UK’s Prudential Regulation Authority (PRA) for failings in their regulatory reporting governance and controls. 

FASB signs-off on Libor transition guidance

An accounting standards update (ASU) that provides temporary, optional guidance to ease the potential accounting burden of switching interest rate benchmarks has been approved by the Financial Accounting Standards Board (FASB).

FSB lays out governance arrangements for UPIs for reporting OTC derivatives transactions

The Financial Stability Board (FSB) said in a report that the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) is best positioned to become the international governance body for the Unique Product Identifier (UPI) and Unique Transaction Identifier (UTI) and some other critical elements.

Standard setters establish critical data elements for reporting OTC derivatives transactions

Global standard setters have set out the key criteria, functions and bodies for the governance arrangements for a set of critical data elements for over-the-counter (OTC) derivative transactions reported to trade repositories excluding the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).

US accounting standard to hit banks in a variety of ways

The current expected credit loss (CECL) standard will make it harder to compare bank reserve levels and will hit firms in a variety of ways when it comes in on January 2020, according to a report by Fitch Ratings. 

FSB/IMF call for continued political support to close data gaps

Substantial progress has been made in addressing the data that is needed to monitor global financial risks, but high level political support is needed to tackle remaining challenges, the Financial Stability Board (FSB) and International Monetary Fund (IMF) said in a report. 

Scott Martin

UK could become global standard setter for operational resilience testing

Work in the UK on operational and cyber resilience has reached such a level that its approach may well become a trendsetter for other jurisdictions to follow. By Dan Barnes.