IBFed feedback to the IFRS Foundation on the Sustainability Reporting Consultation Paper

The IBFed supports the IFRS Foundation in their efforts to contribute to the development and maintenance of a global set of sustainability reporting standards. The Banking industry strongly supports efforts to establish a generally accepted international framework for sustainability reporting in order to promote consistency and comparability across organizations and reduce the potential for global fragmentation. IBFed Letter to IFRS_24 December 2020

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Comments on the FATF questionnaire on digital transformation

The IBFed’s comments to the Financial Action Task Force (FATF) focus on legal and regulatory barriers to the use of emerging technology for sharing information between regulated banking firms for AML / CFT purposes.  Financial crime information sharing is restricted in many different markets by a misalignment of AML / CFT intelligence needs and data privacy requirements.  We recommend that FATF work with partners to establish international policy roundtables to bring together national, regional and international authorities on AML/CFT and  data protection with the private sector. IBFed to FATF_Digital Transformation_7 Dec 2020

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Response to the OECD Public consultation on Tax challenges arising from Digitisation

The IBFed has responded to the OECD with comments on the design of Pillar II Blueprint. Global banks seek clear and simple rules that are easy to implement and produce a fair outcome for all multinationals. As the proposals in the Pillar II Blueprint are complex, we welcome the proposals to simplify the approach and offer comments as well as suggestions for achieving simplification. IBFed OECD PII submission_14 Dec 2020

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Response to the BCBS on proposed Revisions to the Principles for Operational Risk management

The IBFed has responded to the Basel Committee on Banking Supervision’s proposed revisions to the principles for effective management of operational risk. These revisions have been proposed by the BCBS in the light of banks’ further reliance on outsourced technology and more pervasive cyber threats. The IBFed supports the proposals made, with a few comments on some of the principles.  We welcome the recognition that banks should adopt a proportionate approach to operational risk management, taking into account the nature, size, complexity and risk profile of their activities. IBFed@BCBS_Operational Risk_18 dec 2020  

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New Board Members Announcement

The IBFed is pleased to announce and welcome newly appointed Board directors and Board members. Dr Christian Ossig is Chief Executive at the Association of German Banks, Chair of the European Banking Federation executive Committee, and from January 2020 director of the IBFed Board. “In a world with globalized financial markets, a return to national structures rarely serves as an adequate response to global challenges. Stability and growth require open markets and, more than ever, international cooperation. As Chair of the EBF Executive Committee and new member of the IBFed Board, I am very much looking forward to cooperating closely with my international colleagues on issues of global financial market… Read More

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Joint Letter to the OECD on tax challenges due to COVID-19

The IBFed has co-signed a second letter with major trade associations, addressed to the OECD and the European Commission, on the tax challenges due to COVID-19.  The letter provides 6 concrete examples to illustrate the difficulty posed by authorities still requiring physical documents related to withholding taxes, while this is not possible or extremely complicated in the COVID-19 context. Joint letter OECD WHT challenges_3 Sep 2020

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Response to the EU consultation on preventing money laundering and terrorism financing

The IBFed has been responding to the public consultation issued by the European Commission on its action plan on preventing money laundering (ML) and terrorism financing (TF). The IBFed is convinced that harmonisation of national legislation and alignment with international best practice on information sharing can support more effective collaboration against ML/TF. It could also provide an enabling and interoperable environment for the exchange and cross-fertilisation of innovative approaches to tackling illicit finance, supporting new technological solutions as well as wider cross-sector collaboration. A risk-based approach is preferable, helping obliged entities target financial crime risk rather than compliance risk. AML/CFT and data privacy public policy goals are not mutually exclusive and should… Read More

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Tax Challenges Arising from the Digitisation of the Economy – Global Anti-Base Erosion Proposal – Pillar 2

IBFed addressed a letter to the OECD on the 30th of September, following up on its previous submission on Pillar 2 of the Global Anti-Base Erosion Proposal. In this letter IBFed notes that the G20/OECD Inclusive Framework has advanced the development of the policy features and technical elements of both Pillar 1 and Pillar 2, that further work is being undertaken in relation to the design of potential measures under Pillar 2, and that a framework of rules is currently being formulated. IBFed shares several comments to assist the OECD’s work on Pillar 2. IBFed OECD PII submission_30 September 2020

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