Digital Trust: How banks can secure our digital identity

IBFed

This report is a joint product of the International Banking Federation and Oliver Wyman. With the increasing role of digital interactions in all our lives, consumers have an overwhelming need to provide reliable and trusted digital proofs of their identity. Such is the strength of this demand that it will inevitably have to be fulfilled in the next few years. In this report we describe how action is being taken to meet this need, either by the public sector or by private companies. The report highlights how banks’ involvement can ensure digital identity schemes are more trustworthy, secure, and convenient. The report also examines the key decisions for banks, and for other stakeholders… Read More

Continue Reading

IBFed Letter to the OECD on Pillar 2 of the new Tax Framework

IBFed

The International Banking Federation follows up on its previous submissions and comments on Pillar 2, with regard to both the Blueprint document and subsequent statements by the OECD. Further comments are provided on the regulatory capital instruments and adverse outcomes that could arise for Additional Tier 1 (AT1) Capital under the proposed Global anti-Base Erosion (GLoBE) rules in Pillar 2.  IBFed to OECD_Pillar 2_23 Nov 2021

Continue Reading

IBFed comments on European Commission’s Anti Money Laundering consultation and reform package

IBFed

The International Banking Federation supports the Commission’s view that information sharing is crucial to anti-money laundering and countering terrorist financing (AML/CFT), and that public-private partnerships (PPPs) should be encouraged to the fullest extent possible.  IBFed to EU_AML Reform Package_2 Nov 2021 The International Banking Federation also supports the Commission’s ambition to harmonise national AML/CFT measures through EUlevel legislation, guidance and supervision. Indeed, international regulatory fragmentation has complicated the work of regulators, law enforcement and multinational banking Groups which cannot easily put in place EU-wide AML/CFT programmes. IBFed_Response_to_EU PPPs for AML CFT_2 Nov 2021

Continue Reading

IBFed’s Priorities on Climate Change ahead of the G20 Summit and COP 26

IBFed

On the 27th of October 2021, IBFed published a letter sharing its views on climate change ahead of the G20 Summit of Heads of State and Government on October 30-31st and the UN Climate Change Conference (COP 26) from October 31-November 12th. We fully support efforts to bring together diverse groups of stakeholders from around the world to discuss actions that should be taken to mitigate and adapt to the effects of climate change. In the letter we elaborate on the following topics: Banks have a key role to play in financing a balanced and orderly transition Global standard setters have an important role in sharing information and harmonizing standards… Read More

Continue Reading

IBFed Letters to the OECD as talks continue at international level to agree on a new tax framework

IBFed

We acknowledge the significant efforts and investment that member countries, industry and taxpayers have made in contributing to the current Pillar 1 framework. We welcome an approach that is both simple and effective for applying Pillar 1. Banks have a taxable, physical presence in places where they operate regulated business. Therefore, they should be outside the scope of Pillar 1 . Moreover, metrics such as balance sheet or gross revenues do not consider the extremely high capital costs associated with running regulated banks compared with other industries (such as technology and consumer goods companies). We believe that the application of a “worldwide” basis of taxation is a robust equivalent of the Income… Read More

Continue Reading

IBFed memo on Retail Central Bank Digital Currencies and Global Stable Coins

IBFed

IBFed shares its views on Retail Central Bank Digital Currencies and Global Stable Coins. We assess how the creation of digital currencies could potentially support the digitalization of the economy. We also discuss the role of central banks, commercial banks and other private actors in this journey, the advantages and disadvantages of different scenarios. Last but not least, we address the potential effects to the banking business model and to consumer and commercial customers. To learn more, click here:  CBDC-GSC-memo_18-June-2021 (2)

Continue Reading