MOU with Union of Arab Banks

The IBFed has signed a memorandum of understanding with the Union Arab Banks (UAB), a regional Arab organization headquartered in Beirut, created under the umbrella of the Arab Organization for Administrative Development, establishing a regional Arab union that operates within the framework of the unions emanated from the League of Arab States. The Memorandum of Understanding aims to facilitate exchanging information about regulatory developments in various jurisdictions, discussion of views and best practices, advocating cooperation at global level and with international organizations, and conducting regular dialogue meetings between the IBFed and the UAB. The UAB’s Secretary General, Dr. Wissam H. Fattouh affirmed the Union’s keenness to establish a global platform with the… Read More

Continue Reading

Response to Basel Committee on Supervisory Principles

The IBFed responded to the Basel Consultation on the Core principles for effective banking supervision. It is important that the Core Principles do not intrinsically introduce any new standards, either intentionally or unintentionally, which have not been previously consulted on introduced, and,through other relevant BCBS processes.The Core Principles are an important benchmark to assess the effectiveness of regulatory and supervisory frameworks, and our membership is generally supportive of the proposed changes, which we understand are targeted not so much at larger regulators but at the those in countries where the approach to banking supervision is still evolving. The following recommendations are intended to ensure the proposed revisions to the Core… Read More

Continue Reading

Response to EC’s AML/CFT reform package

The IBFed welcomes the opportunity to comment upon the European Commission’s AML/CFT reform package and wishes to support an effective trilogue conclusion on this important portfolio. The IBFed supports the Commission’s ambition to harmonise national AML/CFT measures through EU-level legislation, guidance, and supervision. International regulatory fragmentation has complicated the work of regulators, law enforcement and multinational banking. We explain our concerns and share recommendations in a letter addressed to the European Commission, advocating for international harmonisation of the ownership threshold for beneficial ownership reporting. Letter to the European Commission.

Continue Reading

Ayako Suwa elected IBFed Chair

The International Banking Federation (IBFed) has elected Mrs. Ayako Suwa, General Manager at the Japanese Bankers Association, as its chair for a two-year term that runs through January 2025. The IBFed is an international organization whose members include the national banking trade associations representing every major financial centre. As chair of the organization, Mrs Suwa will work with IBFed members to develop international consensus on critical issues affecting financial institutions across the globe. In full consultation with IBFed members, the chair develops the agenda and chairs consultations that embrace the global diversity of banks and those they serve, promoting industry unity on efforts to expand services to meet evolving customer… Read More

Continue Reading

FATF revisions to Beneficial Ownership of Legal Arrangements

The IBFED welcomes the opportunity to comment on the consultation on potential changes to FATF Recommendation. The banking and finance industry strongly supports reform of beneficial ownership (BO) standards as an important factor in a safer and more transparent financial system. Our recommendations relating to public-private partnerships and information sharing with FIs can be read as including other relevant AML/CFT regulated sectors, including DNFBPs. IBFed to FATF Rec 25 Beneficial Ownership August 2022 IBFed-to-FATF-Rec-25-Beneficial-Ownership_1-August-2022.pdf IBFed-to-FATF-Rec24-Beneficial-Ownership 2-2021.pdf

Continue Reading

Digital Trust: How banks can secure our digital identity

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

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

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

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