Partnership between FELABAN and IBFed

The IBFed is proud to announce its partnership with FELABAN, the Federation of Latin American Banks, representing banking associations from 18 Latin-American countries. The partnership was discussed a few months ago in Bogotá, between Giorgio Trettenero Castro, Secretary General of FELABAN and Hedwige Nuyens, Managing Director of IBFed. FELABAN has similar corresponding memberships with the Association of Spanish Banks, Standard Chartered Bank and SWIFT.

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Big Banks, Bigger Techs? How policy-makers could respond to a probable discontinuity

HOW SHOULD REGULATION ADAPT AS BIG TECH INCREASINGLY ENTERS BANKING? The International Banking Federation (IBFed) and Oliver Wyman published their joint report titled “Big Banks, Bigger Techs How policy-makers could respond to a probable discontinuity”. The report shows how authorities worldwide face the difficult challenge of ensuring that regulation and supervision protects consumers and systemic stability while capturing the benefits of innovation and competition. IBFed and Oliver Wyman asked a broad range of industry participants and policymakers across most major markets about their current views and what they viewed as challenges for the future. The markets included the UK, the EU, the US, Australia, Brazil, Canada, China, India, Japan, South Korea… Read More

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A letter on targeted temporary prudential measures related to the COVID-19 crisis

As financial policymakers and international standard setters are discussing international policy responses to the COVID-19, the IBFed is keen to share its comments, representing the banking industry across the world. The IBFed addressed a letter to the GHOS and the Basel Committee commenting upon targeted temporary prudential measures related to the COVID-19 crisis. IBFed Letter to GHOS and BCBS

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Joint letter on tax challenges due to COVID-19

COVID-19 is significantly affecting the ability of crossborder portfolio investors to access withholding tax relief they are entitled to. The IBFed has been co-signing a letter drafted under the leadership of the European Banking Federation, asking the OECD and the European Commission to promote the adoption of recommendations aiming at preventing these issues, by as many tax administrations around the world as possible. Joint letter on withholding challenges_20April2020

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Rob Nichols elected IBFed Chairman

The International Banking Federation (IBFed) has elected American Bankers Association President and CEO Rob Nichols as its chairman for a two-year term that runs through January 2022. The IBFed is an international organization whose members include the national banking trade associations representing every major financial center. As chairman of the organization, Nichols 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 chairman 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 needs, promote coordinated standards of prudential supervision and… Read More

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FATF guidance for the use of Digital ID

The IBFed commented on the guidance proposed by the Financial Action Task Force (FATF), aimed at helping governments, financial institutions and other relevant entities to apply a risk-based approach to the use of digital ID for customer due diligence. In the letter we explain that consistency with global standards is important; financial entities should not be solely responsible for assessing the assurance level of the digital ID systems. We recommend to include reference to market resilience considerations and we advocate for a balance between the AML/CFT requirements and financial inclusion objectives. Finally, we would support inclusion of wider AML/CTF use cases than identification and authentication of natural persons. IBFed letter to… Read More

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OECD Global Anti-Base Erosion Proposal under Pillar two

The OECD published a “Global Anti-Base Erosion” set of rules aimed at avoiding profits to be shifted to jurisdictions where they are subject to no or very low taxation. In our response we state that banks are taxed in the appropriate jurisdictions based on where they have a regulated, taxable presence. Although we do not have any significant objections to the principles set out in the Pillar 2 consultation, we make 3 recommendations as we want to avoid unnecessary additional burden for banks. IBFed letter to OECD_Digital Taxation_2 December 2019  

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The proposed amendments to the IFRS Foundation Due Process Handbook

In our letter we comment upon the Effects Analysis IASB consultation regarding “IFRS exposure draft amending its Dues Process Handbook“. We believe our response to the IFRS exposure draft could set a benchmark for both IFRS and FASB as to how “Effects Analyses” should address bank-specific concerns. In addition, it includes a discussion related to expanding the IFRS Foundation’s standard due process to their “Agenda Decisions”, which are interpretations of existing standards. While subject to IASB approval, these Agenda Decisions can often change bank accounting practice and, therefore, should be subject to a robust review process.   IBFed Comments IFRS Due Process Effects Analysis_25 July 2019

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Threats to Financial Stability resulting from widespread ring-fencing

Many jurisdictions around the world are now finalizing implementation of the post crisis regulatory reforms agreed to by the G20 nations. The IBFed notes its concern that there are a growing number of instances where jurisdictions are introducing variations of the agreed reforms intended to protect their own jurisdiction, for example by ring-fencing. Such variations are drivers of market fragmentation, undermine the international cooperation of the last decade and inhibit the full, timely and consistent implementation of the post-crisis international agreements reached by G20 standard setting bodies. We support the FSB’s drafting of a report on market fragmentation which will be delivered to G20 this June. The report could be… Read More

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