The IBFED answered to a consultation of the FSB on the 30th of June 2022. You can see the comment letter here. The IBFed also commented on a consultation of the Basel Committee on 16 February 2022. You can find the letter here
Continue ReadingDigital 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 ReadingIBFed 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 ReadingIBFed 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 ReadingIBFed’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 ReadingResponse 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
Continue ReadingResponse 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
Continue ReadingNew Chairman for the Media and Reputation Working Group
The IBFed is pleased to welcome Mr Bart Van Leeuwen, the director Communication at the Dutch Banking Association, as its new Chairman for the Media and Reputation Working Group. The IBFed is glad to have Mr Bart Van Leeuwen on board!
Continue ReadingNew 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
Continue ReadingJoint 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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