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 ReadingResponse 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 ReadingAyako 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
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