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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

The IBFed has been responding to the public consultation issued by the European Commission on its action plan on preventing money laundering (ML) and terrorism financing (TF). The IBFed is convinced that harmonisation of national legislation and alignment with international best practice on information sharing can support more effective collaboration against ML/TF. It could also provide an enabling and interoperable environment for the exchange and cross-fertilisation of innovative approaches to tackling illicit finance, supporting new technological solutions as well as wider cross-sector collaboration. A risk-based approach is preferable, helping obliged entities target financial crime risk rather than compliance risk. AML/CFT and data privacy public policy goals are not mutually exclusive and should… Read More

IBFed addressed a letter to the OECD on the 30th of September, following up on its previous submission on Pillar 2 of the Global Anti-Base Erosion Proposal. In this letter IBFed notes that the G20/OECD Inclusive Framework has advanced the development of the policy features and technical elements of both Pillar 1 and Pillar 2, that further work is being undertaken in relation to the design of potential measures under Pillar 2, and that a framework of rules is currently being formulated. IBFed shares several comments to assist the OECD’s work on Pillar 2. IBFed OECD PII submission_30 September 2020

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.

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

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

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

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

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