The Basel Accords, issued since the late 1970s by the Basel Committee on Banking Supervision, have continuously evolved, leading to the final Basel IV standards, also known as Basel 3.1, published in December 2017. New Link Consulting kicks off a series of articles exploring the journey from Basel I to Basel IV, addressing potential regulatory divergence and major impacts on the financial industry.
Further to the introduction of the European Market Infrastructure Regulation (EMIR) in 2012 and subsequent revisions in 2015 and 2017, the REFIT program (Regulatory Fitness and Performance Program) was instigated. The purpose of the REFIT for Trade Reporting, which commenced in 2019, has been to review the issues identified in the years since reporting obligations were introduced and to use these findings to enhance the accuracy of Trade Reporting, through improved data quality and industry standardisation.
In this article we will try to unravel the key developments and assess their potential impacts on banks and financial institutions. We believe this is more than a storm in a teacup and firms will need to follow developments closely over the coming months, as well as take a long hard look at their current policies and procedures – and previous debanking decisions. It is important to note that this is not just about account closures: firms need to also take a close look at how on-boarding decisions are made.
On 28 June 2023, the European Commission published a proposed legislative package that seeks to modernise and harmonise the existing regulatory framework for electronic payments throughout the European Union (EU) and European Economic Area (EEA), currently regulated by the Second Payment Service Directive (PSD2).
The current media interest in the banking arrangements of Nigel Farage has highlighted some of the challenges faced by financial institutions when deciding which new customers to take on and which customers to keep.
With the Consumer Duty coming into force on 31st July it is important for impacted firms to not see this as the finishing line, but rather the start of a continuous process to support and enhance customer outcomes.
Understanding where compliance risks are lurking in your business, and whether or not the controls in the first and second lines of defence are effectively mitigating those risks is of critical importance to Compliance Heads and Senior Management.
Navigating the tricky waters of migrating clients from one platform to another is a difficult yet frequent undertaking in Financial Services.
An in depth insight review into the challenges of client transitions between platforms and the services offered by New Link Consulting.
“Businesses need to take basic steps to investigate their own potential links to sanctioned Russian businesses and individuals, or else face the potential for what should be an avoidable worst-case scenario…You are supposed to be screening absolutely everyone you do business with — suppliers, customers and partners. This is a strict liability, and it doesn’t matter if you didn’t know.” …