FMI
EC buttresses anti-money laundering defences
European Commission toughens line on money laundering, proposing new rules to cope with estimated $580 billion laundered in the global financial system in 2009, with just 0.2% intercepted
RBA paper investigates post-crisis leap in currency demand
Despite government deposit guarantee, demand for Australian banknotes increased by 12% following Lehman Brothers collapse
Angola launches new notes and coins, cuts base rate
Notes incorporating new security features to be phased in during the first half of 2013; base rate cut to 10% as inflation hits ‘record low' of 9% per annum
Payments update proposed for UK money markets
Bank of England reveals details of new clearing and settlement system for gilt repos; executive director Chris Salmon encourages market participation
Bank of Estonia eyes payments upgrade
Estonian central bank proposes new retail payments system that will meet incoming Sepa requirements; final selection requires approval of commercial banks
Filipino central bank launches exchange facility for nationals fleeing Syria
Filipino workers returning from Syria will have four months to change currency, as Syrian pounds and Philippine pesos are not otherwise convertible
Disparities emerge in euro counterfeit figures
Figures for euro counterfeits seized in 2012 show wide differences between countries, though not all central banks report totals; ECB unveils security features on new €5 note
RBI’s Padmanabhan sets out plans to disincentivise cheque use
Reserve Bank of India executive director explains efforts to encourage electronic payments, but says improved cheque systems are also being implemented due to high usage
IMF tightens rules on money laundering surveillance
New IMF policy document introduces mandatory reporting on money laundering where it represents a risk to financial stability; Vatican sanctioned over failures in money laundering safeguards
Paper: Competition, Innovation, and Implications in Retail Payments
A new paper from the Dutch central bank looks at the key determinants that affect asset pricing, competition and innovation
PMA gains new authority over payments systems
Decree law gives Palestine Monetary Authority green light to promote ‘modern e-banking services’; Jihad Alwazir says new systems will increase efficiency while reducing risks
RBI’s Padmanabhan on technology in the financial sector
Reserve Bank of India executive director sets out where technological change has improved financial services and where it still can
Target2’s missing settlement mechanism creates systemic risk
In the latest edition of the Central Banking Journal, Hans-Werner Sinn argues the lack of yearly ‘settling up’ in the European Target2 payments system is fuelling major imbalances within Europe
Ghana annual report details payments upgrades
Bank of Ghana notes projects implemented in 2011 to improve financial market infrastructure
Fiji governor unveils first polymer banknote
New five Fijian dollar note to incorporate polymer substrate for the first time; $2 note replaced with coin
Systemic risk in Europe heightened by Target trap
Huge Target liabilities may explain why Germany sanctioned proposals for ECB bond-buying and the formation of the ESM. But this will not solve Europe’s problems
EBA finds distortion in e-money practices across EU
Electronic payments market in Europe distorted by differing interpretations of EU anti-money laundering and counter-terrorist financing directives by member states, according to new EBA report
Norges Bank to launch new banknote series
Norway’s central bank to release new banknote series to stay abreast of neighbours and keep counterfeiters at bay
RBA takes action to cut interchange fees
Reserve Bank of Australia reduces interchange fee cap for Eftpos payments system by 30% to 12 cents; move follows swingeing cut in 2006
Kenyan coin shortage is a public misperception, says central bank
Central Bank of Kenya says “perceived shortage” can be eradicated if members of the public raid their piggy banks
RBA moves closer to implementing real-time payments system
Reserve Bank of Australia publishes criteria for proposals of real-time consumer and business payments provision following consultations with the industry
ECB’s Cœuré concerned about online card fraud
Benoît Cœuré says greater innovation is needed in the internet payments market
Fed paper finds benefits in card networks’ price discrimination
Study finds the use of linear ad-valorem fees is capable of improving social welfare
ECB’s Cœuré champions retail payments integration
Benoît Cœuré says the Single Euro Payments Area increases efficiency and lowers costs; wants governing council to have a ‘self-regulatory focus’