News
Bank of Russia records decrease in fraudulent transactions
Central bank says decrease in cyber crime is a result of new centre for Cyber-Attack Monitoring and Response in the Financial Centre; official says Bank of Russia supports initiative for harsher punishment of cyber crime
Ghana drafts first electronic payment regulation
New regulation will apply to banks and other financial institutions wanting to provide electronic money services; draft to be passed to parliament after a period of consultation
BoE officials admit need for clearer communication
Mark Carney joined by deputies and COO at bank’s latest open forum, fielding questions from the general public; concerns surrounding funding for small enterprises and the bank’s rhetoric addressed
Irish central bank issues first fine under ‘related parties’ code
Case is first brought under code governing deals with “related and connected parties”
BoE corporate bond purchases off to rapid start
Barely more than two weeks into the 18-month programme, the BoE has already filled more than 10% of its quota; gilt purchases continuing at steady rate
EBA sets out 2017 work programme
Authority will undertake “re-prioritisation exercise” after European Commission does not meet full staff request
Sarb establishes anonymous whistleblowing hotline
New external hotline provides facility for the public to report misconduct to the central bank
Leaked document sparks action from Sri Lankan central bank
Report leaked on controversial bond trader Perpetual Treasuries causes stir; internal control mechanisms will be strengthened while investigation takes place
Basel Committee outlines plans for ‘fundamental change’ of IFRS 9
Task force to consider impact of expected credit loss approach on regulatory capital, while consultation lays out interim plans
Ukrainian governor attacks politicians over allegations of criminal complicity
Gontareva describes accusations against her as “nonsense”; says politicians are holding up passage of law designed to confiscate assets held by criminals
No ‘insidious’ German plan for EMU competitive advantage, says Issing
Otmar Issing says Germany didn't even have 'the economic intelligence' to design such a plan; country suffered years of high unemployment as others such as Italy failed to capitalise on price stability
Swift users attacked again by new malware – research
Cyber security firm finds Swift users are being attacked by a second hacking group, using malware that manipulates logs and messages, removing them from client systems
Euro architect says ECB has ‘destroyed’ market discipline in Europe
Otmar Issing, the man who designed the operational framework for the euro, says failures by European politicians and the ECB mean “all the elements” are in place to bring “disaster” to the monetary union
Coen seeks to quell European fears on Basel III
European parliament members accuse Basel Committee of favouring US over European banks; William Coen says “Basel process” is transparent and not dominated by any one interest
‘Unlikely’ London’s financial hub will move to Europe – BoE’s Cunliffe
BoE deputy says London’s “complex financial ecosystem” is not easily transplanted; warns moving euro clearing system across channel would increase costs
G7 sets out cyber security ‘building blocks’
Eight “elements” published to guide the financial sector when implementing cyber security provisions; information sharing and contingency planning are important
Singaporean and Swiss regulators move against merchant bank in 1MDB scandal
Senior management pressured staff to ignore anti-money-laundering regulations, reports say
Review proposes reforms to Riksbank research
External team recommends restructuring department, increasing its involvement with policy and boosting output – though it says Riksbank research is already “successful”
BoE’s new MPC member suggests tweaks to policy approach
Michael Saunders says models that assume pre-crisis level for equilibrium unemployment may be misleading; new FPC member grilled on other commitments in the US
Netherlands Bank to move gold and banknote operations out of Amsterdam by 2022
Highly secure location will house anti-counterfeiting and sustainable banknote operations
State Bank of Pakistan spends $1.2 million on department move
Banking subsidiary to move five of its operations to the northern and central provinces; move will help “streamline” operations, spokesperson says
Top US and EU officials hold resolution war game
US, UK and eurozone central bankers, regulators and politicians participate in an exercise designed to improve the co-ordination of cross-border resolution
Targets key tool in reducing NPL levels, Irish deputy governor says
Banks can be unwilling to start sustainable NPL restructuring, Donnery says; repeats call for reform of European restructuring processes
Emerging markets primed for Fed rate hike, central bank panel says
Emerging market central bankers say improved communication from the Fed has helped them to prepare for future normalisation; central banks have adopted a range of policies to absorb forex shocks