Banco di Caribe is committed to further growth as part of United Group Holdings

15 October 2021
Knowledge Base

Banco di Caribe NV (“Banco di Caribe”) has been sold to United Group Holdings BV (“United”). The sale includes all banking activities of Banco di Caribe in Curaçao, Aruba, Bonaire and Sint Maarten as well as the insurance and investment activities of Van der Lubbe Assurantiën NV, Bancarib Real Insurance Curaçao NV and BdC Investments BV. The sale agreement was signed on 11 September 2021, by seller Ennia Caribe Holding NV (“ECH”), represented by the Central Bank of Curaçao and Sint Maarten (“CBCS”) and buyer United. ECH is the parent company of the Ennia group. United is an established financial services provider active in Curaçao and six European countries, including financial centres such as Amsterdam, London and Luxembourg. Continue reading…

Personalia

Ken van Ierlant

Digital Thought Leader
Member of the Board of Directors of UpGen. Experienced CEO / CDO / CIO in the field of transformation processes within internationally oriented companies.
Personalia

Theodoros Kringou

Founder and Managing Director, Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.)
Theodoros Kringou, a self-made entrepreneur is the Founder and Managing Director of Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.).
Personalia

Marta Andreeva

Global Compliance Program Specialist at Crypto.com since July 2020
Marta is passionate about developing a culture of compliance, increasing awareness and coaching and mentoring others.

HSBC’s Chief Executive was the opening speaker at Sibos 2021

14 October 2021

Noel Quinn, Group Chief Executive, HSBC, was the opening keynote speaker for Sibos 2021. Quinn, appointed Group Chief Executive in March 2020, has been with HSBC – or its constituent companies – since 1987. He has extensive breadth and depth of expertise, having previously led a number of business lines within the HSBC Group. Quinn also brings a truly global perspective to Sibos, with experience spanning Asia, the US and Europe. Continue reading…

Basel III monitoring results based on end-December 2020 data

14 October 2021
Knowledge Base

On September 29, the Basel Committee published the results of its latest Basel III monitoring exercise, based on 31 December 2020 data. The report sets out the impact of the Basel III framework including the December 2017 finalisation of the Basel III reforms and the January 2019 finalisation of the market risk framework. It includes a special feature on exemptions from the leverage ratio exposure measure due to Covid-19, and covers both Group 1 and 2 banks (see note to editors for definitions). The final Basel III minimum requirements will be implemented by 1 January 2023 and fully phased in by 1 January 2028. The average impact of the fully phased-in final Basel III framework on the Tier 1 minimum required capital (MRC) of Group 1 banks is +2.9%, compared to a 1.8% increase at end-December 2019. This higher impact for Group 1 banks and G-SIBs may be partially driven by the different treatment of some outlier banks. Continue reading…

The Netherlands has twice as many compliance officers as community police: Is RegTech the answer to better compliance?

13 October 2021
Knowledge Base

Every day, 20% of all bank staff in the Netherlands is engaged in detecting financial crime. This is a direct consequence of the anti-money laundering and terrorist financing legislation introduced since 2001. Detection efforts are mostly manual and therefore very inefficient: 95% of all alerts generated by transaction monitoring systems are false positives. These are the findings of regulatory technology specialist Hyarchis in its new Regulatory Technology on the Rise report, published recently. Continue reading…

The Basel Committee calls for improving different areas around banking

12 October 2021
Knowledge Base

Throughout 2021, the Basel Committee has written newsletters about improving banks’ resilience to cyber threats, climate-related financial risk, how to develop global sustainability standards, and the impact of financial digitization on the banking system. The amount of external cyber threats and incidents, such as ransomware attacks, have made banks concerned, and poses major risks to their financial systems and the safety of individual banks. Continue reading…

ING announces €1.7 billion share buyback programme

11 October 2021

On October 1st, ING announced the start of a share buyback programme under which it plans to repurchase ordinary shares of ING Groep, with a maximum total value of €1,744 million and for a number of shares not exceeding the authority granted by the general meeting of shareholders (10% of the issued shares). The share buyback programme will commence on 5 October 2021 and is expected to end no later than 5 May 2022. The purpose of the share buyback programme is to reduce the share capital of ING. Continue reading…

FSB launches new financial stability surveillance framework

11 October 2021
Knowledge Base

The FSB recently published its new Financial Stability Surveillance Framework. The framework supports the comprehensive, methodical and disciplined review of vulnerabilities by the FSB, and thereby helps to identify and address new and emerging risks to financial stability. The framework embodies four key principles: focus on vulnerabilities that may have implications for global financial stability; scan vulnerabilities systematically and with a forward-looking perspective, while preserving flexibility; recognise differences among countries; and leverage the comparative advantages of the FSB while avoiding duplication of work. Continue reading…

Whitepaper

Hyarchis

Regulatory Technology on the Rise

09 October 2021

The 2008 financial crisis paved the way for a wave of new laws and regulations in the financial sector. The financial system’s collapse had a profound impact on the global economy, which led to stricter scrutiny over financial institutions and specifically their role as gatekeepers. Increasingly, the responsibility of combating financial crime is shifting to the private sector, and there are now estimated 750 institutions worldwide that regulate activities within the financial services industry. This has a huge yet largely unseen impact on the industry. Compliance with laws and regulations is thus becoming less of a prerequisite and instead becoming a core competency for financial institutions.

Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

Recovery and resolution in insurance – A new European tiger with teeth?

08 October 2021
Knowledge Base

While all eyes are focused on the Commission’s proposal for a directive amending the Solvency II directive (SII) as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risk and cross-border supervision, the Commission proposed also on 22 September a second proposal for directive. This second proposal aims to establish a new framework for the recovery and resolution of (re)insurance undertakings (hereafter IRRD). Continue reading…

FCA warns insurance firms over product governance rules deadline

07 October 2021

Insurance firms may not be ready to implement new product governance rules there to ensure insurance provides fair value, according to a review published by the Financial Conduct Authority (FCA). Part of the FCA’s ongoing work to ensure consumers receive fair value, the review looked at how firms designed, sold and reviewed their products to ensure they met the needs of their customers. The findings show that some firms had made good progress in meeting the FCA’s existing rules and guidance on product governance and value, issued in 2018 and 2019, as well as against temporary guidance on product value, issued in response to Covid-19 last year.

Continue reading…