The clock is ticking on International Financial Reporting Standard 17 (IFRS 17), the January 1, 2023, compliance deadline drawing ever closer. For insurers around the globe struggling with self-development or “empty box” software solutions, there is a new path forward: KPMG IFRS 17 Express – powered by SAS®. The IFRS 17 solution blends KPMG’s deep IFRS experience, SAS’ best-of-breed analytics and an IFRS 17 methodology globally tested by Allianz, one of the world’s leading insurance groups with customers in more than 70 countries.
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The Financial Stability Board (FSB) has published a report on March 21st about FinTech and Market Structure in the COVID-19 Pandemic. The main finding of the report is that the pandemic has accelerated the trend toward digitalisation of retail financial services. While comprehensive data on the market shares of FinTechs, BigTechs and incumbent financial institutions in retail digital financial services are scarce, proxies suggest that BigTechs and larger FinTechs have further expanded their footprint in financial services. Continue reading…

YouControl is a Ukrainian IT company, developing open data services since 2014 and a same-name analytical system for analysing companies’ and individuals’ activities (https://youcontrol.com.ua/en/). They have many years of successful experience in creating AML and KYC systems used by international companies. The company is a member of 15 business associations, such as the European Business Association, the U.S. Chamber of Commerce and many others. Furthermore, YouControl is trusted by the National Bank of Ukraine, the State Financial Monitoring Service of Ukraine, National Agency on Corruption Prevention (NACP), and many other government regulators. Continue reading…

Eurojust supported the setting up of a joint investigation team (JIT) into alleged core international crimes committed in Ukraine. The responsible national authorities of Lithuania, Poland and Ukraine signed a JIT agreement on 25 March to enable the exchange of information and facilitate investigations into war crimes, crimes against humanity and other core crimes. Participation in the JIT may be extended to other EU Member States, third countries or other third parties in due course. Continue reading…

On April 5th, the Financial Stability Board (FSB) published a statement welcoming the smooth transition away from LIBOR at the end of last year. The end of 2021 marked a major milestone in the transition away from LIBOR and the FSB welcomes the smooth transition to robust alternative rates across global markets, primarily overnight risk-free or nearly risk-free rates (RFRs). The absence of any significant market disruptions is a testament to the magnitude of market participants’ efforts and the level of attention from the regulators and industry bodies to support the transition to RFRs. Continue reading…

As heavy fighting and missile strikes continue to destroy critical civilian infrastructure, humanitarian needs in Ukraine remain extremely high. Despite access and security constraints, EU humanitarian partners are providing assistance to vulnerable people in different regions of Ukraine. The EU is allocating a further €50 million in humanitarian funding to support the people affected by Russia’s war on Ukraine, including €45 million for humanitarian projects in Ukraine and €5 million for Moldova. This brings the EU’s total humanitarian aid funding in response to the war to €143 million. This funding is part of the €1 billion support package pledged by the European Commission at last week’s global pledging event ‘Stand Up For Ukraine’.
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The financial fragmentation in the euro area that occurred at the start of the coronavirus (COVID-19) pandemic was reversed relatively quickly, the European Central Bank (ECB)’s latest report on Financial Integration and Structure in the Euro Area shows. Once pre-pandemic levels of integration were regained, financial integration increased further and remained resilient to pressure from further waves of infections. The most influential policy interventions that initially kept fragmentation contained, and then brought integration back to pre-pandemic levels, were the series of ECB monetary policy measures and the European Union (EU) agreement on a sizeable coronavirus recovery fund. Continue reading…

Akshata Murthy, the wife of British finance minister Rishi Sunak, said on Friday that she would stop avoiding British tax on her foreign income — bowing to pressure which her husband had earlier dismissed as a political smear. The public anger over Murthy’s tax status has been heightened by her husband’s decision to increase payroll taxes at a time when surging inflation leaves Britons facing the biggest cost-of-living squeeze since records began in 1956. Murthy, an Indian citizen, is eligible for so-called “non-domiciled” status in Britain, something available to foreign nationals who do not regard Britain as their permanent home. That in turn allowed her to opt to pay UK tax only on income she earned in or transferred to Britain. Continue reading…

The Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has appointed Tiff Macklem, Governor of the Bank of Canada, as its new Chair, effective immediately. Mr. Macklem succeeds François Villeroy de Galhau, Governor of the Bank of France, who has chaired the GHOS since November 2019. He stepped down from the GHOS after being elected Chair of the Board of Directors of the Bank for International Settlements (BIS) in January. GHOS members expressed their thanks to Mr. Villeroy de Galhau for his leadership over the past three years, and look forward to working with Mr. Macklem. Continue reading…