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Basel III: EU Regulatory Framework Implementation
Leaders of the Ministerial Council and European Parliament agree on key amendments to the EU Banking Package, aligning with Basel III implementation. German banking industry welcomes compromise but expresses concerns over relaxed regulations and limited relief for smaller banks.
ML/TF Risks: EU Payment Firms
The EBA's assessment flags concerns over ineffective management of money laundering and terrorist financing risks in EU payment firms. It reveals inadequate risk strategies and supervisors' failure to adapt, emphasizing the need for stronger implementation of guidelines and legal changes.
Will compliance be automated?
Compliance automation streamlines operations, reduces errors, and improves efficiency. Financial institutions use AI to automate tasks like monitoring, risk assessment, and reporting. Human judgment remains vital, focusing on strategic decisions as automation handles repetitive tasks
EU Payments Compliance: Digital Identity Regulation (eIDAS 2.0)
EU industry groups welcome eIDAS 2.0, expecting it to boost eID solutions and EUDIW user experience. However, they caution its wording implies mandatory full payment sphere inclusion, risking high costs for merchants. They urge making EUDIW's full payment cycle use optional.
Swedish Bankers Association on Amendments to IFRS 9 and IFRS 7
The Swedish Bankers' Association supports IFRS 9 and 7 amendments for better financial instrument classification. It advocates for cautious implementation to avoid unforeseen issues and excess effort, and seeks IASB's guidance on certain aspects. It recommends holistic risk disclosures.
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