BIS: “The Basel Committee has a long-standing commitment to promote the implementation of sound policies and procedures to combat money laundering (ML) and the financing of terrorism (FT). Its commitment to combating ML and FT is fully aligned with its mandate to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability.” Prudent management of risks related to ML and FT along with effective supervisory oversight are critical in protecting the safety and soundness of banks and the integrity of the international financial system. The inadequacy or absence of sound management can increase the exposure of banks to serious risks, especially reputational, operational, compliance and concentration risks. Recent developments, including robust enforcement actions taken by regulators and the corresponding direct and indirect costs incurred by banks due to their lack of diligence in applying appropriate risk management policies, procedures and controls, have highlighted those risks. These costs and damage could probably have been avoided had the banks maintained effective risk-based policies and procedures to protect against risks arising from ML and FT. In February 2012, the Financial Action Task Force (FATF) released a revised version of the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (the FATF standards), to which the Committee provided input. The Committee’s intention in issuing this consultative paper is to support countries’ implementation of the FATF standards with respect to their banks and banking groups, by exploring complementary areas and leveraging the expertise available in both organisations. Therefore, these guidelines are intended to be consistent with and to supplement the goals and objectives of the FATF standards. The Committee has included cross-references to FATF standards in this document in order to assist banks in complying with national requirements based on the implementation of those standards.”
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Daily Archives: June 27, 2013
CRS – Financial Aid for Students: Online Resources
Financial Aid for Students: Online Resources, Laura L. Monagle, Information Research Specialist, June 17, 2013 This report identifies various online sources for planning and acquiring funds for postsecondary education. Students themselves are often in the best position to determine which aid programs they may qualify for and which best meet their needs. This list includes… Continue Reading
CRS – Systemically Important or “Too Big to Fail” Financial Institutions
Systemically Important or “Too Big to Fail” Financial Institutions – Marc Labonte, Specialist in Macroeconomic Policy. June 19, 2013. “Although “too big to fail” (TBTF) has been a perennial policy issue, it was highlighted by the near-collapse of several large financial firms in 2008. Financial firms are said to be TBTF when policymakers judge that… Continue Reading
Federal Grand Jury Returns 30-Count Indictment Related to Boston Marathon Explosions and Murder of MIT Police Officer Sean Collier
Follow up to previous postings on the Boston Marathon bombings – today’s news release: “A federal grand jury today returned a 30-count indictment against Dzhokhar A. Tsarnaev for his alleged role in using weapons of mass destruction at the Boston Marathon to kill three individuals and maim or seriously injure many others, as well as… Continue Reading
UK Guardian – “NSA collected US email records in bulk for more than two years under Obama”
Follow up to EPIC – Congress Begins Investigation of NSA Domestic Surveillance Program – via Glenn Greenwald and Spencer Ackerman: “The Obama administration for more than two years permitted the National Security Agency to continue collecting vast amounts of records detailing the email and internet usage of Americans, according to secret documents obtained by the Guardian. The documents indicate that under the program, launched in… Continue Reading
New on LLRX – Privacy Resources and Sites on the Internet 2013
Via LLRX.com – Privacy Resources and Sites on the Internet 2013 – – Marcus P. Zilman’s guide is a comprehensive, timely and actionable resource inclusive of a wide range of privacy resources for individuals as well as organizations. His guide includes references to associations, indexes, search engines as and topical websites and sources that provide current applications,… Continue Reading
NRDC Annual Beach Report: Water Pollution Ruins Over 20,000 Days at the Beach for Third Straight Year
News release: “America’s beaches experienced over 20,000 closing and advisory days for the third consecutive year because of polluted water or threatened contamination, according to the 23rd annual beachwater quality report released today by the Natural Resources Defense Council. Over 80 percent of the closings and advisories were issued because testing revealed bacteria levels in… Continue Reading
CRS – Transforming Government Acquisition Systems: Overview and Selected Issues
Transforming Government Acquisition Systems: Overview and Selected Issues – L. Elaine Halchin – Specialist in American National Government, June 20, 2013. “Increasingly, the federal government uses technology to facilitate and support the federal acquisition process. Primary beneficiaries of this shift to online systems (websites and databases) are the government’s acquisition workforce and prospective and incumbent… Continue Reading
Inspector General Department of the Interior – Review of U.S. Park Police Weapons Accountability Program
Review of U.S. Park Police Weapons Accountability Program, June 2013 The Office of lnspector General (OIG) has concluded its review into allegations regarding the accountability, accuracy, and oversight of the U.S.Park Police (USPP) firearms inventory. The accompanying report provides ample evidence that USPP’s firearms management requires immediate attention to address the multitude of problems we found, which ranged from fundamental errors in recordkeeping to glaring… Continue Reading
BIS – Revised Basel III leverage ratio framework and disclosure requirements – consultative document
Revised Basel III leverage ratio framework and disclosure requirements – consultative document – June 2013: “An underlying feature of the financial crisis was the build-up of excessive on- and off-balance sheet leverage in the banking system. The Basel III reforms introduced a simple, transparent, non-risk based leverage ratio to act as a credible supplementary measure… Continue Reading
