News from December 2023

The 12 federal reserve banks implement a common records request policy

The Federal Reserve Bank of New York has announced the implementation of a new common policy for bank records disclosure by the 12 federal reserve banks. The objective of this policy is to enhance transparency by simplifying and standardizing the process of information requests from the public and news media.

Hong Kong Monetary Authority to launch an interbank account data sharing pilot

The Hong Kong Monetary Authority (HKMA) has announced plans to initiate its Interbank Account Data Sharing (IADS) pilot program in the early part of next year. The scheme will allow customers, upon their agreement, to share their bank account data securely and efficiently with other banks.

New Zealand Reserve Bank issues Citibank NZ a warning under the AML/CFT Act

The Reserve Bank of New Zealand has issued a warning to Citibank NZ for failing to provide originator information in thousands of international wire transfers to beneficiary institutions. This is a requirement under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009.

Binance survey finds crypto users prioritize earning extra income, achieving financial security

A survey carried out by Binance, the world's largest cryptocurrency exchange, revealed that 45% of participants primarily utilize cryptocurrency to generate additional income. The survey involved over 1,000 Binance users.

European Central Bank and European Systemic Risk Board publish climate risk report

The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) have released a report titled "Towards macroprudential frameworks for managing climate risk." The document delves into the potential risks that climate change poses to the financial system of the European Union (EU), and proposes a macroprudential strategy aimed at mitigating these impacts on the sector.

Central Bank of the Bahamas publishes its Digital Assets Guidelines 2023

The Central Bank of the Bahamas has announced the publication of its Digital Assets Guidelines 2023, which came into effect on December 12, 2023.

Blockchain consulting firm founder says Binance’s inflows, assets demonstrate confidence in new leadership

Adrian Zduńczyk, founder and CEO of the blockchain startup The Birb Nest, stated in a social post on X (formerly known as Twitter) that Binance's inflows and on-chain assets are evidence of continued trust from crypto users worldwide. He noted that the world's largest crypto exchange is demonstrating financial strength and resilience under its new leadership. Binance reached a settlement with the U.S. government in November, resolving historical compliance issues.

Financial Stability Board publishes toolkit for managing third-party risks

The Financial Stability Board (FSB) has disclosed the publication of its "toolkit for financial authorities and financial institutions for their third-party risk management and oversight." This toolkit, a product of months-long consultations with members of the financial sector, aims to address the growing dependency on third-party providers within the industry.

Turkey’s central bank issues E9 series VII banknotes bearing signature of its first female governor

The Central Bank of the Republic of Türkiye has announced that the E9 series version VII banknotes in denomination of TRY 200 will enter circulation on December 7, 2023. This decision aligns with Law No. 1211.

US Department of the Treasury hosts EU–US Joint Financial Regulatory Forum

The U.S. Department of the Treasury announced that this week it co-hosted the EU–U.S. Joint Financial Regulatory Forum. While the forum provided participants with the opportunity to engage in financial regulatory dialogue on topics of mutual interest, it emphasized areas of ongoing EU and U.S. cooperation.

Central Bank of Kuwait releases its FY 2022-2023 report

The Central Bank of Kuwait (CBK) has published its annual report for the fiscal year 2022-2023, providing insights into significant banking, economic and monetary developments over the period. The report also outlines the bank's efforts to maintain stability and includes an auditors' report on the bank's financial statements.

Binance CEO on financial inclusion: Crypto is 'changing the lives of people drastically'

Richard Teng, recently appointed CEO of Binance, the world's largest cryptocurrency exchange, emphasized the transformative potential of cryptocurrency during an X Spaces event on December 1. He highlighted its capacity to provide access to financial services that may be inaccessible through traditional financial institutions. A summary of Teng's remarks was shared by Binance in a post on its website dated December 4.

Central Bank of the UAE announces sustainable finance solutions recognized in COP28 UAE TechSprint

The Central Bank of the United Arab Emirates (CBUAE) recently revealed the winners of COP28 UAE TechSprint, a competition aimed at accelerating the development of sustainable finance solutions that can have a positive effect on global climate change. The event was held in collaboration with the COP28 Presidency, the Bank for International Settlements, and the Emirates Institute of Finance.

Hong Kong Monetary Authority launches new alert message for Faster Payment System users

The Hong Kong Monetary Authority (HKMA) has embarked on an initiative that is set to improve the alert mechanism for Faster Payment System (FPS) users through the introduction of a notification message, designed to flag potential fraud risks before transactions are approved using proxy IDs. This new feature is referred to as the FPS Suspicious Proxy ID Alert.

Bank of Canada report shows Canadians are not quite ready for a digital dollar

A new report from the Bank of Canada evaluates Canadians' perspectives on a potential digital version of the Canadian dollar. The feedback provided by Canadians and other stakeholders indicates a greater number of concerns than excitement about the idea.

Governing Council of the European Central Bank chooses themes for future euros

"European Culture" and "Rivers and Birds" are the top choices of the European Central Bank's Governing Council for future euro banknotes' themes, selected in accordance with the public preferences expressed in 2023 surveys.