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More and more ML/TF failures are being revealed around the world, the environment is becoming increasingly fragile and competition is ever increasing, with countries, regulators and organisational leaders finding it difficult to keep up. Compliance departments become busier by the minute facing emerging risks, new regulatory requirements, and organisational leaders as well as clients, viewing them as a ‘snoops’ and as an ever-increasing cost.

The report highlights the main updates made to integrate the climate models in order to reflect the most recent climate data and economic outlook on macroeconomic variables, used as part of the models, and consequently, on both physical and transition risks.

Summarising the NGFS directory for bridging climate related data gaps, overcoming limitations, and proposed policy recommendations to support the needs of the financial sector.

By the end of 2023, the EU Non-Financial Reporting Directive (NFRD) will be in force. The NFRD requires large public interest companies and listed companies to prepare and publish information related to their sustainability performance (society, environment, governance (ESG)) on an annual basis.

Understanding NGFS released data, exploration of scenarios and their impact, and leveraging on globally accepted solutions for the quantification of climate and environmental risks.

EBA published, on the 21st of June 2022, draft principles in assessing representativeness of COVID-19-impacted data in re-calibration of IRB models. The Supervisory handbook that will be published later in 2022 will include these principles, aiming at ensuring a harmonised approach. COVID events and especially the use of moratoria and other public measures may have led to changes in default rates.

The EBA Annual Report was published on the 15th of June 2022, highlighting the main achievements made in 2021, providing an overview of the key priorities for the coming year.

The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.

The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.

On October 18th, 2021 ECB published its report regarding the 2022 thematic stressed test focusing on climate risk. The 2022 climate risk stress test exercise is considered to be a joint learning exercise with pioneering characteristics, that will be conducted from March 2022 to July 2022.

As per the requirements of the EU Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (4th EU Directive) and article 61A (a) of the Prevention and Suppression of Money Laundering Activities Laws of 2007-2018, each EU member state is required to maintain a central register of beneficial owners of companies and other legal entities. In particular, of each physical person owning or controlling more than 25 % of the entity.

When the rules of the race change, it is the most prepared teams who have the advantage. So too for businesses when regulatory changes loom.

Our IBR research found business are laser focusing on mitigating data privacy risk at the expense of combating cyber security threats.

Realistic resilience: taking a pragmatic approach to cybersecurity

In recent years, 20,000 Chinese investors created more than 30,000 enterprises in 188 different countries. This equates to outward foreign domestic investment from China being ranked second for the first time, second only to the United States.

Whilst corporate tax avoidance continues to grab headlines, some of the biggest reforms are in fact occurring within indirect tax.