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Items tagged with "Banking"

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EBA considers Data Management in Resolution Evaluation

The European Banking Authority (EBA) have published a guide highlighting the importance of assessing data management when evaluating an entity for resolution. In a year when Europe’s Single Resolution Board (SRB) has shifted to full XBRL reporting, the importance of high quality data in this area is increasingly evident. The SRB collects huge amounts of data […]

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One-Third of UK Financial Firms using ML

Machine learning (ML) has been touted as set to transform the financial landscape – but is this hype or reality? A recent Bank of England survey indicated that machine learning – including live projects using complex methods such as natural language processing – are increasingly common in the UK. The data shows that a third […]

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India to Give Individuals Financial Data Access

India’s banks are set to roll out a unique system designed to give 560 million internet users unprecedented control over their own financial data. The new system will give people the ability to decide what data to share, with whom, and for how long. It takes advantage of pre-existing requirements for data to be reported […]

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EU E-Payments Lack Clarity

European banks are seeking clarification on the European Banking Authority’s (EBA’s) e-money transaction and reporting regulations. Following an EBA workshop, banks from nine European countries have endorsed a note requesting clarification on the definition of e-money transactions and the related reporting requirements. EBA’s guidelines on fraud reporting under PSD2 require banks to report fraudulent e-money […]

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India extends XBRL to Co-operative Banks

As part of a number of regulatory requirements established in recent months, this week the Reserve Bank of India (RBI) mandated regular XBRL reporting for urban co-operative banks (UCBs). UCBs are co-operatively owned, usually formed around communities or small groups with a common interest and used to finance small businesses within that community. They have […]

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US Federal Regulators Accept Alternative Data

Five US Federal financial regulatory agencies have issued a joint statement outlining their thoughts on the use of alternative data in underwriting and credit analysis by banks, credit unions and financial firms. The statement, issued by the Federal Reserve Board (Federal Reserve), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the […]

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EBA Consults on Reporting Requirements for Market Risk

This week the European Banking Authority (EBA) launched a public consultation on specific supervisory reporting requirements for market risk. These reporting requirements form the first part of the Fundamental Review of the Trading Book (FRTB) introduced by the revised Capital Requirements Regulation (CRR2) in the prudential framework of the EU. This consultation paper includes proposals […]

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The Case for ISO 20022

Major central banks are set to switch their payments systems to ISO 20022 by 2025, bringing much-needed standardisation to the global payments infrastructure. Earlier this month The Banker sat down with Saqib Sheikh, SWIFT’s global head of ISO 20022 programme, to outline why the migration to ISO 20022 is so important for the banking industry. […]

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Survey Dives into KAMs in the Banking Sector

An Accountancy Europe survey of Key Audit Matters (KAMs) reporting has found a slight dip in the number of KAMs reported by European banks – although numbers are still significantly higher than the average for all industries. KAMs became mandatory with the new and revised auditor reporting standards which came into effect for audits of […]

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SRB Publish 2020 Taxonomy

Europe’s Single Resolution Board (SRB) is taking steps to protect taxpayers from having to bail out the banks. This week they have published a taxonomy extension in order to facilitate their shift to full XBRL reporting in 2020. The SRB was formed in response to the ‘too big to fail’ problem revealed by the 2008 financial crisis. In […]

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