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Anti-money laundering and transaction monitoring in times of a pandemic

The fight against money laundering (ML) and terrorist financing contributes to global security, the integrity of the financial system and sustainable growth. In recent years, banks have been under more supervisory scrutiny when it comes to the detection and prevention of financial crime. Financial institutions have therefore stepped up their measures against fraud, money laundering, terrorist financing and other forms of financial crime. In this fight, transaction monitoring is a crucial tool to detect unusual transactions and patterns.

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Liquidity Risk Management for Insurers

Latest insurance sector regulatory developments with increased attention on liquidity risk management

Supervision of insurers has so far focused mainly on solvency. There has been less focus on liquidity risk, which is generally not seen as a material risk for insurers, given the characteristics of traditional (life) insurers.

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IFRS 17 – EU ignoring annual cohorts?

Potential inconsistency between group and local reporting for international insurers

IFRS 17 has been a long time in the making. One of its most controversial aspects discussed this year is the annual cohorts requirement. On the one hand, the IASB hopes to shed light onto possible onerous insurance contract generations. On the other hand, most of the insurance industry argues that the requirement is against the basic principle of sharing the risk among contracts and essentially their business model. Meanwhile, the European Financial Reporting Advisory Group (EFRAG) is divided in forming an opinion on this matter.

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Limiting the transfer pricing burden for the insurance industry

Insurers face a growing transfer pricing compliance burden as industry-specific elements increase complexity. However, regulatory compliance remains key to limit tax and reputational risks. In this regard, it is of paramount importance to be aware of potential pitfalls for the insurance industry, as well as to analyze how technology may assist insurers to navigate through the changed regulatory landscape.

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A new milestone on the IBOR reform road

ISDA Fallbacks Supplement and Protocol

On 23 October 2020, the International Swaps and Derivatives Association (ISDA) launched the IBOR Fallbacks Supplement to the 2006 ISDA Definitions and the ISDA 2020 IBOR Fallbacks Protocol. The supplement and the amendments resulting from the protocol will take effect on 25 January 2021.

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