WOCCU Urges Reduced Regulatory Burden for AML/CFT Requirements
World Council of Credit Unions (WOCCU) urged the Financial Action Task Force (FATF) to embrace proportionality in the application of anti-money laundering/countering the financing of terrorism (AML/CFT) regulations at the group’s Private Sector Consultative Forum, held May 6-7 at the United Nations Office on Drugs and Crime.WOCCU Seeks Further Guidance on Proportionality for Credit Unions
WOCCU urged the Basel Committee on Banking Supervision to provide additional guidance in the form of a set of high-level principles or weighing-factors on when less complex regulatory approaches can be warranted for credit unions.
ReadWOCCU Urges FSB to Endorse Further Proportionality Increase SME Lending
WOCCU urged the Financial Stability Board (FSB) to continue with proportionality efforts in light of the voluminous regulatory reforms adopted since the financial crisis.Summary of the Proposed Basel Consolidated Framework
The Basel Committee on Banking Supervision (Basel Committee) has proposed the Basel Consolidated Framework that sets out a consolidated version of its global standards for the regulation and supervision of banks. A members only summary can be viewed below. (Login required).