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RiskCheck
Friday, 6th June, 2014

LOCAL NEWS

SBP guidelines on setting operational risk frameworks and Loss Data collection 
The News - 22nd May  2014

The State Bank of Pakistan (SBP) expects all banks and development finance institutions to set up operational risk frameworks and commence operational loss data collection in line with the prescribed mechanism by December 2015. During this time, SBP inspection teams will review progress made by the banks.  READ FULL STORY

Banks asked to complete IRS registration
The News  - 2nd May 2014

The State Bank of Pakistan (SBP), last month, directed all banks to complete the registration process with the Internal Revenue Service (IRS) as participating foreign financial institutions. The aim of this registration was to avoid negative repercussions of non-compliance with the Foreign Account Tax Compliance Act (FACTA) regulations and maintain continuity of international business and trade in the public interest. 
 

SBP releases prudential regulations for housing & mortgage financing
The News - 10th May 2014

The State Bank of Pakistan released a fresh set of prudential regulations for regulating financing in housing and mortgage. House Building Finance Company (HBFCL) which in its opinion, would go a long way to regulate house finance activities properly and according to their requirements while also encouraging the flow of finance in the sector. 
 

New security features for bank cheques
The News - 21st May 2014

The SBP has enhanced the security features of bank cheques in order to facilitate smooth transition of the industry, according to a circular. All cheques will now carry a banks logo or name as a watermark. 

INTERNATIONAL NEWS

Morgan Stanley expects Qatar's CBQ, Doha bank to raise capital in 2015
Reuters, 21st May 2014

U.S. investment bank Morgan Stanley expects the Commercial Bank of Qatar (CBQ) and Doha bank to increase their capital next year by $412 million each to abide by expected central bank regulations. While Qatari banks have formally adopted Basel III international regulations as of early this year, Morgan Stanley expects Qatar's central bank to impose higher capital requirements that could go up to 16 percent of risk-weighted assets in 2019.  READ FULL STORY 

UK fraud office steps up probe into Barclays over Qatar
Reuters, 11th  May 2014

The UK fraud office stepped up its probe into British Bank Barclays dealings with Qatar. Former chief executives of the bank, and other senior members of Barclays' former management are set to be questioned under caution by the UK's Serious Fraud Office. 
 

EU commission charges HSBC, JPMorgan and Credit Agricole with rigging
Boston Globe,  20th May 2014

Global European Union anti-trust regulators charged Europe's biggest bank HSBC, U.S. peer JPMorgan and France's Credit Agricole with rigging financial benchmarks linked to the Euro, exposing them to potential fines. The European also said it would charge broker ICAP soon for suspected manipulation of the yen Libor financial benchmark.


U.S. seeks $10 bn penalty from BNP over sanctions probe
Reuters, 29th May 2014

The U.S. Justice department is pushing BNP Paribas SA to pay more than $10 billion to resolve a criminal probe into allegations that the French bank evaded U.S. sanctions against Iran and other countries for years.
 
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