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GIFCS members meet to discuss implementation of the revised Basel Core Principles

The GIFCS held a Plenary meeting on 22-23 April in Basel, Switzerland.

The occasion comprised a Plenary discussion on the first day, followed by a regulatory visit on the second day. Topics included were:

• Implementation of the revised Basel Core Principles, to be endorsed at the International Conference of Banking Supervisors

• Derisking and correspondent banking

• Development of sustainable finance across IFCs

• Federated Learning Technology for AML/CFT

• Impact of insurance premium increases on financial stability

• FATF consultation on Recommendation 16

• GIFCS college meetings

John Aspden, Chairman of GIFCS, commented “Implementation of the revised Basel Core Principles was a key topic for this meeting, underpinning as they do the soundness and effectiveness of banking supervision globally. I am pleased also that we are monitoring and updating our progress on sustainable finance, and exploring technology-driven techniques for achieving AML/CFT effectiveness.”

GIFCS’ next Plenary meeting will be held on 13-14 November 2024 in the British Virgin Islands.

Notes for editors

The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena.

The GIFCS was established in 1980. Today its membership accounts for a market share of approaching 10% of global international banking assets. The Group, which meets formally twice a year, has become a very positive contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of the work of IOSCO.

The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for the regulation of the TCSP sector, which is being implemented by members and against which their compliance is formally evaluated.


John R Aspden


Group of International Finance Centre Supervisors

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