GIFCS members meet to discuss sustainable finance and third-party providers
The GIFCS held a Plenary meeting on 22-23 November in Basel, Switzerland. The occasion was marked by a seminar jointly organised by the BIS Financial Stability Institute (FSI) and the GIFCS on sustainable finance and third-party providers.
Topics included were:
- An update on the activities of the Basel Committee
- Evolving global standards on climate-related financial risks
- Supervisory expectations
- National experiences in defining good practices for climate and environmental risk management
- Operational resilience and third-party risk management (BCBS, FSB and IAIS)
- Financial institutions’ dependencies on cloud providers
John Aspden, Chairman of GIFCS, commented “We were very grateful to the FSI for facilitating such an important seminar on two key topics within the supervisory agenda. It was an invaluable opportunity to hear from standard setters, international regulators and industry practitioners how financial supervision is addressing risk management in these areas.”.
GIFCS’ next Plenary meeting will be held on 22-23 April 2024 in Basel, Switzerland.
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
C/o PO Box 58
Finch Hill House
Isle of Man IM99 1DT
Tel: +44 (0)7403610895