GIFCS members meet to discuss: operational risk in the crypto sector, unravelling complex AML/CFT cases, and sustainability

The GIFCS held a Plenary meeting in London on 24-26 April 2023.

The meeting addressed topics on:

Recent events in the global banking system
Operational risk in the crypto sector
Restructuring distressed crypto businesses
Unravelling complex money-laundering cases
FATF Review of Asset Recovery
Sustainability, and systemic risks posed by nature degradation
College meetings of supervisors of trust and company service providers
New member applications

John Aspden, Chairman of GIFCS, commented “This was a very well attended meeting, arranged to focus on topical matters affecting supervisory policy and practice. Members benefit enormously from sharing experience and ideas in this way.” He added “On this occasion we also held three TCSP college meetings, which enhanced supervisors’ understanding of certain TCSP groups operating internationally.”

GIFCS’ next Plenary meeting will be held on 22-23 November 2023 in Basel, Switzerland.

28 April 2023

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.

Contact:
John R Aspden 
Chairman 
Group of International Finance Centre Supervisors 
C/o PO Box 58 
Finch Hill House 
Bucks Road 
Douglas 
Isle of Man IM99 1DT

Web: www.groupgifcs.org 
Email: jaspden@groupgifcs.org
Tel: +44 (0)7403610895