GIFCS members meet to discuss implementation of lessons learned from the March 2023 banking turmoil
In a meeting jointly organised with the Financial Stability Institute, the GIFCS held a seminar on 9 & 10 April 2025 at the BIS Tower, Basel, Switzerland, on implementation of lessons learned from the March 2023 banking turmoil.
This was followed by a Plenary meeting of GIFCS at which a new member was admitted.
Topics at the joint FSI-GIFCS seminar included:
- Impact on supervision of recent geo-political events
- Business model analysis
- Challenges of supervisory, qualitative measures
- Managing liquidity risk
- Resolution arrangements
Matters at the subsequent GIFCS Plenary were:
- Approval of a membership application from the Anguilla FSC
- Agreement on a revised GIFCS commitment on asset recovery
- Suspicious transaction reporting and the setting up of workstream to prepare additional guidance for trust and company service providers (TCSPs)
- Revision of the GIFCS Standard on the Regulation of TCSPs
- FATF review of Observers
- Evaluation of a member jurisdiction’s compliance with the TCSP Standard
- Programme for TCSP college meetings in 2025
- Establishment of a legal contact group
John Aspden, Chairman of GIFCS, commented “This was a busy and very fruitful gathering during which the FSI brought together authoritative speakers to discuss how key areas of banking supervision are developing. Meanwhile the GIFCS continues to expand and broaden its reach, and was therefore delighted to welcome a new member – the Anguilla Financial Serrvices Commission.”
Mr. Ralph Hodge, Chairman of the Anguilla Financial Services Commission said “This is certainly a major milestone for Anguilla as we continue to grow as a reputable international financial services centre. Our membership with GIFCS demonstrates our commitment to upholding best practices and international standards, to ensure our financial services industry is supervised in a prudent manner. We look forward to contributing to the meaningful work of GIFCS as its newly approved member.”
GIFCS’ next Plenary meeting will be held in the Cayman Islands on 5 & 6 November 2025.
22 April 2025
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 significant market share of global international banking and fund 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 for AML/CFT. Members also contribute 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