.svg)
Federal Reserve Considers Extending Fedwire Service Hours
The US Federal Reserve has requested comments on its possible extension of its two large value payments services, Fedwire Funds Service and the National Settlement Service, to include weekends and holidays.
Currently, the wholesale payment service operates from Monday until Friday, excluding holidays, and Federal Reserve is now consulting on this extension for the next 60 days.
If it is implemented, payment service providers will be able to make use of the expanded operating days on a voluntary basis.
European Banking Authority Starts Collecting Information On Money Launderers
The European Banking Authority has said that it will begin to collect information on natural persons this month on its anti-money laundering (AML) database, EuReCa.
If a person is linked to financial crime, supervisors will now be able to report the information to EuReCa.
Supervisors will also be able to report the name of a member of the management body or a key function holder in a financial institution, if necessary, because a lack of honesty or integrity can cause or lead to serious problems in a financial institution’s governance arrangements, business model or activities and ultimately, weaken the institution’s AML defences.
Since its launch on January 31, 2022, 41 authorities have made more than 1,400 reports to EuReCA.
