UAE to restrict use of BlackBerry technology

The authorities in the United Arab Emirates (UAE) are to restrict the use of Blackberry technology within the country. According to the UAE Telecommunications Regulatory Authority (TRA), the suspension of messenger, e-mail and internet services for the BlackBerry will be implemented this coming October.

The ban is to be introduced as the technical infrastructure of the BlackBerry features operate outside of the regulatory framework set up by the TRA in 2007. Because of this BlackBerry users cannot be effectively monitored by the UAE authorities which creates a number of national security concerns, the board explained.

Mohamed Al Ghanim, TRA director, said that the ban will be in place until “an acceptable solution can be developed and applied”.

“The TRA notes that Blackberry appears to be compliant in similar regulatory environments of other countries, which makes non-compliance in the UAE both disappointing and of great concern,” he added.

Reports have claimed that such a move could put the reputation of the UAE as a hub for business and financial services at risk it goes ahead.

In a similar move the authorities in Saudi Arabia have also announced that a ban on BlackBerry messaging services is to be implemented.

Forty Indian banks can now offer mobile banking

The Indian Government has said that 40 banks across the country have now been authorized to offer mobile banking services to their customers.

The government together with the Reserve Bank of India (RBI) have also put in place guidelines for mobile banking to prevent money laundering and terror funding through the system, according to the Indian Minister of State for Finance Namo Narain Meena.

"The RBI has authorised 40 banks till date to offer mobile banking services to their customers. To guard against money laundering, terror funding, etc, care has been taken while issuing mobile banking guidelines...," Meena said.

Under the rules, banks have to comply with various guidelines, including Know Your Customer (KYC), Anti-Money Laundering and Combating Financing of Terrorism (CFT), he added.

The minister said that banks can extend mobile banking services to any place in India with a one-time approval of the central bank. Banks can offer mobile banking services with a daily cap of Rs 50,000 (USD 1,080) per customer for fund transfer as well as transactions, he added.

Broad agreement reached on Basel Committee capital and liquidity reform package

The Group of Governors and Heads of Supervision (Group), the oversight body of the Basel Committee on Banking Supervision, met on 26 July 2010 to review the Basel Committee's capital and liquidity reform package. The Group is deeply committed to increase the quality, quantity, and international consistency of capital, to strengthen liquidity standards, to discourage excessive leverage and risk taking, and reduce procyclicality. The Group reached broad agreement on the overall design of the capital and liquidity reform package. In particular, this includes the definition of capital, the treatment of counterparty credit risk, the leverage ratio, and the global liquidity standard. The Committee will finalize the regulatory buffers before the end of 2010. The Group also agreed to finalize the calibration and phase-in arrangements at their meeting in September.

Mr Jean-Claude Trichet, President of the European Central Bank and Chairman of the Group, said that "the agreements reached today are a landmark achievement to strengthen banking sector resilience in a manner that reflects the key lessons of the crisis." He emphasized that "the Group of Governors and Heads of Supervision have ensured that the reforms are rigorous and promote the long term stability of the banking system. We will put in place transition arrangements that ensure the banking sector is able to support the economic recovery."



Mr Nout Wellink, Chairman of the Basel Committee and President of the Netherlands Bank added that "a strong banking sector is a necessary condition for sustainable economic growth." He added that the announcements today should provide additional transparency about the design of the Basel Committee reforms, thus reducing market uncertainty and further supporting the economic recovery. Mr Wellink underscored that "many banks have already made substantial strides in strengthening their capital and liquidity base. The phase-in arrangements will enable the banking sector to meet the new standards through reasonable earnings retention and capital raising."

In reaching their broad agreement, the Group considered the comments received during the public consultation on the Basel Committee's proposed reforms, which were published in December 2009. They also took account of the results of the Quantitative Impact Study, the assessments of the economic impact over the transition and the long run economic benefits and costs. The Basel Committee will issue publicly its economic impact assessment in August. It will issue the details of the capital and liquidity reforms later this year, together with a summary of the results of the Quantitative Impact Study.

The key broad agreements of the Governors and Heads of Supervision are summarized in the “Annex” which may be downloaded from the BIS by clicking HERE.

UK's Metro Bank's first customers on why they are switching

TRAINING COURSE “ENTERPRISE RISK MANAGEMENT (ERM)”

Zurich, 15 -16 December 2010

Organizations are experiencing an increased concern and focus on risk management. The challenge for management of both private and public organizations today is to determine how much uncertainty to accept as it strives towards achieving the organization’s objectives and delivering value to its stakeholders.

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The course provides an opportunity for delegates to benchmark their ERM practices against the COSO – ERM framework, and learn how to implement an effective ERM system.

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For detailed course information and registrations please CLICK HERE

TRAINING COURSE “CORPORATE GOVERNANCE”

Zurich, 13 -14 December 2010

In the last decade corporate governance has become established as an area of increasing academic, political and commercial debate. It has now become essential for any middle or senior manager to have an understanding of the key aspects of effective corporate governance.

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This course is being offered in conjunction with IASeminars.

For detailed course information and registrations please CLICK HERE

TRAINING COURSE “OPERATIONS RISK – ACTIVE MANAGEMENT ACROSS INDUSTRIES”

London, 29 November / 1 December 2010

In the past decade Operations Risk Management has been increasingly pushed into the foreground by the work and the requirements of international standard setting bodies. Through various recommendations as well as specific covenants, operational risk management has become merely a compliance issue facing most corporations.

Implementing an effective Operational Risk Management regimen is a complex process. At its core is an understanding of what Operations Risk is and how it can be best managed. All too often firms have seen the need to effectively manage their operational risks as simply an issue of complying with what the regulators require, rather than a disciplined process that serves to not only ensure a business’s survival but which can, in the long run, contribute to that business’s financial fortune.

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This course is being offered in conjunction with IASeminars.

For detailed course information and registrations please CLICK HERE