David Puth, Chief Executive Officer at CLS, welcomes the Bank of Korea’s call to expand protection from settlement risk in foreign exchange and highlights the efficiency and operational benefits of CLS to non bank financial institutions.
An anti-money laundering law that did not cover casinos. A weekend and a holiday in the targeted banks in at least three countries. A Swift system that worked. And human slip-ups that rang alarm bells but also consummated the biggest documented cyber heist and money laundering in the Philippines.
Finance has failed because of its self-referential world where people are merely trading existing assets, rather than creating new assets. And regulation is failing by making things ever more complex and less related to the real interests of the public. Author and economist John Kay says regulation of banking is not about writing more rules but changing the structure of the industry.