Bank of Korea reports KRW 17.3 trillion increase in depository corporations’ industrial loans in Q1 2025
The Bank of Korea released Q1 2025 data indicating a KRW 17.3 trillion increase in industrial loans by depository corporations.
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Bank of Korea reports USD 5.70 billion current account surplus in April 2025 preliminary balance of payments
The Bank of Korea reported a preliminary current account surplus of USD 5.70 billion for April 2025, alongside a USD 4.51 billion rise in net assets in the financial account.
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Council of Europe’s MONEYVAL and the Financial Action Task Force convene joint plenary to strengthen global response to illicit finance threats
The Council of Europe announced a joint Plenary meeting between its MONEYVAL body and the Financial Action Task Force in Strasbourg on 12–13 June to enhance efforts against illicit finance. Chaired by FATF President Elisa de Anda Madrazo and MONEYVAL Chair Nicola Mucciolo, the meeting will focus on coordinated responses to emerging threats and implementing risk-based anti-financial crime measures. FATF-Style Regional Bodies' chairs will meet on 14 June for a high-level session to foster partnerships and knowledge exchange.
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Luxembourg Commissariat aux Assurances publishes Circular Letter 25/7 on the qualitative AML/CFT questionnaire
The Luxembourg Commissariat aux Assurances released Circular Letter 25/7, introducing a qualitative questionnaire for anti-money laundering and counter-terrorist financing. The questionnaire is provided as an annex.
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Taiwan Financial Services Commission reports domestic banks’ outstanding SME loans rose to NT$10,464bn at end-April 2025
The Taiwan Financial Services Commission reported that domestic banks' outstanding loans to small and medium-sized enterprises (SMEs) reached NT$10,464 billion at end-April 2025, an increase of NT$52.5 billion from end-March. SME lending accounted for 64.44% of total enterprise loans and 68.12% of private enterprise loans, with a non-performing loan ratio of 0.24%. The FSC emphasized the importance of continued SME lending expansion with effective risk management.
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Central Bank of the UAE imposes 12.3 million in AML CFT financial sanctions on six exchange houses
The Central Bank of the UAE imposed 12.3 million AED in sanctions on six exchange houses for violating the Anti-Money Laundering and Combating the Financing of Terrorism framework under Article (14) of Federal Decree Law No. (20) of 2018. The sanctions followed examinations revealing non-compliance with AML/CFT regulations. This enforcement aligns with the CBUAE's mandate to uphold transparency and integrity in financial transactions and protect the UAE financial system.
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Abu Dhabi Global Market Financial Services Regulatory Authority implements immediate amendments to its digital asset regulatory framework
The Abu Dhabi Global Market Financial Services Regulatory Authority has amended its digital assets framework to streamline Virtual Assets acceptance and refine capital requirements and fees. The changes, effective immediately, introduce a product intervention power, confirm prohibitions on privacy tokens and algorithmic stablecoins, and expand investment scopes for Venture Capital Funds. Updated guidance on Virtual Asset regulation and assessment criteria has also been issued.
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Central Bank of Montenegro adopts CRR III-aligned capital adequacy rules effective 1 January 2026
The Central Bank of Montenegro adopted its Annual Report 2024 and issued a Decision on Capital Adequacy of Credit Institutions, aligning with EU CRR III regulation. The report highlights positive banking sector trends, including asset growth of 7.7% and loan growth of 13.3%, alongside payment system modernization and sustainable finance initiatives. The Financial Stability Report assessed systemic risks as moderate, while the Price Stability Report recorded average inflation of 3.3% in 2024, projecting 2025 inflation between 1.6% and 3.6%.
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National Bank of Ukraine updates benchmark government bonds eligible for banks’ reserve requirement coverage
The National Bank of Ukraine has updated its list of benchmark domestic government debt securities for banks to meet reserve requirements, effective 11 June 2025. The update includes the removal of ISIN UA4000227102 and the addition of ISIN UA4000235642, allowing banks to cover up to 60% of reserve requirements with these securities. The list, now comprising 17 securities, was revised following proposals from the Ministry of Finance of Ukraine.
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Ukraine National Commission on Securities and Stock Market discusses IOSCO alignment, EU financial integration and investment accounts with the World Bank
The Ukraine National Commission on Securities and Stock Market (NSSMC) met with a World Bank delegation to align Ukraine’s capital market framework with IOSCO standards and advance EU financial integration. Chairman Ruslan Magomedov emphasized digitalisation, investor protection, and investment accounts as key initiatives. Both parties committed to supporting transparent market transformation and global financial integration.
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Ukraine's National Commission on Securities and Stock Market again suspends FC ZHYTLO-CAPITAL license over unresolved ownership structure breaches
Ukraine's National Commission on Securities and Stock Market suspended FC ZHYTLO-CAPITAL LLC's license for systemic legislative violations, including non-compliance with ownership structure requirements. The firm is appealing but cannot create new construction financing funds or expand existing ones. The suspension aims to protect investors and enforce compliance in the housing sector amid ongoing war conditions.
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Angola's Ministry of Finance issues new authorisation and registration rules for capital markets boards and key managers
Angola's Ministry of Finance has introduced a regime for authorising and registering corporate bodies and management in capital markets to enhance order, investor protection, and combat financial crimes. It now includes non-bank financial institutions, collective investment scheme managers, and regulated market operators under Capital Markets Commission supervision. It mandates notifying the CMC of management changes and permits outsourcing management functions with conditions.
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Bank of Italy publishes 2024 Tuscany economy report showing 0.6% growth and persistent cyclical weakness
The Bank of Italy's annual report on Tuscany's economy highlights modest regional output growth in 2024, with a 0.6% increase compared to Italy's 0.7%. Manufacturing struggled due to a crisis in the fashion industry, partially offset by pharmaceuticals and jewellery, while services and tourism saw slight expansions. The report flags high uncertainty for 2025, with Tuscany's international openness exposing it to trade policy shifts, including new US tariffs impacting exports.
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Bank of Italy publishes legal research on EU resolution authorities and their institutional settings
The Bank of Italy released Quaderno di Ricerca Giuridica No. 104, examining the institutional frameworks of resolution authorities in European Union Member States.
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Bank of Italy takes its In viaggio con la Banca d’Italia programme to Potenza with a payment-fraud event and a new report on Basilicata’s economy
The Bank of Italy will host two public events in Potenza on 9–10 June as part of its "In viaggio con la Banca d’Italia" initiative, focusing on financial literacy and regional economic engagement. The programme includes a session on payment fraud prevention and the presentation of a new report on the Basilicata economy, with discussions on innovation and labour-market trends.
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National Bank of the Republic of North Macedonia agrees with the Chamber of Commerce to intensify cooperation through regular consultations
The National Bank of the Republic of North Macedonia and the Chamber of Commerce of North Macedonia agreed to enhance cooperation through regular consultations and exchanges. Discussions between Governor Trajko Slaveski and President Branko Azeski focused on monetary policy, financial stability, and business access to finance. The central bank emphasized transparency and stability, while the Chamber expressed readiness for active collaboration.
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Bank of Italy publishes legal research on the institutional design of resolution authorities across EU Member States
The Bank of Italy released Legal Research No. 104, analyzing the institutional setup of resolution authorities in EU Member States.
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Bermuda Ministry of Finance reports Financial Policy Council meeting and opens roundtables with long-term insurers
The Bermuda Ministry of Finance released a summary of the Financial Policy Council's 28th meeting, highlighting a roundtable with Bermuda-based international long-term insurers on financial stability risks and (re)insurance supervision. The Council reviewed regulatory enhancements for life reinsurers and stressed improved communication with the Bermuda Monetary Authority. Discussions included crisis management planning, geopolitical risks, and international tax developments.
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Federal Reserve Bank of New York releases May Survey of Consumer Expectations showing inflation expectations fell across all horizons and labor market outlook improved
The Federal Reserve Bank of New York's Center for Microeconomic Data released the May 2025 Survey of Consumer Expectations. It shows a decline in households' median inflation expectations over one-, three-, and five-year horizons, alongside improved labor market expectations and a slight increase in household financial and delinquency expectations.
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National Association of Insurance Commissioners outlines accounting updates and RBC modernisation as it reexamines oversight of insurer investments
The National Association of Insurance Commissioners, led by Wisconsin Insurance Commissioner Nathan Houdek, is reassessing U.S. insurance financial oversight due to shifts in insurers' investment strategies. Key initiatives include updating accounting standards and advancing the NAIC's Risk-Based Capital modernization project. Houdek emphasized the need for international collaboration amid increasingly global investment markets.
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National Association of Insurance Commissioners president highlights AI model bulletin uptake and working group to implement the Aggregation Method
NAIC President Jon Godfread emphasized international supervisory engagement at the 2025 NAIC International Insurance Forum, focusing on cybersecurity, AI, climate resilience, and financial transparency. He noted the 2023 AI Model Bulletin's adoption by 24 jurisdictions and discussed initiatives like the Catastrophe Modeling Center of Excellence and the Insurance Capital Standard. Godfread expressed concerns about the Federal Insurance Office's international role, citing potential uncertainty in U.S. insurance oversight representation.
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Croatian National Bank launches HNB Podcast with first episode on the digital euro
The Croatian National Bank has launched the HNB Podcast to enhance public education and financial literacy, covering topics such as inflation, monetary policy, and financial stability. The first episode, featuring Governor Boris Vujcic, focuses on the digital euro, its purpose, usage, and introduction. The podcast is accessible on the bank's YouTube channel and website.
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Hong Kong Securities and Futures Commission convenes broker forum and introduces enhanced account-opening approaches with renewed focus on cyber and trading controls
The Hong Kong Securities and Futures Commission hosted the "Powering Growth with Resilience" broker forum, engaging 700 senior securities representatives on supervisory observations and regulatory updates. Key topics included IPO market developments, innovation in exchange-traded and tokenised products, and enhanced account-opening approaches. The SFC emphasized improving cybersecurity and internal controls to prevent unauthorised trading.
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Zimbabwe Insurance and Pensions Commission publishes consumer explainer on insurance and pensions and clarifies its regulatory remit
The Zimbabwe Insurance and Pensions Commission (IPEC) issued a note on insurance and pension savings for financial shocks and retirement needs. It distinguishes between general insurance and life assurance, and outlines Zimbabwe's pension architecture, including mandatory and voluntary schemes. IPEC regulates voluntary private occupational schemes and Individual Pension Plans, while other schemes are overseen by the Ministry of Public Service, Labour and Social Welfare.
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Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan and the National Bank lower the mortgage annual effective interest rate cap to 20%
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan and the National Bank of Kazakhstan have jointly amended rules to reduce the maximum annual effective interest rate cap for mortgage housing loans from 25% to 20%. This amendment updates the August 2024 resolution on interest rate ceilings.
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Hong Kong Monetary Authority issues scam alert on fraudulent bank websites, login screens and phishing attempts
The Hong Kong Monetary Authority alerted about scams with fake websites, banking login screens, and phishing emails linked to The Bank of East Asia, Shanghai Commercial Bank, and Chong Hing Bank. HKMA stressed banks won't send SMS or emails with transaction hyperlinks or request sensitive information via phone, email, or SMS. Customers who shared personal information or conducted transactions due to these scams should contact their bank and report to the Hong Kong Police Force.
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Reserve Bank of India lifts restrictions on banks’ use of Brickwork Ratings for Basel III capital risk weights
The Reserve Bank of India has lifted restrictions on scheduled commercial banks, including small finance banks, regarding the use of Brickwork Ratings India Private Limited credit ratings for risk-weighting claims under the Basel III capital framework. This updates the previous permission granted in the 10 July 2024 circular. Other provisions in the Basel III Capital Regulations master circular dated 1 April 2025 remain unchanged.
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Reserve Bank of India expands Large Exposures Framework exemptions to priority sector shortfall contributions
The Reserve Bank of India has amended the Large Exposures Framework to expand exemptions from banks' exposure limits for shortfalls in priority sector lending targets. Exemptions now include contributions to funds with the National Housing Bank, Small Industries Development Bank of India, MUDRA Ltd., or other specified entities. This change applies to all scheduled commercial banks, excluding regional rural banks, and is effective immediately.
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Reserve Bank of India excludes UCB PSL shortfall contributions to eligible funds from exposure limits and clarifies 100 percent risk weight
The Reserve Bank of India has directed Primary (Urban) Co-operative Banks, excluding Salary Earners’ Banks, to exclude contributions to eligible funds with NABARD, NHB, SIDBI, and MUDRA Ltd. from aggregate exposure calculations for large exposure limits when falling short of Priority Sector Lending targets. These contributions will have a 100 percent risk weight for capital adequacy. Prudential limits remain at 15 percent of tier-I capital for a single borrower and 25 percent for a group of connected borrowers.
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Thailand Office of Insurance Commission kicks off OIC InsurTech Award 2025 university roadshow and opens entries until 30 June 2025
The Thailand Office of Insurance Commission launched the OIC InsurTech Award 2025 roadshow to boost insurtech knowledge and innovation among students, industry personnel, and the public. Phase 1 involved university visits in Bangkok, focusing on insurance basics and technology integration, with over 500 students participating. A second phase aims to expand nationwide awareness and support, especially among youth and educational institutions.
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Dubai Financial Services Authority appoints Mark Steward as Chief Executive
The Dubai Financial Services Authority appointed Mark Steward as Chief Executive, succeeding Ian Johnston. Steward previously held senior roles at the United Kingdom's Financial Conduct Authority and served on the Australian Law Reform Commission's Advisory Committee.
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Central Bank of San Marino confirms FWU Life Insurance Lux removed from the Register of Authorized Persons after Luxembourg liquidation order
The Central Bank of San Marino clarified its actions regarding FWU Life Insurance Lux, confirming the insurer's removal from San Marino’s Register of Authorized Persons following a liquidation order by the Luxembourg Court. FWU was authorized in April 2023, but as its financial position worsened, it ceased underwriting new contracts by July 2024. The company was deleted from the register on 27 May 2025 after being maintained to reflect its crisis status during the transitional phase.
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European Central Bank explains how the rule of law underpins price stability, supervision and central bank independence
In a keynote speech, ECB Executive Board member Frank Elderson emphasized the rule of law as essential for the ECB's price stability mandate and financial stability support. He highlighted the ECB's responsibilities in safeguarding legal foundations, adapting public money to the digital age, and ensuring enforceable supervisory actions. Elderson outlined five channels through which the ECB supports the rule of law, including judicial review, treaty powers, and international cooperation.
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Central Bank of Bosnia and Herzegovina signs cooperation agreement with the High Judicial and Prosecutorial Council to enable automatic data exchange for asset report verification
The Central Bank of Bosnia and Herzegovina and the High Judicial and Prosecutorial Council have signed a Cooperation Agreement for institutional cooperation and automatic data exchange. This initiative aims to combat fraud, corruption, and conflicts of interest by verifying judicial office holders' asset reports using CBBH-held data. The agreement adheres to data protection and confidentiality standards.
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India International Financial Services Centres Authority issues RFP to procure a Digital Regulatory Reporting SupTech system
The India International Financial Services Centres Authority (IFSCA) has issued a request for proposal to appoint an IT solution provider for a Digital Regulatory Reporting system as part of a broader Supervisory Technology platform. The system aims to enhance IFSCA's administrative, compliance, supervision, and enforcement framework, improving business ease and reducing compliance costs for regulated entities.
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Republic of Serbia Securities Commission and OSCE Mission to Serbia hold AML and counter-terrorist financing workshop on digital assets
The Republic of Serbia Securities Commission and the OSCE Mission to Serbia held a workshop on preventing money laundering and terrorist financing in digital assets. The event focused on applying Serbia’s Law on the Prevention of Money Laundering and Terrorist Financing to digital-asset activities, with over 60 representatives from financial and regulatory entities participating. Discussions covered criminal, security, tax, and economic aspects, featuring insights from academia and industry experts.
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National Bank of Serbia sets out bank law reforms and SEPA payments rollout planned for May 2026
National Bank of Serbia Governor Jorgovanka Tabakovic addressed the Annual Assembly of the Association of Serbian Banks, highlighting a legislative package enhancing bank supervision, resolution, and consumer protection. She noted Serbia's admission to the Single Euro Payments Area (SEPA) and outlined operational milestones, including integration with the Eurosystem’s TIPS platform. Amendments to the Law on Banks align with EU rules, introducing a Bank Restructuring Fund, enhanced internal controls, and comprehensive consumer protection.
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Guernsey Financial Services Commission clarifies supervisory expectations for cryptocurrency funds and related service providers
The Guernsey Financial Services Commission outlines its approach to cryptocurrency funds, focusing on business track record, risk warnings, and cyber security. It supports collective investment schemes with indirect crypto exposure if investors are informed and can bear losses, while remaining cautious towards Virtual Asset Service Providers. The Commission will engage with firms on innovative structures, with more resources on its Innovations webpage.
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Vanuatu Financial Services Commission publishes Supreme Court notice of liquidation application for Etmat Bay Estate Limited
The Vanuatu Financial Services Commission announced that a Supreme Court application has been filed to liquidate ETMAT BAY ESTATE LIMITED, with a hearing set for 2 July 2025 in Port Vila. The application was filed by ENTREPRISE DINH VAN TU LIMITED, and interested parties must file an appearance by the second working day before the hearing.
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Financial Services Regulatory Authority of Ontario’s Total Cost Reporting Rule for segregated fund contracts approved by the Ontario Minister of Finance
The Financial Services Regulatory Authority of Ontario announced the approval of its Total Cost Reporting Rule for individual variable insurance contracts by the Ontario Minister of Finance. The rule mandates insurers to provide enhanced annual statements disclosing total costs and investment performance, aligning segregated fund reporting with securities standards. The effective date will be confirmed once FSRA's rulemaking authority is proclaimed into force.
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Financial Services Regulatory Authority of Ontario sets March 31, 2026 deadline for new continuing education requirements for mortgage agents and brokers
The Financial Services Regulatory Authority of Ontario's Mortgage Brokering newsletter volume 8 details new continuing education requirements for mortgage agents and brokers, with licence renewals dependent on compliance by March 31, 2026. It emphasizes integrity, documentation, and recordkeeping, and reminds mortgage administrators of financial filing obligations. The newsletter also announces the 2023 Mortgage Brokerages and Administrators Annual Information Return Report and changes to Tarion’s deposit protection for new home warranties.
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World Federation of Exchanges urges HM Treasury to avoid asset management reforms that weaken investor protections and UK public markets
The World Federation of Exchanges (WFE) responded to HM Treasury’s consultation on asset management regulation, advocating for a balanced approach that maintains investor protections and supports UK public markets. The WFE cautioned that simplifying the regime could reduce transparency and accountability, potentially discouraging public listings and exacerbating capital market challenges.
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Thailand Securities and Exchange Commission imposes THB 17.22 million civil penalties on two individuals for KDH share price manipulation
The Thailand Securities and Exchange Commission imposed civil sanctions totaling THB 17,215,750 on Mrs. Vally Sungsiri and Miss Sunisa Chutinaton for manipulating Thonburi Medical Centre Public Company Limited's share price. They engaged in a "pump and dump" scheme by placing large-volume buy and sell orders to inflate the stock price. If the offenders do not consent to the penalties, the SEC will escalate the case to the Civil Court.
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Sweden's Financial Supervisory Authority to amend standard report requirements to adopt SNI 2025 industry codes from February 2026
Sweden's Financial Supervisory Authority will update its "standard report" rules to align with the revised Swedish Standard Industrial Classification, SNI 2025, following Statistics Sweden's update. Banks, credit market companies, and investment firms must use SNI 2025 from 20 February 2026, covering data as of 31 December 2025. A draft amendment will be circulated for consultation before final changes in autumn 2025.
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Central Bank of Russia reports a slight reduction in incoming payments in May via its sectoral financial flows monitoring
The Central Bank of Russia's latest Monitoring of Sectoral Financial Flows shows a 1.8% decline in incoming payments processed in May compared to the 2025 Q1 average. Excluding mining, quarrying, petroleum refining, and general government, the decrease was 0.9%, with all industry groups experiencing reduced receipts.
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Central Bank of Russia warns banks to scrutinise developer housing instalment plans as balances reach RUB 1 trillion
The Central Bank of Russia warned about risks in housing developers' instalment plans, urging banks to assess construction project risks when extending credit. A survey showed instalment plans accounted for nearly 40% of new-build transactions in early 2025, with outstanding amounts reaching RUB 1 trillion. The Bank highlighted concerns over household over-indebtedness, mortgage refusals, and repayment difficulties, noting instalment buyers lack access to mortgage holidays and government support measures.
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U.S. Department of Justice unseals indictment charging Evita founder with sanctions and export-control evasion and a USD 530 million crypto laundering scheme
The U.S. Department of Justice unsealed a 22-count indictment against Iurii Gugnin, founder of Evita Investments Inc. and Evita Pay Inc., for allegedly funneling over USD 500 million through U.S. banks and cryptocurrency exchanges while concealing links to sanctioned Russian banks. Gugnin is accused of defrauding banks, violating the Bank Secrecy Act, and making false statements to obtain a Florida money transmitter license. He was arrested in New York, facing up to 30 years per bank fraud count.
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Federal Reserve Board swears in Michelle W Bowman as Vice Chair for Supervision
Michelle W. Bowman has been sworn in as Vice Chair for Supervision of the Federal Reserve Board, with Chair Jerome H. Powell administering the oath. Nominated by President Trump and confirmed by the Senate, Bowman's term as Vice Chair runs until June 9, 2029, and as a Board member until January 31, 2034.
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U.S. Securities & Exchange Commission commissioner argues DeFi code publication should not trigger SEC regulation and warns against DeFi-in-name-only intermediaries
SEC Commissioner Hester M. Peirce stressed that the SEC should not regulate individuals who write and publish DeFi software protocols, while affirming the agency's role in securities-related financial services. Peirce distinguished between publishing open-source protocols and activities like operating platforms or taking custody of assets, which may require regulation. She warned that centralized firms using DeFi protocols cannot evade regulation by simply adopting a "DeFi" label.
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U.S. Securities & Exchange Commission chair directs staff to develop an innovation exemption and explore rulemaking for on-chain finance
SEC Chair Paul S. Atkins, at the SEC Crypto Task Force roundtable, advocated for fit-for-purpose regulation for on-chain markets and directed staff to explore guidance or rulemaking, including an "innovation exemption" for compliant market entry. He supported excluding certain network participants from federal securities laws and called for flexibility in self-custody of crypto assets. Atkins highlighted ongoing assessments of compliance for transactions with self-executing software systems and potential rule amendments for on-chain financial systems.
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U.S. Securities & Exchange Commission commissioner urges notice and comment rulemaking after Crypto Task Force roundtables
U.S. SEC Commissioner Caroline A. Crenshaw, at the final Crypto Task Force roundtable, cautioned against hasty regulatory changes to integrate crypto into capital markets, advocating for formal rulemaking with public input. She noted divergent industry views on SEC jurisdiction, particularly concerning DeFi, and highlighted unresolved issues like market structure and retail investor protection. Crenshaw emphasized a mission-driven rulemaking process, aligning with Chairman Atkins's call for formal procedures.
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Financial Stability Board appoints Randal K. Quarles to chair G20 strategic review of its implementation monitoring
The Financial Stability Board (FSB) has appointed Randal K. Quarles to lead a G20-mandated strategic review of the FSB's implementation monitoring of post-global financial crisis reforms. The group will evaluate 15 years of reform implementation, assess the effectiveness of FSB's monitoring tools, and provide recommendations. An interim report is due in October, with a final report expected in 2026.
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Office of the Comptroller of the Currency defends its federal preemption regulations after state supervisors call for rescission
The Office of the Comptroller of the Currency (OCC) released a letter from Acting Comptroller Rodney E. Hood, addressing the Conference of State Bank Supervisors' request to rescind OCC's preemption regulations. Hood reaffirmed preemption as fundamental to the dual banking system, asserting that OCC's rules align with federal law and Supreme Court precedent.
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Argentina Superintendency of Insurance rolls out Stage 2 of the Information Reporting Regime and schedules mandatory cutover dates
The Argentina Superintendency of Insurance has launched Stage 2 of its Information Reporting Regime, expanding to include financial and solvency reporting through a standardized, automated channel. This stage introduces filings for financial statements, the Uniform Chart of Accounts, and detailed accounting information, aiming to simplify reporting by reducing audit reports and standardizing notes. The SINENSUP module will be phased out for investment reporting, with the new regime becoming the sole submission channel from 10 July 2025.
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Vanuatu Financial Services Commission publishes notice of Supreme Court application to liquidate ETMAT BAY ESTATE LIMITED
The Vanuatu Financial Services Commission announced that Entreprise Dinh Van Tu Limited has filed an application in the Supreme Court of Vanuatu to liquidate Etmat Bay Estate Limited under the Companies (Insolvency and Receivership) Act 2013, with a hearing set for 2 July 2025. The case is registered as Company Case No 25/1450, and interested parties must file an appearance by the second working day before the hearing.
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International Association of Deposit Insurers launches consultation on revised Core Principles for effective deposit insurance systems
The International Association of Deposit Insurers (IADI) has launched a public consultation on revisions to the Core Principles for Effective Deposit Insurance Systems, reflecting significant banking changes since 2014. IADI also announced new members, the Deposit Guarantee Fund in Central Africa and Costa Rica’s Fondo de Garantía de Depósitos, and noted leadership updates, including an AI-enabled risk monitoring system by CDIC (Chinese Taipei).
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Bank of Spain governor flags a downward GDP forecast revision and backs gradual 25 basis point ECB rate cuts
Bank of Spain Governor José Luis Escrivá stressed the European Central Bank's need to stay data-dependent and open to interest rate cuts, while slightly reducing Spain's 2025 GDP growth forecast. He highlighted inflation risks and the euro's potential as a reserve currency if Europe tackles capital market fragmentation. Escrivá also noted internal challenges, including low staff motivation and the need for a European deposit guarantee fund for cross-border bank mergers.
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United Arab Emirates Ministry of Economy signs MoU with Dubai Police to integrate AML/CFT compliance mechanisms and data sharing for DNFBPs
The UAE Ministry of Economy and Dubai Police signed a memorandum to enhance cooperation on anti-money laundering and countering terrorism financing. The agreement focuses on joint procedures, data exchange, and improving risk response in the Designated Non-Financial Businesses and Professions sector. It includes secure communication, joint training, and policy development to align with international standards.
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Rwanda Capital Markets Authority announces new CSD and netting law that expands licensing oversight and recognises ISDA and GMRA close-out netting
The Rwanda Capital Markets Authority has published a new law governing Central Securities Depository (CSD), Qualified Financial Contracts, and Netting Agreements, replacing the 2010 securities law. It aligns with international standards, enhances oversight by empowering the Authority to license and supervise CSD operators, and introduces frameworks like ISDA and GMRA. It exempts the National Bank of Rwanda from CSD licensing and establishes a CSD council for stakeholder engagement.
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Netherlands' De Nederlandsche Bank's Knot calls for consistent stablecoin regulation and coordinated cross-border payments reforms
De Nederlandsche Bank President Klaas Knot, Chair of the Financial Stability Board (FSB), emphasized balancing financial innovation with stability in crypto-asset activities and cross-border payments. He highlighted the FSB's technology-agnostic stance and the importance of consistent stablecoin regulation implementation to mitigate systemic risks. Knot also addressed inefficiencies in cross-border payments and efforts to align global standards and frameworks.
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Croatian National Bank opens 31st Dubrovnik Economic Conference on quantitative easing and tightening inflation targeting and digital currencies
The Croatian National Bank inaugurated the 31st Dubrovnik Economic Conference, focusing on quantitative easing, inflation, and potential currency wars. The event will also address central bank communication, digital currencies, and climate change impacts, featuring a keynote by Claudio Borio of the Bank for International Settlements. CNB Governor Boris Vujčić will lead a panel on monetary policy with experts from major central banks.
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Thailand Office of Insurance Commission opens APLIC 2025 and positions life insurance agents as the key to expanding consumer access
The Thailand Office of Insurance Commission (OIC) opened the 20th Asia Pacific Life Insurance Congress 2025 in Bangkok, highlighting the role of life insurance agents and financial advisors in connecting products with the public. Deputy Secretary-General Wasumdee Waseenont addressed global uncertainties and regional growth drivers, affirming the OIC's commitment to international cooperation and sector development. Organized by the Thai Life Assurance and Financial Advisor Association, the event attracted over 5,000 representatives.
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European Central Bank's Schnabel presents analysis on persistent global inflation co-movement and limited rate decoupling amid fragmentation
European Central Bank Executive Board member Isabel Schnabel, at the Dubrovnik Economic Conference, analyzed inflation dynamics' interconnectedness across major economies despite differing policies. She noted the divergence between the ECB’s deposit facility rate at 2% and the Federal funds rate at 4.33% in June 2025. The presentation also discussed tariff conflicts, global value chains' impact on inflation, and limited ECB–Federal Reserve interest rate decoupling in response to tariff shocks.
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European Central Bank President Lagarde calls for finance to scale ocean conservation and coastal climate adaptation
European Central Bank President Christine Lagarde, at the Blue Economy and Finance Forum, highlighted economic risks from ocean degradation due to climate change, including food security shocks and price volatility. She urged action to protect the ocean by reducing greenhouse gas emissions and enhancing adaptation to climate-related risks. Lagarde emphasized substantial financing needs for adaptation, citing UN assessments and studies on potential flood costs if warming exceeds two degrees.
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Financial Stability Board chair urges consistent implementation of stablecoin guardrails and continued work to improve cross-border payments
FSB Chair Klaas Knot, at the Group of Thirty Plenary Meeting, emphasized that stablecoins with deposit-like functions must adhere to equivalent regulatory standards under the "same activity, same risk, same regulation" principle. He highlighted the FSB's stablecoin recommendations and the G20 Cross-Border Payments Roadmap as key responses to financial stability concerns. Knot also stressed the importance of consistent cross-jurisdictional implementation to manage risks and avoid regulatory arbitrage.
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France's Ministry of Economics and Finance launches the European Finance Europe label with a 70% EEA investment threshold
France's Ministry of Economics and Finance, with European counterparts, launched the "Finance Europe" label to direct EUR 35 trillion in savings to European companies. The label requires funds to invest at least 70% in the European Economic Area, focus on equity, and have a minimum five-year investment period. Products lack public capital guarantees, and tax incentives are state-determined, with compliance overseen by national authorities.
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Chile's Ministry of Finance signals a financial education update as the next step in the National Financial Inclusion Strategy
Chile's Ministry of Finance, through Capital Markets Coordinator Alejandro Puente, highlighted initiatives on financial education and inclusion at the launch of the Personal Finance Hub by startup Chócale. Key measures include the Fintech Law, Consolidated Debt Registry, and the Law against Over-indebtedness, alongside new consumer credit and payment card regulations. The National Strategy for Financial Inclusion, initiated in January 2025, will update its financial education component.
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British Virgin Islands Ministry of Finance requests internal audit of government deposit at Bank of Asia BVI Limited
The British Virgin Islands Ministry of Finance, led by Premier Natalio Wheatley, has requested an internal audit of a government deposit with Bank of Asia (BVI) Limited to ensure transparency and reassure taxpayers. The deposit is part of a strategy for liquidity management and interest income, with oversight by the Financial Services Commission and the Virgin Islands Deposit Insurance Corporation as the bank winds down operations.
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Italian Securities Commission issues warning on finfluencers and sets expectations on fair information and conflict of interest transparency
The Italian Securities Commission (Consob) warned retail investors and "finfluencers" about risks of social media investment tips, emphasizing herd behavior dangers and recognizing conflicts of interest. The alert stresses compliance with European rules on investment recommendations and market abuse for finfluencers. This warning is part of the Global Week of Action Against Unlawful Finfluencers, involving international regulators, and includes a Consob video cautioning against online financial scams.
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National Bank of Ukraine reports international reserves fell 4.6% in May to USD 44.5 billion
The National Bank of Ukraine reported international reserves at USD 44,535.5 million as of 1 June 2025, a 4.6% decrease from May, mainly due to foreign exchange interventions and debt repayments. Despite the decline, reserves remain higher than at the year's start, covering 5.4 months of future imports. In May, the bank was a net seller of USD 2,961.1 million, while government foreign-currency accounts received significant inflows from the European Union and domestic debt securities.
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Hong Kong Mandatory Provident Fund Schemes Authority welcomes re-appointment of Cheng Yan-chee as Managing Director for two-year term from 10 June 2025
The Hong Kong Mandatory Provident Fund Schemes Authority announced the re-appointment of Cheng Yan-chee as Managing Director for a two-year term starting 10 June 2025, welcomed by Chairman Ayesha Macpherson Lau.
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South Africa's National Treasury invites organisations to participate in Money Smart Week South Africa 2025
South Africa's National Treasury, with the Financial Sector Conduct Authority and the National Consumer Financial Education Committee, announced Money Smart Week South Africa 2025, a financial literacy campaign from 25 to 31 August 2025. The campaign invites diverse stakeholders to host financial education initiatives under the theme "Smart Money: Financial Foundations for a Resilient Future," building on the 2024 campaign with 75 partner organisations.
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Australian Securities & Investments Commission grants limited no-action relief for ongoing advice fee consents missing account numbers
ASIC issued a limited no-action position for ongoing advice fees under an OFA missing an account number, applicable from 10 January to 5 September 2025, where fees were deducted by superannuation trustees. ASIC won't act on breaches of the Corporations Act 2001 and Superannuation Industry (Supervision) Act 1993 under these conditions. Fee recipients must secure compliant consent by 5 September 2025 or stop fee collection. Trustees should review oversight processes. This position, under Regulatory Guide 108, doesn't prevent third-party legal action.
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Mozambique's Ministry of Finance launches new version of the Bank Supervision Application platform for insurance and pensions
Mozambique's Ministry of Finance launched a new Bank Supervision Application (BSA) platform for insurance and pensions, supported by the Bank of Mozambique. The Institute of Insurance Supervision of Mozambique (ISSM) aims to enhance data management and reporting efficiency through AI and analytical tools, including an online licensing portal. This aligns with the government's strategy to digitalize public services and modernize information systems.
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Tanzania's Ministry of Finance launches Sema na BoT consumer complaints system and Bank of Tanzania fintech regulatory sandbox
Tanzania's Ministry of Finance launched the Sema na BoT consumer complaints system and the Bank of Tanzania Fintech Regulatory Sandbox. The Sema na BoT system aims to enhance complaint resolution efficiency and transparency, while the sandbox supports fintech experimentation and digital economy participation. Minister Mwigulu Lameck Nchemba directed all banks and financial institutions to connect to the Sema na BoT system.
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Tanzania Insurance Regulatory Authority convenes Western Zone insurance service providers to reinforce service accountability and compliance
The Tanzania Insurance Regulatory Authority (TIRA) held a meeting with insurance providers in Tabora to emphasize supervisory expectations, including accountability, service efficiency, and compliance with guidelines. Discussions also highlighted the importance of insurance business writing and the use of prescribed signage. Dr. Emmanuel Lupilya urged registrants to unite and engage in public insurance education to boost awareness and uptake.
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Ukraine National Commission on Securities and Stock Market approves XBRL financial statement disclosure requirements and takes licensing, registration and supervisory actions
The Ukraine National Commission on Securities and Stock Market (NSSMC) adopted decisions on rule-making, licensing, and supervision, including streamlined financial statement requirements and XBRL disclosure approvals. It terminated Ukrservice LLC’s license, renewed licenses for NAFTA-INVEST LLC and LLC AMC APF AKTIV PLUS, and registered share issues and prospectuses for several investment funds. The NSSMC amended certain decisions, prohibited changes to PJSC Promsvyazok's depository system, and rejected LLC AMC OPIKA-CAPITAL’s financial improvement plan.
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Angola Insurance Authority appoints liquidation commission for Providência Royal Seguros following licence withdrawal
The Angola Insurance Authority (ARSEG) appointed a liquidation commission to oversee Providência Royal Seguros, S.A.'s dissolution after revoking its insurance activity authorization. Led by Carlos César do Espírito Santos Lisboa, the commission requires the insurer to submit detailed financial and operational information, including creditor lists and accounting documents. Correspondence related to the liquidation process is directed to a specified location in Luanda.
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Dutch Authority for the Financial Markets urges financial firms and lawmakers to apply behavioural insights and shares BNPL payment experiments
The Dutch Authority for the Financial Markets, via Chair Laura van Geest, emphasized integrating behavioural insights into financial regulation to enhance consumer decision-making. AFM research with buy now, pay later providers showed interventions like SMS reminders are effective, though some consumers may need stricter credit checks. The AFM will engage with the sector to explore consumer-behaviour insights' application and impact in late June.
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Moroccan Insurance Authority ACAPS publishes candidate lists and schedule for the professional insurance intermediary exam
The Moroccan Insurance Authority (ACAPS) has released the lists of candidates for the Professional Insurance Intermediary exam, detailing exam dates, times, and locations for sessions from 16 to 19 June 2025. Candidates on 16-18 June will take a multiple-choice test and interview, while those on 19 June will have a direct interview covering insurance regulation and business plans. Results are anticipated in the week of 23 June 2025.
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China's Ministry of Finance sets 1 January 2026 adoption date and simplified measures for the new insurance contracts accounting standard
China's Ministry of Finance and the National Financial Regulatory Administration issued implementation arrangements for the revised Accounting Standard for Business Enterprises No. 25 Insurance Contracts. Firms already using the standard must continue, while other PRC GAAP reporters must adopt it by 1 January 2026, with insurers able to seek temporary deferral. Non-listed entities may elect simplifications on first-time adoption, and authorities will monitor implementation and refine guidance.
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Bank of Italy publishes 2024 international freight transport survey highlighting higher container shipping costs and a wider transport deficit
The Bank of Italy's 2024 report on international freight transport reveals increased average transport costs, notably in maritime container shipping due to route diversions following Houthi attacks in the Red Sea. This rise in sea freight rates significantly contributed to the widening deficit in Italy’s merchant shipping transport balance within the balance of payments. Based on interviews with 214 operators, the report indicates stable market shares for Italian carriers.
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Bank of Italy consolidates its management and sustainability reporting and releases its 2024 update on sustainable investments and climate risks
The Bank of Italy released its Management and Sustainability Report and the fourth Report on Sustainable Investments and Climate Risks. The former consolidates three previous publications into a comprehensive overview of the Bank's role, activities, and sustainability commitments. The latter details 2024 achievements in sustainable investment, aligning with the Paris Agreement and EU strategies.
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National Bank of the Republic of North Macedonia reiterates commitment to the fixed denar to euro exchange rate
The Governor of the National Bank of the Republic of North Macedonia, Trajko Slaveski, emphasized the denar's stability and fixed exchange rate as crucial to macroeconomic stability. He reassured households and businesses of a stable financial system supported by a well-capitalized banking sector and strong central bank supervision. Slaveski also highlighted ongoing cooperation with international financial institutions and priorities to enhance institutional and human capacity.
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Bank of Italy publishes 2024 international merchandise transport survey pointing to higher sea freight rates and a worsening transport balance
The Bank of Italy's 2024 survey on international merchandise transport reveals an average increase in freight costs and a decline in Italy's transport balance, primarily due to higher sea freight rates. The report highlights significant cost rises in container shipping, attributed to route detours caused by Huthi rebel attacks in the Red Sea, while domestic carriers' market shares remained stable.
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Bank of Italy releases new Activity and Sustainability Report and 2024 report on sustainable investments and climate-related risks
The Bank of Italy released two sustainability-focused reports: the Activity and Sustainability Report and the Annual Report on Sustainable Investments and Climate-Related Risks for 2024. These reports update stakeholders on the Bank's activities, sustainability integration in financial portfolio management, and alignment with the Paris Agreement and EU strategy. The Activity and Sustainability Report consolidates three previous publications into a comprehensive overview for Parliament, the Government, and the public.
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Norway's Ministry of Finance launches independent bank contingency project to strengthen payment system preparedness
Norway's Ministry of Finance, Norges Bank, and the Financial Supervisory Authority of Norway are collaborating with the financial industry to enhance contingency preparedness in the digital payment system. A new project has been established to implement two recommendations from a Norges Bank-led working group, focusing on solutions for bank unavailability scenarios, such as cyberattacks.
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Bank of Lithuania publishes IMF assessment forecasting 2.8% growth in 2025 and urging stronger fiscal and structural reforms
The Bank of Lithuania released the IMF's Article IV consultation findings, highlighting Lithuania's economic resilience and projected 2.8% growth in 2025 with controlled inflation at 3.1%. The IMF emphasizes the need for structural reforms and sustainable public finance management amid rising defence spending and demographic challenges. It also calls for tax system improvements, careful pension reform assessment, and enhanced financial sector resilience, particularly in cyber security and anti-money laundering.
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Germany's Federal Financial Supervisory Authority opens hearing on withdrawing legacy Anti-Money Laundering Act exemptions from 10 July 2027
Germany's Federal Financial Supervisory Authority (BaFin) has initiated a hearing on a proposed general administrative act to revoke all exemptions previously granted under the German Anti-Money Laundering Act (GwG), effective 10 July 2027. This action aligns with Regulation (EU) 2024/1624, which lacks a provision for such exemptions and establishes a narrower framework for member state exemptions.
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Bank of Portugal convenes fourth AML/CFT forum with European Anti-Money Laundering Authority participation
The Bank of Portugal hosted its fourth Forum on the Prevention of Money Laundering and Terrorist Financing, featuring the European Anti-Money Laundering Authority as a guest. Discussions included Portugal's national ML/TF risk assessment and developments in the Markets in Crypto-Assets Regulation. The Forum facilitates dialogue between the Bank and supervised entities to enhance prevention practices.
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Australian Financial Complaints Authority expels 19 members for unpaid fees or insolvency
The Australian Financial Complaints Authority expelled 19 members for failing to pay dues or due to insolvency, following Board resolutions on 13 May 2025. Expelled members legally required to maintain AFCA membership are urged to discuss payment options and reinstatement procedures.
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Hong Kong's Financial Services and the Treasury Bureau appoints five new and reappoints seven members to the Securities and Futures Commission Advisory Committee for the 2025–2027 term
The Financial Services and the Treasury Bureau of Hong Kong has appointed five new members and reappointed seven to the Advisory Committee of the Securities and Futures Commission for a two-year term starting June 1, 2025. Established under the Securities and Futures Ordinance, the committee advises the SFC on policy matters related to its regulatory objectives and functions. The government expressed gratitude to outgoing members for their service.
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Hong Kong's Financial Services and the Treasury Bureau announces Johnny Ma as Chairperson of the Insurance Appeals Tribunal for a three-year term
Hong Kong's Financial Services and the Treasury Bureau appointed Mr Johnny Ma Ka-chun, SC, as Chairperson of the Insurance Appeals Tribunal (IAT) for a three-year term starting 13 June 2025. The IAT, established in 2017 under the Insurance Ordinance, reviews specified regulatory decisions by the Insurance Authority. The government acknowledged Mr Ma's legal and public service experience and thanked outgoing Chairperson Ms Rachel Lam Yan-kay, SC.
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Hong Kong's Financial Services and the Treasury Bureau appoints 1 August 2025 commencement for the Stablecoins Ordinance licensing regime
Hong Kong's Financial Services and the Treasury Bureau announced the Stablecoins Ordinance will take effect on 1 August 2025, establishing a new supervisory and licensing regime for stablecoin activities. The Financial Secretary has designated "professional investors" for specific stablecoin offerings, and the Hong Kong Monetary Authority is consulting on detailed regulatory requirements, including anti-money laundering provisions. Notices will be presented to the Legislative Council for negative vetting on 11 June.
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Hong Kong Securities and Futures Commission issues restriction notice against GA (Int'l) Capital Management and conducts search operation
The Hong Kong Securities and Futures Commission (SFC) issued a restriction notice to GA (Int'l) Capital Management Limited (GCML) due to concerns about its reliability and integrity in conducting regulated activities. The notice restricts GCML from engaging in licensed activities or dealing with relevant property without SFC consent, except for operational expenses. The investigation is ongoing, and the SFC will not comment further at this stage.
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Hong Kong Securities and Futures Commission welcomes Financial Secretary’s appointments and re-appointments to the SFC Advisory Committee for the 2025–2027 term
The Hong Kong Securities and Futures Commission announced the Financial Secretary's appointments and re-appointments to the SFC Advisory Committee for a two-year term starting 1 June 2025. SFC Chairman Dr Kelvin Wong highlighted the new members' expected contributions to policy and market regulation discussions and thanked outgoing members for their service.
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Hong Kong Securities and Futures Commission issues circular urging brokers to strengthen client protection against SMS phishing and unauthorised trading
The Hong Kong Securities and Futures Commission issued guidance to licensed corporations on preventing and responding to unauthorized trading in client accounts due to increased SMS phishing attacks. The circular advises firms to enroll in the SMS Sender Registration Scheme, enhance monitoring, report suspicious transactions to the Joint Financial Intelligence Unit, and increase client outreach. The SFC also cautioned the public against clicking on SMS hyperlinks and urged verification of messages directly with firms.
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Hong Kong Securities and Futures Commission joins IOSCO global week of action and steps up supervision and enforcement against unlawful finfluencers
The Hong Kong Securities and Futures Commission has joined IOSCO's "Global Week of Action Against Unlawful Finfluencers," implementing a strategy against illegal financial promotions on social media. This includes inspections of securities brokers, guidance for licensed corporations, and enforcement actions like licence suspensions and prosecutions. Investor education is enhanced through the SFC Alert List, IOSCO's alerts network, and the "Don’t be Sucker" campaign.
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Central Bank of Bolivia sets out initial diagnostic work to assess feasibility of issuing a CBDC
The Central Bank of Bolivia summarized the 18th Meeting of Economists of Bolivia, focusing on digital economy challenges and regulatory frameworks. Acting President Edwin Rojas Ulo announced the assessment of a central bank digital currency (CBDC) to enhance the payments system. The initiative will begin with an "Initial Diagnosis for the Issuance of a Digital Currency of the Central Bank of Bolivia."
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Austria Financial Market Authority reports 4.8% premium growth and 62% profit rise for Austrian insurers in Q1 2025
The Austria Financial Market Authority's quarterly report highlights a 4.8% increase in total premiums to EUR 7.3 billion and a 62% rise in profitability to EUR 370 million in Q1 2025. Health insurance premiums grew 8.9%, and funds and index-based life insurance rose 13%, driven by inflation adjustments. Profitability was bolstered by a 7.8% higher financial result and reduced claim settlement expenses, with non-life and accident insurance achieving a 9.2% margin.