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2025-03-28•Global•Egmont Group
Egmont Group Chair, Elzbieta Franków-Jaskiewicz, stressed at the Polish Presidency Seminar the need to strengthen global anti-money laundering and counter-terrorist financing cooperation via Financial Intelligence Units (FIUs), advocating for their autonomy and enhanced technology use. Priorities included joint financial investigations, advanced data analytics, and collaboration with international partners and the private sector to improve intelligence sharing and effectiveness.
Policy & regulationCooperationAML and CFT
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2025-03-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has imposed a five-year ban on Queensland financial adviser Grant Richard Thomson for failing to act in clients' best interests and providing inappropriate advice. Thomson recommended insurance for mortgages not yet obtained and had clients sign documents prematurely. ASIC deemed him unfit, inadequately trained, and likely to breach financial services law. The ban is recorded in ASIC’s register, with limited permissions for Thomson to control and operate certain businesses until late 2025. He may appeal the decision to the Administrative Review Tribunal.
EnforcementInvestigations & enforcement actionsFitness and propriety
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2025-03-28•United States•Federal Reserve Board
The Federal Reserve Board released a paper by Edward Nelson titled “From Friedman to Taylor: The Revival of Monetary Policy Rules in the 1990s,” highlighting John Taylor's role in reviving monetary policy rules analysis. The paper discusses how the Taylor rule bridged the gap between Milton Friedman's policy-rules tradition and central banking's interest-rate setting, fostering renewed academic focus on monetary policy rules.
Research
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2025-03-28•United States•Federal Reserve Board
The Federal Reserve Board released a research paper analyzing U.S. Consumer Price Index microdata to examine firm price-setting behavior changes during and after the Covid-19 pandemic. The study found increased price-change frequency with inflation acceleration, challenging existing models. Recalibrated models with smaller menu costs and larger idiosyncratic shocks better matched post-pandemic dynamics but struggled with dispersion movements.
Research
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2025-03-28•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority issued a public alert about two fraudulent websites impersonating AIA International Limited to capture customer credentials and personal data. The domains are “hxxps://houtai18235[.]top” and “hxxp://216.118.225[.]93:8082”, with AIA confirming no connection. Affected individuals should contact AIA and report to the police, while the official list of authorized insurers is on the Authority's website.
SupervisionAlertsFraud and scams
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2025-03-28•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority issued an alert regarding a fraudulent website and social media pages falsely claiming to represent HSBC Life (International) Limited. HSBC Life confirmed no affiliation with these pages, and the matter has been reported to the Hong Kong Police Force. The public is advised to verify insurers through the Authority's Register of Authorized Insurers.
SupervisionAlertsFraud and scams
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2025-03-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) will let its conditional relief for business introduction and matching services related to registered managed investment schemes expire on 1 April 2025 and will withdraw Regulatory Guide 129. The relief, exempting certain Corporations Act 2001 requirements, saw minimal reliance since October 2022. ASIC's decision follows consultation feedback indicating no industry need to extend the relief, and it determined that reinstating previous fundraising relief for securities was unwarranted due to consumer protection concerns.
Policy & regulationGuidance & interpretationLicence withdrawal
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2025-03-28•France•France Autorite des marches financiers
The French Financial Markets Authority (AMF) recapped its 2025 International Seminar, highlighting supervisory challenges like financial stability risks from non-bank finance, AI, and regulatory data quality. AMF Chair Marie-Anne Barbat-Layani and IOSCO Chair Jean-Paul Servais emphasized priorities such as crypto-assets, tokenisation, and operational resilience. The seminar also addressed stock market attrition, money laundering, MiCA implementation, and sustainability reporting.
OtherSupervision process and methodologies
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2025-03-28•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has updated its relief for 31-day notice term deposits with minor amendments. The ASIC Corporations (31-day Notice Term Deposits) Instrument 2025/172 allows these deposits to be 'basic deposit products' under the Corporations Act 2001. It continues relief from ASIC Class Order CO 14/1262, sunsetting on 1 April 2025, and offers an option for authorised deposit-taking institutions (ADIs) to issue a single combined notice before maturity. Notices can now be provided electronically, aligning with ASIC's electronic delivery relief. Four supportive submissions were received.
Policy & regulationRules & requirementsLiquidity risk
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2025-03-28•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance directed financial institutions to enhance borrower education and transparency on loan terms, including interest rates and penalties. The update emphasized accurate information and training before loan agreements to protect borrowers and improve credit access. Additionally, the government is developing policies to prevent financial exploitation and support community groups in accessing loans and legal assistance.
Financial literacy & educationFinancial literacy and education
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2025-03-28•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced that Caspian Capital Partners has surrendered its Collective Investment Scheme Manager Licence, effective 14 January 2025. This action was taken under section 28(5) of the Financial Services Act 2007, with public notification pursuant to section 28(9) of the Act.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-28•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority released an addendum to Circular No. 029/2015, now available as revised Version 02.
Policy & regulationGuidance & interpretationOther
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2025-03-28•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market, supported by the International Finance Corporation, has approved a Sustainable Finance Roadmap for 2025-2030. It aims to enhance Ukraine's investment appeal, support post-war reconstruction, and align with European legislation. Key priorities include regulatory streamlining for sustainable instruments, ESG measurement tools, and international collaboration for funding expansion.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-03-28•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market proposed a regulatory model to the Financial Stability Council, delineating roles between itself and the National Bank of Ukraine for virtual asset regulation, aligning with IMF commitments. Informed by EU MiCA standards, the model assigns the NSSMC oversight of most tokens and virtual asset service providers, while the NBU focuses on electronic money tokens. Additionally, the NSSMC introduced a virtual asset taxation matrix to aid the Verkhovna Rada Committee in developing a national taxation model.
Policy & regulationCooperation
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2025-03-28•Angola•Ministry of Finance (Angola)
Angola's Ministry of Finance emphasized capital-market development as crucial for economic growth and skilled job creation, with the Capital Markets Commission acting as both regulator and catalyst. Since the 2014 launch of the Angola Debt and Securities Exchange, trading volume reached AOA 6.05 trillion by December 2024, with significant capital raised through share sales and corporate bond issues.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-28•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority (CMA) released a study on compensation opportunities for violations of Capital Market Law and CMA rules. It reviews complaints and expert input to identify gaps in compensation and dispute handling. The CMA is enhancing compensation pathways, streamlining class action procedures, and improving efficiency, aligning with its 2024–2026 investor rights strategy.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-03-28•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
Nicola Muccioli, Chair of MONEYVAL, spoke at a Warsaw seminar on the EU's anti-money laundering and counter-terrorism financing package, emphasizing the complementary roles of MONEYVAL and the EU. Organized under the Polish EU Council Presidency, the seminar included senior representatives from key EU and international bodies. Muccioli highlighted AMLA's role in directing AML/CFT supervision and stressed the need for adequate resources for effectiveness.
Policy & regulationCooperationAML and CFT
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2025-03-28•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority (CMA) released a study titled “Assessment of Compensation Opportunities for Affected Parties in the Capital Market”, examining compensation mechanisms for violations of the Capital Market Law. It identifies gaps in current methods and suggests improvements, aligning with the CMA’s 2024–2026 strategic plan to enhance investor protection by streamlining compensation processes and developing class action procedures.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-03-28•Europe•European Financial Reporting Advisory Group
The European Financial Reporting Advisory Group (EFRAG) announced that European Commission Commissioner Maria Luís Albuquerque has mandated a fast-track process to simplify the European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD). EFRAG will use evidence from initial company reports for the 2024 financial year to reduce mandatory data points and application burdens while maintaining reporting robustness. EFRAG's Chair, Patrick de Cambourg, supports the mandate, emphasizing alignment with the CSRD's goals.
Policy & regulationInternational standards & recommendationsAccounting and financial reporting
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2025-03-28•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan mandates new disclosure requirements for Asset Management Companies to enhance transparency. They must issue a Key Fact Statement for each Collective Investment Scheme and Investment Plan, detailing investment objectives, performance benchmarks, and key stakeholders. These requirements take effect on 30 April 2025 for new schemes and 30 June 2025 for existing ones.
Policy & regulationRules & requirementsDisclosures
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2025-03-28•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan mandates enhanced disclosure in Fund Manager Reports for Asset Management Companies managing Collective Investment Schemes. Reports must include detailed financial metrics and comparative analyses to improve investor transparency. The Mutual Funds Association of Pakistan will develop a standardized methodology for these disclosures, effective immediately upon approval.
Policy & regulationRules & requirementsDisclosures
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2025-03-28•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan has amended the Listed Companies (Code of Corporate Governance) Regulations, 2019 and the Companies (Postal Ballot) Regulations, 2018 to enhance corporate governance and shareholder protections. Key changes include eliminating category-wise voting to support minority board representation, expanding the scrutinizer's role for transparency, mandating director attendance at general meetings, and promoting independent board evaluations. These reforms result from SECP's collaboration with market experts and public consultations.
Policy & regulationRules & requirementsCorporate governance
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2025-03-28•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico's Ministry of Finance reported the Financial System Stability Council assessed the financial system as solid, with banks meeting capital and liquidity requirements. Despite global uncertainties, Mexico's markets remain stable, though some non-bank intermediaries show vulnerabilities. The council approved its fifteenth Annual Report and will continue monitoring the system.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-03-28•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia reported to Parliament on consumer protection in the insurance sector, detailing its supervision framework, recent measures, and outcomes. The report highlighted rising consumer submissions, mainly related to insurance compensation disputes, and outlined sanctions for violations. It also referenced the 2023 Law on Voluntary Private Pensions and the Service Development Strategy for 2025–2029, emphasizing consumer rights and financial education.
SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
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2025-03-28•Georgia•Insurance State Supervision Service of Georgia
The Insurance State Supervision Service of Georgia (ISSSG) conducted a working visit to Vienna, hosted by the Austrian Financial Market Supervisory Office (FMA), to exchange supervisory approaches and best practices. The sessions focused on insurance sector reforms, inspection practices, and market supervision standards. ISSSG and FMA leaders discussed ongoing cooperation and future plans.
SupervisionCooperationCross-border cooperation
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2025-03-28•China•Central Bank of the Republic of China
The Central Bank of the Republic of China released February financial market statistics, highlighting bond issuance of CNY 6.667 trillion and total custody balances of CNY 180.5 trillion. Key figures include CNY 27 trillion in interbank cash bond turnover and CNY 91.8 trillion in bond repos, with weighted average rates of 1.95% for interbank lending. Equity markets saw the Shanghai Composite Index rise 2.2% and the Shenzhen Component Index increase 4.5%, with significant investor focus on interbank corporate credit bonds.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-28•China•Central Bank of the Republic of China
The People's Bank of China held its 2025 financial stability conference, focusing on preventing financial risks and strengthening the stability framework. Priorities include enhancing tech-enabled risk monitoring, improving systemic risk assessment, and promoting market-based risk resolution. The bank aims to expand macroprudential functions and increase risk-resolution resources by bolstering the deposit insurance and financial stability guarantee funds.
Policy & regulationReform agendas & prioritiesFinancial stability and systemic risk
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2025-03-28•China•Central Bank of the Republic of China
The People's Bank of China Governor Pan Gongsheng met with Blackstone Group CEO Stephen Schwarzman, and Nobel laureates Joseph Stiglitz and Myron Scholes to discuss global economic and financial conditions and China's macroeconomic policies.
Monetary policyOtherCross-border cooperation
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2025-03-28•Italy•Bank of Italy
The Bank of Italy released a research note analyzing 2024 ESG disclosures by Italian and European banks, focusing on Pillar 3 disclosures and non-financial statements, including the inaugural Green Asset Ratio (GAR). The study highlights banks' challenges in obtaining ESG data, particularly from counterparties, and notes gradual improvements in Italian banks' data quality and transition risk measurement. Despite these advancements, high exposures to climate-impacting sectors and low initial GAR values raise concerns about the indicator's construction.
ResearchDisclosuresESG
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2025-03-28•Italy•Bank of Italy
The Bank of Italy's supervisory note on 2024 ESG disclosures by Italian and European banks highlights challenges in obtaining ESG data, especially on energy consumption. Italian banks show progress in data quality and transition risk measurement, but exposures to high climate-impact sectors remain significant, and initial Green Asset Ratio (GAR) values are low. The note suggests low GAR values prompt discussions on enhancing the indicator's construction at the European level.
SupervisionRisk monitoring & watch pointsESG
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2025-03-28•Mexico•Central Bank of Mexico
Mexico's Financial System Stability Council assessed the financial system as solid and resilient despite global uncertainties, highlighting stable local markets and strong bank capital and liquidity. The Council noted slower global growth, trade tensions, and unchanged US Federal Reserve rates, while Mexican government bond yields declined and the peso depreciated slightly. It plans to publish its 15th annual report, including stress test results, and will monitor developments to ensure stability.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic risk
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2025-03-28•Norway•Department of Finance (Norway)
Norway's Department of Finance has adopted an implementing regulation to the Financial Supervisory Authority Act, effective 1 April 2025, changing Finanstilsynet's board responsibilities and establishing a single appeals body. The regulation outlines the board's duties, including handling significant matters and adopting procedural rules, and details the framework for the new Finanstilsynet Appeals Board. Existing appeals boards for auditors, accountants, debt-collection, and the Stock Exchange will be discontinued.
Policy & regulationRules & requirementsOther
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2025-03-28•Norway•Department of Finance (Norway)
Norway's Department of Finance has appointed the chair, deputy chair, and members of the Financial Supervisory Authority Appeals Board to handle appeals against Finanstilsynet decisions under the new Financial Supervision Act effective 1 April 2025. Chaired by attorney Kåre Idar Moljord, the board operates independently in handling appeals. Appointments are valid until 31 March 2029, with detailed rules in regulations adopted on 27 March 2025.
Institutional developmentLeadership change & appointmentsMandate change
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2025-03-28•Norway•Department of Finance (Norway)
Norway's Department of Finance has appointed the board members of Finanstilsynet, effective 1 April 2025, under the new Financial Supervisory Authority Act. The board will handle individual cases with restricted ministerial instruction, while the director maintains overall operational responsibility. Professor Finn Arnesen remains chair, with Professor Giuditta Cordero-Moss as deputy chair.
Institutional developmentLeadership change & appointmentsOrganizational structureLeadership change and appointments
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2025-03-28•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier reported a 10% year-on-year increase in net profits for the Luxembourg banking sector as of 31 December 2024, with provisions for risk returning to pre-2022 levels. Net interest income rose by 4.4% despite declining rates, while net fee and commission income increased by 9.4%. The cost-to-income ratio improved to 46%, although 13 out of 115 banks recorded negative results.
Data & statisticsFinancial and market indicatorsActivity and performance reporting
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2025-03-28•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier released version 1.4 of its Reporting Handbook for investment firms, providing updated guidance on regulatory reporting. Key revisions include clarifications on adjusting reference and remittance dates for EU reporting templates and minor template changes for class 2 investment firms due to the new taxonomy 4.0.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-03-28•Global•Egmont Group
Egmont Group has promoted an FIU leadership conference in Bern on October 14 and 15, 2025, hosted by ECOFEL and Switzerland’s MROS. The event is aimed at heads and deputy heads of FIUs and will examine how FIUs should respond to AI, cryptocurrency and digital disruption. Attendance is capped at 75, with funding available for eligible FIUs.
Policy & regulationCooperationAML and CFTArtificial intelligence
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2025-03-28•Ukraine•National Bank of Ukraine
The National Bank of Ukraine reported that the Financial Stability Council reviewed systemic risks, noting stable economic conditions despite geopolitical uncertainty. The Council highlighted virtual assets as a new challenge and initiated regulatory work. The banking sector showed stable deposit inflows, improved asset quality, and exceeded liquidity requirements, while the National Bank plans to study virtual asset regulation and assess banks' resilience for potential capital requirement enhancements.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic risk
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2025-03-28•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau will deprioritize enforcement of penalties under the Payment Withdrawal and Payment Disclosure provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation from March 30, 2025. Resources will focus on consumer threats, especially affecting servicemen and veterans. The Bureau is considering a notice of proposed rulemaking to narrow the rule's scope.
SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
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2025-03-28•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority announced new rules bringing buy now pay later products under the National Credit Act from 10 June 2025, requiring providers to hold AFCA membership and an Australian Credit licence. BNPL customers will gain access to independent dispute resolution, and providers must adhere to responsible lending and financial hardship obligations, with a membership application deadline of 26 May 2025.
Policy & regulationImplementation, projects & pilotsBNPL
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2025-03-28•Finland•Bank of Finland
The Bank of Finland's 2024 financial statements, confirmed by the Parliamentary Supervisory Council, reported an audited profit of EUR 0 after covering a EUR 1,027 million operating loss with provisions. The loss was mainly due to monetary policy operations and interest on central bank deposits, totaling EUR 3,697 million. The bank's net interest income was EUR -1,108 million, with structural interest rate risk highlighted amid a peak European Central Bank deposit facility rate of 4.0% in September 2023.
Institutional developmentGovernanceFinancial and market indicatorsAccounting and financial reporting
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2025-03-28•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong’s Financial Services and the Treasury Bureau announced board changes at the Securities and Futures Commission, reappointing Mr Michael Wong Yick-kam and appointing Mr Tony Tang Xiaodong as Non-Executive Directors. Mr Wong's two-year term begins on April 1, 2025, and Mr Tang's on April 24, 2025. Mr Nicky Lo Kar-chun is stepping down after six years, with Dr Kelvin Wong Tin-yau continuing as Chair.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-28•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
Hong Kong’s Financial Services and the Treasury Bureau has gazetted the Banking (Amendment) Bill 2025, proposing a framework for authorized institutions to share information under specified conditions to combat crime. The bill introduces a voluntary mechanism for sharing information on suspected money laundering, terrorist financing, or proliferation financing through secure platforms designated by the Hong Kong Monetary Authority. Legal protection is provided for disclosures made in good faith, with confidentiality requirements and security controls.
Policy & regulationRules & requirements
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2025-03-28•Ethiopia•National Bank of Ethiopia
The National Bank of Ethiopia has launched Phase Two of the National Digital Payments Strategy for 2025–2029, focusing on enhancing digital payment usage and ecosystem development. Priorities include achieving full interoperability, integrating digital ID, and boosting merchant acceptance, especially for small and medium enterprises, women, and rural populations. Phase One saw significant growth in mobile money accounts and digital transactions, surpassing cash transactions by the end of 2024.
Policy & regulationReform agendas & prioritiesPayments and payment systemsFinancial inclusion
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2025-03-28•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission is consulting on proposed enhancements to the Securities and Futures (Stock Market Listing) Rules to improve regulatory efficiency and investor protection. Key changes include enabling post-listing disclosure obligations, offering alternatives to trading suspension, simplifying trading resumption, and allowing issuers to seek a full merits review of decisions. The amendments are expected to minimally impact most listed issuers.
Policy & regulationRules & requirementsCorporate governance
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2025-03-28•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) announced the appointment of Mr. Tony Tang Xiaodong and the re-appointment of Mr. Michael Wong Yick Kam as Non-Executive Directors for two-year terms. Tang's expertise in international capital markets regulation is expected to enhance the board's strategy and policy setting. The SFC also expressed gratitude to outgoing Non-Executive Director Mr. Nicky Lo for his service.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-28•United States•Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis appointed four new members to its Community Depository Institutions Advisory Council (CDIAC) and named James L. Williams III as chair. The CDIAC advises the Minneapolis Fed president on issues affecting thrifts, credit unions, and banks in the Ninth Federal Reserve District with assets under USD 10 billion. The new appointees include Andrew Gesell, Mike Hauswirth, Trina Hoff, and Kelly Skalicky.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-28•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan amended its 2022 rules to support the Keleshek unified voluntary savings system. Resolution No. 12 introduces a state initial education capital contribution of 60 AEK for all children and 120 AEK for orphans, accruing investment income. The Keleshek programme facilitates educational savings for children aged 5 to 18, with mandatory annual parental contributions.
Policy & regulationRules & requirementsFinancial literacy and education
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2025-03-28•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan appointed Olga Sergeyevna Sulimo-Samuyllo to a senior executive position and Botagoz Rakhymbayeva Kaganbayeva as chief accountant in the securities market.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-03-28•Global•International Association of Deposit Insurers
The International Association of Deposit Insurers (IADI) now has over 100 members, adding five new ones, including the Compensation Scheme of German Private Banks and the Virgin Islands Deposit Insurance Corporation. Updates include the Bank Guarantee Fund's 2025–2030 strategy and a Philippine Deposit Insurance Corporation release on increased deposit insurance coverage. Upcoming events feature a research webinar on digital innovation and the 82nd Executive Council meeting in Croatia.
Institutional developmentCooperation & capacity buildingOther
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2025-03-28•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission issued a warning about several websites not authorized to provide investment services under Article 5 of Law 87(I)/2017. Investors are advised to verify the licensing status of entities on the CySEC website before engaging in business.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-28•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and social media accounts linked to Dah Sing Bank, Limited. The HKMA reminded the public that banks will not request sensitive information via SMS, email, or phone. Affected individuals should contact Dah Sing Bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-28•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has completed the first phase of the e-Devlet "My Private Insurances" project, accessible via e-Devlet mobile and web channels. Developed with the Presidency Digital Transformation Office and the Insurance Information and Monitoring Center, the service offers a consolidated view of insurance policies and transactions across various lines, including motor, health, life, and fire. Users can access details on DASK, TARSIM, and private pension system contracts, and manage complaints related to policies and claims.
Policy & regulationImplementation, projects & pilotsOther
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2025-03-28•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City released its March Survey of Tenth District Services, indicating unchanged services activity but expansionary expectations for future activity. Over half of firms reported tighter profit margins and declining employment, though future outlooks remain positive. The survey incorporates new seasonal adjustment factors, revising historical indexes, and these will be applied throughout 2025.
Data & statisticsEconomic data and developments
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2025-03-28•India•Reserve Bank of India
The Reserve Bank of India will conduct special clearing operations under the Cheque Truncation System on 31 March 2025 to facilitate year-end government transactions. Normal Monday CTS timings will apply, with an additional session for government cheques from 17:00 to 17:30 and 19:00 to 19:30. Participation is mandatory for all banks, which must ensure infrastructure readiness and sufficient settlement account balances.
Policy & regulationRules & requirementsPayments and payment systems
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2025-03-28•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan participated in the Uzbekistan Investors' Day in London, discussing economic and financial sector developments with international investors. Key topics included structural reforms, macroeconomic indicators, banking system stability, and inflation control. The event concluded with agreements on future cooperation and regular investor meetings.
Monetary policyOtherCross-border cooperation
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2025-03-28•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission (OIC) issued an enforcement warning to non-life insurance brokers against cancelling policies on behalf of policyholders, particularly in premium instalment arrangements. The OIC criticized these credit-like agreements as outside brokers' legal duties and potentially unfair, highlighting conflicts of interest. Non-compliance may lead to sanctions, including licence revocation.
EnforcementInvestigations & enforcement actionsOther
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2025-03-28•South Africa•South African Reserve Bank
The South African Reserve Bank's National Payment System Department released a consultation paper on a regulatory framework for payment institutions using cloud computing and offshore data. It permits offshoring non-critical payment data for non-FMIs, subject to approval, while requiring FMIs to process and store data within South Africa. It details requirements for supervisory access, data protection, and governance, with potential mandates for firms to adjust arrangements if compliance is hindered.
Policy & regulationRules & requirementsOutsourcing and third-party risk management
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2025-03-28•South Africa•South African Reserve Bank
The South African Reserve Bank's consultation paper proposes a climate change policy for the national payment system to boost resilience against environmental risks and promote greener payments. It sets governance, strategy, and risk management expectations, including climate risk integration and climate-related disclosures aligned with the Financial Stability Board’s Task Force. A climate change committee is also suggested for capacity building and knowledge sharing.
Policy & regulationRules & requirementsClimate risk and sustainable finance
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2025-03-28•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) updated investment guidelines for Closed Complementary Pension Entities (EFPC) under Resolution CMN 5,202/2025, aligning with Brazil's new investment fund framework. Key changes include removing the requirement to sell real estate holdings by 2030, expanding eligible assets, and tightening limits on private equity fund investments. The update mandates consideration of sustainability factors and prohibits cryptoasset investments, with further rules on ESG transparency forthcoming.
Policy & regulationRules & requirementsPrudential risksMarket development
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2025-03-28•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) will host a live online event on 31 March to launch its PREVIC 2024 Management Report. The event will feature presentations from key directors on the agency's main results and developments in the closed supplementary pension system during 2024.
ResearchOther
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2025-03-28•Vietnam•Ministry of Finance (Vietnam)
Vietnam's Ministry of Finance is leading efforts to establish a financial centre, coordinating consultations and drafting a framework aligned with the Politburo’s Conclusion No. 47-TB/TW and the Government’s Resolution No. 259/NQ-CP. The initiative focuses on international experience, a suitable model for Vietnam, and specialised policy mechanisms in finance, banking, workforce development, and dispute resolution. A draft resolution is being prepared for submission to the National Assembly.
Policy & regulationReform agendas & prioritiesOther
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2025-03-28•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines' Q1 2025 Business Expectations Survey shows a decline in business sentiment, with the confidence index dropping to 31.2% from 44.5% in Q4 2024, due to concerns over post-holiday demand and potential inflation resurgence. Optimism decreased across most sectors, with construction stable, while firms anticipate tighter liquidity, credit access, and peso depreciation. Inflation expectations rose slightly but remain within the government's target range.
Data & statisticsEconomic data and developments
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2025-03-28•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 6.7% year-on-year and 5.3% quarter-on-quarter increase in its Residential Real Estate Price Index for Q4 2024, following a previous contraction. Prices rose significantly in Areas Outside the National Capital Region (AONCR) by 9.3% year on year, while the National Capital Region (NCR) saw a slight decline of 0.4%. Residential real estate loans for new housing units decreased 10.8% year on year but rose 34.3% quarter on quarter, with credit standards unchanged.
Data & statisticsEconomic data and developments
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2025-03-28•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission's Technology and Digital Transformation Department is seeking price quotations for a project to upgrade certain information technology security solutions.
Institutional developmentProcurementIT management
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2025-03-28•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) issued a public warning regarding a counterfeit surety bond policy falsely attributed to CROATIA OSIGURANJE D.D. and an irregular website using the insurer's trademark. IVASS advised consumers to verify the legitimacy of insurance quotes and contracts through its online registers and warning lists.
SupervisionAlertsFraud and scams
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2025-03-28•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation through two websites, with blocking measures underway. Since November 2023, IVASS has issued cease-and-desist orders for 222 websites. IVASS advises consumers to verify the authorization of insurers and intermediaries before purchasing insurance, especially for temporary motor third-party liability policies.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-28•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) warned about alleged irregular activities by Metaverso Assessor de Investimento Ltda., Metaverso Soluções Digitais Ltda., and individuals Alan Augusto Pires Costa and Jonathan Rosa Vieira Bispo. CVM ordered the immediate suspension of their investment advisory services and fundraising activities, citing their lack of registration and authorization to manage securities portfolios or receive investor funds. The enforcement action was formalized through Declaratory Act CVM 23,217.
SupervisionInterventionsUnlicensed or unauthorized activity
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2025-03-28•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) clarified that it is reviewing allegations of improper conduct by United Overseas Bank (UOB) made by Mr. Koh Kien Chon. MAS confirmed it has communicated with Mr. Koh and refuted claims of inaction, stating that any legal or regulatory breaches will be investigated.
SupervisionOther
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2025-03-28•Council of Financial Regulators•Council of Financial Regulators (CoFR)
The Council of Financial Regulators (CoFR) has published its Q1 2025 Regulatory Initiatives Calendar, detailing the schedule for regulatory initiatives across its agencies in the financial sector. The calendar is updated quarterly and available in spreadsheet format upon request.
Policy & regulationImplementation, projects & pilotsRegulatory burden
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2025-03-28•Albania•Albania Financial Services Authority
The Albania Financial Services Authority, in collaboration with the German Society for International Cooperation, held a roundtable to align Albanian legislation with EU standards, focusing on establishing an investor compensation scheme. The meeting included representatives from key financial institutions and experts, emphasizing the need for a comprehensive and adaptable scheme to enhance market transparency and security.
Policy & regulationCooperationCross-border cooperation
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2025-03-28•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission has released new Guidelines on Offer of Shares by Unlisted Public Companies, effective 28 March 2025, to enhance investor protection and market integrity. Key changes include mandatory pre-offer consultation with the Commission, appointment of a corporate finance adviser, and specific content requirements for information memoranda. The guidelines also introduce conduct obligations, quarterly post-issuance reporting, and annual auditor verification of proceeds.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-03-28•Poland•Ministry of Finance (Poland)
Poland's Ministry of Finance hosted a seminar in Warsaw on implementing the EU legislative package on anti-money laundering and countering the financing of terrorism (AML/CFT), focusing on uniform interpretation and consistent implementation across EU countries. The event featured discussions on AMLA's role in enhancing supervision and cooperation among financial intelligence units, with commitments from the European Commission, Europol, MONEYVAL, and the Egmont Group. Panels addressed expanded supervisory responsibilities, cross-border cooperation, and evolving roles of FIUs, with attention to high-risk sectors like fintech and crypto-assets.
Policy & regulationGuidance & interpretationAML and CFT
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2025-03-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia issued a policy document outlining requirements for financial service providers to offer Basic Banking Services (BBS) to unserved and underserved consumers at low cost. The policy specifies eligible consumers and minimum features for BBS products under the Financial Services Act, Islamic Financial Services Act, and Development Financial Institutions Act, effective 1 April 2026.
Policy & regulationRules & requirementsFinancial inclusion
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2025-03-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released a Policy Document on Complaints Handling, enhancing regulatory requirements for financial service providers to ensure mechanisms are relevant, accessible, and timely. The updates address the digitalisation of business practices, complexity of financial products, and consumer expectations for responsive and fair complaint handling. A feedback statement on the exposure draft accompanies the final policy document.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-03-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia has updated its Financial Consumer Alert list, adding several unauthorised companies and websites, including Versa Investment, Master Binary, and Global Asia FX. The list also includes updates on Invest KL Malaysia and HSBC Bank Investment, clarifying they are not related to similarly named entities. The central bank emphasized that the list is not exhaustive and will be updated regularly.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-28•United Kingdom•Bank of England
The Bank of England's Financial Policy Committee is consulting on proposed changes to the framework for setting Other Systemically Important Institutions buffer rates. The proposal includes raising leverage exposure measure thresholds by 20% and aligning future updates with nominal GDP growth to prevent "prudential drag." The buffer rate mapping remains unchanged, but thresholds will be adjusted to reflect the updated LEM values.
Policy & regulationRules & requirementsCapital adequacy
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2025-03-28•Guernsey•Guernsey Financial Services Commission
Graduate analysts from the Guernsey Financial Services Commission held a financial literacy session at Blanchelande College during Global Money Week. They covered financial terms, budgeting, debt awareness, savings, investments, and scams, stressing the importance of understanding financial products for better planning. The Commission also promoted its Graduate Development Programme, which transitions participants to permanent analyst roles.
Financial literacy & educationFinancial literacy and education
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2025-03-28•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia released its IMF Special Data Dissemination Standard report on international reserves as of end-February 2025, detailing reserve composition and projected foreign currency flows over the next year. Official reserve assets were USD118,264.8 million, with pre-determined short-term outflows of USD12,748.5 million and net short forward positions of USD27,107.9 million. The report confirms Malaysia's international reserves remain usable.
Data & statisticsBalance of payments and other external statistics
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2025-03-28•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has extended the consultation deadline for feedback on Proposed Rule 2025-001, aimed at enhancing oversight of life and health insurance managing general agents (L&H MGAs). The proposal seeks to improve consumer protection following recent amendments to the Insurance Act that established a separate licensing class for L&H MGAs in Ontario.
Policy & regulationRules & requirementsLicensing framework and process
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2025-03-28•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Happy Future Centre and Nataly Belinska for alleged unfair practices, including charging for unprovided goods and services. The proposal includes a CAD 10,000 penalty against Belinska and a compliance order against both parties. HFC and Belinska have requested a hearing before the Financial Services Tribunal.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-03-28•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria announced a revision in the allocation of crude oil and gas terminals to Pre-shipment Inspection Agents (PIAs) and their assignment to Monitoring and Evaluation Agents (MEAs). The updated terminal mapping includes allocations to companies such as Swede Control Intertek Limited and JBIS Integrated Resources Ltd, with Arlington Securitas Nigeria Ltd designated as an MEA. These changes are effective immediately.
Policy & regulationRules & requirementsOther
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2025-03-28•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced the Senate's 52-48 approval of a resolution to disapprove the Consumer Financial Protection Bureau's rule capping overdraft fees at USD 5 per transaction. The rule treats certain overdraft fees as loans, potentially reducing overdraft coverage and prompting banks to raise other fees. The resolution requires House approval and the President's signature to take effect.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-03-28•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that federal banking regulators are eliminating "reputational risk" as a basis for supervisory criticism, following the advancement of the Financial Integrity and Regulation Management (FIRM) Act. The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are removing references to reputational risk from their practices. Treasury Secretary Scott Bessent supported this move at the Financial Stability Oversight Council meeting, citing concerns over "debanking" of federally legal businesses and citizens.
SupervisionSupervision approach, priorities & toolkit
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2025-03-28•Europe•European Central Bank
The European Central Bank's blog reveals that 75% of large euro area firms use AI, but routine employee use is limited, questioning broad productivity gains. Less than 12% of small EU enterprises use AI, compared to over 40% of large firms. Estimated macro productivity effects range from 0.07 to 1.5 percentage points annually, with a mid-range estimate of 0.35 percentage points per year for the euro area, adjusted to 2.9-3.1 percentage points over ten years considering preparedness indexes.
ResearchArtificial intelligence
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2025-03-28•Sweden•Finansinspektionen
Finansinspektionen has published the calibration for the sensitivity-based stress test underpinning Pillar 2 Guidance for Swedish banks in 2025. The stress test estimates potential capital ratio declines under specified assumptions, using banks' supervisory outlier test outcomes for net interest income stress. Banks are advised to review and correct related COREP reporting as necessary.
SupervisionReviews, inspections & stress testsStress testing
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2025-03-28•Sweden•Finansinspektionen
Sweden’s Finansinspektionen (FI) warns against eight firms, including Swedish Trust Bank and Invest Kapital, for operating without permission. These entities claim to offer investments and banking products. FI advises consumers to verify authorisation through its company register. FI has warned about 14 fraudulent firms this year, with warnings also available in the International Organization of Securities Commissions (IOSCO) database.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-03-28•Eswatini•Central Bank of Eswatini
The Central Bank of Eswatini received the 2025 Global Banking & Markets Africa Award for High Yield Debt Deal of the Year for listing the Government of Eswatini’s ZAR 4 billion bond on the Johannesburg Stock Exchange. This marks the Bank's first bond issuance in international markets, with the bond listed under the JSE’s ‘Protea Bond’ segment for foreign government issuances.
OtherSecurities offerings and listings
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2025-03-28•Europe•European Central Bank
The European Central Bank's weekly financial statement reported total assets and liabilities of EUR 6,246,998 million, a decrease of EUR 27,270 million from the previous week. Key changes included a EUR 28,105 million decline in securities held for monetary policy purposes and a EUR 34,105 million drop in the deposit facility. Lending to euro area credit institutions rose by EUR 1,861 million, with main refinancing operations up by EUR 5,600 million.
Data & statisticsBalance of payments and other external statistics
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2025-03-28•Vietnam•State Bank of Vietnam
Governor Nguyễn Thị Hồng celebrated the 30th anniversary of Vietnam Cooperative Bank, emphasizing its support for the People’s Credit Fund and urging upgrades to its model and services. Since becoming a cooperative bank in 2013, it has expanded its network, aiding poverty reduction and curbing "black credit." The message advocates for reforms to modernize it into a multifunction financial institution amid complex conditions for Vietnam’s credit institutions.
Other
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2025-03-28•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced a memorandum of understanding between the National Payment Corporation of Vietnam (NAPAS) and Singapore’s NETS to enable bilateral cross-border QR code retail payments. This will allow customers of NAPAS and NETS member institutions to make QR code payments at acceptance points in each other's countries. NAPAS has already established QR connectivity with Thailand, Cambodia, and Laos, and is working on similar links with China, South Korea, and Japan.
Policy & regulationCooperationCross-border payments
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2025-03-28•Chile•Central Bank of Chile
The Central Bank of Chile's President, Rosanna Costa, met with Inter-American Development Bank President Ilan Goldfajn to discuss international economic developments, inflation control, and regional integration opportunities. The meeting, held during the IDB Annual Meeting of Governors, also addressed the Central Bank's centenary activities and themes from the recent Monetary Policy Report.
Monetary policyOtherDomestic cooperation
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2025-03-28•Chile•Central Bank of Chile
The Central Bank of Chile hosted its fifth "Women in Economics and Finance" roundtable during its 100-year commemoration and Women’s Month. Panels were moderated by Central Bank President Rosanna Costa and Financial Markets Division Manager Ricardo Consiglio, featuring industry leaders and economists. European Central Bank President Christine Lagarde emphasized advancing women's integration in STEM fields.
Financial literacy & educationDiversity and inclusion
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2025-03-28•Iceland•Central Bank of Iceland
The Central Bank of Iceland will soon launch a new website to replace the existing sites of both the Central Bank and the Financial Supervisory Authority, potentially causing temporary disruptions to services and information access.
Institutional developmentTechnology & data transformationIT management
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2025-03-28•Iceland•Central Bank of Iceland
The Central Bank of Iceland will soon launch a new website, replacing the older sites of both the Central Bank and the Financial Supervisory Authority, with potential transition issues including inactive links, temporary service outages, and outdated search engine results.
Institutional developmentTechnology & data transformationIT management
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2025-03-28•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) published a list of administrative enforcement orders from February 2025, including seven safety and soundness orders. These comprised one order terminating a consent order and six orders terminating 100 waiver orders under Section 19 of the Federal Deposit Insurance Act. No administrative hearings are scheduled for April 2025.
EnforcementInvestigations & enforcement actionsOther
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2025-03-28•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency plan to propose rescinding the Community Reinvestment Act (CRA) final rule from October 2023 due to pending litigation. They aim to reinstate the previous CRA framework while ensuring coordinated implementation.
Policy & regulationRules & requirementsOther
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2025-03-28•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) issued new guidance for FDIC-supervised institutions engaging in crypto-related activities, rescinding its 2022 approach and removing the requirement for prior FDIC approval. Institutions may engage in activities involving new technologies, including crypto-assets, if they manage associated risks adequately. The FDIC plans to issue further guidance and collaborate with other agencies to update interagency crypto-asset documents.
Policy & regulationGuidance & interpretationFintech and insurtechBlockchain and distributed ledger technology
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2025-03-28•Russia•Central Bank of Russia
The Central Bank of Russia released survey findings on remote financial services for people with disabilities, highlighting accessibility challenges, especially for those with low vision. Recommendations include enhancing remote channels, offering human consultations, and addressing customer needs. The bank plans further guidance to improve self-service terminals and financial platform services, aligning with the Financial Inclusion Programme for 2025–2027.
Policy & regulationGuidance & interpretationFinancial inclusion
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2025-03-28•Russia•Central Bank of Russia
The Central Bank of Russia's review shows the microloan portfolio of microfinance organisations (MFOs) grew over 40% to RUB 624 billion in 2024, driven by high consumer demand. Medium-term microloans with costs close to bank rates now dominate, while costly short-term loans decreased from 34% to 25%. Despite a 7% drop in sector profit to RUB 36 billion, income from additional activities increased, comprising over a quarter of total income.
Data & statisticsLending