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2025-03-26•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a report on Formue Norge AS's valuation practices for less marketable products, such as unlisted securities and alternative investment funds. The inspection found that the firm failed to adequately inform customers that periodic net asset value calculations do not reflect actual tradable prices for their holdings.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a thematic supervision report on Grieg Investor AS's valuation of less marketable products, such as unlisted securities and alternative investment funds. The authority acknowledged the firm's explanations and documentation, with no further comments.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a supervisory report on Gabler Investments AS's valuation of less marketable products, such as unlisted securities and alternative investment funds. The authority reviewed the firm's explanations and documentation and has no further comments.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway released a supervisory report on DNB Bank ASA's valuation of less marketable products, such as unlisted securities and alternative investment funds. The authority acknowledged the bank's explanations and documentation without further comment.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
Norwegian Finanstilsynet released a supervisory report on Cenzia AS's valuation of less marketable products, such as unlisted securities and alternative investment funds. The authority recorded the firm's explanations and documentation without further comment.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a thematic supervision report on Kraft Finans AS's valuation of less marketable products, such as unlisted securities and alternative investment funds. The authority stated it had no further comments after reviewing the firm's explanations and documentation.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway released a report on its thematic inspection of Norcap AS, focusing on the valuation of less tradable products like unlisted securities and alternative investment funds. The authority acknowledged the firm's explanations and documentation, with no further comments.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority imposed a NOK 30 million fine on Sparebank 1 Østlandet for failing to meet anti-money laundering requirements. The inspection revealed deficiencies in resources, training, internal controls, and customer due diligence. The bank is ordered to conduct remedial actions, with an appeal lodged against the decision.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-03-26•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway released a thematic supervision report on Pensum Asset Management AS's valuation of less marketable products, such as unlisted securities and alternative investment funds. The authority had no further comments following its review of the firm's explanations and documentation.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority released a thematic inspection report on Nordea Bank Abp's Norwegian branch, focusing on the valuation of less marketable products such as unlisted securities and alternative investment funds. The authority considered the bank's explanations and documentation and had no further comments.
SupervisionReviews, inspections & stress testsValuation
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2025-03-26•Canada•Payments Canada
Payments Canada announced that the Real-Time Rail (RTR) clearing and settlement component has surpassed 50% completion, with the real-time exchange replatforming also over halfway. The RTR system will enable instant fund transfers between financial institutions and include centralized fraud services. The program is on track for testing later this year, with a launch expected post-completion of integrated testing.
Policy & regulationImplementation, projects & pilotsMarket infrastructurePayments and payment systems
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2025-03-26•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority released a report highlighting risks in how payment and e-money institutions handle client funds. Several firms improperly commingle their own funds with client money, posing insolvency risks, and corrective measures are expected. Key issues include fees, settlement buffers, and interest earnings improperly held in client accounts, with ongoing supervision and inspections anticipated.
SupervisionReviews, inspections & stress testsClient asset custody and safekeeping
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2025-03-26•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority released an inspection report on Åkre Rekneskap AS, highlighting compliance issues with the Accounting Services Act. The firm had not conducted required fit-and-proper assessments under Circular 3/2023 but has since addressed this. Additionally, the authority found inadequate year-end reconciliation and documentation for balance sheet accounts, urging the firm to improve its routines.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
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2025-03-26•Mauritius•Bank of Mauritius
The Bank of Mauritius renewed a Memorandum of Understanding with the Deutsche Bundesbank to enhance central bank cooperation through training and advisory assistance. Starting in March 2025 for four years, it will include seminars, expert discussions, and study visits. The Bundesbank will organize activities and assess training needs, while the Bank of Mauritius will identify priority subjects and staff participants.
Institutional developmentCooperation & capacity buildingDomestic cooperation
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2025-03-26•Russia•Central Bank of Russia
The Central Bank of Russia's Russian Journal of Money and Finance explores innovative methods for measuring trust in the central bank and improving inflation forecasts. Research includes using VK social network sentiment as a trust indicator, neural network text analysis for enhanced forecast accuracy, and identifying inflation risk drivers such as wage growth and currency fluctuations.
ResearchOther
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2025-03-26•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) Board accepted Credicorp Capital Asset Management's appeal, ordering the liquidation of the Táctico Perú and Facturas USD Redeemable Investment Funds, and appointing Sartor AGF as liquidator. This decision reverses the CMF's initial rejection, acknowledging the funds' unique structure with a single contributor and determined market value. The liquidator must manage the assets and comply with Article 26 of the Single Fund Act, reporting to the CMF upon completion.
SupervisionInterventionsOther
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2025-03-26•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets (CNPF) approved capital markets authorisations and consumer-protection measures, including a mandatory buyout offer for CALCAR shares and registration of share capital actions for NEMETMACOM and SANFARM-PRIM. CNPF also addressed unfair commercial practices in insurance distribution, instructing BAR PRODEVIZ SRL to publish remediation notices and ordering ÎM CIA TRANSELIT SA to regularise a travel health insurance claim.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-26•Canada•Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) has appointed Miranda Hubbs as Chair of the Board, effective immediately. Hubbs has been an Independent Director on CIRO's Board since 2023 and has chaired its Governance Committee. She also holds board positions at Nutrien, Imperial Oil, PSP Investments, and the Canadian Red Cross.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-26•Egypt•Central Bank of Egypt
The Central Bank of Egypt reported women's financial inclusion reached 68.8% by end-December 2024, a 295% increase since 2016, with 23.3 million women accessing financial services. The annual "Women Financial Inclusion Event" has facilitated nearly 1.4 million financial products for women since 2019, aligning with the Financial Inclusion Strategy 2022–2025. Initiatives include simplified account opening, bank staff training, and projects like "Tahwisha" and the "Digitization of International Remittances Project."
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-03-26•Moldova•Ministry of Finance (Moldova)
Moldova's Ministry of Finance conducted preparatory meetings for the bilateral screening of Chapter 17 on Economic and Monetary Policy, part of its EU accession efforts. The sessions aimed to enhance presentation materials and assess alignment with EU requirements, involving key national institutions to improve inter-institutional coordination.
Policy & regulationCooperationOther
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2025-03-26•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce discussed the SEC's Crypto Task Force efforts at The Digital Chamber’s DC Blockchain Summit. Key points include clarifying jurisdictional boundaries, supporting compliance pathways, and distinguishing between crypto assets and securities transactions. Peirce also highlighted potential legislative measures to reduce regulatory overlap and enhance market structure, including flexibility in trading venues and protections for peer-to-peer transactions.
Policy & regulationGuidance & interpretationBlockchain and distributed ledger technology
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2025-03-26•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) president, Roberto E. Silva, outlined Argentina's crypto regulatory framework at Merge Buenos Aires, focusing on finalised rules for Virtual Asset Service Providers (PSAVs) and an upcoming public consultation on a tokenisation regime. Silva emphasized CNV's role under Law No. 27.739 for AML obligations and clarified that CNV regulates PSAVs, not virtual assets, unless classified as negotiable securities. He also participated in a closed-door roundtable with the Central Bank of the Argentine Republic and regional authorities to discuss compliance and regulatory strategies.
Policy & regulationRules & requirementsFintech and insurtechBlockchain and distributed ledger technology
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2025-03-26•China•China Banking and Insurance Regulatory Commission
Li Yunze, party secretary and director of the China Banking and Insurance Regulatory Commission, met with Sean Stein, president of the US-China Business Council. They discussed the macroeconomic and financial situation, investment and use of insurance funds, and cross-border data flows.
Policy & regulationCooperation
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2025-03-26•Moldova•National Bank of Moldova
The National Bank of Moldova, led by Governor Anca Dragu, is visiting France to enhance bilateral relations and cooperation on Moldova's European integration. Discussions with Banque de France focused on banking supervision, financial stability, and Moldova's acceptance into SEPA. Talks with the OECD addressed economic governance, monetary policy, and expanding SME access to finance, highlighting the National Bank's "FinanciarELE" female leadership project.
Policy & regulationCooperationCross-border cooperation
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2025-03-26•Qatar•Qatar Financial Markets Authority
Qatar’s Amir appointed the Board of Directors for the Qatar Financial Markets Authority, with HE Sheikh Bandar bin Mohammed bin Saoud Al-Thani as Chairman and HE Sheikh Ahmed bin Khalid bin Ahmed bin Sultan Al-Thani as Vice-Chairman. The board includes Dr. Yahya Saeed Al Jafali Al Nuaimi, Sheikh Khalid bin Saud bin Fahad Al-Thani, Michael Rayan, Dr. Khalid Nasser Al Khater, and Ahmed Mohammed Issa Al Hassan Al Mohannadi. The decision is effective immediately and will be published in the official gazette.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-26•South Korea•Bank of Korea
The Bank of Korea published its March 2025 update on the Business Survey Index and the composite Economic Sentiment Index. Detailed results are available in the accompanying document.
Data & statisticsEconomic data and developments
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2025-03-26•United Kingdom•The Pensions Regulator
The Pensions Regulator (TPR) released a diversity pay gap report, detailing gender, disability, ethnicity, and sexual orientation pay gaps. As of 31 March 2024, TPR reported a mean gender pay gap of 3.9% and a median of 8.4%, both below wider civil service figures. TPR aims to reduce the gender pay gap to 2% and has developed an action plan to address all pay gaps, particularly those above 10% for ethnicity and sexual orientation.
Data & statisticsDiversity and inclusion
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2025-03-26•Bahamas•Central Bank of the Bahamas
Central Bank of the Bahamas Governor John A Rolle warned at the 2nd Biennial Macroeconometric Caribbean Conference that US trade policy shifts could revive inflation expectations and hinder growth, affecting the Bahamas and the Caribbean. He noted concerns over weaker tourism prospects and tariff-related price effects, compounded by past inflation, high debt, and climate-related vulnerabilities. The conference, co-hosted with Indiana University, serves as a platform for empirical research to guide policy, featuring participation from regional central bank governors and international financial institutions.
Monetary policyMonetary policy assessments & outlooks
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2025-03-25•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission approved bond issue prospectuses for Balkan Property Instruments REIT and Retail Management AD, and a share issue for Tiz Invest AD. It also approved board members for Bravo Property Fund REIT, new articles for Bulgarian Investment Group REIT, and added entities to the register of bound agents. Additionally, it set contributions for the Investment Intermediary Resolution Fund and requested more information from Karoll Capital Management EAD and Intercapital Markets AD.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-03-25•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved Liteproperty Real Estate Advisors – Prestação de Serviços, Lda. as a corporate Real Estate Valuer for Collective Investment Undertakings. The firm is authorized to conduct valuations for real estate held by these undertakings, with additional services in industrial equipment and rural land valuation, brokerage, and consulting. The registration also includes two individual valuers, Mussa João and Tomás Sassoni.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has approved Audiview – Auditoria e Estudos, Lda. – Prestação de Serviços, Lda. as a corporate real estate valuation expert for collective investment undertakings (PAIOIC). The registration also includes individual real estate valuers Anderson Muanza and Osvaldo Manuel Peliganga.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority reached a settlement with Probitas 1492 (Europe) BV, involving a EUR 12,000 payment and public disclosure of the firm's name on the FSMA website.
EnforcementInvestigations & enforcement actionsOther
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2025-03-25•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority approved Bank Aljazira's capital increase from SAR 10.25 billion to SAR 12.81 billion via bonus shares. The increase involves issuing one bonus share for every four existing shares, funded by transferring SAR 1.28 billion each from the statutory reserve and retained earnings. An extraordinary general assembly must be held within six months, and the bank must comply with all regulatory requirements.
SupervisionAuthorisations & approvalsCapital adequacy
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2025-03-25•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority announced that Delta Alreadh Capital Company has fulfilled the commencement-of-business requirements for its securities business licence. This licence, granted on 04 November 2024, authorizes the company to conduct Managing Investments and Advising Activities.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Market Authority is consulting on draft amendments to redefine investor categories for the Parallel Market, Nomu, aiming to ease eligibility criteria. Proposed changes include revising the "Qualified Investor" definition, lowering the transaction threshold for individuals from SAR 40 million to SAR 30 million annually, and removing the quarterly transaction requirement. Board and committee members of Nomu-listed companies would also be classified as qualified investors.
Policy & regulationRules & requirementsMarket development
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2025-03-25•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority has approved Yaqeen Capital Company's capital increase from SAR 150 million to SAR 255 million through bonus shares. This involves issuing 0.70 bonus shares per existing share, funded by transferring SAR 105 million from retained earnings, raising total shares from 15 million to 25.5 million. An extraordinary general assembly must occur within six months, with compliance to all regulatory requirements.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Colombia•Central Bank of Colombia
The Central Bank of Colombia has issued an updated External Regulatory Circular on Temporary Liquidity Support, replacing the previous DEFI-360 circular. The update includes standards for usability and accessibility, along with operational adjustments, and is directed at the bank's head office, branches, the Financial Superintendency of Colombia, and various financial institutions and public entities.
Policy & regulationRules & requirementsLiquidity risk
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2025-03-25•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority conducted financial literacy workshops using its board game “Kapital” for primary school students in Tivat and Nikšić, marking the first delivery outside Podgorica in 2025. The sessions introduced pupils to capital market basics, including investing and risk assessment. Further workshops are planned in Petrovac, Kolašin, and Cetinje.
Financial literacy & educationFinancial literacy and education
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2025-03-25•Israel•Bank of Israel
The Bank of Israel reported a USD 27.5 billion increase in external liabilities and a USD 2.8 billion rise in residents' external assets for Q4 2024, reducing Israel's surplus of external assets over liabilities by USD 25 billion to USD 220 billion. The year saw a significant rise in net investments by nonresidents to USD 27 billion, with resumed purchases of Israeli securities and direct investments, while Israeli residents' net investments abroad rose to USD 47 billion.
Data & statisticsBalance of payments and other external statistics
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2025-03-25•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) cautioned against relying on AI tools for investing, highlighting risks of misleading recommendations and significant losses. Investors should seek diverse opinions, be wary of high-return claims, and recognize many AI tools lack regulatory oversight and privacy safeguards. The note emphasizes the importance of human judgment and professional advice in navigating market unpredictability.
SupervisionAlertsFintech and insurtechArtificial intelligence
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2025-03-25•United States•Federal Reserve Board
The Federal Reserve Board released a research paper by Gadi Barlevy and Ines Xavier modeling Ponzi schemes under asymmetric information. The study examines conditions under which Ponzi fraud can occur and potential interventions to prevent it, highlighting the role of reputation building by long-lived agents offering high returns to short-lived agents.
ResearchFraud and scams
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2025-03-25•United States•Federal Reserve Board
The Federal Reserve Board released a research paper concluding that households do not systematically adjust consumption timing in response to real interest rate changes. The study, using microdata and 10 structural macroeconomic shocks, found that changes in expected income paths account for nearly all aggregate consumption responses, negating the role of intertemporal substitution.
ResearchOther
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2025-03-25•New Zealand•Reserve Bank of New Zealand
Research by the Reserve Bank of New Zealand highlights onboarding hurdles preventing some New Zealanders, including recent migrants and rural communities, from opening bank accounts due to lack of proof of address and complex paperwork. The findings will inform initiatives on Financial Inclusion Indicators, Maori Access to Capital, and collaboration with the Council of Financial Regulators on basic transaction accounts.
ResearchFinancial inclusion
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2025-03-25•Denmark•Danish Finanstilsynet
The Danish Financial Supervisory Authority's annual survey shows high confidence in the financial system, with geopolitical developments and cyber threats as major concerns for stability. Geopolitical threats now nearly match cyber threats in perceived risk and management difficulty. The authority is conducting a second cyber stress test, enhancing supervision under the Digital Operational Resilience Act, and engaging firms on geopolitical risk assessment and mitigation.
SupervisionRisk monitoring & watch pointsCyber resilienceGeopolitical risk
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2025-03-25•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced Mauritius's rise to 58th in the Global Financial Centres Index 37, with a score increase to 694. Regionally, Mauritius ranks 4th among financial centres and leads in Africa for fintech, ranking 53rd globally. It is also recognized as a "Global Specialist" and among the top 15 centres poised for future significance and reputational advantage.
Data & statisticsMarket development
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2025-03-25•United Arab Emirates•Central Bank of the UAE
The Central Bank of the UAE imposed financial sanctions totaling AED 2,621,000 on five banks and two insurance companies for non-compliance with the Common Reporting Standard and Foreign Account Tax Compliance Act guidelines. The penalties addressed failures in due diligence and financial reporting accuracy, following ample time given to rectify these issues. This enforcement supports global tax transparency and anti-evasion efforts.
EnforcementSanctions & designationsTax transparency and information exchange
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2025-03-25•Peru•Central Bank of Peru
The Central Reserve Bank of Peru reported significant growth in non-traditional exports for January 2025, with agrarian products leading the increase. Agrarian exports rose 28.5% year-on-year to USD 1,247 million, driven by mangoes, grapes, and cocoa, while textile exports increased 9.5% to USD 137 million, supported by cotton apparel and fabric shipments.
Data & statisticsBalance of payments and other external statistics
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2025-03-25•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority (ACAPS) announced that its Board, led by Abderrahim Chaffai, approved the execution of the Authority’s accounts for the 2024 financial year.
Institutional developmentGovernanceAuditing
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2025-03-25•China•Central Bank of the Republic of China
People's Bank of China Governor Pan Gongsheng and IMF Deputy Managing Director Clark discussed economic conditions in China and globally, as well as cooperation between China and the IMF. Deputy Governor Xuan Changneng was also present at the meeting.
Monetary policyOtherCross-border cooperation
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2025-03-25•Netherlands•Ministry of Finance (Netherlands)
The Netherlands Ministry of Finance proposed legislation to ensure cash remains available, accessible, and affordable, mandating large banks maintain ATM infrastructure and prohibiting fees for cash withdrawals. The bill, now in the parliamentary process, also requires medium-sized banks to offer free cash deposits for individuals. Additionally, the House of Representatives adopted a proposal mandating acceptance of cash payments up to EUR 3,000, pending Senate approval.
Policy & regulationRules & requirementsCurrency and cash management
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2025-03-25•Laos•Bank of the Lao
The Bank of the Lao PDR, with the Supreme People’s Prosecutor Office and international partners, held a national conference on implementing international AML/CFT standards amid Lao PDR’s FATF grey-listing. The event emphasized addressing gaps identified in Lao PDR’s mutual evaluation, such as parallel money-laundering cases, improved statistics and case examples, and enhanced international cooperation. Experts from Thailand, Cambodia, the Philippines, and Lao PDR discussed grey-list impacts and remediation strategies.
Policy & regulationCooperationOther
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2025-03-25•Colombia•Central Bank of Colombia
The Central Bank of Colombia released an updated compendium of External Regulatory Circular DEFI-360, consolidating changes to its temporary liquidity support framework. The update includes usability and accessibility standards and operational adjustments to the ATL process.
Policy & regulationRules & requirementsLiquidity risk
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2025-03-25•United States•Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis announced President Neel Kashkari will host a Fed Listens event on March 26 at the Detroit Lakes Regional Chamber of Commerce Economic Summit, focusing on labor market conditions, inflation, and monetary policy communication. Moderated by Chamber President Jackie Buboltz, this session is part of the Fed's 2025 review of monetary policy strategy. Kashkari will also engage with local business leaders and tour a tribal enterprise with Minneapolis Fed leaders.
Monetary policyMonetary policy framework & strategyMonetary policy decisions and developments
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2025-03-25•Sweden•Riksbank
Sveriges Riksbank's staff memo reviews Sweden's foreign trade in services over 20 years, highlighting a sharp acceleration since 2019 driven by a few multinational enterprises. The memo notes a rise in services trade relative to GDP, with significant growth in modern service categories, while transport and travel have declined. Future growth may be supported by digitalisation and skilled labour availability, though geopolitical tensions and regulatory changes pose uncertainties.
ResearchMarket development
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2025-03-25•United States•Federal Housing Finance Agency
The Federal Housing Finance Agency's House Price Index (HPI) indicated a 0.2% rise in U.S. house prices in January, with a 4.8% increase from January 2024 to January 2025. December's increase was revised to 0.5%. Regional monthly changes varied, with the South Atlantic down 0.8% and the West North Central up 1.0%, while all divisions showed positive annual growth.
Data & statistics
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2025-03-25•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission announced trial dates for three alleged ramp-and-dump cases involving Eggriculture Foods Limited, Fullwealth Construction Holdings Company Limited, and KNT Holdings Limited, with trials set for 2026 and 2027. Nineteen defendants, who pleaded not guilty, face charges of conspiracy to defraud and money laundering following joint investigations by the SFC and Police. All defendants were granted bail with conditions including cash sureties and travel restrictions.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-25•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission (CMVM) and the European Securities and Markets Authority (ESMA) issued a warning on the use of artificial intelligence in investments, emphasizing important considerations for its application.
SupervisionAlertsArtificial intelligence
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2025-03-25•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria issued instructions for filing the SPB-8 annual report on claims and liabilities of resident natural persons to foreign entities for the 2024 reference year. Reporting is mandatory if claims or liabilities meet or exceed BGN 50,000 or the foreign-currency equivalent. The data is used for statistical purposes and is protected under statistical secrecy, with non-compliance subject to fines.
SupervisionRegulatory reporting
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2025-03-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding a fraudulent website and internet banking login screen linked to OCBC Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Customers who interacted with the fraudulent site are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites, internet banking login screens, and phishing emails linked to Dah Sing Bank, Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords. Affected individuals should contact Dah Sing Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-03-25•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages linked to Industrial and Commercial Bank of China (Asia) Limited. The HKMA emphasized that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-25•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has warned of a fraudulent website, https://fsa-lom.uk/, impersonating the Authority by using its logo and cloning its genuine site. The Authority confirmed the site is not affiliated with it and highlighted false contact details. Visitors are cautioned against potential fraud or data theft, and actions are underway to remove the site.
SupervisionAlertsFraud and scams
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2025-03-25•India•Reserve Bank of India
The Reserve Bank of India has issued a Master Direction consolidating prudential norms on capital adequacy for Regional Rural Banks (RRBs), effective April 1, 2025. RRBs must maintain a minimum Capital to Risk Weighted Assets Ratio of 9%, with Tier 1 capital at least 7% of RWAs. The Direction outlines eligible capital elements, caps on Tier 2 capital, and conditions for Perpetual Debt Instruments, while repealing previous circulars.
Policy & regulationRules & requirementsCapital adequacy
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2025-03-25•United States•Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland's Economic Commentary analyzes the impact of information technology adoption on clerical workers from 1980 to 2015, noting significant negative effects in large metropolitan areas. Smaller US areas, slower in adopting new technologies, saw an increased share of traditional clerical jobs. The study suggests ongoing technology cost reductions and AI advancements may further negatively affect clerical workers in smaller regions.
ResearchOther
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2025-03-25•United States•Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Atlanta appointed six new members to its Community Depository Institutions Advisory Council (CDIAC), including representatives from Innovations Financial Credit Union and Studio Bank. Established under the Dodd-Frank Act, the CDIAC advises the Board on economic and lending conditions affecting community depository institutions. Members serve three-year terms, with the Atlanta Fed's council chair participating in national meetings with the Board.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-03-25•Europe•European Central Bank
The European Central Bank's working paper evaluates how major credit rating agencies incorporate climate risks into sovereign credit ratings. It finds that physical risks like temperature anomalies and natural disasters correlate with weaker ratings, while transition risks such as emissions intensity are not consistently significant, though post-2015 data shows increased differentiation. Higher sovereign debt and fossil fuel reliance lead to lower ratings, whereas revenues from transition-critical materials improve ratings.
ResearchClimate risk and sustainable finance
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2025-03-25•Europe•European Central Bank
The European Central Bank published a blog post on AI and the green transition, emphasizing coexistence despite increased electricity demand. It identifies structural constraints that, if addressed, could enable AI-driven productivity gains while supporting decarbonization, highlighting energy challenges and investment needs. Part of a miniseries linked to the ECB conference "The Transformative Power of AI," it reflects the author's views, not the official stance of the ECB or Eurosystem.
ResearchClimate risk and sustainable finance
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2025-03-25•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) hosted a roundtable with women chief executives in São Paulo to discuss regulatory priorities impacting the insurance sector. Key topics included the Legal Framework for Insurance Contracts, SUSEP’s National Plan for Access to Insurance, and financial education initiatives. SUSEP emphasized the importance of tailored products for women-led microenterprises and ongoing engagement with market participants.
Policy & regulationReform agendas & prioritiesDiversity and inclusion
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2025-03-25•Bulgaria•Ministry of Finance (Bulgaria)
Bulgaria's Ministry of Finance, represented by Deputy Minister Metodi Metodiev, outlined preparations for euro adoption, including a public information campaign and operational requirements for businesses. The euro is expected to be introduced on 1 January 2026, with a mandatory "double labelling" period for consumer prices from August 2025 to December 2026. Bulgaria will join the euro area at an exchange rate of BGN 1.95583 per EUR.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-03-25•South Africa•South African Reserve Bank
The South African Reserve Bank reported a 0.9% increase in the composite leading indicator for January 2025, driven by gains in new passenger vehicle sales and residential building plans. The composite coincident indicator remained unchanged in December 2024, while the composite lagging indicator decreased by 0.1%. The leading indicator reached 114.4, marking a 3.4% rise over 12 months.
Data & statisticsEconomic data and developments
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2025-03-25•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Sint Maarten and Curaçao issued guidance for transitioning from the Netherlands Antillean guilder (NAf) to the Caribbean guilder (Cg), detailing timelines for cash co-circulation and legal tender status. Co-circulation will occur from March 31 to June 30, 2025, with NAf ceasing as legal tender on July 1, 2025. The bank announced the currency code XCG and proposed "Cg" as the symbol, alongside a public information campaign on security features and the My Caribbean Guilder app.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-03-25•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) has set procedures for its Commission for Monitoring Relevant Legal Actions, addressing lawsuits affecting the closed supplementary pension sector. These involve submissions from pension entities and associations, focusing on high litigation or systemic risks. The commission, including PREVIC and three associations, serves a consultative role with non-binding deliberations.
Policy & regulationRules & requirementsOperational excellence
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2025-03-25•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines directed BSP-supervised financial institutions to enhance surveillance and monitoring to counter vote buying and selling ahead of the May 2025 elections. Institutions should strengthen customer onboarding, fraud management systems, and transaction monitoring to detect spikes in account registrations, large cash transactions, and unusual patterns. This follows a request from the Commission on Elections and involves coordination with law enforcement authorities.
SupervisionRisk monitoring & watch pointsFraud and scams
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2025-03-25•Estonia•Finantsinspektsioon
The Estonian Financial Supervision Authority granted AS Redgate Capital an additional licence to operate as an investment firm, allowing it to provide securities portfolio management and foreign currency exchange services. The firm's management board members are Aare Tammemäe and Andrei Zaborski. Existing and new licences are available on the authority's website.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Estonia•Finantsinspektsioon
The Estonian Financial Supervision and Resolution Authority fined Salva Kindlustuse AS EUR 10,000 for providing false information to policyholders and breaching advertising requirements. The company misrepresented Europark Estonia OÜ as the insurance agent and failed to meet the Advertising Act's standards for financial service terms. The fine was imposed under section 254(2) of the Insurance Activities Act and may be contested legally.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority fined Meelis Roosaar EUR 4,000 for market manipulation involving Nordecon AS and Hepsor AS shares on Nasdaq Tallinn. Roosaar placed large orders to mislead participants and small buy orders to artificially raise prices, violating the EU Market Abuse Regulation. He had previously received two warnings for similar conduct and may challenge the decision legally.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority (Finantsinspektsioon) hosted European Single Resolution Board (SRB) officials to discuss Estonian banking and crisis resolution priorities. Chair Kilvar Kessler emphasized the importance of a harmonised crisis resolution framework and support for the euro area Single Resolution Mechanism. The SRB coordinates euro area resolution authorities to manage failing banks, with Finantsinspektsioon responsible for bank resolution in Estonia.
SupervisionCooperationRecovery and resolution
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority reported a decrease in consumer complaints about financial services in 2024, with 374 complaints compared to 389 in 2023. Complaints mainly concerned payment and credit services, with a notable rise in suspected fraud cases. The authority emphasized its role in using complaint trends for supervisory planning and reiterated the need for a financial ombudsman, having initiated legislation to establish one.
SupervisionRisk monitoring & watch pointsComplaints and dispute resolution
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Finantsinspektsioon and Teeviit are distributing a financial literacy board game to over 100 youth centres as Christmas gifts, aiming to teach children about saving and spending. The game, developed from a winning entry in the RAHAPADA competition, was created by students and is available in a travelling version for schools.
Financial literacy & educationFinancial literacy and education
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority (Finantsinspektsioon) has reported suspected criminal activity related to the Planet42 case to investigative authorities. The authority emphasized its role in maintaining financial sector integrity and clarified that it does not investigate crimes but supports investigators as needed.
SupervisionCooperationFraud and scams
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2025-03-25•Estonia•Finantsinspektsioon
The Estonian Financial Supervision Authority has withdrawn Montonio Finance OÜ’s licence to operate as a credit intermediary, following the company's application. Montonio Finance OÜ will continue as a credit agent. Seven credit intermediaries remain licensed in Estonia.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision and Resolution Authority announced legislative amendments effective 1 January 2025, extending transitional arrangements for debt collection companies under the Debt Collection and Debt Purchase Act. Firms have until 30 June 2025 to obtain a licence or cease operations. Only licensed entities will be permitted to manage consumer credit contracts.
Policy & regulationRules & requirementsLicence approval
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority revoked the creditor authorisation of ON24 Aktsiaselts, initially granted in August 2016, upon the company's request. ON24 Aktsiaselts had no active consumer credit contracts at the time of revocation. Currently, 35 creditors are licensed to operate in Estonia, as listed in the authority's register.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-25•Estonia•Finantsinspektsioon
Estonia’s Financial Supervision Authority (Finantsinspektsioon) has withdrawn the operating licence of Ehital Krediit OÜ, ceasing its activities as a creditor and mortgage creditor. The company can no longer sign credit contracts or conduct related transactions. Currently, 34 creditors remain licensed in Estonia.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-25•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam updated its BDCB Alert List, adding entities and online profiles potentially misperceived as licensed by BDCB. New additions include Best Brunei Energy Service & Trading, Cryptolux_Investment, and various online loan profiles. BDCB cautions consumers to engage only with licensed financial institutions and warns against unlicensed financial activities, noting the lack of regulatory protection for dealings with unregulated parties.
SupervisionAlertsSanctions list update
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2025-03-25•Estonia•Finantsinspektsioon
Estonia’s Financial Supervision and Resolution Authority removed Vagner Insurance Broker AS from the list of insurance brokers due to serious violations, including obstructing state supervision and unauthorized operations in Ukraine. Existing insurance contracts remain valid, and parties should arrange necessary changes for service continuity. The decision was made under the Insurance Activities Act, with the firm having the right to appeal within 30 days.
SupervisionAuthorisations & approvalsLicensing and supervisory fees
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Finantsinspektsioon issued 863 alerts last year regarding companies operating without a licence in Estonia and the EU, aiming to protect consumers from fraud. Six alerts were directly issued by Finantsinspektsioon, addressing unlicensed credit issuance, crowdfunding services, and misleading information about deposit guarantees and licensing. Most alerts originated from other countries' authorities.
SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
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2025-03-25•Estonia•Finantsinspektsioon
The Estonian Financial Supervision Authority issued a precept to Northern Horizon Capital AS to address deficiencies in internal controls and conflict of interest management identified during an inspection. The firm was found lacking in the application and monitoring of internal rules, minimisation of conflicts of interest, and independence of internal controls and audit functions.
SupervisionInterventionsCorporate governance
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2025-03-25•Estonia•Finantsinspektsioon
Estonia’s Finantsinspektsioon revoked Kinnistulaen OÜ’s operating licence as a creditor and mortgage creditor due to repeated legislative breaches. The firm failed to respond to supervisory inquiries, lacked internal audits, submitted annual reports late, and its head was deemed to lack an untarnished business reputation. Consequently, Kinnistulaen OÜ is prohibited from offering services requiring such licences.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Finantsinspektsioon hosted a delegation from the Finnish Financial Supervisory Authority to discuss 2025 supervisory priorities, anti-money laundering risks, and expectations for the EU’s new Anti-Money Laundering Authority. The meeting also addressed financial market developments and compared supervisory procedures for issuing licenses, including preparations for the EU’s Markets in Crypto-Assets Regulation.
SupervisionCooperationCross-border cooperationAML and CFT
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2025-03-25•Estonia•Finantsinspektsioon
The Estonian Financial Supervision Authority issued a precept to Salva Kindlustuse AS to rectify deficiencies found in an inspection of its internal governance and claims handling processes. The inspection revealed issues with management systems, delegation, and claims processes across various insurance lines, including motor and travel insurance. Salva Kindlustuse AS can appeal the decision to the Tallinn Administrative Court within 30 days.
SupervisionInterventionsCorporate governance
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority issued a precept to Ühisarveldused AS after finding deficiencies in governance, capital management, reporting accuracy, and compliance, including a breach of client asset separation. Ühisarveldused AS must address these issues by the end of 2025. The precept can be appealed to the Tallinn Administrative Court within 30 days.
SupervisionInterventionsCorporate governanceCompliance
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority conducted a large-scale test of automated sanctions-screening controls in 2024, assessing systems at 15 firms against international and Estonian sanctions lists. While overall performance was generally good, some filtering systems required additional support. The authority emphasized the need for sanctions experts to configure and calibrate systems to each institution’s business model.
SupervisionInnovation & testingSanctions list update
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision and Resolution Authority announced that Harju County Court upheld its decision to fine IIZI Kindlustusmaakler AS EUR 24,000 for breaches under the Insurance Activities Act. Violations included improper marketing transfers and failing to act in clients' insurance interests, endangering clients. The court confirmed the decision, allowing for further legal challenges by the company.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Finantsinspektsioon granted OÜ GS Core an operating licence as a debt collection company under the Debt Collection and Debt Purchase Act. The licence permits activities such as collecting overdue payments and negotiating terms with borrowers, while imposing obligations like handling complaints and informing borrowers of contractual changes. Management board members are Sofia Kirsimaa and Kaspars Bālāboliņš.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority (Finantsinspektsioon) confirmed Harju County Court upheld its finding against pension fund manager Tuleva Fondid AS for serious advertising breaches, reducing the fine from EUR 100,000 to EUR 17,500. The breaches involved misleading advertisements and failure to meet requirements under the Advertising Act and Investment Funds Act. Finantsinspektsioon is considering appealing the reduced fine.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority (Finantsinspektsioon) highlighted challenges for crypto firms and supervisors with the establishment of the European Anti-Money Laundering Authority (AMLA) at the Nordic-Baltic AML-2024 conference. Management Board Chair Kilvar Kessler emphasized the need for uniform supervision across EU member states and noted potential discrepancies in AMLA's implementation. He also underscored Finantsinspektsioon’s investment in IT expertise as crucial for managing IT risks and future crypto sector oversight.
SupervisionSupervision approach, priorities & toolkitAML and CFTSupervision process and methodologies
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority has licensed iRaha Estonia OÜ to operate as a creditor, allowing it to offer unsecured consumer loans. The company's management board includes Erik Karu and Kersti Kurval.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-25•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority has issued the first operating licence to Julianus Inkasso OÜ for debt collection and purchase related to credit contracts. The licence allows the company to collect overdue payments, negotiate contract terms, and handle complaints. Firms collecting only fines and maintenance arrears are exempt from licensing.
SupervisionAuthorisations & approvalsLicence approval