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2025-03-07•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission amended details for Tinkoff Bank under the UK’s Russia (Sanctions) (EU Exit) Regulations 2019, maintaining the asset freeze. Businesses must verify accounts with designated entities, freeze assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms must notify the Commission and provide a report under Handbook Rule 12.37 if an affected relationship is identified.
Policy & regulationGuidance & interpretationSanctions list update
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2025-03-07•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission announced that ROSBANK PJSC and ACTIVE DENIZCILIK have been removed from the UK Russia financial sanctions regime, lifting their asset freeze. The UK consolidated list has been updated, and UK sanctions regulations continue to apply in Guernsey under the 2020 Brexit Regulations.
Policy & regulationRules & requirementsSanctions list update
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2025-03-07•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia reported international reserves of USD118.3 billion as of 28 February 2025, sufficient to finance 5.0 months of imports and cover 0.9 times total short-term external debt. The short-term external debt, primarily linked to resident banks and multinational corporations, does not constitute claims on BNM's reserves.
Data & statisticsBalance of payments and other external statistics
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2025-03-07•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC revoked Ecomamoni Environmental Recyclable Materials Manufacturing, Inc.'s registration for soliciting investments without a license and offering unregistered securities. Ecomamoni was fined PHP 1 million for these violations and an additional PHP 1 million in administrative sanctions. The SEC identified the company's operations as a Ponzi scheme, noting unauthorized investment solicitation despite its corporate registration.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-03-07•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) issued an alert warning of fake documents misusing its name, letterhead, and logo. FSRA advised consumers and businesses to report suspicious documents and verify legitimacy through independent checks. Recipients are urged to scrutinize documents for errors and inconsistencies and consult the Canadian Anti-Fraud Centre for guidance.
SupervisionAlertsFraud and scams
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2025-03-07•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has denied Loretto Ifeoma Okafor a life insurance agent licence under Ontario’s Insurance Act. The decision was based on Okafor providing false information in her application and concerns about her ability to conduct business lawfully and with integrity. Okafor did not challenge the decision or request a hearing.
SupervisionAuthorisations & approvalsUnlicensed or unauthorized activity
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2025-03-07•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has revoked the International Corporate Services Licence of Alpha Consulting Limited and the Foundation Services Licence of Alpha Fiduciary Services Ltd, effective 3 March 2025. Under section 28(1) of the FSA Act, these firms no longer hold licences ICS056 and FS015. Concerned parties are advised to contact the FSA regarding records of entities previously administered by these firms.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-07•Global•Islamic Financial Services Board
The Islamic Financial Services Board will hold its 2025 Annual Meetings, including the 46th Council Meeting and 23rd General Assembly, hosted by Bank Al-Maghrib in Rabat, Morocco, from 1 to 3 July 2025. The event will feature discussions on structural vulnerabilities in Islamic finance, transparency, market confidence, and regulatory priorities, with participation from central bank governors and industry leaders. Abdellatif Jouahri, Governor of Bank Al-Maghrib, will chair.
Policy & regulationCooperationOther
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2025-03-07•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC and the Biodiversity-Based Economy Development Office signed an MOU to promote biodiversity conservation via the capital market. The cooperation encourages market participants to integrate biodiversity considerations and enhance information disclosure. The SEC will support these efforts with training, seminars, and tools to help companies meet biodiversity targets under the National Biodiversity Strategy and Action Plans.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-03-07•Fiji•Reserve Bank of Fiji
The Reserve Bank of Fiji and the South Pacific Stock Exchange co-hosted a "Ring the Bell for Gender Equality" event on International Women’s Day, highlighting financial institutions' role in enhancing women's access to financial services. The event also increased signatories to the Asian Development Bank’s Women Entrepreneurs Finance Code, with commitments to appoint gender champions and develop tailored solutions for women entrepreneurs.
OtherDiversity and inclusion
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2025-03-07•Fiji•Reserve Bank of Fiji
The Reserve Bank of Fiji, in partnership with the United Nations Capital Development Fund’s Pacific Digital Economy Program, is spearheading the creation of an Innovation Hub to support local tech startups in addressing Fiji’s development challenges. The multi-year initiative will initially focus on fintech startups and founder journeys, with plans to expand to other areas such as female entrepreneurship and agri-tech from the second year.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-03-07•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria has issued a Statement of Commitment to the Nigerian Foreign Exchange Code, aligning its regulation of FX market activities with the FX Global Code principles. The Bank acknowledges the FX Global Code as a set of good-practice principles and confirms its role as a regulator to "Market Participant" as defined by the Code.
Policy & regulationInternational standards & recommendationsForeign exchange policy and markets
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2025-03-07•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Senate Banking Committee Chairman Tim Scott introduced the FIRM Act to remove reputational risk from federal supervision. The bill prohibits agencies like the FDIC and Federal Reserve from using reputational risk in ratings, while maintaining quantitative measures like concentration and liquidity risks. The proposal is backed by all Republican Senate Banking Committee members, financial services stakeholders, and 26 state finance officials.
Policy & regulationRules & requirementsOther
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2025-03-07•Canada•Department of Finance (Canada)
Canada's Department of Finance will amend regulations to enhance the Anti-Money Laundering and Anti-Terrorist Financing framework, focusing on trade-based financial crime, intelligence sharing, and beneficial ownership transparency. The amendments grant new authorities to the Canada Border Services Agency, enable private-sector information sharing, and extend obligations to more financial services providers. Provincial and territorial civil forfeiture offices will receive financial intelligence from FINTRAC starting April 1, 2025.
Policy & regulationRules & requirementsAML and CFT
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2025-03-07•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has guided commercial banks and regional branches to ensure timely credit for rice production and exports in 2025, focusing on the Winter–Spring crop in the Mekong Delta. Banks are instructed to balance funding, raise credit limits, and simplify loan processes for rice buyers and processors. Regional branches must coordinate with local authorities to enhance bank-business connectivity and report issues to the State Bank of Vietnam.
Policy & regulationGuidance & interpretationLending
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2025-03-07•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported on a Hanoi workshop about integrating women in banking with digital transformation, highlighting gender imbalance risks in tech roles. The report emphasized regulatory reforms, digital infrastructure investment, and cybersecurity in driving digital banking growth, noting significant increases in digital payment transactions from 2016 to 2024. Women constitute 58% of banking staff but face barriers like limited training access and work-life pressures.
Policy & regulationGuidance & interpretationDiversity and inclusion
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2025-03-07•Canada•Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada, led by Commissioner Benzvy Miller, is committed to addressing women's financial vulnerabilities through its National Financial Literacy Strategy. Ahead of International Women’s Day, the Agency highlighted research on enhancing financial confidence in women and girls, emphasizing the importance of money conversations to overcome systemic barriers like gender bias. The statement also pointed to resources and actions in the National Strategy to bolster women's financial resilience.
Financial literacy & educationDiversity and inclusion
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2025-03-07•United States•U.S. Department of Justice
The U.S. Department of Justice, with Germany and Finland, disrupted Garantex, a cryptocurrency exchange accused of money laundering and sanctions violations, and unsealed an indictment against two alleged administrators. Garantex allegedly processed at least USD 96 billion in cryptocurrency transactions, including criminal proceeds. U.S. law enforcement seized Garantex domains and froze over USD 26 million, while German and Finnish authorities seized servers hosting the exchange.
EnforcementInvestigations & enforcement actionsAML and CFTCyber resilience
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2025-03-07•Russia•Central Bank of Russia
The Central Bank of Russia's review for 2024 Q4 reveals a 25.8% increase in assets managed by management companies, reaching RUB 26.3 trillion. Growth was primarily driven by closed-end unit investment funds (UIFs) and a strong retail trend towards money market exchange-traded UIFs, which saw net inflows of RUB 452 billion and a weighted average return of 18.1%.
Data & statisticsLiquidity risk
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2025-03-07•Russia•Central Bank of Russia
The Central Bank of Russia extended restrictions on foreign cash withdrawals for six months, citing sanctions preventing Russian banks from purchasing cash from western countries. Individuals with foreign currency accounts opened before 9 March 2022 can withdraw up to USD 10,000 or equivalent in euros, with remaining funds available in rubles. The ban on banks charging fees for foreign cash withdrawals and restrictions on corporate withdrawals in certain currencies are also extended until 9 September 2025.
Policy & regulationRules & requirementsCross-border payments
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2025-03-07•Canada•British Columbia Securities Commission
The British Columbia Securities Commission permanently banned Oliver Barrett Lindsay from the market after his guilty plea in the U.S. for conspiracy to commit securities fraud. Lindsay's fraudulent trading scheme with Kelvin Medical Inc. resulted in a 17-month U.S. prison sentence and USD 187,898 restitution. The order prohibits him from various securities-related activities, except through his registered accounts, and restricts his corporate roles to companies where he is the sole shareholder.
EnforcementSanctions & designationsFraud and scams
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2025-03-07•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission issued settled orders against Momentum Advisors LLC, Allan J. Boomer, and Tiffany L. Hawkins for fiduciary breaches, including misuse of assets and supervisory failures. Hawkins misappropriated USD 223,000, while Boomer failed to supervise, causing an unearned benefit of USD 346,904. All parties consented to penalties and sanctions, including civil penalties totaling USD 515,000 and various professional restrictions.
EnforcementInvestigations & enforcement actionsFiduciary duty
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2025-03-07•Canada•Alberta Securities Commission
The Alberta Securities Commission (ASC) issued a public warning about crypto investment scams, specifically highlighting the CanCap scheme promoted online. The ASC noted false endorsements, fabricated media content, and links to several websites, none of which are registered in Canada to sell investments or provide advice. Investors are advised to verify registration status and review alerts on CheckFirst.ca.
SupervisionAlertsFraud and scams
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2025-03-07•United States•Office of the Comptroller of the Currency
The OCC issued Interpretive Letter 1183, permitting national banks and federal savings associations to engage in crypto-asset custody, certain stablecoin activities, and independent node verification networks without prior supervisory nonobjection. The OCC stressed the need for robust risk management controls and withdrew from joint statements on crypto-asset and liquidity risks.
Policy & regulationGuidance & interpretationTokenizationStablecoins
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2025-03-07•Moldova•National Bank of Moldova
The National Bank of Moldova (NBM) reported on Governor Anca Dragu’s visit to the National Bank of Romania, marking the first interinstitutional meeting after Moldova's acceptance into the Single Euro Payments Area (SEPA). Discussions focused on Romania's SEPA integration experiences and aligning Moldova's banking sector with European standards. The NBM delegation also engaged with the Romanian Banking Association to explore regulatory and technical solutions for payments infrastructure and digitalisation.
Policy & regulationCooperationCross-border payments
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2025-03-07•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) announced amendments to the 2012 ordinance on measures against Syria, lifting sanctions on the Syrian energy and transport sectors. This aligns Switzerland with the European Union's decision to relax Syria sanctions. Other financial and goods sanctions remain unchanged, and frozen funds are not released.
Policy & regulationRules & requirementsSanctions list update
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2025-03-07•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) announced a Swiss Federal Council ordinance mandating the immediate freezing of assets in Switzerland belonging to 17 individuals linked to Syria. Effective 7 March 2025, this measure is pursuant to Article 3 of the Federal Act on the Freezing and Restitution of Illicit Assets held by Foreign Politically Exposed Persons. Entities managing these assets must report to the Money Laundering Reporting Office Switzerland.
Policy & regulationRules & requirementsNew sanctions designations
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2025-03-07•Australia•Australian Competition and Consumer Commission
The Australian Competition and Consumer Commission has granted interim authorisation to the Australian Sustainable Finance Institute and its member banks to discuss reform proposals on sustainable finance, subject to a competition protocol for handling sensitive information. This authorisation is limited to discussions on Australian regulatory capital requirements.
SupervisionAuthorisations & approvalsOther
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2025-03-07•South Korea•Bank of Korea
The Bank of Korea reported a KRW 3.3 trillion increase in industrial loans by depository corporations in Q4 2024.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-03-07•South Korea•Bank of Korea
The Bank of Korea's preliminary balance of payments data for January 2025 reported a current account surplus of USD 2.94 billion and a USD 3.72 billion rise in net assets in the financial account.
Data & statisticsBalance of payments and other external statistics
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2025-03-07•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Insurance Commission has revised its "Naming conventions for CAA reportings" file, providing clarifications to chapter 2.16 on the Digital Operational Resilience Act (DORA) Register of Information and chapter 2.17 on DORA Incident Reporting.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-03-07•United States•The White House
The White House announced a digital assets agenda at its first Digital Asset Summit, with President Trump signing an executive order to establish a Strategic Bitcoin Reserve within the U.S. Treasury. The order mandates federal agencies to inventory crypto assets and transfer them to the Treasury, while non-Bitcoin assets will be placed in a separate stockpile. The administration aims to end "Operation Choke Point 2.0" and supports legislative efforts for a regulatory framework for stablecoins and digital assets.
Policy & regulationRules & requirementsFintech and insurtechRegulatory sandbox
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2025-03-07•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury updated the UK sanctions list under the Russia sanctions regime, removing ROSBANK PJSC and ACTIVE DENIZCILIK VE GEMI ISLETMECILIGI ANONIM SIRKETI, and amending TINKOFF BANK to TBANK (T‑Bank) with updated details. TBANK remains subject to asset freeze, trust services sanctions, and a prohibition on correspondent banking relationships. The notice emphasizes freezing assets immediately if suspected to match the UK sanctions list and reporting breaches or blocked transactions to the Financial Intelligence Unit.
EnforcementSanctions & designationsSanctions list update
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2025-03-07•Europe•European Insurance and Occupational Pensions Authority
The European Supervisory Authorities, including the European Insurance and Occupational Pensions Authority, published an Opinion agreeing with the European Commission's amendments to the draft regulatory technical standards on subcontracting under the Digital Operational Resilience Act. The Opinion acknowledges that the original draft exceeded the mandate and supports the Commission's revisions to bring it within scope. The ESAs urge prompt adoption of the amended RTS.
Policy & regulationGuidance & interpretationOutsourcing and third-party risk management
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2025-03-07•Grenada•Grenada Authority for the Regulation of Financial Institutions
The Grenada Authority for the Regulation of Financial Institutions announced that Benjamin’s Insurance Brokerage requested cancellation of its registration effective 27 November 2024 and is no longer authorized to conduct insurance business. The public and potential business partners are advised to take note.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-07•Grenada•Grenada Authority for the Regulation of Financial Institutions
The Grenada Authority for the Regulation of Financial Institutions has cancelled Platinum Consultancy's registration as an insurance broker due to the expiration and non-renewal of its registration certificate on 31 December 2024. The firm is no longer authorized to conduct insurance business.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-07•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank released the Payment System and Services Bill, establishing a legal framework for regulating payment service providers in the Eastern Caribbean Currency Union. The Bill enhances consumer protection, financial stability, and innovation by introducing licensing requirements, transparency measures, and stronger supervisory powers. It also aims to support financial inclusion and new payment technologies while ensuring security and interoperability.
Policy & regulationRules & requirementsPayments and payment systems
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2025-03-06•Dominican Republic•Central Bank of the Dominican Republic
The Central Bank of the Dominican Republic will host its 2025 Economic and Financial Week from 17 to 21 March, targeting students to enhance financial literacy. The event includes talks, workshops, and activities on saving, spending, and credit use, with participation from 51 institutions, including banks and supervisory bodies. This year's programme extends to Baní, Peravia province, for the first time.
Financial literacy & educationFinancial literacy and education
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2025-03-06•Dominican Republic•Pensions Superintendency (SIPEN)
The Dominican Republic's Pensions Superintendency explained that investment performance drives retirement savings, with pension fund assets increasingly directed to private-sector projects. The report noted a 10% return in 2024 and highlighted challenges like high labor market informality. Recent regulatory changes include a sliding administration commission, elimination of inheritance tax on balances, and eased access to funds for terminal illness cases.
Financial literacy & education
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2025-03-06•Dominican Republic•Pensions Superintendency (SIPEN)
SIPEN trained over 165 Directorate General of Internal Taxes employees on the Dominican Pension System to improve retirement financial decisions. The sessions covered complementary pension plans, early withdrawal conditions, and tax-exempt savings. SIPEN plans to expand this initiative to achieve the Aquí Sabemos de Pensiones seal for workplace pension education.
Institutional developmentCooperation & capacity buildingCapacity building
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2025-03-06•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released its Bank Lending Survey for Q4 2024, showing unchanged lending standards for firms and households, with relaxed terms on new loans. Corporate credit and household housing loan demand remained stable, but net demand for consumer and other household loans decreased.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-06•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released updated aggregate data on non-performing loans in the Cypriot banking sector as of 30 November 2024.
Data & statisticsSupervisory data
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2025-03-06•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority, in collaboration with FINVEO MN, conducted educational workshops at the “Mirko Vešović” Secondary School of Economics in Podgorica, focusing on demo trading and contracts for difference (CFDs). This initiative is part of Montenegro’s 2023–2027 financial education programme. The sessions included CFD trading in various markets and introduced a student competition under simulated conditions.
Financial literacy & educationFinancial literacy and education
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2025-03-06•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has banned NSW property developer Andrew Bodnar from the financial services industry for six and a half years. An investigation revealed Bodnar operated without a licence, offered securities without disclosure, and engaged in misleading conduct. His undischarged bankruptcy, with AUD 131 million owed, contributed to the ban. Bodnar may seek a review in the Administrative Appeals Tribunal.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-03-06•Israel•Bank of Israel
The Bank of Israel reported that Israel's foreign exchange reserves reached USD 220,253 million at the end of February 2025, representing 40.6% of GDP, with a monthly increase driven by government foreign exchange activities and revaluation gains.
Data & statisticsBalance of payments and other external statistics
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2025-03-06•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) and the Bank of Italy issued joint guidance on treating crypto-assets in financial statements, disclosures, and audits, without imposing new obligations. The guidance targets listed issuers and auditors, emphasizing clear disclosure of crypto-asset exposures and adherence to International Financial Reporting Standards. It highlights addressing volatility, complexity, and anti-money laundering concerns in audits.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-03-06•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) issued Consultation Paper 165 proposing changes to its Licensed Functions and Authorised Individuals regime. It removes DFSA prior approval for certain roles, shifting fitness and propriety assessments to firms. Compliance Officers, Finance Officers, and Senior Managers are reclassified as "Designated Functions," while DFSA authorization remains for Senior Executive Officers and Money Laundering Reporting Officers. Authorised Firms would apply existing criteria to Designated Individuals, maintain assessment records, and notify the DFSA of appointments and cessations.
Policy & regulationRules & requirementsLicensing framework and process
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2025-03-06•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released February 2025 statistics for the Central Information Register.
Data & statisticsSupervisory data
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2025-03-06•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority announced that trading in Nyrstar financial instruments (ISIN BE0974294267) on Euronext Brussels will resume on 6 March 2025 at 09:00 CET.
SupervisionAuthorisations & approvalsTrading
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2025-03-06•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) updated Regulatory Guide 209 to clarify the treatment of Higher Education Loan Program (HELP) debts in credit affordability assessments. HELP debts differ due to income-dependent repayments and do not alter broader lending policies. This update follows a request from the Treasurer and consultations with industry and consumer groups, with ASIC and the Australian Prudential Regulation Authority (APRA) collaborating for consistent guidance.
Policy & regulationGuidance & interpretationLendingConsumer and investor protection
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2025-03-06•United Kingdom•Payment Systems Regulator
The Payment Systems Regulator (PSR) released its final report on card scheme and processing fees, highlighting that Mastercard and Visa face ineffective competitive constraints in the UK, leading to a more than 25% increase in fees to acquirers from 2017 to 2023. These increases have cost businesses at least GBP 170 million extra annually, with fee opacity contributing to higher costs for acquirers and merchants. The PSR plans to consult on potential remedies before implementing corrective actions.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-03-06•Botswana•Bank of Botswana
The Bank of Botswana announced that Beni Fame (Pty) Limited has voluntarily surrendered its licence to operate an electronic payment service under the Electronic Payment Services Regulations, 2019. The central bank advised against transacting with Beni Fame for electronic payment services and reiterated that operating such services without a valid licence is a criminal offence. Beni Fame’s Bureau de Change operations remain unaffected.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-03-06•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica published its February 2025 monthly report on economic conditions, detailing updates on output, employment, wages, external trade, public finances, monetary and financial accounts, the foreign exchange market, prices, and international economic indicators.
Data & statisticsEconomic data and developmentsMonetary data
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2025-03-06•Pakistan•Securites & Exchange Commission of Pakistan
The Appellate Bench of the Securities and Exchange Commission of Pakistan upheld an PKR 800,000 penalty against VIS Credit Rating Company Limited for breaches of the Credit Rating Companies Regulations, 2016. The appeal contested a 2019 SECP order citing non-compliance issues, including conflicts of interest and inadequate risk management. The decision emphasizes the necessity for credit rating agencies to adhere to standards of fairness, efficiency, transparency, and ethics.
EnforcementInvestigations & enforcement actionsAuditing
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2025-03-06•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority has granted YINVESTI final authorization to operate as a participatory investment adviser.
SupervisionAuthorisations & approvalsLicence approval
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2025-03-06•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority met the African Development Bank's resident representative to discuss Algeria's financial market, including financing opportunities. The talks also covered possible future cooperation on market development and capacity building, alongside a review of the authority's 2024 achievements and key Algiers Stock Exchange figures.
Policy & regulationCooperationMarket developmentCapacity building
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2025-03-06•Nigeria•Nigeria Securities & Exchange Commission
Nigeria’s Securities and Exchange Commission announced a transition to a T+2 settlement cycle for equities transactions, effective 28 November 2025. This change aims to enhance market liquidity, reduce counterparty risk, and align with international standards. Market participants must update systems accordingly, and investors should consult brokers for potential impacts.
Policy & regulationRules & requirementsMarket infrastructure
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2025-03-06•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York released a report titled “Credit Insecurity in the United States, 2018–2023,” introducing a Credit Insecurity Index to assess geographic access to credit. While access to affordable credit improved from 2018 to 2023, over 10% of the population still resides in areas with high reliance on costly credit and debt management challenges. The index data, detailing credit access across regions, is available in an Excel workbook.
Data & statisticsCredit riskFinancial inclusion
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2025-03-06•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) will implement an "e-Identification" system for prospectuses of UCITS, Part II UCIs, SICARs, and SIFs from April 2025, replacing the current VISA procedure. Accessible via the eDesk e-Identification Prospectus application, it includes a guide detailing the procedure and amendments not requiring prior CSSF approval. The existing procedure remains for requests needing prior review, with the guide set for publication on 20 March 2025.
Policy & regulationRules & requirementsRegulatory reporting
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2025-03-06•Europe•European Banking Authority
The European Banking Authority has launched a public consultation on four draft Regulatory Technical Standards in response to the European Commission’s Call for Advice on the EU anti-money laundering and countering terrorism financing package. These standards guide institutions and supervisors in AML/CFT obligations and support the new EU Authority for Anti-Money Laundering and Countering Terrorism Financing. Key areas include supervision criteria, risk assessment methodologies, customer due diligence frameworks, and sanction indicators.
Policy & regulationRules & requirementsAML and CFT
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2025-03-06•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority (FCA) reminded mortgage lenders of flexibility in interest rate stress testing rules and announced a programme to improve mortgage access. The FCA plans to call for evidence on stress testing approaches and consult on simplifying rules to facilitate remortgaging and reduce borrowing costs. Additional initiatives include an Open Finance Sprint to explore smart data in mortgages and a public discussion on the future of the mortgage market.
Policy & regulationGuidance & interpretationLending
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2025-03-06•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority and the Prudential Regulation Authority have appointed Martyn Beauchamp as the permanent CEO of the Financial Services Compensation Scheme, transitioning from his interim role since October 2023. Beauchamp will also serve as an executive director on the FSCS Board. The appointment was approved by the Prudential Regulation Committee, the FCA Board, and HM Treasury.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-03-06•Guernsey•Ministry of Finance (Guernsey)
Guernsey's Policy & Resources Committee updated on implementing UK sanctions on Russia, reporting GBP 4.7 million in frozen bank deposits and GBP 67 million in other assets locally, with GBP 12.7 billion frozen elsewhere but controlled from the Bailiwick. The sanctions primarily target financial assets, with most notifications since 2022 linked to the fiduciary sector outside the Bailiwick. MONEYVAL commended Guernsey's timely sanctions implementation and the Guernsey Financial Services Commission’s supervision.
Policy & regulationImplementation, projects & pilotsSanctions list update
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2025-03-06•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority (AFCA) supports the urgent passage of the Scams Prevention Framework Bill, citing inadequate current legislative settings and proposing a whole-of-ecosystem framework. AFCA reported handling over 470,000 complaints since 2018, with AUD 1.38 billion returned to consumers, and highlighted a significant rise in scam complaints, urging the Senate Economics Committee to recommend the Bill's passage for implementing a new scams External Dispute Resolution jurisdiction.
Policy & regulationRules & requirementsComplaints and dispute resolution
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2025-03-06•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 Kazakhstan issued guidance for borrowers in disputes with microfinance organisations, directing them to the microfinance ombudsman for resolution. The ombudsman is an independent, free mechanism with binding decisions on microfinance entities. The guidance details submission channels and required documentation, noting the ombudsman institution was introduced on 21 December 2024.
Policy & regulationGuidance & interpretationOther
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2025-03-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) issued a warning about Linkbex for suspected virtual asset-related fraud. Linkbex falsely claimed affiliations with seven SFC-licensed corporations, and investors reported account lockouts due to a supposed SFC anti-money laundering investigation. The Hong Kong Police Force blocked access to Linkbex’s website, which was added to the SFC’s Suspicious Virtual Asset Trading Platforms Alert List.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission's Quarterly Report highlights a strong end to 2024 for Hong Kong's capital markets, driven by increased asset management and cross-border connectivity. Key developments include a 35% rise in average daily ETF turnover to HKD 18.9 billion, an 88% surge in net inflows into Hong Kong-domiciled funds to HKD 162.9 billion, and a 10-year high in southbound Stock Connect net inflows of HKD 807.9 billion. The report also notes three new virtual asset trading platform licences, bringing the total to 10, and the introduction of the "ASPIRe" roadmap with 12 initiatives.
Data & statisticsActivity and performance reporting
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2025-03-06•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) has proposed eight measures to update its prudential governance framework for banks, insurers, and superannuation trustees, the first major update in over a decade. Key proposals include heightened board expectations, stricter standards for responsible persons, mandatory APRA engagement on succession planning, extending conflict management to banking and insurance, strengthening independence requirements, clarifying roles, and a 10-year tenure limit for non-executive directors. APRA suggests proportional application for smaller institutions and aims to streamline standards across industries.
Policy & regulationRules & requirementsCorporate governance
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2025-03-06•Latin America•Financial Action Task Force of Latin America (GAFILAT)
The Financial Action Task Force of Latin America (GAFILAT) conducted a simulation in Cuba to test the implementation of financial sanctions related to UN Security Council resolutions on terrorist financing and weapons proliferation. The exercise involved Cuban AML/CFT authorities and various financial and non-financial entities, revealing strengths and areas for improvement. It was based on GAFILAT's 2023 methodological manual.
Policy & regulationImplementation, projects & pilotsSanctions list update
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2025-03-06•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission (CySEC) has been notified by PT EU RAIF V.C.I.C. Public Ltd, through its external manager AUDE FM Limited, of the decision to dissolve and liquidate the PT EMERALD Sub-Fund. This action is in accordance with Article 138(7)(a) of the Alternative Investment Funds Law of 2018. CySEC will remove the sub-fund from the RAIFs’ Register upon completion of the process and submission of required documents.
SupervisionAuthorisations & approvalsOther
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2025-03-06•Australia•Reserve Bank of Australia
The Reserve Bank of Australia announced regulatory interventions after the Australian Securities Exchange's CHESS batch failure, focusing on account-to-account payments, retail payments regulation, and central bank digital currency (CBDC) research. Initiatives include addressing risks in decommissioning the Bulk Electronic Clearing System by 2030, enhancing pricing transparency, exploring merchant card payment costs, and continuing CBDC work through Project Acacia.
Policy & regulationImplementation, projects & pilotsOperational risk and resiliencePayments and payment systems
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding phishing emails reported by DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive personal information. Individuals who responded to such emails should contact DBS Bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted the public about a fraudulent website linked to Bank Julius Baer & Co. Ltd. HKMA reminded that banks don't send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Those who shared personal information or conducted transactions on the fraudulent site should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to China Construction Bank (Asia) Corporation Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with the fraudulent site should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public alert regarding fraudulent websites and internet banking login screens impersonating Industrial and Commercial Bank of China Asia Limited. The HKMA emphasized that banks will not send SMS or emails 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 Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens associated with Chong Hing Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Affected individuals should contact Chong Hing Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites linked to OCBC Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with links for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact OCBC Bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens reported by The Bank of East Asia, Limited. The HKMA reminded the public that banks will not send SMS or emails 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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2025-03-06•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted the public about fraudulent websites, internet banking login screens, and social media accounts linked to Nanyang Commercial Bank, Limited. The HKMA stressed that banks will not request sensitive personal information via SMS, email, or phone. Individuals who interacted with these fraudulent channels should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-03-06•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority released its March 2025 stakeholder bulletin, detailing strategic updates on prudential and conduct supervision, AML/CFT compliance, and preparations for the MONEYVAL evaluation. The bulletin includes operational updates, recent changes to the AML/CFT Handbook, and efforts to modernize pensions legislation. It also highlights an updated Supervisory Methodology Framework and upcoming events.
SupervisionSupervision approach, priorities & toolkitAML and CFT
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2025-03-06•United Kingdom•UK Parliament
The UK Parliament’s Treasury Committee released data from nine major UK banks and building societies, revealing 803 hours of unplanned technology and systems outages over two years, affecting millions of customers. Causes included third-party supplier issues, system changes, and internal software malfunctions. Barclays reported a significant incident with 56% of online payments failing, estimating compensation costs between GBP 5 million and GBP 7.5 million, with total potential compensation across outages up to GBP 12.5 million.
SupervisionRisk monitoring & watch pointsOperational risk and resilience
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2025-03-06•Europe•European Payments Council
The European Payments Council has added Moldova to the geographical scope of the Single Euro Payments Area payment schemes. Moldovan financial institutions can seek adherence from April 2025, with the earliest Operational Readiness Date set for Oct. 5, 2025.
Policy & regulationImplementation, projects & pilotsPayments and payment systemsCross-border paymentsMarket development
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2025-03-06•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission outlined its insurance literacy initiative with a four-quarter, theme-based approach and collaboration with public and private stakeholders. Themes include compulsory and sustainability-linked insurance, life and savings products, tourism-related insurance, and tax-deductible and retirement products. The initiative includes industry cooperation on communications materials and highlights recent supervisory activities, such as resolving 94.57% of insurance disputes.
Financial literacy & educationFinancial literacy and education
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2025-03-06•South Africa•South African Reserve Bank
The South African Reserve Bank reported a narrowing of the current account deficit to ZAR 31.6 billion (0.4% of GDP) in Q4 2024, down from ZAR 55.6 billion (0.8% of GDP) in Q3. This improvement was driven by a wider trade surplus, with exports rising more than imports. However, the services, income, and current transfer account shortfall widened to ZAR 264.5 billion, maintaining a GDP ratio of 3.5%.
Data & statisticsBalance of payments and other external statistics
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2025-03-06•South Africa•South African Reserve Bank
The South African Reserve Bank released a final draft white paper recommending standard market conventions for ZARONIA-based non-linear interest rate derivatives. It outlines conventions for product definitions, calendars, day count, and rate mechanics to support the transition from the Johannesburg Interbank Average Rate (Jibar). It includes quoting and settlement conventions and an Excel pricing template, with a noted model correction for the Cap-Floor sheet.
Policy & regulationGuidance & interpretationFinancial benchmarks
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2025-03-06•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 12.8% year-on-year increase in outstanding loans of universal and commercial banks, net of reverse repurchase placements, in January 2025. Loans to residents grew by 13.3%, while loans to non-residents decreased by 3.5%. Production activity loans rose by 11.8%, with significant growth in sectors such as real estate, electricity, and retail trade.
Data & statisticsMonetary data
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2025-03-06•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines reported a 6.8% year-on-year growth in M3 to PHP 18.1 trillion in January, down from 7.7% in December, with a 0.5% month-on-month decline. Domestic claims rose 10.9% year on year, driven by a 13.1% increase in private sector claims, while net foreign assets grew 2.6%. The central bank aims to maintain liquidity conditions aligned with its monetary policy for price and financial stability.
Data & statisticsMonetary data
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2025-03-06•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) released a bulletin on civil liability insurance, noting a 7.1% rise in premiums to EUR 4,018m, with significant market concentration among top insurers. The average claim cost increased by 4.1% to EUR 7,065, while the technical account result net of reinsurance rose by 17% to EUR 1,133m. In healthcare liability, premiums grew by 7.4% to EUR 706m, with high market concentration and average claim costs ranging from EUR 52,000 to EUR 64,000 for older claims.
Data & statisticsOther
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2025-03-06•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Resolution CVM 226, amending rules to streamline debenture issuance by removing the requirement for listed companies to register debenture deeds with the commercial registry. Legal requirements will now be met through CVM's electronic system, and new procedures for disclosing corporate acts have been established. Effective 10 March 2025, the resolution also clarifies the immediate applicability of debenture splitting under Article 59(IX) of Law 6,404.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-03-06•Estonia•Central Bank of Estonia
The Central Bank of Estonia reported an 8.3% wage growth in Q4 2024, with private sector wages rising faster than expected despite a weak economic climate. Factors such as payment timing effects due to tax changes and increased working hours contributed to this trend. Unemployment remained at 7.4%, with labour demand yet to show a decisive recovery despite GDP growth.
ResearchEconomic data and developments
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2025-03-06•Serbia•National Bank of Serbia
The National Bank of Serbia reported continued growth in digital banking, with mobile banking users reaching 4.6 million by end-2024, a 13.9% increase from end-2023. Mobile banking payments rose 25.7% year on year to 109.3 million in 2024, while IPS-enabled features saw significant uptake, including a 42.5% increase in QR code bill payments.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-03-06•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission reported Vice Chairman Kim Soyoung's visits to Cambodia and the Philippines to enhance financial regulatory cooperation and support Korean financial firms' overseas expansion. Key developments included MOUs with Cambodian authorities on non-performing loan resolution and insurance development, and discussions in Manila on regional financial development and deposit protection reforms. An annual international financial cooperation forum is planned in Cambodia.
Policy & regulationCooperationCross-border cooperation
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2025-03-06•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority reported increased registrations and authorisations at the Astana International Financial Centre, with new digital services reducing processing times. Key developments include licensing 49 financial service providers, recognition of 12 jurisdictions for foreign fund managers, and growth in fund management and digital asset activities. Policy updates cover tokenised commodities, trading facility rules, AML, and eased capital requirements for Islamic finance.
Policy & regulationImplementation, projects & pilotsLicence approval
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2025-03-06•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan and the National Bank of Georgia signed a Memorandum of Understanding to enhance cooperation in monetary policy, financial stability, banking supervision, payment systems, and financial technologies. The agreement follows discussions on modernizing payment systems, risk-based banking supervision, monetary reforms, fintech adoption, and financial literacy. It includes provisions for experience exchange, training, joint seminars, and research visits.
Policy & regulationCooperationCross-border cooperation
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2025-03-06•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia's Director General, Sou Socheat, participated in a meeting to review the draft Financial Sector Development Strategy 2021-2030. The session, chaired by Deputy Prime Minister Aun Pornmoniroth, included representatives from various ministries and institutions.
Policy & regulationReform agendas & prioritiesMarket development
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2025-03-06•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia joined the Cambodia-ASEAN Business Summit in Phnom Penh. Director General Sou Socheat emphasized the securities sector's role in attracting investors to support Cambodia's economic growth and Vision 2030. The summit, themed “Accelerating ASEAN Connectivity: People, Infrastructure, and Trade,” aimed to encourage foreign investment and was attended by government officials, institutional experts, and major international companies.
Policy & regulationCooperationOther
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2025-03-06•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission announced the removal of 24 entities from the United Kingdom’s Syria financial sanctions regime, lifting the asset freeze in the Bailiwick of Guernsey. The updated list includes major Syrian banks and petroleum companies. UK sanctions are implemented in Guernsey under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations 2020.
Policy & regulationRules & requirementsSanctions list update
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2025-03-06•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) has settled with Cheng (Kevin) Qi and Hui Wen (Polly) Liu, allowing them to surrender their insurance agent licences under Ontario’s Insurance Act. FSRA determined that Qi and Liu were incompetent and untrustworthy, rendering them unsuitable for licensing. The surrender was formalized through an FSRA order following the settlement.
SupervisionAuthorisations & approvalsOther
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2025-03-06•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission has updated the list of cryptocurrencies eligible for investment in digital tokens via initial coin offerings, adding Tether (USDT) and USD Coin (USDC). This change, effective 16 March 2025, follows a public hearing with broad support for expanding the list.
Policy & regulationRules & requirementsStablecoins
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2025-03-06•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC advises TPOLY253A bondholders to review information and join an e-meeting on proposed bond term amendments. Thai Polycons Public Company Limited seeks approval to waive a default event, extend maturity by 11 months, increase the interest rate, alter repayment terms, and permit collateral liquidation. The SEC mandates the bondholders’ representative to evaluate these changes' implications.
Policy & regulationGuidance & interpretationCorporate governance