Central Bank of Cyprus publishes updated aggregate non-performing loan data for the Cypriot banking sector
The Central Bank of Cyprus released updated aggregate data on non-performing loans in the Cypriot banking sector as of 31 October 2024.
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Australian Securities & Investments Commission secures AUD 27 million penalty against AustralianSuper for failing to merge duplicate superannuation accounts
The Australian Securities & Investments Commission (ASIC) announced that the Federal Court ordered AustralianSuper to pay a AUD 27 million penalty for failing to merge multiple member accounts. Between July 2013 and March 2023, around 90,700 members were affected, incurring AUD 69 million in losses from duplicated fees and lost earnings. ASIC highlighted systemic shortcomings and noted this was its first joint proceeding with the Australian Prudential Regulation Authority under section 52 of the Superannuation Industry (Supervision) Act 1993.
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Italian Securities Commission blocks an unnotified crypto-token offer under MiCAR and orders six website blocks for unauthorised services
The Italian Securities Commission (Consob) used its new powers under the EU Markets in Crypto-Assets Regulation (MiCAR) to block a website offering a token without the required crypto-asset white paper notification. Consob also blocked five websites for unauthorized financial intermediation, raising the total blocked sites to 1,232 since July 2019. Additionally, Consob warned about "scams squared," where fraudsters impersonate lawyers to exploit victims of previous investment scams.
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European Securities and Markets Authority updates Q&As on EMIR error notifications, ECSPR thresholds and MiFID II energy derivatives open interest limits
The European Securities and Markets Authority (ESMA) updated its Questions and Answers on the European Market Infrastructure Regulation (EMIR), European crowdfunding service providers for business regime (ECSPR), and Markets in Financial Instruments Directive II (MiFID II) secondary markets. Key updates include guidance on Error and Omission Notifications under EMIR, threshold calculations for ECSPR, and open interest thresholds in MiFID II energy derivatives.
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Tanzania Insurance Regulatory Authority holds training for National Insurance Board members on agriculture insurance, universal health insurance and bonds
The Tanzania Insurance Regulatory Authority conducted a training session for the National Insurance Board in Zanzibar to enhance understanding of the insurance sector and gather feedback. The program covered agricultural insurance, Universal Health Insurance, and bond-related issues, with a focus on implementation, governing laws, and consumer protection. Board members emphasized their advisory role in TIRA's sector development efforts.
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Tanzania Insurance Regulatory Authority presents 2023 insurance market performance report as Zanzibar’s President calls for faster digitalisation and regulatory review
The Tanzania Insurance Regulatory Authority (TIRA) presented its 2023 Insurance Market Performance Report, highlighting reforms and digital transformation efforts. Zanzibar’s President Dr Hussein Ali Mwinyi emphasized the need for innovation, ICT integration, and regulatory updates to align with government priorities. TIRA plans to enhance market growth through stakeholder collaboration, regional office expansion, and improved digital access.
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Ukraine National Commission on Securities and Stock Market brings into force revised criteria for designating capital and commodity market-critical enterprises
The Ukraine National Commission on Securities and Stock Market (NSSMC) has updated criteria for identifying entities critical to capital and organized commodity markets and opened applications for "critical" status. The Ministry of Justice has registered the decision, now in effect. The NSSMC will decide on applications within 10 working days.
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Committee of Experts on the Evaluation of Anti-Money Laundering Measures participates in FATF Plenary work on the next evaluation round and possible Standards changes
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) participated in the Financial Action Task Force (FATF) Plenary and Working Group meetings in Paris, focusing on preparations for the next evaluation round and potential changes to FATF Standards. MONEYVAL's delegation, led by its Chair, also engaged in discussions on EU supranational measures and the International Co-operation Review Group's processes.
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Central Bank of Peru reports non-traditional agricultural exports rose 21.5% to USD 11,151 million in 2024
The Central Bank of Peru reported non-traditional agricultural exports reached USD 11,151 million in 2024, a 21.5% increase from 2023, marking the largest annual growth from 2015 to 2024. This rise was primarily due to a 17.7% increase in export prices, driven by reduced global supply and higher international cocoa prices. Export volumes rebounded in the latter half of 2024, with notable growth in blueberry exports, contributing to a 3.2% annual volume increase.
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Securities and Exchange Commission of Pakistan invites feedback on draft guidelines for capital issues, ESOS, stock splits and intermediary registration
The Securities and Exchange Commission of Pakistan has released four draft guidelines for public consultation on capital issues, Employee Stock Option Schemes, stock splits, and intermediary registration processes. These drafts aim to enhance corporate governance and transparency for unlisted companies and clarify intermediary application procedures. The guidelines supplement existing regulations without altering legal obligations.
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National Bank of Georgia hosts World Bank mission to support instant payment system implementation
The National Bank of Georgia hosted a World Bank expert mission to advance the country's payment infrastructure and implement an instant payment system. The mission included meetings with Governor Natia Turnava and workshops for bank staff, focusing on integrating Georgia's payment systems with international counterparts. Both parties reaffirmed ongoing cooperation with public and private stakeholders.
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Bank of Italy analysis of real estate collateral valuations on corporate property-backed loans finds losses from severe price shocks generally contained
The Bank of Italy's note on financial stability examines how Italian banks value real estate collateral for loans using AnaCredit data. It finds that collateral revaluations are not fully aligned with market price changes, but discrepancies are limited. Stress tests suggest system-wide risks to the Italian banking sector remain contained, with only moderate increases in expected losses under severe scenarios.
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Bank of Italy opens the 2024-2025 Inventiamo una banconota school prize with EUR 10,000 awards for three winning classes
The Bank of Italy, in collaboration with Italy’s Ministry of Education and Merit, has launched the 2024-2025 edition of the school prize “Inventiamo una banconota”, encouraging students to design an imaginary banknote themed around personal financial growth. The initiative aims to enhance financial education by linking individual financial awareness to personal goals, with winners receiving a EUR 10,000 cheque to support educational activities.
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Bank of Italy publishes AnaCredit-based analysis of commercial real estate collateral valuation and finds risks generally contained
The Bank of Italy analyzed collateralised commercial real estate loans using AnaCredit data to assess collateral value updates and simulate property price impacts on loan-to-value ratios and expected losses. Findings show frequent revaluations of CRE collateral, though not fully aligned with market price movements, with risks to the banking system deemed contained even under adverse scenarios. Expected losses remain moderate despite potential sharp property price declines and increased borrower default probabilities.
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National Association of Insurance Commissioners sets 2025 work plans prioritizing climate resilience, privacy rule amendments and risk-based capital modernization
The National Association of Insurance Commissioners outlined its 2025 strategies, focusing on severe weather impacts, cybersecurity frameworks, and privacy regulation amendments. Key initiatives include enhancing annuity standards, monitoring the Aggregation Method for group capital, and addressing small group health insurance issues. The programme builds on the National Climate Resilience Strategy for Insurance and emphasizes pre-disaster mitigation linked to premium reductions.
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Norway's Department of Finance launches consultation on curbing mortgage product bundling and tied selling in the banking market
Norway's Department of Finance is consulting on a proposal from the Financial Supervisory Authority of Norway to amend rules on product bundles and tied selling in the banking market. The proposal aims to enhance customer mobility and competition by prohibiting banks from requiring salary accounts for better mortgage terms and clarifying tied-selling rules.
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Croatia's Ministry of Finance publishes draft capital market development framework to 2030 and 2025–26 action plan
Croatia's Ministry of Finance and the Croatian Financial Services Supervisory Agency released draft proposals for a Strategic Framework for Capital Market Development 2025–2030 and an Action Plan for 2025–2026. The framework outlines five strategic directions, including regional integration, digitalisation, and improved corporate governance, focusing on legislative optimisation. Supported by the European Bank for Reconstruction and Development, the initiative aims to position Croatia as a financial centre.
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Croatia’s Ministry of Finance to consult on amendments requiring banks to offer free accounts for regular income and basic payment accounts
Croatia’s Ministry of Finance plans a public consultation on amending the Act on fee comparability, requiring banks to offer free accounts for regular income and basic transactions. The amendments eliminate fees for account management, online banking, and certain transactions, with provisions for pensioners and vulnerable groups. The ministry will monitor fee developments and engage with banks about recent increases.
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Bank of Portugal reports 11,039 counterfeit euro banknotes withdrawn in 2024
The Bank of Portugal reported withdrawing 11,039 counterfeit euro banknotes from circulation in 2024, a decrease from 2023, representing 2% of total Eurosystem seizures. The reduction was mainly due to fewer EUR 100 and EUR 200 notes seized, with EUR 20 and EUR 10 notes most commonly counterfeited. The central bank emphasized the "Feel, Look and Tilt" detection method's effectiveness and reiterated that passing counterfeit notes is a criminal offence.
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Bank of Portugal publishes December 2024 non-financial sector debt data showing EUR 17.0 billion increase in 2024
The Bank of Portugal reported a EUR 17.0 billion increase in non-financial sector indebtedness in 2024, totaling EUR 814.1 billion, with public sector debt rising by EUR 11.6 billion and private sector debt by EUR 5.4 billion. Despite the debt increase, the debt-to-GDP ratio fell by 11.4 percentage points to 286.6% due to GDP growth. Public sector borrowing mainly increased from non-residents, while private sector debt growth was driven by household borrowing for housing credit.
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Bank of the Lao and IMF run five-day seminar on Cyber and IT risk supervision and financial risk analysis
The Bank of the Lao and the International Monetary Fund held a seminar to enhance supervisory capacity and cyber/IT risk management in Lao PDR commercial banks. The event, chaired by Ms. Maniphon Intavanh, included discussions on cyber security frameworks, risk assessments, and incident response, alongside training on various financial risks. IMF experts provided insights from multiple jurisdictions and recent case studies.
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Financial Conduct Authority finds suitability reviews delivered in 83% of ongoing advice cases and will revisit rules on ongoing services
The Financial Conduct Authority (FCA) reviewed 22 major financial advice firms, finding suitability reviews in 83% of cases, with 15% of clients declining or not responding, and fewer than 2% of firms making no effort. The FCA urges firms to meet regulatory requirements, provides individual feedback, and considers reviewing the regulatory approach for ongoing advice services due to evolving consumer needs. Consumers can escalate complaints to the Financial Ombudsman Service if they believe they haven't received contracted services.
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Capital Markets Board of Türkiye opens investigation into extraordinary price moves in Borsa Istanbul equities
The Capital Markets Board of Türkiye is investigating unusual price movements in Borsa Istanbul's equity market, reviewing all transactions. The Board will impose sanctions under the Capital Markets Law if actions undermining market confidence, transparency, and stability are found. Legal actions are also underway against those spreading misleading news related to these movements.
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Sweden's Riksbank publishes Climate Report detailing how it incorporates physical and transition climate risks into core functions
Sweden's Riksbank released a Climate Report analyzing climate-related risks and their integration into policy, highlighting impacts on monetary policy and financial stability. It identifies physical and transition risks affecting asset values, credit risks, and financial stability. The report also discusses climate risks in asset management, payments, and the Riksbank's role in international cooperation, including the Network for Greening the Financial System.
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Bank of Finland reports 714 counterfeit euro banknotes detected in Finland in 2024
The Bank of Finland reported 714 counterfeit euro banknotes detected in Finland in 2024, up from 653 in 2023 and 469 in 2022, but noted the level remains low compared to the euro area. EUR 20 notes were the most counterfeited, followed by EUR 50 and EUR 10. The Bank emphasized the importance of checking banknote security features and referenced a European Central Bank overview of euro area counterfeits.
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Kazakhstan’s Financial Market Regulation and Development Agency outlines 2025 securities market supervision priorities including new capital and liquidity calculations
The Agency for Regulation and Development of the Financial Market of Kazakhstan outlined its 2025 securities market supervisory policy, focusing on risk-based supervision, stress testing, and enhanced prudential requirements. Key developments include a 30% decline in high-risk participants, a rise in market risk (VaR) to 5.8% in 2024, and infrastructure upgrades like modernised trading systems and a new KASE Clearing Centre. The Agency plans to expand the Central Securities Depository's functions, promote domestic securities placements, and develop a legal framework for tokenised securities.
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Hong Kong Securities and Futures Commission posts Julia Leung keynote speech from Vietnam State Securities Commission Symposium
The Hong Kong Securities and Futures Commission released a keynote speech by Ms. Julia Leung, "Living with Complexities: An Asian Perspective on Enhancing Capital Market Resilience," presented at the Vietnam State Securities Commission Symposium.
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Hong Kong Securities and Futures Commission aligns IOSCO Asia-Pacific regulators on scams, technology and sustainability as Vietnam joins the supervisory cooperation MMoU
The Hong Kong Securities and Futures Commission led discussions at the IOSCO Asia-Pacific Regional Committee meetings in Vietnam, achieving consensus on a coordinated regional approach to capital markets issues. Over 70 regulators from 19 jurisdictions agreed to enhance collaboration on scams and online harm. Additionally, the SFC's CEO met with Vietnam's State Securities Commission to discuss supervisory cooperation and crypto regulation, and co-chaired the EU-Asia-Pacific Forum on Financial Regulation, focusing on digitalisation, fintech, and sustainable finance.
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Austrian National Bank reports 10,213 counterfeit euro banknotes seized in Austria in 2024
The Austrian National Bank reported a rise in counterfeit euro banknotes in 2024, with 10,213 notes withdrawn, up from 7,842 in 2023, nearing pre-pandemic levels. The EUR 50 note was the most counterfeited, comprising 41.7% of seizures. The OeNB highlighted the disparity between counterfeit cash fraud and higher losses from card and account data misuse, noting ongoing efforts to develop a new banknote series to improve anti-counterfeiting measures.
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Bank of France and French authorities submit joint response calling for simplification and recalibration of EU securitisation rules
The Bank of France, French Ministry of the Economy, Finance and Industrial and Digital Sovereignty, ACPR, and AMF responded to the European Commission's consultation on the EU securitisation regulatory framework. They advocate simplifying requirements while maintaining safeguards and transparency, emphasizing securitisation's importance for economic funding and resilience. The response highlights reviving the European securitisation market as a French priority for a Savings and Investment Union.
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Austrian Financial Market Authority launches Reden wir über Geld consumer podcast on severance entitlements and investment fraud
The Austrian Financial Market Authority has launched the "Reden wir über Geld" podcast to inform consumers on financial topics, expanding its existing Instagram channel. The first episode covers the "Abfertigung neu" severance scheme, corporate provision companies, and current investment fraud trends, including celebrity endorsement fraud. The podcast is available in German on major platforms.
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Portuguese Securities Commission publishes 2025 supervisory expectations for asset management, intermediaries, issuers and crowdfunding
The Portuguese Securities Commission (CMVM) released its 2025 annual circular notes, outlining supervisory priorities for asset management, financial intermediation, issuers, and crowdfunding service providers. These priorities align with the CMVM Strategic Plan 2025–2028 and adapt to European regulations like the Digital Operational Resilience Act (DORA) and the Markets in Crypto-Assets Regulation (MiCA). Key focus areas include governance, cybersecurity, anti-money laundering, and sustainability disclosures.
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National Bank of Bulgaria publishes average bank fees on consumer payment accounts as at 31 December 2024
The National Bank of Bulgaria released data on average fees charged by banks for payment account services as of 31 December 2024. This information aids in setting acceptable fees for basic payment account operations.
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Hong Kong Monetary Authority warns public about phishing instant messages linked to Industrial and Commercial Bank of China (Asia) Limited
The Hong Kong Monetary Authority issued an alert regarding phishing instant messages linked to Industrial and Commercial Bank of China (Asia) Limited. It emphasized that banks do not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact the bank and report to the Police.
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Isle of Man Financial Services Authority publishes quarterly Funds Bulletin with aggregate funds sector statistics to 31 December 2024
The Isle of Man Financial Services Authority released a quarterly Funds Bulletin with aggregate statistical data on the island's funds sector as of 31 December 2024.
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Reserve Bank of India issues directions permitting OTC bond forwards in government securities effective 2 May 2025
The Reserve Bank of India has issued final directions for a regulatory framework governing forward contracts in government securities in the over-the-counter market. The framework outlines participant eligibility, market-maker roles, position limits, and settlement and reporting requirements. The directions, effective 2 May 2025, also update master directions on market-makers and margining for non-centrally cleared OTC derivatives.
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European Central Bank reports 554,000 counterfeit euro banknotes withdrawn in 2024
The European Central Bank reported 554,000 counterfeit euro banknotes were withdrawn from circulation in 2024, with EUR 20 and EUR 50 notes most commonly counterfeited. Despite an increase from post-pandemic lows, counterfeiting remains below pre-pandemic levels, with 18 counterfeits detected per million genuine notes. The ECB advises using the "feel, look and tilt" method for verification and reporting suspected counterfeits to authorities.
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European Central Bank publishes Lane research presentation on trade fragmentation and international spillovers to euro area inflation and yields
The European Central Bank released a presentation by Executive Board member Philip R. Lane, analyzing the euro area's trade and financial linkages and their impact on macroeconomic outcomes and monetary policy. It examines trade integration, inflation drivers, and financial spillovers, focusing on global shocks and exchange-rate dynamics. It also explores trade fragmentation scenarios and suggests enhanced monitoring and cooperation across Eurosystem national central banks and EU institutions.
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European Central Bank to apply second-best ECAI rating to private sector collateral under the Eurosystem framework
The European Central Bank's Governing Council has revised the use of external credit assessment institution ratings for private sector collateral, adopting a second-best rating rule instead of the first-best. This change affects private sector instruments like unsecured and covered bank bonds, with a one-notch downgrade if only one rating is available. The ECB retains discretion to deviate from credit ratings as necessary, with implementation set for no earlier than 18 months post-announcement.
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European Central Bank extends euro liquidity repo lines to eight non-euro area central banks until January 2027 and updates 2025 supervisory inspection programme
The European Central Bank (ECB) extended euro liquidity repo lines with eight non-euro area central banks until 31 January 2027 and updated the 2025 Supervisory Examination Programme for significant institutions. The ECB noted findings from the 2024 climate stress test, approved amendments to the T2 Currency Participation Agreement, and extended investigation phases for data projects until September 2025. Additionally, the ECB adopted opinions on flood insurance and payment system access, approved its 2024 audited accounts, and recommended external auditors for 2025-2029.
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European Central Bank reports weekly balance sheet with total assets at EUR 6,349,598 million and monetary policy securities holdings down EUR 28,152 million
The European Central Bank's weekly balance sheet shows a decrease in total assets and liabilities to EUR 6,349,598 million, down EUR 19,265 million from the previous week. Securities held for monetary policy purposes declined to EUR 4,201,898 million, while lending to euro area credit institutions rose to EUR 27,885 million. Notable changes include a EUR 32,401 million decrease in liabilities to euro area credit institutions and an increase of EUR 18,435 million in liabilities to non-euro area residents.
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Federal Reserve Bank of Boston spotlights Eastern Connecticut Manufacturing Pipeline as employers flag recruiting and training constraints
The Federal Reserve Bank of Boston reported on a Connecticut visit by President Susan M. Collins and First Vice President Karen Pennell, highlighting workforce shortages and training needs for manufacturers. The visit included a tour of Electric Boat, emphasizing its expanded training for Columbia-class nuclear submarines. Business leaders noted wage inflation, high living costs, and skill loss, with potential solutions including automation, AI, and partnerships with educational institutions.
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Central Bank of San Marino publishes Q3 2024 bulletin showing total banking system funding up EUR 91 million and NPL ratios improving
The Central Bank of San Marino's Quarterly Information Bulletin reports improved banking-sector indicators as of 30 September 2024, with total funding rising by EUR 91 million to EUR 6.354 billion and net performing credit exposures increasing by EUR 21 million. The bulletin also highlights regulatory developments, including alignment with the EU's Markets in Crypto-Assets Regulation and a draft on SEPA payments operations.
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Brazil's National Treasury awards BRL 5.2 million in TD Impacta grants and redesigns the next edition around BRL 1 million contracts
Brazil's National Treasury, through the Treasury Direct programme and in partnership with B3, announced the selection of 40 companies for TD Impacta, providing BRL 5.2 million and technical support for financial education and savings solutions. Standout projects were highlighted across Open Innovation, Acceleration, and Creation categories, funded by Treasury Direct investor fees. The second edition will focus on AI-enabled financial education, educational assistants, and a lien-based rental guarantee, with selected solutions receiving contracts and funding up to BRL 1 million.
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Brazilian Superintendence of Private Insurance, Federal Revenue of Brazil and National Superintendence of Complementary Pensions require accumulation period data in all pension portability cases
The Brazilian Superintendence of Private Insurance (SUSEP), alongside the Federal Revenue of Brazil (RFB) and the National Superintendence of Complementary Pensions (Previc), issued rules for resource portability and participant transfers between pension plans. Applicable to open and closed arrangements, it mandates transferring entities provide receiving entities with accumulation period information, aligning with Law No. 14,803/2024, which shifts tax regime choice to benefit request or balance redemption.
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Liechtenstein Financial Market Authority revises its MREL policy notice for banks and certain investment firms
The Liechtenstein Financial Market Authority has updated Notice 2022/2 regarding the minimum requirement for own funds and eligible liabilities (MREL) and its connection to resolution planning for banks and certain investment firms. The revisions are detailed in the published list of amendments.
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Central Bank of the Philippines notifies supervised institutions of Banco Rural De Isla Cordova’s corporate name change to BRIC Bank
The Central Bank of the Philippines announced that Banco Rural De Isla Cordova (Cebu), Inc. has changed its corporate name to BRIC Bank, Inc. The name change was authorized by the BSP on 17 January 2022 and approved by the Securities and Exchange Commission on 08 January 2025.
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Central Bank of the Philippines reiterates banks’ obligation to accept unfit and mutilated notes and coins and provide free exchange for unfit currency
The Central Bank of the Philippines reminded banks to accept unfit and mutilated currency, including paper and polymer banknotes and coins, from the public at no charge. Under BSP Circular No. 829 and the Manual of Regulations for Banks, banks must submit mutilated currency to the BSP for assessment. The BSP also urged the public to use currency properly and return fit notes and coins to circulation.
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Central Bank of the Philippines reminds banks to accept unfit or mutilated banknotes and coins and provide free exchange
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) reminded banks to accept and exchange unfit or mutilated Philippine banknotes and coins free of charge, as per BSP Circular No. 829 and the Manual of Regulations for Banks. Banks must also process and submit mutilated currency to the BSP for examination. The BSP emphasized proper handling and recirculation of fit currency to maintain its integrity.
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Central Bank of Brunei Darussalam warns public about a fake Shariah Compliant Banking Certificate and misuse of its name and logo
The Central Bank of Brunei Darussalam (BDCB) warned about a fraudulent "Shariah Compliant Banking Certificate" falsely attributed to BDCB. The central bank emphasized that unauthorized use of its name or logo is a criminal offense under Section 74A of the BDCB Order, 2010, with penalties including fines and imprisonment. BDCB urged the public to report fraud to the Royal Brunei Police Force and verify financial service providers through its Alert List.
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Vietnam State Securities Commission instructs listed individuals to pay VND 1 million fee for reissuance of securities practising certificates
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for the reissuance of a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission, with specific reference details required. Failure to complete the procedure within one year will result in certificate cancellation.
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Vietnam State Securities Commission instructs listed applicants to pay VND 1,000,000 fee for re-issuance of securities practising certificates
The Vietnam State Securities Commission requires individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of securities practising certificates, as per Ministry of Finance Circular 25/2022/TT-BTC. Payments can be made via bank transfer to specified accounts or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
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Central Bank of Oman joins GCC central bank governors meeting to review progress on linking GCC payment systems and joint banking initiatives
The Central Bank of Oman attended the 84th GCC Central Banks Governors meeting in Kuwait, focusing on banking supervision, payment systems, and financial technologies. Discussions included initiatives to enhance GCC banking, anti-money laundering, counter-terrorism financing, and cybersecurity. The meeting also reviewed the GCC General Secretariat’s report on previous decisions and progress on linking GCC payment systems.
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Brazil Securities Commission orders FBS Markets Inc and Mitsui Markets LTD to immediately halt unlicensed securities brokerage offers
Brazil Securities Commission (CVM) has issued a market warning and ordered the immediate suspension of public offerings by FBS Markets Inc. and Mitsui Markets LTD. The firms were found to be soliciting Brazilian investors for securities transactions without authorization. The suspension was enacted through Declaratory Act CVM 23,105.
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British Virgin Islands Financial Services Commission publishes 2025 AML CFT CPF policy and 2025-2027 implementation strategy
The British Virgin Islands Financial Services Commission has released its 2025 AML/CFT/CPF policy and a 2025-2027 strategy outlining a three-year roadmap for supervisory and enforcement activities. The policy focuses on supervision, enforcement, cooperation, and stakeholder awareness, separating the framework into distinct AML, CFT, and CPF policies. The strategy aims to enhance supervisory and enforcement mechanisms, reduce non-compliance, and align with international standards.
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British Virgin Islands Financial Services Commission publishes revised handbook for international co-operation and information exchange
The British Virgin Islands Financial Services Commission released a revised Handbook on International Co-operation and Information Exchange, emphasizing cross-border collaboration to combat money laundering, terrorism financing, and weapons proliferation. The handbook highlights the Territory's commitment to mutual legal assistance and ongoing efforts to align with global crime and regulatory standards.
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British Virgin Islands Financial Services Commission releases three videos on proliferation financing risk and compliance
The British Virgin Islands Financial Services Commission released three educational videos on proliferation financing (PF) to aid supervised entities in mitigating PF risk. The videos cover PF typologies, responsibilities for risk mitigation, and emphasize ongoing monitoring, sanctions screening, and reporting. Licensees are encouraged to use these resources to enhance understanding and vigilance against money laundering, terrorist financing, and PF.
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British Virgin Islands Financial Services Commission publishes revised handbook on international cooperation and information exchange
The British Virgin Islands Financial Services Commission released an updated February 2025 edition of its BVI Handbook on International Cooperation and Information Exchange.
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German Bundesbank reports a 28% rise in counterfeit euro banknotes in 2024 while losses fall to EUR 4.5 million
The German Bundesbank reported a 28% increase in counterfeit euro banknotes in 2024, totaling 72,400 notes with a nominal value of EUR 4.5 million, though the total loss fell by 12% due to simpler, lower-denomination fakes. EUR 50 notes were the most counterfeited, while EUR 2 coins accounted for 96% of counterfeit coins, with overall coin counterfeiting rising to 141,300. The Bundesbank emphasized practical authenticity checks and offers free counterfeiting-prevention training.
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National Bank of Slovakia reports 1,857 counterfeit euro banknotes and 3,113 counterfeit euro coins recovered in 2024
The National Bank of Slovakia reported 1,857 counterfeit euro banknotes and 3,113 counterfeit euro coins recovered in 2024, with banknote recoveries up 9.4% from 2023. Counterfeit €20 and €50 banknotes were most common, while €2 coins dominated counterfeit coin recoveries. The report highlights stable counterfeit banknote levels over time and advises using the "feel, look and tilt" method for detection.
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Central Bank of Estonia reports 1,195 counterfeit euro banknotes found in 2024 driven by a single large confiscation
The Central Bank of Estonia reported 1,195 counterfeit euro banknotes detected in 2024, a significant increase attributed mainly to a single large confiscation. Despite this rise, Estonia remains among the euro area countries with the fewest counterfeits. The most common counterfeit denominations were EUR 20, EUR 50, and EUR 100, with many being unsophisticated copies like "prop money."
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Monetary Authority of Singapore announces SGD 5 billion Equity Market Development Programme and proposed listing and tax reforms to strengthen Singapore equities
The Monetary Authority of Singapore's Equities Market Review Group announced measures to enhance market competitiveness, including a SGD 5 billion Equity Market Development Programme and a shift to a disclosure-based regime. Initiatives involve tax incentives, investment mandates for Singapore stocks, and streamlined listing processes. Regulatory proposals will undergo public consultation, with detailed consultations by mid-2025 and final measures by end-2025.
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Central Bank of Paraguay receives EDGE Assess gender equity certification with women accounting for 44% of staff
The Central Bank of Paraguay obtained EDGE Assess certification for workplace gender equity, becoming the first public entity and the only currently certified organization in Paraguay. The bank said women now make up 44% of staff, up from 27% in 2010, and that the review found substantive representation of both genders on the board and across most leadership roles.
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Bank of England staff paper finds large geopolitical risk shocks amplify uncertainty and disproportionately hit consumption and equities
The Bank of England's staff paper analyzes the economic effects of geopolitical risk shocks, highlighting non-linear transmission and amplification through rising uncertainty. Large shocks significantly reduce consumption and equity prices, with muted overall price responses due to weaker demand and uncertainty. Anticipated geopolitical threats notably increase oil prices and inflation expectations, exerting upward pressure on domestic prices.
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Bank of England publishes working paper on insurers’ CMBS risk monitoring and the post-pandemic shift of office CRE exposure to small banks
The Bank of England's Staff Working Paper No. 1,119 examines how insurance companies manage cash-flow shocks in commercial mortgage-backed securities (CMBS) during the Covid-19 pandemic. The study links lease expirations to increased commercial real estate mortgage delinquency, prompting insurers to sell higher-risk CMBS, particularly in offices. Findings indicate insurers hold significant CMBS investments, with risk reallocation towards banks as smaller banks' holdings nearly doubled from 2020 to 2023.
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Bank of England staff paper argues persistent policy rate shifts can move long term real rates with limited impact on activity
The Bank of England released a staff working paper exploring the limited impact of persistent monetary policy changes on long-term real interest rates, highlighting the offsetting effects of asset valuation and consumption propensity. The analysis suggests these forces neutralize each other, indicating precise knowledge of the natural rate of interest may not be crucial for effective policy. The paper is intended to provoke discussion and does not reflect official Bank policy.
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Bank Negara Malaysia reports USD117.7 billion in international reserves equal to 5.0 months of imports and 0.9 times short-term external debt
Bank Negara Malaysia reported international reserves of USD117.7 billion as of 14 February 2025, sufficient to finance 5.0 months of imports and equivalent to 0.9 times total short-term external debt. The reserves would have covered 5.8 months of retained imports under the previous measure. Short-term external debt primarily reflects resident banks' foreign currency operations and multinational corporations' borrowing, typically met from external assets rather than reserves.
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Philippine Securities and Exchange Commission details AML reforms after Philippines exits FATF grey list
The Philippine Securities and Exchange Commission announced the country's removal from the FATF grey list, citing reforms in anti-money laundering and counter-terrorist financing controls. Measures included mandatory beneficial ownership declarations, banning bearer shares, and an amnesty programme to boost compliance. The SEC also reported increased beneficial ownership disclosure compliance and efforts to regulate non-profit organisations.
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Croatian Financial Services Supervisory Agency assumes key implementation role in Croatia’s 2025–2030 capital market development framework as consultation opens
The Croatian Financial Services Supervisory Agency and Ministry of Finance unveiled Croatia’s Strategic Framework for Capital Market Development 2025–2030, emphasizing digitalisation as a key driver. The strategy focuses on regional integration, digitalisation, corporate governance, liquidity, and new investment instruments, with Hanfa optimizing the regulatory framework. It aims to enhance market liquidity, retail investor participation, and stability, aligning with the goal of achieving an "emerging market" classification.
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State Bank of Vietnam outlines 2025 monetary priorities with around 16% credit growth guidance and targeted lending packages
The State Bank of Vietnam's 2025 priorities include a 16% credit growth target, managing interest and exchange rates, and controlling inflation at 4.5% to 5%. Key initiatives are a VND 100 trillion fisheries credit package, a VND 120 trillion housing support package, diversifying payment services, and strengthening non-performing loan resolution. The Prime Minister emphasized proactive monetary policy, coordination with fiscal measures, and directed credit to priority sectors, focusing on reducing lending rates and supporting young homebuyers and social housing.
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Swedish Financial Supervisory Authority reports new market abuse framework cut suspected manipulation reports by 37% since 2017
The Swedish Financial Supervisory Authority reported a 37% decline in suspected market manipulation since 2017 due to preventive measures and industry dialogue. Most cases now involve insider dealing, with 230 enforcement actions taken. An enhanced market surveillance system is planned for 2025 to improve supervision and cooperation with the Swedish Economic Crime Authority.
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European Central Bank President Lagarde says the euro repo line is open to all national central banks and the digital euro awaits a European Parliament vote
The European Central Bank (ECB) expanded its euro repo line to all national central banks, excluding rogue states, to ensure euro liquidity during stress periods. President Christine Lagarde discussed the digital euro's progress, awaiting European Parliament legislation, and highlighted the Eurosystem's work on wholesale settlement using distributed ledger technology. She emphasized the euro's growing international role, linked to geopolitical strength and trade relationships.
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Bank of Mauritius reminds press and public of Banking Act offences for disclosing or publishing confidential customer information
The Bank of Mauritius issued a notice after alleged online disclosure of bank customers' personal information, emphasizing that the Banking Act criminalizes unauthorized possession or publication. Offences include receiving, possessing, or publishing confidential information without consent, with penalties up to MUR 1,000,000 and imprisonment. A statutory defence exists if the information was surrendered to the central bank and deleted promptly.
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Central Bank of Russia consults on conditions for qualified-investor unit investment funds to switch to non-qualified investor status from 1 March 2026
The Central Bank of Russia has issued a draft Ordinance for public consultation to allow unit investment funds (UIFs) restricted to qualified investors to reclassify as UIFs for non-qualified investors, effective 1 March 2026. Management companies must amend trust management rules and adjust UIF structures, ensuring all units are fully paid and free of restrictions at registration. This change aims to facilitate qualified investors' exit post-risk phase while enabling non-qualified investors to earn regular income.
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Central Bank of Russia publishes February monitoring showing top 10 banks’ maximum ruble deposit rates averaged 21.44% then 21.06%
The Central Bank of Russia's February 2025 monitoring results show a decline in maximum interest rates on Russian ruble deposits from the 10 largest credit institutions, with an average rate of 21.44% in early February dropping to 21.06% later in the month. The rates, sourced from banks' websites, exclude special-category deposits and those with conditions. Average maximum rates by maturity were also reported, ranging from 18.89% to 20.67%.
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Central Bank of Russia begins monthly publication of data on subsidised lending to companies and individual entrepreneurs
The Central Bank of Russia has begun publishing monthly data on loans to companies and individual entrepreneurs at subsidised interest rates, detailing new lending volumes and outstanding debt. The report includes loan amounts within specific interest rate ranges, categorized by fixed-rate and floating-rate loans.
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British Columbia Securities Commission investigation results in criminal fraud and theft charges against Brent Wai Keun Chow
The British Columbia Securities Commission (BCSC) has charged Brent Wai Keun Chow with criminal fraud and theft following an investigation by its Criminal Investigations Branch. Chow faces three counts each of fraud and theft over $5,000 related to alleged misconduct in Burnaby between 2017 and 2018. He was arrested and released on conditions, including restrictions on contacting victims and engaging in securities activities.
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Financial Stability Board seeks feedback for peer review of global crypto asset and stablecoin framework implementation
The Financial Stability Board has launched a thematic peer review of implementation of its global regulatory framework for crypto-asset activities, including markets and global stablecoin arrangements, and published summary terms of reference. The review will assess progress in FSB member and selected non-member jurisdictions, using questionnaires and external input to examine how regulatory frameworks influence firm location and structure, key compliance challenges, and evolving financial stability vulnerabilities and risks.
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China Securities Regulatory Commission and Supreme People’s Procuratorate publish eight guiding cases on securities violations and crimes
The China Securities Regulatory Commission and the Supreme People’s Procuratorate released eight guiding cases on securities-related violations to enhance enforcement and uphold "zero tolerance" on capital market misconduct. The cases include fraudulent issuance, information disclosure violations, market manipulation, insider trading, and key securities crimes. The CSRC will continue implementing central government decisions and improving case-handling quality and coordination with judicial authorities.
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China Securities Regulatory Commission issues first administrative enforcement guiding cases and reports CNY 15.3bn in 2024 fines and confiscations
The China Securities Regulatory Commission (CSRC) and the Supreme People's Procuratorate released guiding cases on securities enforcement and crimes, highlighting benchmarks for enforcement standards. In 2024, CSRC handled 739 cases, issued 592 penalties totaling CNY 15.3bn, and emphasized significant fines in high-profile cases like Evergrande. The CSRC aims to enhance misconduct detection and enforcement efficiency through improved supervision and coordination with accountability mechanisms.
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China Securities Regulatory Commission sets systemwide priorities to step up capital market support for private enterprises
The China Securities Regulatory Commission (CSRC) stressed capital markets' role in private enterprise growth after President Xi Jinping's remarks. The CSRC plans to boost equity and bond financing for private firms, implement the "STAR Market Eight Measures" and "M&A Six Measures," and enhance the multi-tier market system. Other priorities include addressing overdue payments, managing delisting risks, and strengthening legal protections for private enterprises.
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U.S. Securities & Exchange Commission Commissioner Peirce releases Crypto Task Force questions to solicit public input on crypto regulatory clarity
SEC Commissioner Hester Peirce released questions from the SEC’s Crypto Task Force to gather public input on applying federal securities laws to crypto assets. The questions explore a taxonomy for crypto assets, security status determination, and potential adaptations of existing registration and disclosure regimes, including a possible token safe harbor. The document emphasizes this as a fact-finding exercise, with ongoing input sought to inform future regulatory options.
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China Banking and Insurance Regulatory Commission releases 2024 Q4 supervisory data showing bank NPL ratio down to 1.50% and insurance solvency at 199.4%
The China Banking and Insurance Regulatory Commission's quarterly statistics show continued balance-sheet growth and stable prudential metrics for commercial banks, with total banking assets reaching CNY 444.6 trillion by end-2024 Q4. Non-performing loans decreased, and liquidity indicators improved, with a liquidity coverage ratio of 154.73%. Insurers reported total assets of CNY 35.9 trillion, with comprehensive and core solvency adequacy ratios at 199.4% and 139.1%, respectively.
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Securities and Exchange Commission of Central Africa opens consultation on nine draft instructions to implement regional capital markets rules
The Securities and Exchange Commission of Central Africa (COSUMAF) has initiated a public consultation on nine draft instructions to clarify the application of Central Africa financial market regulation and COSUMAF’s General Regulation. The drafts include templates and governance documents for investment funds and companies, licensing conditions for financial advisers, and reporting requirements for management companies and brokerage firms.
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National Bank of Moldova publishes January 2025 aggregate data on banks’ foreign currency assets, liabilities and open FX positions
The National Bank of Moldova released its monthly statistics on licensed banks' foreign currency assets and liabilities, including open foreign exchange positions and ratios to total regulatory capital. For January 2025, foreign currency assets were MDL 51.32bn at month-end, with liabilities at MDL 51.21bn. The aggregated open position showed long positions of MDL 224.65m and short positions of MDL -121.23m, primarily in EUR and USD.
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National Bank of Moldova reports January 2025 cash foreign exchange turnover at EUR 376.9 million
The National Bank of Moldova released January 2025 statistics on the domestic cash foreign exchange market, showing a total turnover of EUR 376.9 million. Euro transactions dominated at 69.8%, with US dollars at 19.4%. Compared to December 2024, turnover decreased by 13.6%, but increased by 5.6% from January 2024.
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National Bank of Moldova reports higher January 2025 FX demand coverage and EUR 22.4 million interbank sales
The National Bank of Moldova reported that in January 2025, net foreign currency supply from individuals covered 81.1% of economic agents’ demand, up from 70.1% in December 2024. The central bank intervened in the interbank market with EUR 22.4 million in sales. The Moldovan leu appreciated against the euro by 0.3% on average, with the euro comprising 60.7% of individuals’ net foreign exchange supply.
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Central Bank of Paraguay Holds Policy Rate at 6.00%
The Central Bank of Paraguay’s Monetary Policy Committee unanimously kept the monetary policy rate at 6.00% on 21 February 2025, citing positive economic activity, January inflation driven mainly by volatile basket items expected to correct in coming months, and inflation expectations rapidly converging to the new 3.5% target over the policy horizon. Annual inflation was 3.8% in January and 12-month inflation expectations were 3.7%, while the committee said it will continue to monitor domestic and international developments to ensure compliance with the 3.5% target.
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Financial Action Task Force revises Standards to support financial inclusion and updates increased monitoring list by delisting the Philippines and adding Lao People’s Democratic Republic and Nepal
The Financial Action Task Force (FATF) concluded its February 2025 Plenary by updating FATF Standards to enhance a risk-based approach and financial inclusion, and revising its monitoring list, removing the Philippines and adding Lao People's Democratic Republic and Nepal. Revisions to Recommendation 1 promote simplified measures for lower-risk scenarios, with over 140 responses from a public consultation. The Plenary approved a report on combating online child sexual exploitation, confirmed Russia's suspension, and welcomed Kenya as a guest jurisdiction.
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Financial Action Task Force updates grey list removing the Philippines adding Lao PDR and Nepal and triggering on-site assessments for Croatia Mali and Tanzania
The Financial Action Task Force (FATF) updated its "grey list," removing the Philippines and adding Lao PDR and Nepal. Croatia, Mali, and Tanzania have substantially completed their action plans, warranting on-site assessments. The list now includes 26 jurisdictions, with progress updates for those reviewed since October 2024. FATF emphasized that increased monitoring does not require enhanced due diligence or de-risking, urging jurisdictions to complete action plans without disrupting humanitarian aid or legitimate activities.
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Financial Action Task Force lifts the suspension of countermeasures on Iran and reiterates calls for action on DPRK and Myanmar
The Financial Action Task Force (FATF) updated its statement on high-risk jurisdictions, urging enhanced due diligence and countermeasures against money laundering and terrorist financing. The Democratic People’s Republic of Korea (DPRK) and Iran remain under countermeasures, with DPRK facing calls for robust financial sanctions and Iran subject to action until it completes its action plan. Myanmar is under enhanced due diligence, with potential countermeasures if progress stalls, while the Philippines was removed from increased monitoring, and Nepal and Lao PDR were added.
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Bank of Korea publishes February 2025 Business Survey and Economic Sentiment Index results
The Bank of Korea published its February 2025 Business Survey Index and Economic Sentiment Index, featuring the composite business sentiment index. Detailed results are available in an accompanying attachment.
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Taiwan Financial Services Commission seeks feedback on amendments to let securities dealers self-trade specific foreign bonds and offer sub-unit denominations
The Taiwan Financial Services Commission (FSC) issued pre-advice on draft amendments allowing securities dealers to self-trade specific foreign bonds and offer them in smaller denominations, including to non-professional investors. Following a successful financial innovation experiment, the amendments propose a new regulatory framework with a minimum capital requirement of NT$100 million for dealers solely engaged in this activity. The FSC plans to lower the cap on total foreign bond positions for firms conducting this business and delegate operational standards to the Taipei Exchange.
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United States' White House issues America First Investment Policy to fast-track allied investment and tighten restrictions on PRC-linked and other foreign adversary capital
The White House issued a memorandum for a Treasury-led interagency action to implement an "America First Investment Policy," boosting ally investment while restricting adversary access to sensitive U.S. assets. The policy includes fast-tracking allied investors, restricting PRC-linked investments, and potential new limits on U.S. investments in the PRC. Treasury, CFIUS, and other agencies are tasked with rulemaking and reviews, with specific actions for environmental reviews, fiduciary standards, and investment structures.
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Isle of Man Treasury amends Russia oil price cap general licence setting USD 60 crude cap and USD 100 and USD 45 product caps
The Isle of Man Treasury amended General Licence IOM/2024/RUS042 under the Russia sanctions regime, adjusting the scope of permitted activities for shipping Russian crude oil and oil products at specified price caps. The licence sets caps at USD 60 per barrel for crude oil, USD 100 for "premium to crude," and USD 45 for "discount to crude," excluding designated persons. It also amended General Licence INT/2024/4423849 to include HS commodity code 2710 19 44 under "premium to crude."
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Palestine Monetary Authority signs first Israr programme agreement to provide tuition fee loans backed by ILS 25 million
The Palestine Monetary Authority, Bank of Palestine, and Al-Quds University have launched the Israr programme to provide affordable education loans to Al-Quds University students, backed by a PMA allocation of ILS 25 million under the Estidama programme. It targets full-time students lacking full scholarships, offering loans repayable over 12 months with a grace period of up to two months, aiming to enhance financial inclusion by integrating students into the banking system.
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Eastern Caribbean Central Bank confirms commemorative Grenada 50-dollar banknote is legal tender across the Eastern Caribbean Currency Union
The Eastern Caribbean Central Bank confirmed that the Grenada 50-dollar commemorative banknote, issued in July 2024 for Grenada's 50th Independence anniversary, is legal tender across the Eastern Caribbean Currency Union. The polymer note, featuring portraits of former Prime Ministers Sir Eric Matthew Gairy and Maurice Bishop, can be used in all eight ECCB member countries.
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Angola Capital Markets Commission delivers financial education lecture on capital markets and investment opportunities
The Angola Capital Markets Commission conducted a lecture on capital markets fundamentals and investment opportunities as part of its Financial Education Programme. The session, held on 19 February 2025 at São Francisco de Assis School in Talatona, aimed to equip students with essential financial market knowledge.
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Central Bank of Timor-Leste reports December 2024 banking sector assets of USD 2,662 million and NPLs of 2.2%
The Central Bank of Timor-Leste announced that the banking sector's total assets reached USD 2,662 million as of December 2024. Total credit stood at USD 583 million, with a non-performing loan ratio of 2.2%, and total deposits amounted to USD 1,852 million.
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Peru's Superintendence of the Securities Market launches a call to select the liquidator for the PC Internacional FMIV fund of funds
Peru's Superintendence of the Securities Market (SMV) announced the terms for selecting a liquidator for the "Fondo de Fondos de Participación y Crecimiento Internacional (PC Internacional) FMIV". Eligible legal entities and individuals are invited to participate in the selection process as per the published requirements.