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2025-01-27•Europe•European Central Bank
European Central Bank President Christine Lagarde stressed the importance of central bank independence for price stability amid economic shocks. She warned that political influence can increase macroeconomic volatility and noted a decline in de facto independence for many central banks. Lagarde cited post-2022 volatility in Europe and argued that independent rate hikes have stabilized inflation expectations.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-01-27•Europe•European Central Bank
The European Central Bank's Q4 2024 Survey on the Access to Finance of Enterprises shows a net decline in bank loan interest rates for euro area firms, with SMEs seeing a net decrease for the first time. Despite a slight fall in loan availability, firms expect modest improvement soon. The survey highlights muted loan demand, slightly higher turnover, but lower profits and weaker investment momentum, with inflation expectations rising to 3.0% over one, three, and five-year horizons.
Data & statisticsEconomic data and developments
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2025-01-27•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission issued a standard form for "Evidence of Insurance under the Protection for Motor Vehicle Victims Act B.E. 2535," detailing compensation limits and standardizing vehicle registration information. Coverage includes THB 80,000 for bodily injury, THB 500,000 for loss of life or total permanent disability, and a combined cap of THB 504,000 per person. The form specifies total accident coverage limits and includes insurer identifiers and QR codes for English translations.
Policy & regulationGuidance & interpretationOther
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2025-01-27•San Marino•Central Bank of San Marino
The Central Bank of San Marino's Regulation No. 2025-01, effective 28 January 2025, allows banks to trade in precious metals for investment, adjusts risk-weighted assets for prudential hedges, and permits certain executive role overlaps. It also revises insurance distribution rules, aligns professionalism requirements for financial advisors, and updates corporate trustee registration and audit certification processes.
Policy & regulationRules & requirementsRegulatory burden
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2025-01-27•Spain•Bank of Spain
The Bank of Spain announced a meeting between Governor José Luis Escrivá and Andorra’s Head of Government, Xavier Espot, to explore closer cooperation with the Andorran Financial Authority. The delegations agreed to hold periodic meetings to develop collaborative initiatives. Key attendees included Andorra’s Minister of Finance and the Andorran Financial Authority’s Director General.
Policy & regulationCooperationCross-border cooperation
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2025-01-27•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) released its 2024 statistics on reports of alleged irregularities involving 51 closed pension funds, analyzing 131 out of 144 cases received. Of these, 70% were dismissed as unfounded, 5% were upheld, 18% were partially upheld, and 7% became moot. Governance issues were the most reported topic, with submissions primarily through the Ombudsman channel or PREVIC’s protocol.
Data & statisticsComplaints and dispute resolution
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2025-01-27•United States•New York State Department of Financial Services
The New York State Department of Financial Services, in collaboration with state agencies, issued Data Privacy Week guidance urging New Yorkers to enhance online personal data protection. Recommendations include using strong passwords, enabling multifactor authentication, and being cautious of phishing attempts. The initiative aligns with New York's cybersecurity requirements and highlights the state's recognition as a Data Privacy Champion.
Financial literacy & educationCyber resilience
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2025-01-27•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has expanded its cooperation agreement with the Brazilian Financial and Capital Markets Association (ANBIMA) to include Credit Rights Investment Funds (FIDCs), covering about 90% of the investment fund sector. This extension allows ANBIMA to monitor compliance with FIDC self-regulatory rules and provide guidance to prevent violations. The sector has grown significantly, with FIDCs now accessible to the general public under Resolution 175.
SupervisionCooperationSupervision process and methodologies
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2025-01-27•Serbia•National Bank of Serbia
The National Bank of Serbia announced that OTP banka Srbija has joined the International and Interbank Foreign Currency Clearing System, enhancing the speed and cost-effectiveness of foreign exchange transactions for its clients. This system, operated by the National Bank of Serbia, facilitates same-day foreign currency transactions for households and businesses. Participants include banks from Serbia, Bosnia and Herzegovina, and Montenegro.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-01-27•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan convened the Macroeconomic Resilience Working Group to assess the 2024 implementation of the 2022–2026 Socio-Economic Development Strategy. The meeting reviewed 15 measures aimed at enhancing resilience and involved updates from various ministries and financial institutions. Next steps were agreed upon to improve the effectiveness of these initiatives.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskMacroprudential policy and tools
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2025-01-27•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay has introduced temporary relief measures for the productive sector as drought linked to La Niña affects the economy. Producers will be able to renew, refinance or restructure loans, including accrued interest, without adverse effects on their credit classification. Higher-risk cases will require individualized financial analysis, and the central bank may take further measures if conditions worsen.
Policy & regulationRules & requirementsClimate risk and sustainable financeFinancial stability and systemic risk
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2025-01-27•Albania•Albania Financial Services Authority
The Albania Financial Services Authority registered Banka Kombëtare Tregtare's bond issuance offering document, approved the 2025 Compensation Fund, and sanctioned an application to operate as an insurance agent.
SupervisionAuthorisations & approvalsOther
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2025-01-27•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, in collaboration with the Asian Development Bank, ASEAN Secretariat, and Japan Housing Finance Agency, organized a workshop on housing finance and mortgage-backed securities. The event aimed to enhance understanding of housing finance needs and models, featuring Japanese experiences and ASEAN case studies. Discussions focused on best practices and regional applications for financial innovation.
Policy & regulationCooperationCapacity building
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2025-01-27•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia launched SARANA, an alternative financing scheme via nine registered P2P platforms within the Government e-procurement system, to support Micro, Small and Medium Enterprises and small contractors in government contracts. The scheme offers invoice and pre-financing options, with Shariah financing available through select operators. SARANA aligns with the Government’s Budget 2025 and the SC's 2024–2028 roadmap, with P2P financing raising MYR 7.9 billion since 2016.
Policy & regulationImplementation, projects & pilotsSME financing
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2025-01-27•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission, co-chair of the Joint Committee on Climate Change (JC3), outlined 2025 priorities, emphasizing climate risk management and client transition support. Key initiatives include expanding ESG finance solutions, addressing data challenges, and facilitating SME transitions under the National Energy Transition Roadmap. The Climate Finance Innovation Lab, led by Bank Pembangunan Malaysia Berhad, will launch in early 2025, focusing on blended finance solutions and SME support.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-01-27•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has issued a Belarus sanctions notice designating nine individuals and entities under the UK's Republic of Belarus (Sanctions) (EU Exit) Regulations 2019, subjecting them to an asset freeze in Guernsey. Businesses must verify relationships, freeze related assets, and report findings to the States of Guernsey Policy & Resources Committee. Firms are prohibited from providing funds or resources to these entities unless permitted by derogation or licence, and must report affected relationships to the Commission per Handbook Rule 12.37.
EnforcementSanctions & designationsNew sanctions designations
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2025-01-27•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia appointed Puan Madelena Mohamed as Assistant Governor, effective 1 February 2025, to oversee the newly established Strategy and Sustainability sector. This sector includes the Governor’s Office, Legal Department, Strategic Communications Department, and Sustainability Unit. Mohamed has been with the bank since 1993, holding various leadership roles.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-27•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia and the Securities Commission Malaysia outlined 2025 priorities after the 14th Joint Committee on Climate Change meeting, focusing on climate data challenges, SME transition facilitation, and climate finance solutions aligned with national plans. Financial institutions are integrating climate targets into lending and monitoring, with RM13.3 billion raised in 2024 under the SRI Sukuk Framework and ASEAN Standards. Plans include launching a Climate Finance Innovation Lab and hosting an SME-focused conference in 2025.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-01-27•Switzerland•Swiss National Bank
The Swiss National Bank announced that Romeo Lacher, Vice President of the Bank Council, will resign effective 25 April 2025. The Bank Council and Governing Board expressed regret and gratitude for his four years of service.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-27•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario appointed Dexter John as its new Chief Executive Officer, effective 1 March 2025. John, currently President and CEO of Morrow Sodali (Canada) Ltd., has over 25 years of experience in governance, risk management, and regulatory roles. Stephen Power will step down after serving as Interim CEO since July 2024.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-27•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Jonathan Matthew Warden, proposing to revoke his insurance agent licence and impose a CAD 10,000 penalty. FSRA alleges Warden failed to respond to inquiries and provide complete information as required by the Insurance Act. Warden has requested a hearing before the Financial Services Tribunal.
EnforcementInvestigations & enforcement actionsFiduciary duty
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2025-01-27•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario has appointed four new members to its Mortgage Brokering Technical Advisory Committee for 2025–2027. The appointees, selected for their experience and qualifications, include Athena Constantinou, Mehmet Hasip, Richard Coleman, and Elizabeth Wood. The committee provides subject matter advice to support FSRA’s policy development and decision-making.
Institutional developmentLeadership change & appointmentsHiring and recruitment
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2025-01-27•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission imposed civil sanctions totaling THB 155,092,540 on 13 individuals for manipulating trading in Max Metal Corporation, Electronics Industry, News Network Corporation, and NEWS Warrants Series 5. They coordinated trading orders to mislead the public about prices and volumes, deviating from normal market conditions. Penalties range from THB 500,000 to THB 67,104,063.50, with compliance required or referral to the public prosecutor.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-27•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria issued the Nigerian Foreign Exchange Code to enhance conduct and integrity in the wholesale foreign exchange market, effective 02 December 2024. It outlines principles on ethics, governance, execution, and compliance, requiring Market Participants to manage conflicts of interest, protect confidential information, and maintain anti-money laundering safeguards. Participants must submit compliance reports quarterly, with non-compliance potentially leading to enforcement actions and penalties.
Policy & regulationRules & requirementsTrading
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2025-01-27•Global•ISDA
The International Swaps and Derivatives Association (ISDA) outlined its 2025 agenda focusing on digitisation and automation of over-the-counter derivatives, highlighting the expansion of its Digital Regulatory Reporting initiative and the rollout of the ISDA Notices Hub. ISDA also addressed policy uncertainties, including the Basel III "endgame" in the US and the timeline for the US Securities and Exchange Commission’s Treasury clearing rules.
Policy & regulationReform agendas & prioritiesOther
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2025-01-27•United Kingdom•HM Treasury
HM Treasury issued recommendations to the Bank of England’s Prudential Regulation Committee, emphasizing integrating the Prudential Regulation Authority's international competitiveness and growth objective into policymaking while maintaining safety. Recommendations include fostering innovation, supporting market entry, and enhancing consumer access, focusing on sustainable finance and competitive capital markets. The Committee committed to aligning these with ongoing initiatives, including Basel 3.1 implementation and streamlining regulatory processes.
Policy & regulationReform agendas & prioritiesPrudential risks
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2025-01-27•Canada•New Brunswick Financial & Consumer Services Commission
The New Brunswick Financial and Consumer Services Commission issued a warning that CFD Capital is not registered to deal or advise in securities in New Brunswick. The alert identifies CFD Capital as operating from Zurich, Switzerland, and California, United States, under the names CFD Capital Investments and CFD Capital Markets.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-27•United States•U.S. Financial Services Committee
U.S. House Financial Services Committee Chairman French Hill congratulated Scott Bessent on his confirmation as U.S. Secretary of the Treasury, highlighting Bessent's private-sector experience. Hill expressed intentions to collaborate on priorities such as reinvigorating the financial system and fostering innovation, aligning the committee's agenda with Congressional Republicans and the Trump Administration.
Policy & regulationReform agendas & prioritiesLeadership change and appointments
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2025-01-27•Canada•Payments Canada
Payments Canada amended its Automated Clearing and Settlement System (ACSS) and Lynx rules to streamline cross-border processes, effective January 13, 2025. Changes include tightened requirements for cross-border operations and updated biennial attestation deadlines from January 31 to March 1. Direct clearers and Lynx participants must obtain written approval from Payments Canada before authorizing personnel access for cross-border arrangements.
Policy & regulationRules & requirementsCross-border payments
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2025-01-27•Mauritius•Bank of Mauritius
The Bank of Mauritius released cumulative data on student loans issued under standard banking terms and the government-guaranteed scheme from 15 April 2013 to 31 December 2024.
Data & statisticsOther
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2025-01-27•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka has set a maximum per-transaction fee of LKR 15 for payments via GovPay, effective 1 February 2025. This applies to all members of the Common Electronic Fund Transfer Switch, including licensed banks and finance companies, under the Payment and Settlement Systems Act No. 28 of 2005. The initiative aims to promote digital transaction adoption.
Policy & regulationRules & requirementsPayments and payment systems
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2025-01-27•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Southern District of Florida issued default final judgments against Roberto Pulido and Lions of Forex LLC, mandating restitution of USD 172,000 and civil penalties over USD 516,000. The court permanently enjoined conduct violating the Commodity Exchange Act and imposed bans on CFTC registration and trading in CFTC-regulated markets. The CFTC's complaint alleged fraudulent solicitation of customers for forex trading, with misrepresentations about guaranteed profits and fund withdrawals.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-01-27•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission (CFTC) announced public staff roundtables to address evolving trends and innovation in derivatives market structure. Topics include affiliated entities, conflicts of interest, prediction markets, and digital assets. The initiative aims to develop a comprehensive administrative record with input from industry leaders, market participants, and experts.
Policy & regulationImplementation, projects & pilotsMarket developmentMarket infrastructure
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2025-01-27•Canada•British Columbia Securities Commission
The British Columbia Securities Commission (BCSC) has launched a fraud-prevention campaign addressing the rise of AI-enabled investment scams. The initiative educates British Columbians on recognizing tactics like chatbots and deepfakes, and provides resources such as a microsite and guidance on verifying registration and identifying fraud red flags. Research indicates 71% of British Columbians are concerned about AI in investment fraud.
Financial literacy & educationFraud and scamsArtificial intelligence
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2025-01-27•Russia•Central Bank of Russia
The Central Bank of Russia has introduced a bank ranking methodology based on consumer complaints and their ratio to loans, to aid consumers in identifying customer-oriented institutions. Rankings will be published separately for systemically important banks and others, excluding those with minimal complaints or without a banking licence. The inaugural rankings are scheduled for April 2025, reflecting 2024 data.
Policy & regulationImplementation, projects & pilotsConsumer and investor protection
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2025-01-27•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce emphasized focusing on core missions, advocating for disclosure based on materiality for investors. She criticized statutory and rule-driven disclosure expansions, like Dodd-Frank and recent climate and tax disclosures, arguing they complicate fiduciary decision-making. Peirce called for re-examining shareholder proposal rules and urged the SEC to avoid using enforcement to influence corporate practices.
Policy & regulationGuidance & interpretationCorporate governance
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2025-01-27•China•China Banking and Insurance Regulatory Commission
China's Ministry of Agriculture and Rural Affairs, National Financial Regulatory Administration, Ministry of Public Security, and State Administration for Market Regulation warned about illegal activities in the "cloud farming economy." These schemes, marketed online as investment opportunities, often promise low risk and high returns using app-based platforms and online payment tools. The agencies advise the public to avoid such schemes and urge agricultural operators to adhere to legal business practices.
SupervisionAlertsFraud and scams
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2025-01-27•Moldova•National Bank of Moldova
In episode 4 of the “Sensul banilor” podcast, National Bank of Moldova Governor Anca Dragu discussed the direct sale of commemorative coins to the public, enabled by recent legislative changes. The episode also highlighted the bank's collaboration with the Romanian State Mint, technical security features of coins, and digital initiatives like QR codes and the MIA Instant Payments platform. The Governor noted the upcoming launch of a commemorative-coin application to enhance digital engagement.
Financial literacy & educationFinancial literacy and education
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2025-01-27•Moldova•National Bank of Moldova
The National Bank of Moldova's 2025 supervisory priorities for non-bank payment service providers emphasize a risk-based approach. Key areas include governance, operational risk, and anti-money laundering measures, focusing on compliance, internal controls, and ICT security amid open banking implementation. The central bank aims to enhance oversight of ownership structures, operational resilience, and customer due diligence.
SupervisionSupervision approach, priorities & toolkitOperational risk and resilienceAML and CFT
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2025-01-27•Moldova•National Bank of Moldova
The National Bank of Moldova is drafting an Executive Committee decision to amend the Regulation on credit transfers, direct debits, and IBAN codes by adding the Legal Entity Identifier (LEI) to mandatory payment order information. This amendment aligns Regulation No. 108/2023 with Executive Committee Decision No. 8/2025 on fund transfer information requirements.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-27•Moldova•National Bank of Moldova
The National Bank of Moldova's 2025 supervisory priorities for the non-bank lending sector emphasize a risk-based approach to compliance, risk management, regulatory reporting, and AML/CFT controls. Focus areas include credit risk, responsible lending, governance, and capital adequacy. The Bank will address data quality in reporting and apply a risk-based AML/CFT approach, including informational sessions for specialists.
SupervisionSupervision approach, priorities & toolkitCredit riskSupervision process and methodologies
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2025-01-27•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances issued Circular Letter 25/2, amending Circular Letter 16/1, to update exemption conditions for quarterly reporting under Solvency II. A consolidated version of LC16/1 was also published.
Policy & regulationGuidance & interpretationRegulatory reporting
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2025-01-27•Europe•Council of Europe
The Conference of the Parties to the Council of Europe’s Warsaw Convention released reviews evaluating Aruba and Morocco's compliance with anti-money laundering, counter-terrorist financing, and asset recovery provisions. The reviews recommend addressing gaps in confiscation proceedings, management of seized property, and monitoring banking operations. Morocco's review follows the convention's entry into force on 1 August 2022, and Aruba's review follows the Netherlands' treaty application decision.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-01-27•Isle of Man•The Treasury (Isle of Man)
The Treasury (Isle of Man) added nine entries to the Belarus sanctions regime, aligning with the UK list update. The designations, including six individuals and three entities, face an asset freeze under Isle of Man regulations. Institutions must freeze assets, avoid unauthorized transactions, and report to the Financial Intelligence Unit; non-compliance is a criminal offence.
Policy & regulationRules & requirementsSanctions list update
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2025-01-27•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury proposes a "Manx Pension Guarantee" to adjust the Manx State Pension's annual increase, aiming to preserve the National Insurance Fund. From April 2025, the pension would rise by the higher of the previous September's Manx CPI inflation rate or 2%, subject to Tynwald approval. This change, affecting those reaching state pension age after April 2019, diverges from the UK’s triple lock, while most pensioners remain unaffected.
Policy & regulationRules & requirementsOther
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2025-01-27•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
Trinidad and Tobago’s Ministry of Finance announced that the Board of Inland Revenue is accepting online applications for VAT refunds via the 2025 VAT Bonds initiative. The bonds, with a three-year tenor and a 4.01% annual interest rate, are available to registrants owed refunds exceeding TTD 250,000, while smaller refunds will be paid in cash. A six-month moratorium applies to zero-rated energy sector companies, and all VAT returns and tax liabilities must be cleared before issuance.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-26•Saudi Arabia•Saudi Arabia Capital Markets Authority
Moody’s Investors Service Middle East Limited has informed the Saudi Arabia Capital Markets Authority of its name change to Moody’s Investors Services KSA Branch.
SupervisionAuthorisations & approvalsMandate change
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2025-01-26•North Macedonia•National Bank of the Republic of North Macedonia
The National Bank of the Republic of North Macedonia announced the European Commission's formation of a Steering Committee to implement the Single Euro Payments Area (SEPA) in the Western Balkans and Moldova. Governor Anita Angelovska Bezhoska anticipates North Macedonia's SEPA membership approval, citing regulatory alignment with European standards. SEPA membership is prioritized in the European Commission’s Growth Plan, promising improved cross-border payment efficiency.
Policy & regulationCooperationCross-border payments
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2025-01-26•Iraq•Central Bank of Iraq
The Central Bank of Iraq hosted a delegation from the American Chamber of Commerce and the US-Iraq Business Council to discuss bilateral banking and economic relations, focusing on American investment in Iraq's energy, infrastructure, and technology sectors. Governor Ali Mohsen Al-Alaq emphasized support for international companies and the importance of diversifying investment, with further meetings planned in Washington in April.
Policy & regulationCooperationCross-border cooperation
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2025-01-26•China•China Securities Regulatory Commission
The China Securities Regulatory Commission released a plan to enhance capital market indices and index-based investment, aiming to increase index investing. It emphasizes expanding high-quality indices, enriching index products, and fostering a coordinated development model for active and passive strategies in the public fund sector. The plan also focuses on strengthening supervision and risk prevention to support stable long-term investor returns and facilitate market entry for medium- and long-term funds.
Policy & regulationReform agendas & prioritiesMarket development
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2025-01-26•Maldives•Maldives Monetary Authority
The Maldives Monetary Authority's Q4 2024 survey shows increased business activity in all sectors except construction, which declined. Employment rose in tourism and transport and communication services, with improved financial conditions, but worsened in wholesale, retail trade, and construction. For Q1 2025, activity is expected to increase across sectors, with tourism expanding slower and credit conditions tightening outside tourism.
Data & statisticsEconomic data and developments
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2025-01-26•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has launched "Dharohar – Milestones in the Indian Securities Market", a digital repository documenting the market's heritage and evolution over 150 years. The website features an interactive timeline and 3D galleries, targeting a broad audience with over 3,000 assets including articles, interviews, and historic materials.
Financial literacy & educationMarket development
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2025-01-25•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority (TIRA) participated in Law Week 2025 in Dar es Salaam to provide public insurance education and gather feedback on insurance challenges. TIRA officials, including Legal and Complaints Manager Okoka Mgavilenzi, briefed stakeholders on the Authority’s mandate and the Health Insurance for All Act, No. 13 of 2023. The event aims to engage residents with insurance education and address their inquiries.
Financial literacy & educationFinancial literacy and education
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2025-01-25•Albania•Bank of Albania
The Bank of Albania's Vice Governor Minxhozi emphasized operationalising Albania's SEPA membership by April 2025, requiring institutions to complete necessary steps. Coordination with the World Bank, European Payment Council, and European Central Bank is crucial, focusing on payment modernisation projects like open banking and instant payments. The European Central Bank's approval of the clone TIPS project is a step towards full SEPA membership.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-01-24•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro warned against fraudulent online loan offers falsely claiming a partnership with the bank. It clarified that Loan Link is not licensed to conduct microcredit activities in Montenegro. The bank advised the public to consult its website for a list of licensed financial institutions.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-24•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission conducted a financial education lecture at Óscar Ribas University, attended by approximately 220 participants. The session, part of the Commission’s Financial Education Programme, covered topics such as the financial system structure, stock exchange dynamics, and the role of the Commission.
Financial literacy & educationFinancial literacy and education
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2025-01-24•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay has issued a warning about fraudulent social media content using its name and image to promote credit offers or financial investments. The bank has taken measures and urged the public to remain vigilant and report such attempts. It emphasized that it does not make recommendations or offers related to financial activities.
SupervisionAlertsFraud and scams
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2025-01-24•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has released its Key Issues Outlook for 2025, highlighting market volatility, geopolitical changes, AI advancements, and rising data and cyber risks. ASIC will focus on public-private market dynamics, superannuation shifts, fraud disruption, cyber resilience, claims handling post-disasters, ASX’s CHESS replacement, climate disclosures, audit quality, and financial hardship practices. ASIC will publish review findings and update on cyber security investigations and enforcement throughout 2025.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-01-24•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) announced that the new regime for reporting over-the-counter (OTC) transactions for post-trade transparency will be fully operational on 3 February 2025, with reporting responsibilities shifting from systematic internalisers (SIs) to Designated Publishing Entities (DPEs). ESMA has ceased the quarterly publication of SI data and stated that the mandatory SI regime will end on 1 February 2025, though firms may still opt into the regime voluntarily.
Policy & regulationImplementation, projects & pilotsRegulatory reporting
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2025-01-24•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority issued a Decision Notice against Al Ramz Capital LLC for failing to report suspicious transactions, imposing a USD 25,000 penalty. The case involves wash trades that temporarily spiked share prices by 27%, flagged by Nasdaq Dubai but unreported by Al Ramz. Al Ramz disputes the findings, referring the matter to the Financial Markets Tribunal, rendering the DFSA decision provisional.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-24•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission announced that the Federal Court ordered Firstmac Limited to pay AUD 8 million in penalties for breaching design and distribution obligations (DDO) related to its High Livez investment scheme. The Court found Firstmac contravened section 994E(3) of the Corporations Act by failing to ensure distribution aligned with the product’s target market determination (TMD), marking ASIC’s first civil penalty action for DDO breaches. Justice Downes described Firstmac's conduct as "reckless" and ordered the company to pay ASIC’s costs.
EnforcementInvestigations & enforcement actionsSales and distribution
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2025-01-24•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has permanently banned former financial adviser David Eduardo Cubilla after his fraud conviction for stealing from a client's superannuation account. The ban prohibits Cubilla from providing financial services or engaging in credit activities. Effective from 27 December 2024, this follows his June 2024 conviction under the Queensland Criminal Code, resulting in a seven-year prison sentence. Cubilla may seek a review of ASIC's decision by the Administrative Review Tribunal.
EnforcementSanctions & designationsFraud and scams
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2025-01-24•Türkiye•Central Bank of Türkiye
The Central Bank of Türkiye has expanded the FAST Request-to-Pay Overlay Service to include corporate users, enabling business-to-business payments and request-to-pay transactions with individuals. New features include support for partial, early, and delayed payments for corporate-initiated transactions. In 2024, the FAST system had 42 participants and averaged 13.8 million transactions daily in December.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-24•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo approved a 2025–2027 Strategic Roadmap for managing climate-related risks in the financial sector, aligning with EU membership aspirations. Supported by the World Bank, it sets regulatory expectations and includes actions on financial stability and capacity-building. Previous initiatives include joining the Sustainable Banking and Finance Network and requiring banks to report credit exposures related to the Carbon Border Adjustment Mechanism.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-01-24•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority (FSMA) released a report on inspections of eight currency exchange offices in Belgium, assessing compliance with anti-money laundering and terrorist financing legislation. The report outlines the legal framework, significant findings, and good practices to enhance compliance.
SupervisionReviews, inspections & stress testsAML and CFTSupervision process and methodologies
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2025-01-24•Colombia•Superintendencia Financiera de Colombia
The Financial Superintendence of Colombia announced plans to enhance fair treatment standards for financial consumers in products and services offered under bancassurance schemes.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2025-01-24•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) is consulting on renewing its relief for CHESS Depository Interests (CDIs) offers, with the current order expiring on 1 April 2025. ASIC proposes a five-year renewal with minor revisions for clarity, without changing its operation. The relief clarifies regulation under the Corporations Act 2001, facilitates CDI offers, and enhances retail investor understanding. ASIC may update the "approved financial market" definition to include Cboe Australia Pty Ltd, pending approval.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-24•Global•Egmont Group
The Egmont Group of Financial Intelligence Units will hold its 25th annual Working and Regional Group meetings virtually from 27 January to 7 February 2025, focusing on enhancing information sharing and cooperation against money laundering and terrorist financing. The agenda includes collaboration with the Financial Action Task Force, INTERPOL, and the United Nations Office on Drugs and Crime, revisions to information exchange principles, and initiatives on asset recovery, technology strategy, and training.
Policy & regulationCooperationAML and CFTDomestic cooperation
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2025-01-24•Tanzania•Tanzania Insurance Regulatory Authority
The Tanzania Insurance Regulatory Authority highlighted the Universal Health Insurance Act as pivotal for expanding medical service access through increased health insurance coverage. The launch of the National Health Insurance Fund Board of Directors emphasized public-private cooperation to enhance healthcare access. Key market indicators include a 2.01% insurance sector GDP contribution by 2023 and 29% annual growth in insurance beneficiaries.
Policy & regulationImplementation, projects & pilotsOther
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2025-01-24•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine’s National Commission on Securities and Stock Market highlighted efforts at the World Economic Forum in Davos to attract investment and enhance capital market transparency, including online access to Ukrainian government bonds for most foreign investors. Discussions led by President Zelenskyy emphasized investment opportunities and regulatory alignment with EU standards. NSSMC Chairman Ruslan Magomedov noted the exclusion of residents from Russia, Belarus, and Iran.
Policy & regulationReform agendas & prioritiesMarket development
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2025-01-24•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) and the Ministry of Public Administration, Labour and Social Security (MAPTSS) discussed aligning their cooperation protocol. Key topics included enhancing insurance inspections for workplace accidents, progressing a joint decree on mutual associations, reviewing the national disability table, and advancing a Pension Update Fund.
Policy & regulationCooperationDomestic cooperation
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2025-01-24•Europe•Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
MONEYVAL held a three-day online training for 36 experts from 15 countries to prepare for its 6th round of assessments, focusing on effectiveness and national risk contexts. The training covered evaluation procedures and practical exercises to identify gaps in anti-money laundering and counter-terrorism financing frameworks, introducing "Key Recommended Actions" as a new feature. Completion is mandatory for evaluators in MONEYVAL and Financial Action Task Force assessments, with more sessions planned for 2025 and beyond.
Institutional developmentCooperation & capacity buildingAML and CFTSupervision process and methodologies
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2025-01-24•West Africa•Central Bank of West African States
The Central Bank of West African States (BCEAO) has opened its third auxiliary branch in Mali, located in Kayes, as part of its network expansion to enhance banking access and financial inclusion. The inauguration, attended by senior officials, highlights Kayes' economic potential due to its mining activity, hydroelectric dams, and strategic trade position.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-01-24•Peru•Central Bank of Peru
The Central Bank of Peru reported non-traditional agricultural exports hit a record monthly high of USD 1.476 billion in November 2024, a 24.2% increase from the previous year. This growth was driven by a recovery in fruit production and increased exports of shrimp and paprika, despite a 2.3% decline in average export prices. From January to November, exports totaled USD 9.763 billion, up 21.1% year-on-year, primarily due to higher prices.
Data & statisticsBalance of payments and other external statistics
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2025-01-24•Ireland•Central Bank of Ireland
The Central Bank of Ireland released a Behind the Data paper analyzing Irish payment fraud statistics for 2022 and 2023, noting an increase in fraud but rates remaining below EU averages except for card payments. Fraudulent payments rose to EUR 126 million in 2023, with credit transfers accounting for 60% of fraud by value. The report highlights significant card payment fraud and rising "manipulation of the payer" fraud in credit transfers and e-money.
ResearchFraud and scams
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2025-01-24•Norway•Department of Finance (Norway)
Norway's Department of Finance has amended regulations to clarify using funds from insolvent banks for interbank settlements, confirming the existing settlement framework's applicability to cash settlements. The amendments update the 2016 regulation under the Payment Systems Act, aligning with Norges Bank's proposal to allow deposits on settlement accounts for same-day interbank settlements when insolvency proceedings begin.
Policy & regulationRules & requirementsMarket infrastructure
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2025-01-24•Norway•Department of Finance (Norway)
Norway's Department of Finance proposes amendments to the Real Estate Brokerage Act to enhance consumer protection, banning secret bids and imposing stricter suitability requirements for broker staff. The Financial Supervisory Authority of Norway (Finanstilsynet) would gain expanded supervisory and enforcement powers, including imposing administrative fees for breaches. The proposal mandates ongoing staff monitoring by brokerage firms and requires police certificates for assistant brokers.
Policy & regulationRules & requirementsOther
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2025-01-24•Greece•Ministry of National Economy and Finance (Greece)
Greece's Ministry of National Economy and Finance plans to mandate the IRIS instant payments system for all businesses, as part of a forthcoming bill on capital market strengthening. Currently, IRIS allows consumers to make instant transfers up to EUR 500 daily without bank fees, with a planned increase to EUR 1,000 in 2025. The system has seen significant growth, with transactions rising 137% in 2024, positioning Greece second in the EU for instant payments.
Policy & regulationRules & requirementsPayments and payment systems
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2025-01-24•Laos•Bank of the Lao
The Bank of the Lao conducted its annual review meeting to evaluate 2024 regulatory and supervisory outcomes and establish the 2025 work plan. Key priorities include completing risk-based supervision and Basel II implementation, and enhancing oversight of commercial banks to ensure financial stability.
SupervisionSupervision approach, priorities & toolkitOther
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2025-01-24•Colombia•Central Bank of Colombia
The Central Bank of Colombia issued External Operating and Services Circular DSP-155, detailing fees for low-value payment systems under its administration.
Policy & regulationRules & requirementsPayments and payment systems
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2025-01-24•Belize•Central Bank of Belize
The Central Bank of Belize and the Government of Belize announced redesigned Belize Dollar banknotes featuring new imagery and enhanced anti-counterfeiting measures, set for circulation later in 2025. The currency value remains unchanged, maintaining the peg at BZ$2.00 to US$1.00. Current notes will continue as legal tender alongside the new notes during a transition period.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-01-24•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) report reveals that borrowers who undertook cash-out mortgage refinances saw an initial sharp rise in credit scores, which later declined but remained above pre-refinance levels. Analyzing data from 2014 to 2021, the report indicates over 50% of borrowers used cash-out proceeds to pay down non-mortgage debt, particularly credit card and auto loans. It also notes that credit card balances and usage rates decreased significantly at refinancing but trended back toward pre-refinance levels within a year.
ResearchLendingConsumer and investor protection
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2025-01-24•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan issued guidance for safer online shopping, emphasizing fraud risk reduction and data protection. Recommendations include using secure websites, avoiding public Wi-Fi for transactions, and opting for safer payment methods like pay-on-delivery.
Financial literacy & educationCyber resilience
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2025-01-24•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Kazakhstan's Agency for Regulation and Development of the Financial Market appointed Mira Khalina as chair of its Financial Literacy Expert Council, expanding membership to include various ministries and the National Bank. The council aims to enhance public financial literacy through educational projects and media content, focusing on regional outreach and collaboration with local bodies and companies. Its core task is to develop new approaches and assess activities to improve financial literacy from 2025 to 2028.
Financial literacy & educationCapacity building
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2025-01-24•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has confirmed amendments to cease mixed media offers, transitioning to a fully electronic subscription process for public offerings. This change, supported by all respondents, will make online channels the sole method for subscribing to equity securities or interests in collective investment schemes on the Stock Exchange of Hong Kong Limited. Subscriptions for debt securities will remain unchanged.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-24•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority has launched an Instagram channel, "Reden wir über Geld – powered by FMA," to enhance consumer communication on financial issues. The channel, part of the FMA's ongoing "Let's talk about money" series, initially addresses topics like instant loans and buy now pay later models. Future plans include a podcast and video content in collaboration with Content Agentur Austria.
Financial literacy & educationConsumer and investor protection
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2025-01-24•Latin America•Financial Action Task Force of Latin America (GAFILAT)
The Financial Action Task Force of Latin America (GAFILAT) has expanded its CAMPUS GAFILAT e-learning platform to include professional colleges and guilds, enhancing access to anti-money laundering and counter-terrorist financing education. Supported by 43 agreements and over 17,000 enrolled professionals, it offers free, time-limited courses on FATF 40 Recommendations and other key topics. The platform features self-guided content developed by the United Nations Office on Drugs and Crime, with further contributions anticipated.
Policy & regulationImplementation, projects & pilotsAML and CFTFinancial literacy and education
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2025-01-24•Global•International Banking Federation
The International Banking Federation and seven financial trade associations have requested a 12-month extension from the Securities and Exchange Commission for the Treasury clearing rule implementation. They argue this extension is necessary to address outstanding issues, such as the inter-affiliate exemption scope and the rule's extraterritorial reach.
Policy & regulationRules & requirementsOther
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2025-01-24•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission released its Q3 2024 statistics bulletin for the collective investments sector, noting 323 supervised entities with total assets under management (AUM) of EUR 9.1bn, a 2.43% decrease from Q2 but a 6.08% increase year-on-year. The bulletin details AUM distribution across management companies and investment types, with significant allocations in private equity and real estate. It also highlights investor composition and sector allocations, including shipping and energy investments.
Data & statisticsSupervision process and methodologies
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2025-01-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages linked to Bank of Communications Co., Ltd. The HKMA emphasized that banks will not send messages with hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-01-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert following reports of phishing instant messages linked to Bank of Communications (Hong Kong) Limited. The HKMA reminded the public that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals are advised to contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-01-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued an alert regarding phishing instant messages linked to Industrial and Commercial Bank of China (Asia) Limited. The HKMA emphasized that banks do not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Affected individuals are advised to contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-01-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority's Complaints Watch Issue No. 25 highlights a 32% rise in banking complaints in the second half of 2024, with account-operation complaints increasing by 64% due to enhanced fraud monitoring. Banks are urged to improve customer communication to reduce inconvenience. The HKMA will continue to promote public-private collaboration to combat fraud.
SupervisionRisk monitoring & watch pointsComplaints and dispute resolution
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2025-01-24•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) warned about fraud involving fake news and impersonation of HKMA staff linked to a fictitious poverty alleviation project. Fraudsters falsely claim to disburse poverty funds, instructing victims to top up accounts to "activate" them. The HKMA reported these cases to the Hong Kong Police Force and emphasized that its staff will not contact the public about personal financial matters.
SupervisionAlertsFraud and scams
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2025-01-24•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's January Survey of Tenth District Services indicates a modest decline in services activity, though future expectations remain expansionary. Capital expenditures rose moderately, with the survey tracking various indicators across service industries. New seasonal adjustment factors using Census X-13 ARIMA-SEATS have been applied, affecting historical indexes.
Data & statisticsEconomic data and developments
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2025-01-24•Europe•European Central Bank
The European Central Bank released the Eurosystem’s weekly balance sheet, reporting total assets and liabilities of EUR 6,408.1bn, a EUR 4.7bn increase from the previous week. Key changes include a EUR 6.0bn decrease in securities held for monetary policy and a EUR 27.3bn rise in the deposit facility. Banknotes in circulation fell by EUR 3.5bn, while current accounts decreased by EUR 25.8bn.
Data & statisticsBalance of payments and other external statistics
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2025-01-24•Mexico•CONDUSEF
Mexico's National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) reported 4,138 financial consumer complaints in Tamaulipas for 2024, a 0.3% increase from 2023, with 1.6% of complaints nationally. MXN 23.9 million was recovered for users, with a 33.8% resolution rate in their favor; 27.2% involved possible fraud. Credit cards, debit cards, and personal loans were the most common issues, with multiple banking accounting for 58.8% of cases.
Data & statisticsComplaints and dispute resolution
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2025-01-24•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has withdrawn Octium Assurance AG’s insurance business licence effective 31 December 2024, following the firm's written waiver of its authorisation. The licence, initially granted on 13 December 2001, was revoked under Article 11(1) of the Insurance Supervision Act.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-01-24•South Africa•South African Reserve Bank
The South African Reserve Bank's Prudential Authority has sanctioned The Standard Bank of South Africa Limited for non-compliance with the Financial Intelligence Centre Act, following a 2022 inspection. Sanctions include six cautions and a ZAR 13 million penalty for due diligence failures, record-keeping issues, and late transaction reporting. The bank has cooperated and initiated remedial actions to address these deficiencies.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-01-24•Liberia•Central Bank of Liberia
The Central Bank of Liberia left its policy rate at 17.0 percent, kept reserve requirements unchanged, and reintroduced an interest rate corridor around the policy rate. The move comes amid slower domestic growth, higher inflation, and pressure on external buffers, despite an appreciation of the Liberian dollar. The standing credit facility will be set at the policy rate plus 2.5 percentage points and the standing deposit facility at minus 7.5 percentage points.
Monetary policyPolicy rate decisionsMonetary dataFinancial and market indicators