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2025-01-17•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) has ordered the cessation of unauthorized insurance intermediation on four websites and initiated their blocking in Italy. This action is part of IVASS's ongoing efforts, with 188 sites blocked since November 2023. IVASS advises consumers to verify the legitimacy of insurance offers, especially for temporary motor third-party liability policies, by consulting its registers and lists.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-17•Serbia•National Bank of Serbia
The National Bank of Serbia announced that its IPS NBS instant payment system processed a record 446,513 payments totaling RSD 5.64 billion on 15 January 2025, the highest daily transaction count since its inception. The system, operational since October 2018, allows 24/7 payment initiation with immediate fund availability, reflecting a consistently growing transaction volume.
Data & statisticsPayments and payment systems
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2025-01-17•Malaysia•Malaysia Securities Commission
Bank Negara Malaysia and the Securities Commission Malaysia have launched the Financial Markets Ombudsman Service (FMOS), a centralized dispute resolution center for financial consumers and investors. FMOS merges existing services under joint oversight to align regulatory standards and safeguard interests, offering independent mediation and adjudication with a streamlined process. The monetary limit for eligible disputes is set at RM250,000, broadening access to free resolution services.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-01-17•Malaysia•Malaysia Securities Commission
The Malaysia Securities Commission has launched the Social Exchange Pilot Programme (SEPP25) with five NGOs to test components for Malaysia's first Social Exchange, aimed at structured fundraising for social impact projects. The pilot will use Malaysian capital market infrastructure to develop a regulated environment supporting third-sector fundraising, with insights guiding the final framework for the Social Exchange, expected to be operational in 2026.
Policy & regulationImplementation, projects & pilotsMarket developmentFinancial inclusion
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2025-01-17•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission has amended the designation details for Domingo Antonio Hernandez Larez under the UK's Venezuela (Sanctions) Regulations 2019, maintaining an asset freeze. Businesses must verify any connections with the designated individual, freeze relevant assets, and report findings to the States of Guernsey Policy & Resources Committee, complying with the Sanctions (Bailiwick of Guernsey) Law, 2018.
EnforcementSanctions & designationsNew sanctions designations
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2025-01-17•Malaysia•Bank Negara Malaysia
Bank Negara Malaysia and the Securities Commission Malaysia have launched the Financial Markets Ombudsman Service (FMOS), a centralized dispute resolution center for financial consumers and investors. FMOS merges existing services under joint oversight to align regulatory standards and safeguard interests. It offers independent mediation and adjudication with a streamlined process, and the monetary limit for eligible disputes is set at RM250,000.
Policy & regulationImplementation, projects & pilotsComplaints and dispute resolution
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2025-01-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario imposed administrative penalties of CAD 55,000 on Harpinder “Nancy” Deol and CAD 45,000 on 1539339 Ontario Inc., with conditions on Deol’s mortgage agent licence renewal. The enforcement action follows a settlement for contraventions of Ontario’s Mortgage Brokerages, Lenders and Administrators Act, 2006, including unlicensed mortgage dealings and improper remuneration practices.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-17•Global•Network for Greening the Financial System
The Network for Greening the Financial System announced the withdrawal of the US Federal Reserve Board from its membership, expressing regret but respect for the decision. The NGFS, chaired by Sabine Mauderer, continues with 143 members and plans to release its first short-term climate scenarios in 2025, alongside work on adaptation in transition planning for the G20.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-01-17•Malaysia (Labuan)•Labuan Financial Services Authority
The Labuan Financial Services Authority (Labuan FSA) addressed media reports of an alleged investment scam by a licensed entity, emphasizing its zero-tolerance policy for legal and regulatory breaches. Labuan FSA warned it will enforce penalties, business restrictions, and licence revocation for unlawful activities, collaborating with law enforcement for prosecution. The authority urged the public to verify the licensing of financial service providers and seek professional advice.
SupervisionAlertsFraud and scams
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2025-01-17•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC's Civil Sanction Committee sanctioned Mr. Saravoot Somwattana for insider trading Nirvana Development shares. He must pay THB 1,790,110 and is barred from being a director or executive in securities issuing companies for 12 months. The sanctions follow an SEC investigation revealing he traded on undisclosed financial information, benefiting from a share price increase.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-17•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission (SEC) has amended rules to expand eligibility for digital asset custodial wallet providers, allowing certain business groups with proven asset safeguarding capabilities to serve operators with the same major shareholders, subject to SEC independence rules. Previously, only listed companies or their subsidiaries could act as custodial wallet providers. The changes, effective 16 January 2025, follow a public hearing with broad support.
Policy & regulationRules & requirementsClient asset custody and safekeeping
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2025-01-17•United Kingdom•Bank of England
The Bank of England's Prudential Regulation Authority, in consultation with HM Treasury, has delayed the UK implementation of Basel 3.1 by one year to 1 January 2027, to align with U.S. plans. The transitional periods will be shortened to maintain the full implementation date of 1 January 2030. Additionally, the PRA has paused its planned firm data collection exercise for reviewing firm-specific Pillar 2 capital requirements.
Policy & regulationRules & requirementsCapital adequacy
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2025-01-17•United Kingdom•Bank of England
The Bank of England has launched a six-week "Mind Your Money" quiz to boost economic and personal finance literacy for those aged 18 and over, offering a GBP 1,000 top prize. In collaboration with LADbible and financial content creators, the campaign includes weekly educational videos and quizzes on budgeting and monetary policy. Participants with correct answers enter prize draws for weekly and overall cash prizes.
Financial literacy & educationFinancial literacy and education
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2025-01-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has mandated transferring GPBank to VPBank and DongA Bank to HDBank to stabilize weak credit institutions. Governor Nguyễn Thị Hồng emphasized the unprecedented nature of this process, requiring coordination under the amended 2024 Law on Credit Institutions. VPBank and HDBank are tasked with supporting the transferred banks in business model development, debt recovery, and operational stability.
Policy & regulationRules & requirementsRecovery and resolution
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2025-01-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has mandated the transfer of Global Petro Sole Member Limited Commercial Bank to Vietnam Prosperity Joint Stock Commercial Bank and DongA Commercial Joint Stock Bank to Ho Chi Minh City Development Joint Stock Commercial Bank. Post-transfer, both banks will operate as single-member limited liability commercial banks with full charter capital owned by their new owners. The transfer ensures the protection of depositors' and customers' rights in accordance with agreements and applicable law.
Policy & regulationRules & requirementsMandate change
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2025-01-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced changes to the Communications Department's structure as part of the streamlining agenda outlined in Resolution 18-NQ/TW. Despite these changes, the department will continue its focus on policy communications, financial education, and managing sector-wide communications. The department also received commendations for its 2022 performance and committed to adapting to the new structure in 2025.
Institutional developmentMandate & organizational structureOrganizational structure
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2025-01-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) reviewed 2024 banking sector results, prioritizing credit institution restructuring and organizational streamlining. Governor Nguyen Thi Hong emphasized coordinated monetary policy for low inflation and stability, aiding businesses and households post-Typhoon Yagi. The SBV is advancing digital transformation, international banking cooperation, and implementing the Law on Credit Institutions 2024, with 2025 focused on system improvements.
Institutional developmentMandate & organizational structureOther
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2025-01-17•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg and STATEC reported a provisional current account surplus of EUR 6 billion for the first three quarters of 2024, an increase of EUR 1.3 billion from the previous year. The goods balance improved by EUR 1.7 billion, with exports rising 4% and imports falling 5%. The financial account showed positive direct investment flows for assets and significant portfolio inflows, including EUR 90.1 billion into Luxembourg equities.
Data & statisticsBalance of payments and other external statistics
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2025-01-17•United States•U.S. Department of Justice
The U.S. Department of Justice sentenced former Mozambique Finance Minister Manuel Chang to 102 months in prison for his role in a USD 2 billion fraud, bribery, and money laundering scheme tied to maritime project financing. Chang received USD 7 million in bribes for signing state guarantees for loans to Mozambican companies, with over USD 200 million diverted to bribes and kickbacks. Credit Suisse AG and another bank arranged the loans, resulting in defaults exceeding USD 700 million.
EnforcementInvestigations & enforcement actionsFraud and scamsAML and CFT
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2025-01-17•United States•Federal Deposit Insurance Corporation
The FDIC is appointed receiver for Pulaski Savings Bank, Chicago, after its closure by the Illinois Department of Financial and Professional Regulation. Millennium Bank, Des Plaines, will assume all deposits and reopen the bank's sole office as a Millennium branch on 18 January 2025. The FDIC estimates the failure will cost the Deposit Insurance Fund about USD 28.5 million, citing suspected fraud as a factor.
EnforcementInvestigations & enforcement actionsRecovery and resolution
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2025-01-17•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation announced the retirement of Doreen R. Eberley, Director of the Division of Risk Management Supervision, effective March 29, 2025. Eberley, who has served since 2013, focused on integrating crisis lessons into supervision, enhancing oversight of large institutions, preparing examiners for future challenges, and modernizing technology systems.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•Chile•Chile Financial Market Commission
The Chile Financial Market Commission issued an exempt resolution applying Pillar 2 equity requirements to nine banks, including Banco Bice and Scotiabank Chile, as part of Chile's phased Basel III implementation. Requirements were adjusted based on each bank's business model, with reductions for three banks, no change for three, and increases for three. The CMF emphasized the need for an Internal Capital Adequacy Assessment Process covering a three-year horizon, with 50% of the Pillar 2 requirement due by 30 June 2025.
Policy & regulationRules & requirementsCapital adequacy
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2025-01-17•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) released its 2024 fraud thematic review, noting progress in auditor practices but persistent issues in identifying and assessing fraud risks. The review highlights the need for enhanced professional skepticism and increased use of forensic specialists, while pointing out deficiencies in addressing fraud risks beyond Canadian Auditing Standard 240. CPAB emphasizes evaluating whistleblower programmes and IT-related fraud risks, urging audit teams to improve procedures and risk assessments.
SupervisionReviews, inspections & stress testsAuditing
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2025-01-17•United States•Federal Reserve Board
The Federal Reserve Board published a staff FEDS Note evaluating China's semiconductor manufacturing expansion amid trade and investment restrictions. The analysis reveals increased spending on fabrication capacity, concentrated in legacy nodes, with constraints on accessing advanced inputs due to U.S., Japanese, and Dutch export controls. Despite innovation claims, limits on advanced equipment may hinder China's technological progress.
ResearchGeopolitical risk
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2025-01-17•United States•Federal Reserve Board
The Federal Reserve Board has terminated the enforcement action against Marblehead Bancorp and Marblehead Bank, originally dated December 14, 2023. The termination is effective as of January 17, 2025.
EnforcementInvestigations & enforcement actionsOther
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2025-01-17•United States•Federal Reserve Board
The Federal Reserve Board has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The decision was made because the NGFS's work has expanded beyond the Board's statutory mandate.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-01-17•Canada•British Columbia Securities Commission
The British Columbia Securities Commission panel extended a temporary order against Baynsworth and Lloyd Holdings Inc. and James Michael Burnett, banning trading of Baynsworth securities and restricting promotional activities. The panel cited evidence of illegal distribution, unregistered trading, and misleading claims of high returns and money-back guarantees. The order remains effective until December 9, 2025, to allow for investigation and tribunal proceedings.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-01-17•Russia•Central Bank of Russia
The Central Bank of Russia announced updates to its register of credit institutions significant in the payment services market following mergers effective 1 January 2025. Bank Otkritie Financial Corporation merged with BM-Bank JSC, and PJSC ROSBANK merged with TBank, the latter being recognized as important in the payment services market.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-17•Canada•Bank of Canada
The Bank of Canada reviewed its COVID-19 pandemic monetary policy actions, highlighting their economic support and lessons for future crises. An independent evaluation by experts was released alongside the review. The Bank's Governing Council emphasized clear communication and exit strategies for future large-scale asset purchases and extraordinary forward guidance, maintaining a high threshold for using such tools.
Monetary policyMonetary policy framework & strategyFinancial stability and systemic risk
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2025-01-17•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has released draft trial provisions for managing programmatic trading in the futures market, seeking public comment. The draft outlines a comprehensive framework for supervision, including definitions, reporting obligations, system access controls, and risk management expectations. Final provisions will be published after public feedback and procedural completion.
Policy & regulationRules & requirementsTrading
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2025-01-17•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) released the Basic Rules on Administrative Penalty Discretion, establishing unified benchmarks for penalties in enforcement cases. The 25-article framework aims to enhance transparency and consistency, introducing tiered standards for fines and addressing mitigating and aggravating circumstances. Implementation includes enhanced communication, training for staff, and strengthened supervision of agencies.
EnforcementEnforcement frameworkOther
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2025-01-17•China•China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) issued the Administrative Penalty Discretion Basic Rules, effective 1 March 2025, establishing a quantified framework for assessing securities and futures penalties. The 25-article rules define six tiers of discretion, core decision rules for enforcement, and governance requirements, including collective discussions for complex cases. The framework aligns administrative penalties with criminal and civil liabilities and ensures consistent application across local offices.
Policy & regulationRules & requirements
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2025-01-17•Zimbabwe•Securities & Exchange Commission of Zimbabwe
The Securities and Exchange Commission of Zimbabwe announced new licensees under the Securities and Exchange Act. InvestIQ Oak Wealth (Private) Limited is licensed as a securities dealing firm, while Nhoro Asset Management, Capital Sterling Asset Management, and Redwood Asset Management are licensed as securities investment managers. Tactplan Financial Services is licensed as a securities investment adviser, all registered on 15 January 2025.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission (SEC) filed a civil complaint against Arete Wealth Management LLC, Arete Wealth Advisors LLC, and several individuals for allegedly illegal sales of Zona Energy Inc. securities. The SEC alleges violations including "selling away" practices, misleading statements, and improper liability disclaimers, seeking various injunctions and penalties. Michael Sealy settled with the SEC, agreeing to a USD 200,000 penalty and a 12-month suspension for acting as an unregistered broker-dealer.
EnforcementInvestigations & enforcement actionsSecurities offerings and listings
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2025-01-17•United States•U.S. Securities & Exchange Commission
SEC Commissioner Jaime Lizárraga issued a farewell statement, highlighting efforts to modernize the SEC's regulatory framework and enhance market transparency. Key initiatives included updates to mutual fund disclosures, strengthened insider trading rules, and reforms to stock and Treasury market structures. Lizárraga also emphasized enhanced executive compensation disclosures, expanded privacy protections, and new cybersecurity and climate risk disclosure requirements for public companies.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities & Exchange Commission settled with Paul John McCabe Jr. and PMAC Consulting LLC for acting as unregistered brokers in pre-IPO transactions, resulting in a USD 3 million penalty. McCabe violated a prior broker activity bar by engaging in transactions and receiving over USD 16 million in compensation. The settlement includes industry and penny stock bars and a cease-and-desist order.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. SEC settled charges against Digital Currency Group Inc. and former Genesis Global Capital LLC CEO Soichiro “Michael” Moro for misleading investors about Genesis’s financial condition after Three Arrows Capital's default. The settlement includes USD 38.5 million in civil penalties and cease-and-desist orders, addressing false statements about Genesis's balance sheet and capital adequacy. DCG and Moro did not admit or deny violating Section 17(a)(3) of the Securities Act of 1933.
EnforcementInvestigations & enforcement actions
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced the departure of Sanjay Wadhwa as Acting Director of the Division of Enforcement on 31 January 2025, concluding over 21 years at the agency. Under his leadership, the division filed over 2,600 enforcement actions, securing more than USD 20 billion in financial remedies, and emphasized cooperation credit and self-reporting. Wadhwa oversaw significant investigations, including the review of abusive American depositary receipt practices, resulting in over USD 430 million in penalties.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•United States•U.S. Securities & Exchange Commission
Scott Schneider, counsellor to Chair Gary Gensler and Director of the Office of Public Affairs at the U.S. Securities and Exchange Commission (SEC), will depart next month. Schneider led the SEC’s external communications strategy, media relations, and digital strategy, and managed communications for rulemakings and enforcement actions. His tenure included launching Chair Gensler’s official X account and an “Office Hours” video series.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission reported preliminary first-quarter fiscal 2025 enforcement statistics, with 200 total actions, including 118 standalone actions, marking the highest totals since at least 2000. Violations included financial misstatements, misleading disclosures, conflicts of interest, bribery, fraud, and misleading AI statements. Over 40 actions were filed from Jan. 1 to Jan. 17, 2025, indicating continued elevated activity into the second quarter.
EnforcementEnforcement statisticsAccounting and financial reportingDisclosuresCorporate governance
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission charged former investment adviser Scott J. Mason and his entities with misappropriating over USD 20 million from clients through unauthorized transfers and fraud from 2014 to 2024. The SEC's complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, alleges violations of antifraud provisions, with Mason consenting to permanent injunctions and pending financial penalties. Concurrently, the U.S. Attorney’s Office announced criminal charges against Mason.
EnforcementInvestigations & enforcement actions
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. SEC announced that The Vanguard Group, Inc. will pay USD 106.41 million to settle charges of misleading statements about capital gains distributions and tax consequences. Vanguard's actions led to increased capital gains for remaining investors. The settlement includes USD 13.5 million in civil penalties and USD 18.2 million in disgorgement and interest, alongside parallel state settlements.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced the departure of Amanda Fischer as Chief of Staff, a position she held since January 2023. Fischer played a key advisory role in rulemaking, policy, and interagency coordination, notably contributing to equity and Treasury market reforms and the agency's response to major market events.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission charged LPL Financial LLC with multiple anti-money laundering (AML) program failures, resulting in an USD 18 million civil penalty and mandated improvements. From May 2019 to December 2023, LPL failed to verify customer identities and manage high-risk accounts, violating Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8. LPL must engage a compliance consultant to enhance its AML policies and procedures.
EnforcementInvestigations & enforcement actionsAML and CFT
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2025-01-17•United States•U.S. Securities & Exchange Commission
Corey Klemmer will step down as Policy Director at the U.S. Securities and Exchange Commission, a position she has held since May 2024. During her tenure, she oversaw significant equity market reform and contributed to insider trading and corporate governance reforms, among other initiatives.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission settled charges with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated for inadequate cash sweep program policies, resulting in USD 60 million in penalties. The firms allegedly failed to ensure their bank deposit sweep programs were in clients' best interests, especially during rising interest rates. They consented to censure and cease-and-desist orders without admitting or denying the findings.
EnforcementInvestigations & enforcement actionsCompliance
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2025-01-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission settled charges with GrubMarket Inc. for overstating historical revenues by approximately USD 550 million in investor communications. GrubMarket raised USD 80 million in a Series D offering using inflated financial figures, while using lower figures for other corporate purposes. The company agreed to a cease-and-desist order and an USD 8 million civil penalty without admitting or denying the findings.
EnforcementInvestigations & enforcement actionsAccounting and financial reporting
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2025-01-17•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration issued the Measures for the Regulatory Rating of Insurance Companies, establishing a unified supervisory rating system effective 1 March 2025. The risk-based framework assesses insurers on governance, solvency, asset quality, and consumer rights to inform supervisory planning and market access decisions. Implementation will involve developing evaluation standards and enhancing the rating information system.
Policy & regulationRules & requirementsPrudential risks
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2025-01-17•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has introduced the Insurance Company Regulatory Rating Measures, creating a unified framework to assess insurers' risk profiles for differentiated supervision. Applicable to insurers in China operating for at least one year, ratings influence supervision, market entry, and inspections. The 100-point system includes a "one-vote veto" for excessive risks, determining supervisory intensity and potential restructuring or exit for high-risk firms.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-01-17•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission issued the Interim Measures for Microloan Companies, establishing a framework for operation, risk management, and consumer protection. Key provisions include loan concentration ratio requirements, a revised cap on loans to a single borrower, and a strict "1+4" financing leverage multiple. The measures address related-party transactions, non-performing loan standards, and online processing requirements, with enhanced central-local supervisory collaboration.
Policy & regulationRules & requirementsLicensing framework and process
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2025-01-17•Cape Verde•Bank of Cape Verde
The Bank of Cape Verde released the final report for Public Consultation No. 01/2024, detailing amendments to the microfinance legal regime. Key changes include redefining application scope, revising risk classification, and extending reporting deadlines to enhance compliance and oversight.
Policy & regulationRules & requirementsLicensing framework and process
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2025-01-17•Moldova•National Bank of Moldova
The National Bank of Moldova and the Bank of France signed a memorandum of understanding to enhance bilateral cooperation in areas such as monetary policy, financial stability, and financial-market regulation. The agreement includes access to training programs for Moldovan experts at the Bank of France’s International Banking and Financial Institute, focusing on macroeconomic analysis and financial policy skills development.
Policy & regulationCooperationCross-border cooperation
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2025-01-17•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
FINMA updated Switzerland’s ordinance on measures against Iran, amending Annexes 1a and 6a to expand the list of sanctioned entities and goods. SECO updated the SESAM sanctions database. Financial intermediaries must implement these prohibitions, freeze assets of sanctioned entities, and report relevant business relationships to SECO.
Policy & regulationRules & requirementsSanctions list update
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2025-01-17•United States•Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network held a virtual summit with financial intelligence units from several countries to combat transnational criminal organizations involved in nature crimes in the Amazon. Discussions addressed illegal activities such as deforestation, mining, and wildlife trafficking. FinCEN highlighted guidance to help financial institutions detect related illicit finance, emphasizing wildlife trafficking as a priority in its Anti-Money Laundering and Countering the Financing of Terrorism efforts.
Policy & regulationCooperation
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2025-01-17•Cayman Islands•Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority (CIMA) issued an alert regarding a phishing campaign using fraudulent WhatsApp messages and emails falsely claiming to be from CIMA. The scam involves impersonation techniques and misuse of CIMA's logo and address, but CIMA confirmed its systems are secure with no unauthorized access. The public is advised to verify communications and report suspicious activity to CIMA.
SupervisionAlertsFraud and scams
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2025-01-17•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced an amendment to the Venezuela sanctions regime, updating one entry following changes to the UK sanctions list. General Domingo Antonio Hernández Lárez remains subject to an asset freeze under the Venezuela (Sanctions) (EU Exit) Regulations 2019. Institutions must freeze assets immediately and report suspected breaches to the Financial Intelligence Unit.
EnforcementSanctions & designationsSanctions list update
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2025-01-17•United States•U.S. Department of the Treasury
The U.S. Treasury's Office of Foreign Assets Control (OFAC) has designated Yemen Kuwait Bank for supporting Ansarallah (Houthis) under Executive Order 13224. This blocks the bank's U.S.-linked assets and prohibits U.S. persons from transactions with the bank without OFAC authorization. The Treasury alleges the bank facilitated money laundering and fund transfers for the Houthis, including links to Lebanese Hizballah and Iranian oil sales, warning of potential penalties and secondary sanctions for violations.
EnforcementSanctions & designationsNew sanctions designations
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2025-01-17•Europe•European Insurance and Occupational Pensions Authority
The European Supervisory Authorities, including the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority, evaluated centralizing financial entities' reporting of major ICT-related incidents under the Digital Operational Resilience Act. The report compares three models for incident reporting, assessing potential cost reductions and efficiency gains. Submitted to the European Parliament, Council, and Commission, the findings will inform future centralization efforts.
Policy & regulationImplementation, projects & pilotsOperational risk and resilience
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2025-01-16•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City has appointed five new members to its Community Development Advisory Council for 2025. The council advises on community and economic development issues across the bank's seven-state region. New appointees include Joel Smith, Jennifer Tidwell, and Rollin M. Wood.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-16•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission's H2 2024 bulletin reports a rise in equity market capitalisation on Piazza Affari to EUR 836 billion, with increased trading, especially in Italian government bonds. Market capitalisation grew 4% from end-2023, with Italian listed companies seeing a 12% rise, and the capitalisation-to-GDP ratio increasing to 38.1%. Euronext Growth Milan reached parity with the main market in traded companies, despite a net outflow from the main market.
Data & statistics
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2025-01-16•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported a 2.6% year-on-year growth in the Monthly Index of Economic Activity (IMAE) for October 2024, with cumulative growth of 3.7% from January to October. Seasonally adjusted data showed a 0.2% month-on-month decline, while the trend-cycle series rose 0.2% month-on-month. Key sector gains included financial intermediation (7.3%) and other services (6.5%), while mining and quarrying saw a decline of 15.3%.
Data & statisticsEconomic data and developments
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2025-01-16•Mexico•Mexico Comision Nacional Bancaria y de Valores (CNBV)
Mexico’s National Banking and Securities Commission (CNBV) reported the commercial banking sector's capital adequacy data as of November 2024. The Capitalisation Index (ICAP) was 19.43%, with a Basic Capital Ratio (CCB) of 17.59% and a Core Capital Ratio (CCF) of 16.09%.
Data & statisticsCapital adequacy
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2025-01-16•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has licensed Nama United Financing to offer various finance activities, bringing the total number of SAMA-licensed finance companies to 64. The authorization includes real-estate finance, production assets finance, SME finance, finance lease, and consumer finance. SAMA emphasized the importance of dealing with authorized financial institutions and referred to its website for a list of licensed firms.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-16•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority has issued an alert regarding phishing text messages from fraudsters impersonating Prudential Hong Kong Limited to obtain personal or payment information. Prudential confirmed no connection to these messages, and the issue has been reported to the Hong Kong Police Force for investigation.
SupervisionAlertsFraud and scams
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2025-01-16•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has licensed Nama United Financing Company to offer real-estate finance, production assets finance, SME finance, finance leasing, and consumer finance. This brings the total number of finance companies licensed by SAMA to 64. SAMA advises customers to engage only with authorized financial institutions, with a list available on its website.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-16•Europe•European Securities and Markets Authority
The European Banking Authority and the European Securities and Markets Authority released a joint report on crypto-assets, noting DeFi's niche status and limited EU engagement in crypto lending, borrowing, and staking. The report identifies significant money laundering and terrorist financing risks, alongside technical challenges like maximal extractable value (MEV) in DeFi. It reviews risks in lending and staking, including excessive leverage and information asymmetries, while the European Commission assesses regulatory needs under the Markets in Crypto-Assets Regulation.
Policy & regulationCooperationDeFi
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2025-01-16•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus released detailed interest rate data on deposits and loans for each credit institution for November 2024, directing readers to further relevant information.
Data & statisticsMonetary data
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2025-01-16•United Kingdom•Payment Systems Regulator
The Payment Systems Regulator's updated two-year programme focuses on consumer protection, competition, and innovation. Key initiatives include embedding authorised push payment fraud reimbursement, advancing UK retail payments infrastructure reforms, and collaborating with the Financial Conduct Authority and the Bank of England on Open Banking and Faster Payments upgrades. A new joint role has been established to enhance regulatory alignment between the PSR and FCA.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-16•Montenegro•Central Bank of Montenegro
CBCG Governor Irena Radovic and National Bank of Austria Governor Robert Holzmann discussed CBCG's strategic priorities, focusing on institutional strengthening and regulatory reforms aligned with European standards. A key topic was accelerating Montenegrin banks' integration into SEPA schemes, enhancing euro transaction efficiency and safety. Radovic emphasized CBCG's technical and legal preparations for SEPA participation, supported by external experts and stakeholder coordination.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-01-16•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority's chair, Željko Drinčić, participated in the Central and Eastern European Forum in Vienna, discussing capital market legislative alignment with European standards and regional fund industry prospects. Key topics included ESG bonds, regional economic renewal, and cooperation in financial markets. The authority plans to continue efforts on regulatory alignment and developing sustainable financial instruments.
Policy & regulationCooperationMarket development
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2025-01-16•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has released draft rules for public consultation regarding the content and publication of collective investment funds’ business reports. These rules were adopted at the authority’s 106th session under Article 154(4) of the Law on Investment Funds.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-16•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has released a draft rulebook detailing requirements for business reports of closed-end investment funds and initiated a public consultation. The draft was adopted under Article 154(4) of Montenegro’s Law on Investment Funds.
Policy & regulationRules & requirementsRegulatory reporting
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2025-01-16•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority released its half-yearly dashboard on investment fraud, revealing cryptocurrency scams and fraudulent trading platforms comprised about half of the fraud reports in the second half of 2024. Belgian consumers reported losses totaling EUR 15.9 million between July and December 2024. The FSMA received 2,621 reports of unauthorised activities in 2024, marking a 20% increase from 2023, and issued 16 warnings against 297 entities and 396 websites.
Data & statisticsFraud and scams
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2025-01-16•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority has suspended trading in Xior's financial instruments on Euronext Brussels at the company's request. The suspension, effective from 16 January 2025 at 14:06 CET, will continue until a press release is issued.
SupervisionInterventionsTrading
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2025-01-16•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC) has appointed Scott Gregson as Chief Executive Officer, effective 17 March 2025. Gregson, currently CEO of the Australian Competition and Consumer Commission (ACCC), succeeds retiring interim CEO Greg Yanco. His appointment follows an executive search and is part of ASIC's ongoing transformation, including recent senior leadership changes in Enforcement and Compliance, Regulation and Supervision, and Data, Digital and Technology.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-16•France•France Autorite des marches financiers
France's Autorité des marchés financiers (AMF) has outlined its 2025 priorities, focusing on Paris market attractiveness and the EU Savings and Investment Union. Key initiatives include legislative changes to enhance enforcement, support for private market funds, and a review of securitisation vehicles. The AMF will also prioritize investor protection, sustainable finance, and compliance checks across asset managers, intermediaries, and advisers, aligning with European Securities and Markets Authority (ESMA) priorities.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-01-16•United Arab Emirates•Dubai Financial Services Authority
The Dubai Financial Services Authority's Whistleblowing Thematic Review assessed whistleblowing frameworks among DFSA Regulated Entities in the Dubai International Financial Centre. It found strengths in trust-building but weaknesses in monitoring whistleblower detriment, policy content, escalation procedures, and staff training. Entities are urged to address these issues, with future supervisory engagements possibly requiring proof of improvements.
SupervisionReviews, inspections & stress testsWhistleblowing
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2025-01-16•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets' 2025 supervisory agenda emphasizes oversight in digitalisation, sustainability, and internationalisation amid the Netherlands’ pension transition. It highlights the financial sector's reliance on technology and data, potential systemic risks from large US tech firms, and cyber threats. It also addresses geopolitical tensions and potential US-EU regulatory divergence, which could lead to regulatory arbitrage and impact market integrity.
SupervisionSupervision approach, priorities & toolkitBigtechGeopolitical risk
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2025-01-16•Morocco•Moroccan Insurance Authority (ACAPS)
The Moroccan Insurance Authority participated in the establishment of the Morocco Fintech Center (MFC) at Bank Al-Maghrib’s headquarters in Rabat. The MFC aims to support fintech development through mentoring, incubation, and skills programs, while promoting a collaborative ecosystem and financial innovation. Mustapha Lahlali was appointed Executive Director, and priority actions, budget, and member contributions were agreed upon.
Policy & regulationImplementation, projects & pilotsFintech and insurtech
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2025-01-16•China•Central Bank of the Republic of China
The People’s Bank of China and national agencies introduced pilot measures to align free trade zones and ports with international financial standards, focusing on institutional opening. Key initiatives include granting foreign financial institutions in pilot areas the same service offerings as domestic ones, expediting approval processes, and facilitating cross-border financial activities. The measures will be trialed in designated areas, with local authorities evaluating effectiveness and potential broader application.
Policy & regulationRules & requirementsMarket development
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2025-01-16•Georgia•National Bank of Georgia
The National Bank of Georgia's Acting Governor Natia Turnava met with Central and Eastern European investors in Austria to discuss Georgia's macroeconomic situation and investment environment. Organized by Raiffeisen Bank, the meeting included over 25 investment funds. Turnava emphasized progress in macroeconomic stability, financial stability, and reducing dollarisation.
Monetary policyMonetary policy assessments & outlooksCross-border cooperation
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2025-01-16•Ireland•Department of Finance (Ireland)
Ireland's Department of Finance has initiated a public consultation on implementing the Capital Requirements Directive VI.
Policy & regulationInternational standards & recommendationsCapital adequacy
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2025-01-16•United States•National Credit Union Administration
The National Credit Union Administration Board approved the 2025 Annual Performance Plan, detailing performance measures and targets for supervising and insuring the credit union system. The plan aligns with the 2022–2026 Strategic Plan and outlines strategies and resources to achieve strategic objectives, developed alongside the 2025–2026 budget.
Institutional developmentGovernanceSupervision process and methodologies
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2025-01-16•United States•National Credit Union Administration
The National Credit Union Administration released a Research Note analyzing overdraft and NSF fee revenues at federally insured credit unions, highlighting potential concentration risk and safety-and-soundness concerns. The analysis reveals that higher overdraft and NSF fee income does not correlate with lower fees for other services or better interest rates, disproportionately impacting consumers least able to afford them. The Office of the Chief Economist will continue monitoring these trends.
ResearchLiquidity riskPrudential risks
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2025-01-16•Indonesia•Bank Indonesia
Bank of Indonesia reported that Indonesia's external debt reached USD424.1 billion in November 2024, with annual growth slowing to 5.4% from 7.7% in October. Government external debt was USD203.0 billion, primarily long-term, while private external debt decreased by 1.6% to USD194.6 billion. The external debt-to-GDP ratio remained at 30.5%, with long-term debt comprising 84.7% of the total.
Data & statisticsBalance of payments and other external statistics
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2025-01-16•Italy•Bank of Italy
The Bank of Italy published Governor Fabio Panetta's speech, "Peace and prosperity in a fragmented world," presented at the "Economy and Peace: a possible alliance" event in Bologna. The meeting was organized by Centro San Domenico with Fondazione Centesimus Annus Pro Pontefice and Unione Cristiana Imprenditori e Dirigenti.
Other
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2025-01-16•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) has appointed chairs and co-vice chairs for its eight standing committees for 2025, aligning with NAIC Bylaws. Key appointments include Judith L. French for the Life Insurance and Annuities Committee and Glen Mulready for the Health Insurance and Managed Care Committee. Co-vice chairs include Justin Zimmerman and Michael Yaworsky, each serving on two committees.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-16•Europe•European Banking Authority
The European Banking Authority has launched a public consultation on draft Guidelines for ESG scenario analysis to enhance institutions' resilience to ESG impacts. These Guidelines complement the EBA's ESG risk management framework, outlining principles for testing financial resilience, including capital and liquidity, under various conditions, starting with climate-related scenarios. The draft aligns with the EBA Roadmap on Sustainable Finance and the EU banking package, fulfilling a mandate under the Capital Requirements Directive.
Policy & regulationGuidance & interpretationClimate risk and sustainable finance
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2025-01-16•Europe•European Banking Authority
The European Banking Authority (EBA) released a peer review on proportionality in the Supervisory Review and Evaluation Process (SREP), identifying inconsistencies in implementing SREP Guidelines. It suggests follow-up measures for European Economic Area authorities, including aligning SREP categorisation with the Capital Requirements Regulation and enhancing the minimum supervisory engagement model. The EBA plans a follow-up review in two years to assess these measures' implementation.
SupervisionPeer reviews and country evaluationsSupervision process and methodologies
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2025-01-16•Europe•European Banking Authority
The European Banking Authority and the European Securities and Markets Authority released a joint report on crypto-assets, focusing on decentralised finance (DeFi) and crypto lending, borrowing, and staking. Part of the European Commission's assessment under the Markets in Crypto-Assets Regulation, it identifies key risk channels but finds no current financial stability risks. It highlights DeFi's niche status, significant money laundering risks, and the need for technical solutions to address maximal extractable value (MEV) issues.
Policy & regulationGuidance & interpretationFintech and insurtechDeFi
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2025-01-16•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority released its 2025 Business Plan, prioritizing enhancements to Bermuda’s regulatory framework with a focus on customer protection. Key initiatives include advancing green investment funds, evaluating climate-related regulations, and supporting responsible digital innovation. The plan also emphasizes international collaboration, technological advancements, and sustainable practices within the Authority.
Policy & regulationReform agendas & prioritiesClimate risk and sustainable finance
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2025-01-16•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) ordered Block, operator of Cash App, to provide up to USD 120 million in refunds and pay a USD 55 million penalty for failures in fraud prevention and customer service. The CFPB found inadequate security protocols and improper handling of unauthorized transaction disputes, requiring Block to establish 24-hour customer service and ensure timely refunds. State regulators also fined Block USD 80 million for Bank Secrecy Act and anti-money laundering violations.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-01-16•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 has revoked the licence of Cash-U Microfinance Organization LLP due to systematic legal violations. The firm must re-register, reorganize, or liquidate within 30 days. Clients remain liable for any unfulfilled obligations under existing microcredit agreements.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-01-16•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) has introduced a swift licensing process for new virtual asset trading platform (VATP) applicants, requiring them to implement necessary policies and controls before an external assessment. The SFC will supervise the assessment process and has issued a circular with guidance and inspection findings to clarify regulatory standards. Four VATPs were licensed under this process on 18 December 2024.
Policy & regulationImplementation, projects & pilotsLicensing framework and process
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2025-01-16•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited have taken enforcement actions against Main Board-listed FingerTango Inc. and eight former directors for alleged misconduct involving problematic investments and loans. The SFC seeks disqualification and compensation orders due to substantial losses exceeding HKD660 million, with over 80% of loans in default. Proceedings commenced in October 2023 under section 214 of the Securities and Futures Ordinance.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-01-16•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced that Kelladale Limited has surrendered its licence under Section 7 of the Financial Services Act 2008, effective 31 December 2024.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-01-16•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about a fraudulent website and internet banking login screen linked to Fubon Bank (Hong Kong) Limited. The HKMA reminded the public that banks won't send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with the fraudulent site should contact the bank using official details and report to the Police.
SupervisionAlertsFraud and scams
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2025-01-16•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public alert after The Hongkong and Shanghai Banking Corporation Limited reported a fraudulent website. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who provided personal information or conducted transactions on the fraudulent site should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-01-16•Global•Bank for International Settlements
The Bank for International Settlements published a working paper analyzing barcode-level retail price data from 2005–2022 across 16 economies, revealing that granular firm and product-category factors significantly influence inflation variance. In advanced economies, firm granular residuals explain 41% of inflation variance, with the macro component accounting for 44%. The study highlights granular forces in the post-COVID inflation surge, with firm-level components contributing notably to inflation in advanced economies during 2021–2022.
Research
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2025-01-16•Europe•European Central Bank
The European Central Bank's research shows that mortgage credit restrictions can shift households from ownership to renting, increasing rents and reducing welfare. Simulations indicate tighter constraints, like a 20% downpayment and a 3.5 loan-to-income cap, lead to a 4% rent increase and a 2 percentage point drop in homeownership. Higher rents can also mitigate monetary policy's cooling effect on inflation, with credit limits reducing rent and house price sensitivity to interest-rate shocks.
ResearchLendingMacroprudential policy and tools