India's International Financial Services Centres Authority and the Australian Securities and Investments Commission have signed a Memorandum of Understanding to enhance inter-regulatory cooperation. The MoU aims to facilitate mutual assistance and information sharing on regulatory trends, best practices, and market participants' compliance and supervision.
ECB Executive Board member Piero Cipollone updated the European Parliament on the digital euro, emphasizing resilience and inclusiveness. The ECB proposes a distributed transaction-processing infrastructure, an ECB-developed app for switching providers and offline payments, and accessibility features for vulnerable groups. Cipollone linked further progress to EU legislative developments, highlighting the need for a competitive and resilient European payment system.
The BIS Innovation Hub’s London Centre, with the Bank of England, has published results from Project Keystone, a prototype tool for extracting insights from ISO 20022 payment messages across RTGS systems and other infrastructures. Keystone combines an ISO 20022 data transformation and storage platform with analytics modules for liquidity and economic monitoring, messaging compliance checks aligned with CPMI harmonised ISO 20022 data requirements, and fraud-related returns analysis, and can be deployed on-premises or in the cloud.
South African Reserve Bank Deputy Governor Rashad Cassim noted progress on the Financial Markets Department’s agenda, including monetary policy framework enhancements, repo market reforms, and the transition from Jibar to ZARONIA. The surplus system has improved policy transmission, with a significant liquidity surplus rise. Reforms are addressing legal and infrastructure frictions in market collateralisation. Cassim highlighted the rapid adoption of ZARONIA and foreign exchange reserves growing to USD 69 billion.
The Central Bank of Brunei Darussalam issued a public warning regarding scam activities involving the misuse of Brunei banknotes.
The Central Bank of the Philippines and the Department of Labor and Employment signed a memorandum of understanding to enhance secure and timely data sharing, aiming to improve policymaking. This collaboration will aid the central bank in monitoring labor market conditions and support the Department of Labor and Employment's policy development. Both parties committed to data privacy and security in accordance with the Data Privacy Act of 2012.
The Central Bank of the Philippines announced that Governor Eli M. Remolona, Jr. received an "A-" grade in Global Finance magazine’s Central Banker Report Cards 2025, marking his second consecutive year of recognition. The evaluation covers nearly 100 countries, assessing inflation control, economic growth, currency stability, interest rate management, and independence. Remolona shares this rating with central bank heads from the European Union and Singapore.
Estonia's Finantsinspektsioon granted Tuleva Fondid AS an additional licence to manage euro funds, expanding its fund management activities. The company was already authorised to manage mandatory and voluntary pension funds.
The New Zealand Financial Markets Authority released a discussion paper on tokenisation in financial markets, seeking submissions by 31 October 2025 to explore its current use and future potential in New Zealand. The paper aims to gather input on supporting innovation, regulatory certainty, and consumer protection, focusing on the benefits, risks, and regulatory environment of tokenisation.
South Korea's Financial Supervisory Service reported improved Q2 2025 results for securities and futures trading companies, with securities firms showing a 16.7% increase in net income to KRW2.8502 trillion and a rise in return on equity. The FSS will monitor financial stability amid market uncertainty and support efforts to streamline insolvent assets and maintain venture capital supply.
The South Korea Financial Services Commission (FSC) will introduce a licensing regime for fractional investment trading platforms, moving them from a regulatory sandbox to the Financial Investment Services and Capital Markets Act. This will cover secondary market trading of fractional ownership securities, with licences for up to two applicants, assessed by an external review committee. The FSC will announce an application window once the rule changes take effect, expected from September 25, 2025.
The Vietnam State Securities Commission announced updates to the Ministry of Finance’s Circular 88/2025/TT-BTC, mandating electronic submission of periodic reports for securities investment fund management companies and foreign entities operating in Vietnam. This amendment, part of a broader initiative to streamline business regulations, replaces the previous paper filing system and includes provisions for force majeure scenarios.
The Astana Financial Services Authority (AFSA) has initiated a pilot project allowing Astana International Financial Centre participants and applicants to pay regulatory fees in USD-pegged stablecoins. Payments will be processed through AFSA-licensed Digital Asset Service Providers, who will convert stablecoins to fiat currency for AFSA. Bybit Limited is the first to sign the required Multilateral Memorandum of Understanding.
At the 2025 International Conference on Global Insurance Supervision, Albania Financial Services Authority's Executive General Director, Mimoza Kaçi, prioritized risk management and digital transformation in Albania's insurance market. She stressed expanding public access to insurance via new technologies and investing in infrastructure and regulatory frameworks. Efforts include aligning domestic legislation with EU standards, transitioning to Solvency II, and developing operational resilience plans under the Digital Operational Resilience Act (DORA).
The Central Bank of the Republic of Azerbaijan held a meeting of the "Macroeconomic resilience" sub-working group to advance the 2027–2030 socio-economic development strategy. Chair Taleh Kazimov emphasized enhancing macroeconomic and financial stability frameworks as key to strengthening resilience. The meeting assessed progress on workstreams and measures, aligning with a presidential decree and the "Great Return" programme.
The Central Bank of the Republic of Azerbaijan and the People’s Bank of China signed a memorandum of understanding to establish a cooperation framework. The agreement aims to enhance bilateral ties and facilitate information exchange on advanced practices. It includes joint activities such as meetings, seminars, and business visits focusing on monetary policy, the financial sector, payment systems, and financial technologies.
The Guernsey Financial Services Commission issued a sanctions notice after UN Security Council amendments to entries for five individuals under the ISIL (Da’esh) and Al-Qaida regime. Firms must freeze relevant assets and report to the States of Guernsey Policy & Resources Committee, complying with the Sanctions (Bailiwick of Guernsey) Law, 2018. The amendments are automatically effective in the UK and implemented in Guernsey through Brexit regulations.
The Guernsey Financial Services Commission has updated its Handbook on Countering Financial Crime and Terrorist Financing to include Malta in Appendix C, which lists jurisdictions considered equivalent for certain anti-money laundering and countering the financing of terrorism purposes. This inclusion allows for specific customer due diligence concessions for Malta-connected business, contingent on a comprehensive customer risk assessment.
The Central Bank of Paraguay has revised its transparency rules for commissions, expenses and penalties charged by supervised financial entities. The update bans irrevocability clauses in automatic debits, lets customers suspend or revoke them at any time, and requires unique identifiers and document-cancellation mechanisms for credit operations.
At the 2025 Latin American Meeting of Clearinghouse Operators, the Central Bank of Paraguay reviewed the evolution of Paraguay's payments system and highlighted the National Payments Law as a recent milestone. It said SIPAP now settles in one month the volume it handled in a year three years ago, while SPI accounts for 72% of low-value transaction value and is adding about 160,000 users a month in 2025.
The Ontario Securities Commission has filed enforcement allegations against Daniel St-Jean and his companies for prospectus and registration breaches, involving $33 million raised from over 250 investors. Allegations include misuse of $5.5 million in investor funds and unlawful disclosure of confidential information during an investigation. A case management hearing is set for September 30, 2025.
The National Bank of the Kyrgyz Republic is consulting on a draft Board resolution to amend regulatory acts to expand the list of contracts aligned with Islamic banking principles. This expansion applies to banks, microfinance organisations, and credit unions with the appropriate National Bank licence or certificate.
The National Bank of the Kyrgyz Republic is consulting on a draft Board resolution to amend regulatory acts, introducing a framework for a self-imposed ban on credit transactions. This aligns with recent legislative changes regarding credit information exchange and self-prohibition on credit agreements. The proposal is available for public discussion on the National Bank's website and the national consultation portal.
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a transcript of Ranking Member Elizabeth Warren's questioning of Dr. Stephen Miran, nominee for the Federal Reserve Board of Governors. The questioning focused on Miran's independence from former President Trump, his views on the 2020 election results, and his stance on tariffs and inflation. Miran avoided direct answers on Trump's election loss and the Bureau of Labor Statistics' data integrity, while defending his views on tariffs and inflation.
Senator Elizabeth Warren questioned the Trump Administration's decision to convert CHIPS Act grants to Intel into a 10% equity stake, citing risks to taxpayer funds and lack of worker safeguards. She highlighted discrepancies with Biden-era CHIPS Act conditions and raised concerns about Intel's financial stability and potential job impacts. The letter requests a response from Commerce Secretary Howard Lutnick and calls for transparency on future government interventions in private companies.
Senator Elizabeth Warren urged delaying Dr. Stephen Miran's Federal Reserve Board nomination hearing, citing President Trump's alleged efforts to undermine central bank independence. Warren linked Miran's nomination to Trump's strategy to influence the Fed and criticized Miran's past support for tariff policies and the "One Beautiful Bill."
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing to consider presidential nominations for key roles in the Department of Housing and Urban Development, the Department of the Treasury, and the Federal Reserve Board. Nominees include Dr. Stephen Miran for Federal Reserve Governor, Ben Hobbs and Ronnie Kurtz for HUD Assistant Secretary roles, and Christopher Pilkerton and Jonathan Burke for Treasury Assistant Secretary positions. Chairman Tim Scott highlighted their potential contributions to housing policy, investment security, and anti-financial crime efforts.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) levied a CAD 199,000 penalty on the Canadian National Exhibition Casino for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included inadequate risk assessment and documentation related to money laundering and terrorist financing.
The Bank of England has released a discussion paper proposing measures to enhance the resilience of the UK government bond (gilt) repo market. Key options include expanding central clearing and introducing minimum haircuts or margins for non-centrally cleared gilt repo to improve balance sheet efficiency and reduce counterparty credit risk. The paper also seeks feedback on additional measures, with responses due by 28 November 2025.
UK Chancellor Rachel Reeves announced Professor Stephen Blyth's appointment and Dr. Randall Kroszner's reappointment as external members of the Bank of England’s Financial Policy Committee (FPC). Blyth will replace Dame Colette Bowe for a three-year term starting Autumn 2025, while Kroszner's second term begins 1 February 2026. Blyth's appointment followed an open recruitment process with recommendations to the Chancellor.
The Central Bank of Nigeria announced the establishment of a Compliance Department in Q1 2025, with oversight of non-prudential risk areas transferred to it in Q2 2025. The department's remit includes financial crime, market conduct, enterprise security, and corporate governance and ESG supervision. Financial institutions will receive guidance on communication and submission procedures from the department.
The Central Bank of Russia maintains its 2025 net profit forecast for the banking sector at 3.0–3.5 trillion RUB, adjusting lending expectations based on first-half results. Corporate lending is expected to grow by 9–12% by end-2025, with mortgage and consumer lending growth forecasts reduced to 6% and 2%, respectively. The net interest margin forecast remains at 4.0–4.4%, anticipated near the upper end due to higher interest income offsetting increased risk costs.
The Central Bank of Russia reported a decline in the average maximum interest rates on Russian ruble household deposits among the top 10 credit institutions, from 15.96% in early August 2025 to 15.70% by month's end. Rates by maturity were 15.21% for up to 90 days, 14.93% for 91 to 180 days, 14.32% for 181 days to one year, and 12.66% for over one year. The measure excludes special-category deposits and is calculated as the arithmetic mean of the top 10 banks' maximum rates.
The Bank of Tanzania has released an updated dataset detailing fees, charges, and costs for individual customers across banks and financial institutions it regulates. The dataset includes comparisons of minimum opening balances, maintenance fees, account statement fees, ATM withdrawal charges, and lending-related fees, with specific values and terms for each institution.
The National Bank of Rwanda (NBR) has assumed the Chairperson role of the Alliance for Financial Inclusion (AFI) Board, succeeding the Reserve Bank of Fiji. During its two-year term, NBR will focus on fintech regulation, sustainable finance, emerging technologies, financial resilience, and inclusive anti-money laundering frameworks.
National Bank of Hungary Governor Mihály Varga emphasized a stability-focused monetary policy amid global uncertainty and slowing growth, citing the forint's stabilization and the Certified Corporate Loan programme for SMEs. He noted inflation remains a Central and Eastern European issue, with sustainable achievement of the bank's inflation target reliant on stabilizing expectations. Varga highlighted Hungary's current account surplus and resilient labour market as supportive, while stressing the need for stronger investment and a turnaround in corporate lending.
The Central Bank of Iceland reported a Q2 2025 current account deficit of ISK 82.3bn (6.8% of GDP), primarily due to a significant goods trade deficit linked to data centre investments. Despite a positive net international investment position of ISK 2,089bn (43.9% of GDP), it deteriorated by ISK 91bn during the quarter.
The Egypt Financial Regulatory Authority and the Ministry of Youth and Sports completed the seventh round of the Certified Financial Trainer programme for the Senate Simulation Model. Held at the Authority's Smart Village headquarters, the programme aims to cultivate young trainers to enhance non-banking financial literacy nationwide. The curriculum included personal finance, capital markets, insurance, and sustainable finance, with plans to expand activities to youth centres and financial awareness clubs.
The Canadian Securities Administrators (CSA) have extended the comment period for their consultation on a framework for an independent dispute resolution service for investor complaints, likely involving the Ombudsman for Banking Services and Investments. The consultation addresses the proposed oversight model and process refinements. Final implementation depends on enabling legislation across various CSA jurisdictions.
The Canadian Securities Administrators (CSA) is accepting applications for two vacancies on its Investor Advisory Panel to ensure retail investors' interests are considered in policy development. The CSA seeks diverse representation from across Canada, with expertise in areas such as investor advocacy, financial advice, and technology impacts on retail investors. Members will serve terms of up to three years and receive compensation.
The Federal Reserve Board has terminated its enforcement action with Société Générale S.A. and its New York Branch, concluding the written agreement from 17 December 2019 as of 2 September 2025.
The Commodity Futures Trading Commission issued six orders settling compliance violations against 10 firms, imposing USD 8.325 million in penalties under Acting Chairman Caroline D. Pham’s initiative. UBS AG was fined USD 5 million for trade surveillance failures, while Citigroup Global Markets Inc. was penalized USD 1.5 million for reporting inaccuracies, with reduced penalties for cooperation. Other firms, including SMBC Capital Markets, Banco Santander, and BNY Mellon, faced fines for recordkeeping and supervision violations, committing to remediation and compliance improvements.
Moldova's National Commission for Financial Markets made decisions on capital markets authorizations and consumer protection, approving share issuances and takeover offers. It registered an additional share issue by SA "DRUMURI-SOROCA" and approved a mandatory withdrawal offer by "DRUMURI-BALȚI" SA. It also plans court action against TOP LEASING&CREDIT SRL for breaches of consumer credit contract laws, including abusive terms and incorrect disclosures.
SEC Commissioner Mark T. Uyeda stressed the importance of accurate valuations and disclosures in private markets under federal securities laws, focusing on private fund fee and expense accuracy. He noted the USD 30.9 trillion managed by private funds and discussed the executive order encouraging expanded 401(k) access to alternative investments. Uyeda also addressed the need for regular net asset value determinations for registered closed-end funds, governed by the Investment Company Act of 1940 and Rule 2a-5.
The U.S. Securities & Exchange Commission, under Chairman Paul S. Atkins, outlined its regulatory and deregulatory priorities in the Spring 2025 Unified Agenda. Key focuses include clarifying crypto asset regulations, reducing compliance burdens to aid capital formation, and reconsidering market-structure initiatives. The agenda also proposes simplifying capital-raising pathways, modernising rules, and re-evaluating the Consolidated Audit Trail due to cost and data centralisation concerns.
The State Bank of Vietnam, with Switzerland’s State Secretariat for Economic Affairs and the Swiss Finance Institute, celebrated the graduation of 82 managers from the SECO-funded Senior Bank Management Training Project in Da Nang. Active since 2009 and now in Phase III, this initiative aims to train 240 senior and mid-level managers from Vietnamese commercial banks, focusing on banking best practices and practitioner experience.
The Argentina Securities Commission (CNV) issued General Resolution No. 1084, amending the framework for financial trusts to streamline authorisation, admission, and registration processes by removing certain formal requirements. Key changes include eliminating obligations for Financial Fiduciaries, simplifying corporate resolutions, and reducing mandatory disclosures in programme prospectuses. The resolution repeals several legacy regimes and reduces the rulebook from 124 to 87 articles, marking the first step in a broader regulatory overhaul.
The Argentina Securities Commission (CNV) participated in the First International Congress on Web3 Law and Technology Applied to Business. CNV President Roberto E. Silva discussed capital markets regulation and the CNV's work on Virtual Asset Service Providers (PSAVs), highlighting their innovative regulatory approach after Law No. 27.739 in March 2024. The event included international supervisors and a session on tokenization featuring CNV professional Rodríguez Ariola.
SWIFT has appointed Thomas Delaet as Chief Product Officer to lead the development of enhanced services and new data and technology solutions, including those for emerging digital assets. Delaet brings 14 years of experience from McKinsey & Company, focusing on technology transformation and innovation for financial institutions.
The Swiss Financial Market Supervisory Authority (FINMA) has issued a consolidated FINMA Insolvency Ordinance, replacing three separate ordinances for banks, insurance companies, and collective investment schemes. This ordinance harmonizes procedural rules for restructuring and bankruptcy under FINMA's jurisdiction, incorporating changes from amendments to the Banking Act and Insurance Supervision Act. It takes effect on 1 October 2025, repealing the existing ordinances.
The Argentina Superintendency of Insurance emphasized personal insurance's importance for savings and market development at AVIRA’s seminar. Superintendent Guillermo Plate advocated isolating non-compliant entities while supporting transparent growth. AVIRA President Irene Capusselli and Central Bank Director Federico Furiase highlighted public-private cooperation and economic stability's role in market growth.
The Bank of Korea released preliminary balance of payments data for July 2025, indicating a current account surplus of USD 10.78 billion and an increase of USD 11.08 billion in net assets in the financial account.
The Bank for International Settlements Innovation Hub and the Bank of England released a report on Project Keystone, which developed a standardised data analytics platform to enhance ISO 20022 payment message data use in Real Time Gross Settlement systems. The platform, with modules for data-structure complexity and analytics, aims to improve insights into economic conditions and system liquidity, with potential for integration into operators' systems and broader central bank collaboration.
The National Bank of Moldova held a seminar under the EU-funded project “Moldova is Europe – Support for integration in the EU” to enhance corporate governance in the banking sector. Over 70 bank management representatives discussed developing compliant policies for assessing management body members and key function holders. The seminar emphasized clear assessment criteria, referencing Directive 2013/36/EU and European Banking Authority guidelines, with an EU adviser highlighting supervisory best practices and resource needs for training.
Baker Tilly International has established a new member firm in the UAE through the Dubai International Financial Centre (DIFC), enhancing its regional presence. Operating under a Dubai Financial Services Authority audit licence, the firm aims to serve clients with complex cross-border needs across the Middle East, Africa, and South Asia. The announcement also noted recent regional leadership appointments, including Chakib Zaari as Regional Chair for the Middle East and Africa.
The Central Bank of the Republic of Kosovo announced discussions between Governor Ahmet Ismaili and Joint Vienna Institute Director Ben Kelmanson to enhance cooperation for institutional capacity development. The meeting focused on tailored training, regional workshops, and leadership development, emphasizing collaboration with European central banks, the International Monetary Fund, and the World Bank. The Joint Vienna Institute remains a crucial training platform for the bank's staff in macroeconomic policy, financial stability, and emerging financial technologies.
The Central Bank of the Republic of Kosovo and the World Bank discussed enhancing cooperation on Kosovo’s financial-sector reforms and infrastructure projects. Key topics included banking and insurance supervision, payment systems, climate risk management, and legislative reforms for non-bank financial institutions. The World Bank committed to ongoing technical assistance and capacity building, with details to be outlined at the upcoming World Bank Annual Meetings.
The Saudi Arabia Capital Markets Authority has approved Saudi Fransi Capital Company's public offer of the "Algorithm Enhanced Saudi Equity Trading Fund." The CMA advises investors to review the fund's terms, strategy, and risks thoroughly, noting that its approval signifies compliance with legal requirements, not an endorsement to invest.
The Montenegro Capital Market Authority's President and a Commission member attended an international conference hosted by the Croatian Financial Services Supervisory Agency in Dubrovnik. The event focused on simplifying rules, AI supervision, and tokenisation of assets, with participation from EU regulators and organizations like ESMA and OECD. Bilateral meetings with other supervisory bodies were also conducted.
The Kuwait Capital Markets Authority (CMA) has referred a whistleblower, identified as a listed company, to the Attorney General for alleged offences under Kuwait’s capital markets framework. The allegations involve managing investment portfolios without the necessary CMA licences and making false assertions against the CMA. The referral cites violations of Article 63 and Articles 125 and 126 of Law No. 7 of 2010.
The Kuwait Capital Markets Authority has referred a report to the Attorney General about suspected illegal trading in Real Estate Trade Centers Company (Markaz) shares. The alleged offences, from March to July 2025, involve coordinated transactions and misleading information to inflate stock value. The referral cites violations of the Capital Markets Authority Law, publications law, and information technology crimes law.
The Kuwait Capital Markets Authority has licensed BlackRock Advisors UK Limited to operate as an investment advisor in Kuwait. This authorization, coordinated with the Kuwait Direct Investment Promotion Authority and other entities, aims to enhance the local investment landscape and foster knowledge transfer within the domestic financial sector.
The Hong Kong Insurance Authority secured a conviction against Mr. Yan Zhiyu, fined HKD 10,000 by the Eastern Magistrates' Courts for failing to attend an interview related to an investigation into suspected misappropriation of premium payments. This contravened section 64ZZL(1) of the Insurance Ordinance, mandating compliance with interview requests during investigations. Non-compliance can lead to significant fines and imprisonment.
The Australian Securities & Investments Commission (ASIC) released its first Regulatory Simplification milestone report, highlighting the removal of over 9,240 pages of regulation since early 2025. Key initiatives include a redesigned website, piloting "regulatory roadmaps," and simplifying legislative instruments. ASIC is enhancing service interactions by transitioning to email lodgement and electronic signatures, while engaging in law reform discussions with Treasury.
The Australian Securities & Investments Commission announced dropping criminal charges against Philip James Bart and Ronald George Johnson, former Bruck Textile Technologies executives, for hindering employee entitlements recovery. The Commonwealth Director of Public Prosecutions filed a Notice of Discontinuance after a Victorian Court of Appeal judgment. Former CEO Geoffrey Thomas Parker had pleaded guilty to the same offence and received a two-year, six-month sentence with immediate release.
The Australian Securities & Investments Commission (ASIC) cancelled three Australian credit licences and suspended one for failing to maintain membership with the Australian Financial Complaints Authority (AFCA), a legal requirement for credit licensees. The affected entities also failed to lodge compliance certificates, pay industry levies, or ceased credit activities. Licensees can seek a review of ASIC's decisions by the Administrative Review Tribunal.
The Mauritius Financial Services Commission has amended its administrative penalties framework to introduce a daily penalty of MUR 5,000 for failing to issue motor claim payment instructions by the deadline. This amendment to the Financial Services (Administrative Penalties) Rules 2013 will take effect on 22 September 2025.
De Nederlandsche Bank's analysis shows that inflation in the Netherlands has been persistently higher than the euro area average due to structural, cyclical, and one-off factors. Despite potential corrections, the adjustment has been slow, necessitating active policy measures like fiscal tightening and investment shifts. The report also suggests supply-side measures, including adopting new technologies, to alleviate inflationary pressures.
The Dutch Authority for the Financial Markets (AFM) issued a second penalty order against Vantage Global Limited (Vantage Markets) for non-cooperation in its investigation, with penalties reaching EUR 500,000. The AFM is probing whether Vantage Markets has offered investment services in the Netherlands without a licence, including high-risk instruments like contracts for difference to retail investors. Vantage Markets, based in Vanuatu, lacks an AFM licence or EU authorisation.
The Central Bank of Cyprus published July 2025 interest rate statistics for euro-denominated deposits and loans, noting a decrease in household deposit rates and mixed movements in loan rates. Net new loans fell to EUR 445.3 million, primarily due to reduced lending to non-financial corporations. Existing loan rates in Cyprus were 4.05% for households and 4.31% for non-financial corporations, compared to euro area averages of 3.96% and 3.79%, respectively.
The Central Bank of Peru reported a 7.4% year-on-year increase in private sector liquidity to PEN 518,567 million in July 2025. This growth was driven by a 6.6% rise in domestic-currency liquidity and a 9.4% increase in foreign-currency liquidity. Currency in circulation increased by 11.1% to PEN 87,119 million, while deposits grew 6.8%, with notable rises in savings and demand deposits.
China's Ministry of Finance and the People's Bank of China have issued new measures detailing how accounting firms must fulfill anti-money laundering (AML) obligations under Article 64(2) of China's Anti-Money Laundering Law. The measures require firms to establish AML internal controls, conduct customer due diligence (CDD), and report suspicious transactions. Enhanced CDD is mandated for higher-risk situations, while simplified CDD is permitted for low-risk cases, with all records maintained for at least ten years.
The Securities and Exchange Commission of Pakistan hosted a webinar for the COMCEC Capital Market Regulators Forum Sustainability Task Force on implementing International Sustainability Standards Board Reporting Standards. Insights from Pakistan, Türkiye, and Malaysia on regulatory frameworks and challenges were shared. SECP outlined Pakistan’s phased roadmap for ISSB adoption, highlighting initiatives to enhance market capacity and stakeholder engagement.
China's Ministry of Finance and the People's Bank of China convened the second leaders’ meeting of their joint working group to enhance coordination between fiscal and monetary policy. Discussions included financial market conditions, government bond issuance management, and offshore renminbi bond framework improvements. Both parties committed to using the group to further cooperation and support stable bond market development.
The Bank of Portugal's July 2025 data shows a continued decline in household term deposit rates to 1.39% and a sixth consecutive monthly drop in new mortgage rates to 2.88%, the lowest since November 2022. Household new loan contracts hit a record EUR 3,033 million, with new housing loans and consumer credit at historical highs. For companies, new lending volumes decreased to EUR 2,804 million, while the average rate on new term deposits fell to 1.66%.
Greece's Ministry of National Economy and Finance announced Parliament's approval of two bills: one ratifying a tax agreement with the United Arab Emirates to enhance investment and limit tax evasion, and another establishing a Supply Chain Management Centre in Thessaloniki with the International Organization for Migration. The centre aims to boost humanitarian supply procurement, job creation, and innovation in Greece's logistics sector.
The Hong Kong Monetary Authority issued a scam alert regarding fraudulent websites and phishing emails linked to Bank of China (Hong Kong) Limited. The HKMA emphasized that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
The Reserve Bank of Australia appointed Dr. Claude Lopez as Head of the Economic Research Department, effective 1 September 2025, to lead its long-term research agenda on the economy and monetary policy. Dr. Lopez joined the RBA in 2023 and has held senior roles at the Milken Institute and Banque de France.
The Cyprus Securities and Exchange Commission announced the dissolution and liquidation of Wanterfell Investment AIFLNP V.C.I.C. Ltd following the total redemption of its units, as per Article 132(1)(d) of the Alternative Investment Funds Law of 2018. The fund, authorized under licence LPAIF123/2014, entered voluntary liquidation communicated by its external manager, T.C.R. International Ltd, under Article 63(8).
The Isle of Man Financial Services Authority released a Lending Statistical Bulletin detailing aggregate lending data for the Island’s banking sector as of 30 June 2025. The bulletin includes both quarterly and annual trends.
The Isle of Man Financial Services Authority released a Banking Statistical Bulletin with aggregate data on the Island’s banking sector as of 30 June 2025, featuring quarterly and annual trends.
The Agency for Regulation and Development of the Financial Market of Kazakhstan signed a memorandum with S. Seifullin Kazakh Agrotechnical Research University to enhance financial literacy among students in Astana. The initiative includes training events and educational projects on personal finance management and financial security. The Agency is also expanding partnerships with other educational institutions across Kazakhstan.
Kazakhstan's Financial Market Agency amended rules on custodial activity and investment portfolio management to enhance endowment fund transparency and reliability. Custodians must maintain detailed asset records, ensure legislative compliance, and report violations. Investment managers must adhere to trust management agreements and follow a formal handover process when replacing custodians.
The Federal Reserve Bank of Boston published an interview with Sean Cogdell, CEO of The Panther Group, discussing AI's impact on recruiting. Cogdell highlighted AI's role in automating resume screening, improving match quality, and expanding the talent pool by reducing unconscious bias. He also emphasized the importance of addressing regional challenges like skill mismatches and limited training access.
The Thailand Office of Insurance Commission has mandated KWI Life Insurance Public Company Limited to undertake additional corrective actions under the Life Insurance Act, including a special audit and submission of audited financial statements by 31 October 2025. Despite progress in improving its financial condition, KWI remains unable to file certain reports due to ongoing audits. The Commission may escalate actions if compliance is not met, with KWI having the option to appeal within 15 days.
The Thailand Office of Insurance Commission requires KWI Insurance Public Company Limited to conduct a special audit and submit overdue financial statements by 31 October 2568, with potential legal action for non-compliance. The audit must follow a liquidation-basis framework, covering asset, liability, and equity valuations, and be conducted by a new auditor with insurance and actuarial expertise. The company remains under temporary suspension of non-life underwriting, despite some progress in capital increase and claim settlements.
The European Central Bank published a working paper analyzing public debt's impact on discretionary fiscal policy effectiveness. Using a New Keynesian model and empirical data, the study finds higher public debt correlates with reduced government-spending multipliers, indicating smaller output gains from fiscal stimulus. The findings highlight that increased debt raises real interest rates and reduces consumption propensities, weakening fiscal transmission.
European Central Bank Executive Board member Philip R. Lane explained the digital euro's purpose in IMF Finance & Development Magazine. It complements cash, maintains central bank money's retail role, and addresses digitalization risks. Key features include holding limits, bank distribution, and mandated acceptance to reduce cross-border fragmentation and reliance on non-European providers.
The Financial Sector Conduct Authority (FSCA) warned about impersonators falsely claiming ties with financial services provider TCEPMA CC (FSP number 36799). The FSCA advises caution against investment offers via social media or unsolicited approaches, highlighting warning signs like unrealistic returns and upfront payment requests. Consumers should verify providers' legitimacy using FSCA's verification channels.
The South Africa Financial Sector Conduct Authority (FSCA) issued a warning against Mr. Hlalani Rocken Nkuna, who is soliciting funds for investments via Instagram without authorization. The FSCA advises consumers to verify a provider's authorization status and be wary of common scam indicators such as unrealistic returns and urgent pressure tactics. Nkuna did not respond to the FSCA's enquiries.
The Central Bank of Iraq has introduced e-wallet exchange remittance services to facilitate faster and more flexible financial transactions, supporting financial inclusion and digital transformation. The service enables reciprocal transfers between verified wallets across providers and cross-bank transfers to merchant wallets at purchase points.
The Central Bank of the Philippines announced the corporate name change of SeaBank Philippines, Inc. (A Rural Bank) to Maribank Philippines, Inc. (A Rural Bank), effective 21 April 2025. The Securities and Exchange Commission approved the amended articles of incorporation and by-laws under the new name on 31 July 2025.
European Central Bank President Christine Lagarde stressed the need for financial stability policy to address activities and system-wide risk in Europe's complex financial system. She noted the rapid growth of the non-bank financial sector and challenges from stablecoins, highlighting regulatory gaps in MiCAR that could be exploited through cross-border issuance. Lagarde urged European legislation to close these gaps and ensure robust safeguards for asset transfers between EU and non-EU entities.
The European Central Bank's Working Paper No 3107 explores firm characteristics' impact on macroeconomic shocks, showing standard linear models may overestimate sensitivity by up to 1.7 percentage points. Using a Generalized Random Forest on U.S. firm data, it finds larger firms have lower sensitivities, reducing aggregate economic sensitivity by 52%. The paper notes smaller estimated aggregate responses of sales and market value to GDP growth and a muted response to contractionary monetary policy shocks compared to linear estimates.
The India International Financial Services Centres Authority now mandates that all new registration applications under the IFSCA (TechFin and Ancillary Services) Regulations, 2025 be submitted through its Single Window IT System. This update facilitates streamlined application processes for TechFin and Ancillary Services.
The Central Bank of Brunei Darussalam released the Business Sentiment Index for July 2025, showing a slight improvement in current business conditions at 50.3, with a marginally optimistic outlook for the near term at 50.1. Based on surveys from 500 firms across 11 sectors, the index indicates modest investment and employment trends, with costs expected to rise. Optimism was highest in Health and Education and Transport and Communication sectors, while Construction, Real Estate, and Wholesale and Retail Trade showed less optimism.
The Brazilian Pension Funds Authority (PREVIC) has initiated a 40-hour course on Regulatory Impact Analysis and Regulatory Result Evaluation for the closed supplementary pension sector, aimed at enhancing technical analysis for rule changes. The course, based on Law No. 13.848/2019 and Decree No. 10.411/2020, is conducted at the University of Brasília and involves 37 participants, primarily from PREVIC and the Ministry of Social Security.
The Superintendency of Banks of the Dominican Republic reported a 9% year-on-year increase in total financial system assets to DOP 3.971 trillion as of June 2025, with credit comprising 58% of assets. The loan portfolio grew 9.2% to DOP 2.267 trillion, while private-sector foreign-currency loans rose 15.4% to USD 8.639 billion. Despite higher credit risk, the system showed improved capitalisation with a solvency ratio of 18.4% and net profit reached DOP 42.915 billion.
The Central Bank of the Philippines hosted a session with Singapore’s Ambassador for Climate Action, Ravi Menon, on central banks' evolving role in climate and sustainability. Menon highlighted climate leadership, regulatory innovation, and regional cooperation, asserting climate risks are central to financial regulators’ mandates. The session covered regional collaboration, balancing adaptation and mitigation, and the need for clear policy direction and credible market signals.
The New Zealand Financial Markets Authority has released a discussion paper seeking feedback on the impact of tokenisation on financial services, exploring its current use, potential, and regulatory implications in New Zealand. The paper invites views on whether existing regulations support innovation and consumer protection, with potential adjustments to rules and proposals for law reform under consideration.