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2025-07-09•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets joined a UN Women Moldova event to promote financial inclusion for gender equality and sustainable development. Commission Chair Dumitru Budianschi stressed the importance of inter-institutional dialogue. Discussions covered barriers to women's financial access, representation in decision-making, and initiatives for gender equality in the financial system.
Policy & regulationCooperationDiversity and inclusion
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2025-07-09•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway completed a supervisory review of KPMG AS, resulting in an infringement penalty under the Auditor Act due to serious deficiencies in audit work. The review identified significant errors in governance, audit execution, and anti-money laundering compliance. KPMG has outlined measures to prevent recurrence of these issues.
SupervisionReviews, inspections & stress testsAuditingAML and CFT
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2025-07-09•Norway•Norwegian Finanstilsynet
Norway's Financial Supervisory Authority fined Meglerhuset Borg AS NOK 150,000 for multiple Anti-Money Laundering Act breaches, citing deficiencies in risk assessment, internal controls, and compliance. The inspection revealed significant AML shortcomings, including inadequate risk assessments and procedures, and identified material weaknesses in real estate brokerage risk management and client fund security. The firm can appeal the decision within three weeks.
SupervisionReviews, inspections & stress testsAML and CFTCompliance
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2025-07-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reviewed banking-sector performance and set priorities for H2 2025, aligning monetary policy with an 8% growth target amid external uncertainties. Credit outstanding rose to VND 17.2 quadrillion by mid-2025, with low policy rates supporting reduced borrowing costs. The bank is advancing credit administration reforms, organizational restructuring, and amendments to the gold-market regulatory framework.
Monetary policyMonetary policy instruments & operationsOther
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2025-07-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's Governor highlighted priorities of inflation control, macroeconomic stability, and growth support at the mid-year review conference. Initiatives include a VND 500 trillion credit package for technology and infrastructure, sectoral credit policies, and maintaining liquidity through balanced funding and risk controls. Banks are urged to advance the 2021–2025 restructuring programme, enhance digital transformation, and improve cybersecurity and policy communications.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2025-07-09•Vietnam•State Bank of Vietnam
The State Bank of Vietnam outlined priorities for Deposit Insurance of Vietnam's 2025–2030 term, focusing on implementing the revised Deposit Insurance Law, updating governance documents, and advancing digital transformation. The update reviewed achievements from 2020–2025, including regulatory frameworks and participation in drafting the revised law. The congress emphasized timely governance updates, comprehensive digitalization, and collaboration with the State Bank on restructuring weak institutions.
Institutional developmentGovernanceOther
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2025-07-09•United States•U.S. Securities & Exchange Commission
SEC Commissioner Hester M. Peirce stressed that tokenized securities are subject to federal securities laws, despite their blockchain format. The statement highlights risks and disclosure considerations for third-party token issuers and notes that tokenized instruments may be classified as distinct securities. Market participants are encouraged to consult with the SEC on structuring tokenization offerings and potential regulatory adjustments.
Policy & regulationGuidance & interpretationTokenization
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2025-07-09•Egypt•Central Bank of Egypt
The Central Bank of Egypt and the European Bank for Reconstruction and Development discussed enhancing collaboration, focusing on support for micro, small, and medium-sized enterprises to boost financial inclusion and economic growth. The meeting introduced EBRD's new Managing Director for the Southern and Eastern Mediterranean region, Mark Davis, and acknowledged the positive effects of Egypt's recent economic reforms.
Policy & regulationCooperationDomestic cooperation
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2025-07-09•Global•Financial Stability Board
The Financial Stability Board (FSB) released three reports to enhance resilience in nonbank financial intermediation (NBFI), including final policy recommendations on NBFI leverage risks, a 2025 progress report, and a workplan to address data challenges. The leverage recommendations, presented to the G20, advise FSB member authorities on identifying and mitigating financial stability risks from NBFI leverage, with flexibility for jurisdiction-specific measures. Additionally, the FSB established a Nonbank Data Task Force to address data gaps, launching a test case on leveraged trading strategies.
Policy & regulationGuidance & interpretationFinancial stability and systemic risk
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2025-07-09•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
The Swiss Financial Market Supervisory Authority (FINMA) announced Switzerland's implementation of the updated United Nations Haiti sanctions list via an amendment to the Ordinance of 16 December 2022. Financial intermediaries must enforce prohibitions, freeze assets, and report affected relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not exempt intermediaries from further clarifications under the Anti-Money Laundering Act.
EnforcementSanctions & designationsSanctions list update
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2025-07-09•Global•Financial Action Task Force
The Financial Action Task Force (FATF) released an updated version of its Universal Procedures for Mutual Evaluations and Follow-Up, outlining core procedural elements for AML/CFT/CPF assessments. The revised framework aligns with the 2013 Assessment Methodology and allows flexibility for FATF-Style Regional Bodies and International Financial Institutions. A new evaluation round will begin in 2024 using these updated procedures.
Policy & regulationInternational standards & recommendationsAML and CFT
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2025-07-09•Burundi•Bank of the Republic of Burundi
The Bank of the Republic of Burundi has requested former SAMA Money customers to visit its branches to reclaim funds owed before SAMA Money's operations were suspended.
SupervisionAlertsLicence withdrawal
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2025-07-09•South Korea•Bank of Korea
The Bank of Korea released its Financial Market Trends report for June 2025, offering a monthly update on financial market developments, including bank lending.
Data & statisticsFinancial and market indicators
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2025-07-09•Moldova•National Bank of Moldova
The National Bank of Moldova joined the Vienna Initiative in June 2025 to enhance cooperation with European financial systems and bolster financial stability in emerging European economies. This aligns with Moldova's EU integration goals and improving financial system resilience, given its banking sector's significant European ownership. Established in 2009, the Vienna Initiative addresses cross-border stability risks and supports balanced policy actions among EU institutions, international financial bodies, and banking groups.
Policy & regulationCooperationCross-border cooperation
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2025-07-09•Moldova•National Bank of Moldova
The National Bank of Moldova hosted an educational visit on 8 July 2025, engaging over 50 young participants to enhance financial literacy. Governor Anca Dragu emphasized understanding economic mechanisms, while workshops covered investing, saving, and the impact of modern technologies on financial services. The event is part of the Bank's "Financial education for all" campaign.
Financial literacy & educationFinancial literacy and education
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2025-07-09•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced the addition of two entities, GRAN GRIF and VIV ANSANM, to the Haiti sanctions regime, subjecting them to asset freezes and trade sanctions via the UK sanctions list. This follows a United Nations Security Council update to the UN Sanctions List. Entities must freeze assets and report any suspected breaches to the Financial Intelligence Unit.
EnforcementSanctions & designationsSanctions list updateNew sanctions designations
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2025-07-08•Bulgaria•Bulgaria Financial Supervision Commission
The Bulgaria Financial Supervision Commission updated authorisations in asset management and insurance. Vitosha Ventures 2 Ltd. was registered as an alternative investment fund manager, and key appointments were approved at Life Insurance Company Saglasie AD and DALLBOGG Insurance Joint-Stock Company: Life and Health AD. Ilinka Petrova was approved for a compliance role at Saglasie AD, while Tony Vekov was approved for board and executive roles at DALLBOGG, replacing Petya Moneva.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-08•Nepal•Nepal Insurance Regulatory Authority
The Nepal Insurance Regulatory Authority updated its bancassurance guidance, removing the 70-year age limit for issuance. It also imposed new constraints on policy issuance and agent incentives around fiscal year-end, prohibiting approvals on the last day and excluding policies issued on the 28th and 29th of Ashad from that month's targets and incentives.
Policy & regulationGuidance & interpretationSales and distribution
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2025-07-08•Global•Egmont Group
The Egmont Group's 30th Anniversary Plenary, attended by Prince Guillaume of Luxembourg and other dignitaries, emphasized international cooperation in combating financial crime and highlighted Luxembourg's commitment to financial integrity and multilateral collaboration.
OtherAML and CFTCross-border cooperation
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2025-07-08•Saudi Arabia•Saudi Arabia Capital Markets Authority
Cadaa Investment Company has fulfilled the necessary requirements to begin advising activities in the securities business, following a licence granted by the Saudi Arabia Capital Markets Authority on 5 February 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-07-08•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority announced that Sukuk Capital Company has fulfilled the requirements to commence arranging activities in the securities business under a licence granted by a resolution dated 17 March 2025.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-07-08•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has licensed Awn Alraidah to provide consumer microfinance services via financial technology, raising the total number of SAMA-licensed consumer microfinance companies in Saudi Arabia to nine and the overall number of licensed finance companies to 68. SAMA advises customers to engage only with authorised financial institutions, which can be verified on its official website.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-08•Luxembourg•Central Bank of Luxembourg
The Central Bank of Luxembourg hosted bilateral meetings between its Governor, Gaston Reinesch, and the governors of Montenegro, Bosnia and Herzegovina, and Moldova during the IMF and World Bank Group Constituency’s annual meeting in Luxembourg from 2 to 4 July 2025.
Policy & regulationCooperationCross-border cooperation
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2025-07-08•Vanuatu•Vanuatu Financial Services Commission
The Vanuatu Financial Services Commission announced that an application to liquidate Global Organic Product Distributor Ltd has been filed in the Supreme Court of Vanuatu under the Companies (Insolvency and Receivership) Act 2013, with a hearing involving claimant Yvano Lorenzo Maraschio and multiple defendants.
SupervisionAuthorisations & approvalsLiquidity risk
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2025-07-08•Europe•European Banking Authority
The European Banking Authority has launched a public consultation on draft Guidelines for managing third-party risk, focusing on non-ICT services and critical functions. The draft updates the 2019 outsourcing Guidelines to align with the Digital Operational Resilience Act, detailing steps for risk management and aiming for consistency with the DORA register. A two-year transitional period is proposed for entities to amend arrangements and update registers.
Policy & regulationGuidance & interpretationOutsourcing and third-party risk managementOperational risk and resilience
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2025-07-08•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo and Kosovo’s Financial Intelligence Unit visited Malta, engaging with the Central Bank of Malta, the Malta Financial Services Authority, and Malta’s Financial Intelligence Unit. Under the EU and Council of Europe Project against Economic Crime in Kosovo (PECK III), the visit focused on exchanging expertise in supervision, enforcement, and financial intelligence analysis to enhance cooperation against organized crime and money laundering.
SupervisionCooperationCross-border cooperation
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2025-07-08•Europe•European Securities and Markets Authority
The European Securities and Markets Authority (ESMA) has released its inaugural Climate Transition Plan, aiming to align its operations with EU climate goals. The plan targets a reduction in gross greenhouse gas emissions by 15.4% by 2027 and 31.4% by 2030, compared to 2023 levels. Key measures include an annual greenhouse gas budget, energy use optimisation, and incentives for lower-carbon practices, with progress reported annually.
Institutional developmentGovernanceClimate risk and sustainable finance
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2025-07-08•Australia•Australian Securities & Investments Commission
ASIC has banned Andrew Moore, former director of Crown Wealth Group, from financial services roles for three years. Moore failed to address fees for no service by Lighthouse Partners, resulting in uninvestigated misconduct and incomplete client remediation. The ban is effective from 3 July 2025.
EnforcementSanctions & designationsOther
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2025-07-08•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has initiated a consultation on proposed amendments to its bank prudential and reporting frameworks aimed at phasing out Additional Tier 1 capital instruments. The consultation package includes a paper, draft prudential standards, draft reporting standards, and draft prudential practice guides under the "Improving the effectiveness of Additional Tier 1 capital instruments" project.
Policy & regulationRules & requirementsCapital adequacy
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2025-07-08•Australia•Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority has initiated a consultation on proposed amendments to its banking prudential and reporting frameworks to phase out Additional Tier 1 capital instruments, including draft prudential standards and practice guides.
Policy & regulationRules & requirementsCapital adequacyPrudential risks
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2025-07-08•Ghana•Ministry of Finance (Ghana)
Ghana's Ministry of Finance has inaugurated the Board of the Ghana Deposit Protection Corporation (GDPC) to formalize governance for deposit protection and bolster public confidence in the financial system. Chaired by Bank of Ghana Governor Dr. Johnson Pandit Asiamah, the Board aims to prioritize transparency and good governance, with plans to utilize artificial intelligence and integrate environmental, social, and governance principles.
Institutional developmentGovernanceLeadership change and appointments
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2025-07-08•Rwanda•Rwanda Capital Markets Authority
Rwanda Capital Markets Authority, in collaboration with the Ministry of Public Service and Labour, engaged with workers’ unions and employers’ associations to advocate for saving and investment as pillars of financial security and national development. The forum highlighted accessible investment opportunities in Rwanda’s capital markets and facilitated the opening of Central Securities Depository accounts for participants.
Financial literacy & educationFinancial literacy and education
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2025-07-08•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority has launched a public consultation on a draft law to update the capital markets legal framework, aligning it with international best practices following an IOSCO assessment. The draft law expands supervisory and enforcement powers, including information requests and investigations into suspicious activities, and introduces provisions for cooperation with foreign regulators and family offices.
Policy & regulationRules & requirementsRegulatory burden
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2025-07-08•Mauritius•Mauritius Financial Services Commission
The Mauritius Financial Services Commission announced that COMO Global, formerly Mouyis Cohen Global, has surrendered its Global Legal Advisory Services Licence, leading to its termination. The surrender was made under Section 28(5) of the Financial Services Act 2007, effective from 25 March 2025 as per Section 28(9) of the Act.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-08•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine’s National Commission on Securities and Stock Market approved a draft procedure for temporarily appointing an administrator of a non-state pension fund and terminated Fintime LLC’s capital markets licence. It amended Decision No. 275, updated its 2025 rule-making plan, and registered various bond and share issuances. The Commission also agreed on a plan to improve PJSC Investment Company ROMEX-INVEST’s financial condition and confirmed UCD LLC’s compliance with regulatory criteria.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-07-08•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has approved an Anti-Corruption Program to enhance transparency and integrity. Key measures include digitalising services, standardising decision-making, updating inspections, and strengthening procurement controls. An authorised unit will oversee implementation and report progress publicly.
Institutional developmentGovernanceAML and CFT
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2025-07-08•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Central Bank (SAMA) has licensed Awn Alraidah to provide consumer microfinance services via financial technology, raising the number of SAMA-licensed consumer microfinance companies in Saudi Arabia to nine and the total number of licensed finance companies to 68. SAMA emphasized the importance of engaging only with authorized financial institutions.
SupervisionAuthorisations & approvalsLicence approval
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2025-07-08•Angola•Ministry of Finance (Angola)
Angola's Ministry of Finance announced a cooperation protocol between ARSEG and ISJ to enhance supervision and enforcement in the gambling and insurance sectors, focusing on anti-money laundering and counter-terrorism financing. The protocol aims to improve compliance monitoring and enforce mandatory insurance requirements for gambling companies, aligning with the new gambling activity law.
Policy & regulationCooperationCross-border cooperation
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2025-07-08•Morocco•Moroccan Insurance Authority (ACAPS)
Morocco's Coordination and Systemic Risk Monitoring Committee approved the 2024 Financial Stability Report, noting resilience in banks, financial market infrastructures, and insurers, despite credit risk deterioration and pension pressures. Economic growth is expected to accelerate, with moderate inflation and a widening current account deficit before narrowing by 2026. The committee stressed strengthening anti-money laundering and counter-terrorist financing frameworks and advancing pension reform.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-07-08•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) reported sector stability despite global challenges, with banking credit up 8.43% year on year and capital markets raising IDR 142.62 trillion. Enforcement actions included IDR 28.23 billion in fines and revoking a venture capital licence. Regulatory updates mandate online lending operators report to the Financial Information Service System from 31 July 2025 and defer the health insurance product circular.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskGeopolitical risk
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2025-07-08•Indonesia•OJK
Indonesia's Financial Services Authority (OJK) has launched the Islamic Finance Development Committee under Law No. 4 of 2023 to improve sharia governance. Chaired by OJK’s Chief Executive for Banking Supervision, it includes OJK department heads and external members to align policies with the National Sharia Council's fatwas. OJK also released the 2024 Indonesia Islamic Finance Development Report, addressing policy transformation and industry strategies amid global economic challenges.
Policy & regulationImplementation, projects & pilotsOther
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2025-07-08•Pakistan•Securites & Exchange Commission of Pakistan
The Securities and Exchange Commission of Pakistan reported record incorporations and significant digital transformation in its FY 2025 corporate registry reforms, with over 35,000 companies incorporated and 99.9% processed online. Key upgrades include mandatory digital verification for management changes, cybersecurity guidelines, and a new Electronic Mortgage Register. Future enhancements involve same-day bank account integration, AI-based incorporation, and a Corporate Registration Manual.
Policy & regulationImplementation, projects & pilotsCorporate governance
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2025-07-08•Georgia•National Bank of Georgia
At an IOSCO panel in Madrid, David Abesadze from the National Bank of Georgia detailed the Bank's supervisory approach and initiatives to develop Georgia's capital market, including bond market expansion and retail investor participation. He discussed the Capital Market Support Program with the EBRD, which facilitated GEL 454 million in bond issuance, and outlined procedures for reviewing securities prospectuses. Abesadze also mentioned ongoing work on a supervisory framework for Real Estate Investment Trusts (REITs) and efforts to align taxation policy to support their introduction.
SupervisionSupervision approach, priorities & toolkitMarket development
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2025-07-08•Indonesia•Bank Indonesia
Bank of Indonesia's June 2025 Consumer Survey indicates sustained consumer optimism, with the Consumer Confidence Index rising to 117.8 from 117.5 in May. The Current Economic Condition Index improved to 106.7, while the Consumer Expectation Index remained stable at 128.9.
Data & statisticsEconomic data and developments
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2025-07-08•China•Central Bank of the Republic of China
The People’s Bank of China and the Central Bank of Brazil agreed to enhance bilateral financial cooperation, focusing on local-currency swaps, financial markets, and cross-border payments. They will continue implementing existing agreements, including a strategic financial cooperation memorandum and a renminbi/real swap agreement. Additionally, the China-Brazil Sustainable Development and Expanded Production Capacity Cooperation Fund held its second meeting to discuss further funding for projects of mutual interest.
Policy & regulationCooperationCross-border cooperation
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2025-07-08•United States•Federal Reserve Bank of New York
The Federal Reserve Bank of New York’s June 2025 Survey of Consumer Expectations indicates a decline in one-year-ahead inflation expectations to 3.0%, with medium- and longer-term expectations unchanged. Labor-market outlook improved, with reduced unemployment and job-loss risk perceptions. Household financial optimism rose, with increased expected income growth and better credit access.
Data & statisticsEconomic data and developments
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2025-07-08•United States•Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia has expanded its Large Bank Credit Card and Mortgage Data series by adding 67 new measurements to enhance analysis of consumer credit card and mortgage usage. The additions include variables such as purchase volume by credit score and interest rate data, with historical data back to 2012. First quarter 2025 results show declines in past-due shares for card balances and accounts, a drop in minimum payment accounts, and a rise in adjustable-rate mortgage originations.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-08•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners released the Auto Insurance Database Average Premium Supplement for 2023, showing a 14.41% increase in combined average premiums. Average expenditures rose to USD 1,281.60, marking a 19.21% increase since 2019, with comprehensive premiums up 21.31% and exposures up 0.38%. Data was sourced from multiple statistical agents and state insurance departments, with some smaller agencies' data possibly excluded.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-07-08•Greece•Ministry of National Economy and Finance (Greece)
The Ministry of National Economy and Finance of Greece announced EU finance ministers' approval to activate the national escape clause for defence spending, excluding EUR 500 million in 2026 from fiscal rules. Minister Kyriakos Pierrakakis supported the digital euro, urging an agreement by end-2025, linking it to digital payments and tax evasion efforts. He also advocated simplifying rules in the European Commission’s securitisation framework and highlighted Euronext’s proposed acquisition of the Athens Stock Exchange and UniCredit’s investment in Alpha Bank as significant for Greek and EU financial integration.
Policy & regulationRules & requirementsOther
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2025-07-08•Greece•Ministry of National Economy and Finance (Greece)
Greece's Minister Kyriakos Pierrakakis advocated for a swift digital euro development at the ECOFIN meeting, emphasizing its strategic importance. He highlighted opportunities like enhanced payment digitisation, monetary sovereignty, and privacy protections, citing Greece's digital payment success in achieving a budget surplus. He expressed confidence in concluding technical discussions by year-end.
Policy & regulationReform agendas & prioritiesCBDC
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2025-07-08•Laos•Bank of the Lao
The Bank of the Lao PDR held a meeting to brief stakeholders on the revised Law on the Bank of the Lao PDR, emphasizing its role in defining the central bank's mandate and operations. The revised law serves as the legal basis for implementing monetary policy, ensuring financial stability, and modernizing the payment system. The session aimed to promote consistent understanding and implementation among 140 participants, including representatives from the National Assembly and sector associations.
Policy & regulationGuidance & interpretationOther
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2025-07-08•Laos•Bank of the Lao
The Bank of the Lao PDR's Governor, Bounkhom Vorlachit, met with Australia's Ambassador to Laos, Megan Jones, to discuss future cooperation between the central bank and the Australian Embassy. The meeting highlighted past collaboration, particularly in banking sector support, including training on anti-money laundering and counter-terrorist financing. Both parties expressed commitment to ongoing capacity-building initiatives.
Policy & regulationCooperationOther
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2025-07-08•Belize•Central Bank of Belize
The Central Bank of Belize will introduce its new 2025 banknote series on 4 August 2025, featuring redesigned notes with enhanced security features. The exchange rate remains unchanged at BZ$2 to US$1. Existing banknotes will remain legal tender, but the public is encouraged to deposit older notes for phasing out.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-07-08•Sweden•Riksbank
The Executive Board of Sweden's Riksbank has appointed Anders Gånge as acting head of the Markets Department, succeeding Heidi Elmér, who is leaving to become CEO of PP Pension. Gånge, previously deputy head since 2017, will assume the role on 9 July. Recruitment for a permanent head will commence after the summer.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-08•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission released a speech by CEO Julia Leung on a "Three-Pronged Strategy to Develop Hong Kong as an Offshore Renminbi Hub," presented at the Bond Connect Anniversary Summit 2025. The speech is available only in Chinese.
Policy & regulationReform agendas & prioritiesOther
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2025-07-08•France•Bank of France
The Bank of France's annual study on French SMEs and ETIs reveals robust fundamentals at end-2024, despite an uncertain outlook. The analysis, based on over 1.6 million companies, shows stable margins, reduced leverage, and solid cash buffers, but notes rising financing costs and a slight deterioration in repayment capacity. The report highlights heightened risks for the most fragile firms in 2025.
ResearchSME financing
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2025-07-08•Latin America•Financial Action Task Force of Latin America (GAFILAT)
GAFILAT held a workshop in Havana to prepare Cuba for the Fifth Round of Mutual Evaluations, focusing on the evaluation process and on-site visit preparation. In collaboration with the Central American Bank for Economic Integration, the event aimed to enhance understanding of Cuba's anti-money laundering and counter-terrorist financing system among Cuban authorities and obliged entities. It also addressed Cuba's money laundering and terrorist financing risks and additional preparation tasks.
Policy & regulationGuidance & interpretationCapacity buildingAML and CFT
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2025-07-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites and fake internet banking login screens linked to banks like China CITIC Bank International and Standard Chartered Bank (Hong Kong). The HKMA stressed that banks won't send SMS or emails with hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Affected individuals should contact their bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-07-08•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) announced enhancements to the offshore RMB bond repurchase business, allowing Northbound Bond Connect investors to rehypothecate bond collateral and settle cross-currency repos beyond RMB. Eligible collateral includes bonds held under Northbound Bond Connect and acquired through offshore repo transactions, executed bilaterally or via electronic platforms. The enhancements launch on 25 August 2025, with operational details and reporting requirements to be finalized.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-07-08•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 approved Bekzhan Olzhaevich Pirmatov as an independent director and board member of Kazakhstan Stock Exchange JSC. Dauren Erikzhanovich Badaev was cleared for appointment as head of an executive body and management member in the securities market.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2025-07-08•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of Kazakhstan reiterated that the Stop-credit service, operational since June 2023, allows individuals to block themselves from obtaining loans from banks and microfinance organizations. This restriction is processed through the e-Gov portal or app, visible to credit bureaus, and prevents unauthorized credit issuance. It remains until revoked by the individual and does not apply to pawnshops or entities not using credit bureau data.
Policy & regulationGuidance & interpretationLending
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2025-07-08•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced the de-registration of Damex (IOM) Limited under the Designated Businesses (Registration & Oversight) Act 2015. The de-registration was executed in accordance with section 12(1)(a) of the Act, effective 8 July 2025.
SupervisionAuthorisations & approvalsLicence withdrawal
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2025-07-08•Global•Bank for International Settlements
The Bank for International Settlements released a working paper analyzing climate transition and physical risks on sovereign bond pricing in 52 economies from 2000 to 2023. Transition risks, indicated by carbon emissions per capita, lead to higher 10-year sovereign yields, especially in emerging markets and high-emitting countries post-2015 Paris Agreement. Physical risks are less reflected in yields, with droughts causing the largest increases, particularly in economies with limited fiscal space.
ResearchClimate risk and sustainable finance
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2025-07-08•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan released a scientific paper from a Swiss State Secretariat for Economic Affairs research project. The study tests econometric and machine-learning models, such as Random Forest and neural networks, to forecast banking system liquidity using payment system data.
ResearchLiquidity riskStress testing
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2025-07-08•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities, in collaboration with Syria's Syrian Commission on Financial Markets and Securities, conducted a three-day training in Damascus on governance, risk, and compliance trends, focusing on the revised Three Lines of Defense model and digital transformation best practices.
Institutional developmentCooperation & capacity buildingRisk managementSupervision process and methodologies
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2025-07-08•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission, Big Data Institute, and insurance representatives discussed linking health data via Health Link to improve underwriting and claims processing. Health Link, a consent-based exchange, connects 2,305 healthcare facilities and requires digital patient consent. Challenges include obtaining consent, data storage restrictions, and no access-fee structure, prompting further discussions on access rights and data retention.
Policy & regulationCooperationOther
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2025-07-08•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority has revoked the insurance licence of HESSE DIGITAL AG and appointed a special representative. The representative will oversee the processing and transfer of insurance contracts and safeguard policyholder interests.
EnforcementInvestigations & enforcement actionsLicence withdrawal
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2025-07-08•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) reported that Director Júlia Normande Lins participated in BRICS discussions in Rio de Janeiro to enhance economic cooperation, focusing on reinsurance capacity. A task force endorsed by finance ministers will involve voluntary participation from regulators, reinsurers, and the BRICS Business Council. Brazil, holding the BRICS presidency, hosted meetings on global economic governance, climate financing, and intra-BRICS cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-07-08•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines issued a memorandum urging financial institutions to implement anti-money laundering and countering the financing of terrorism and proliferation financing (AML/CTPF) requirements without discrimination based on religion, race, or similar attributes. The guidance includes ensuring non-discriminatory practices towards "persons of concern" under UN Conventions, such as refugees and asylum seekers. Institutions must review and align their internal policies with AML/CTPF laws and ensure consistent application across all branches.
Policy & regulationGuidance & interpretationAML and CFT
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2025-07-08•United States•New York State Department of Financial Services
The New York State Department of Financial Services has implemented new regulations to improve access to mental health and substance use disorder treatment for members of qualifying health insurance plans. These regulations mandate timely access to outpatient behavioral health appointments and require accurate online directories of in-network providers. The state budget allocates USD 1 million for enforcement activities, including compliance oversight and complaint mediation.
Policy & regulationRules & requirementsConsumer and investor protection
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2025-07-08•Slovakia•National Bank of Slovakia
The National Bank of Slovakia has approved a decree mandating the reporting of consumer loan data using a standardized template. This measure, approved by the NBS Bank Board, will be effective from 1 January 2026.
Policy & regulationRules & requirementsLendingRegulatory reporting
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2025-07-08•Europe•European Council
The European Council has adopted the final legal acts for Bulgaria to introduce the euro on 1 January 2026, making it the 21st member of the euro area. The package includes a decision on euro adoption, a regulation adding Bulgaria to the euro area, and a regulation setting the conversion rate at BGN 1.95583 per EUR 1.
Policy & regulationRules & requirementsMandate change
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2025-07-08•Serbia•National Bank of Serbia
The National Bank of Serbia reported a significant rise in distance contracting for financial services in Q1 2025, with 93,355 contracts concluded, marking a 58.4% increase from the previous year. Video-based user identification was used in 25,506 contracts, a 79.9% year-on-year increase, with non-bank payment service providers accounting for 3.8%. Distance contracting surged across various banking services, notably demand savings and term deposits, payment account openings, and cash loans.
Data & statisticsBNPL
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2025-07-08•Malaysia•Malaysia Securities Commission
Securities Commission Malaysia and Durham University signed a Memorandum of Understanding to enhance cooperation in Islamic finance and the Islamic capital market. The inaugural Islamic Capital Market Summer School, targeting experienced Islamic finance professionals, will focus on strategic leadership and technical knowledge, offering joint certification from both institutions. The programme will run annually from 2025 to 2027, starting in a hybrid format in Q3 2025.
Policy & regulationCooperationCapacity building
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2025-07-08•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay said its BCP Educa program reached about 1,100 people through financial education sessions in Concepción, Central and Itapúa during May and June. The training focused on insurance, its importance and the Paraguayan insurance market, and was aimed at students and other interested participants.
Financial literacy & educationFinancial literacy and education
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2025-07-08•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia and the International Financial Corporation co-organised a workshop on Green, Social, Sustainability, Sustainability-linked, and Transition Bonds to enhance market readiness for GSS+ bond issuance. Aimed at financial institutions and corporations, it provided foundational knowledge and practical tools for sustainability-linked and transition bond issuance, highlighting GSS+ bonds as a means to access new funding, improve reputation, and contribute to environmental outcomes.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-07-08•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) supported a training programme on "Intelligence Investment" to enhance understanding of Cambodia’s securities sector among professors and students. The event, attended by approximately 100 participants, featured speakers from SERC and other financial institutions discussing investment basics, strategies, mutual funds, and trading accounts.
Policy & regulationImplementation, projects & pilotsFintech and insurtechFinancial literacy and education
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2025-07-08•Guernsey•Guernsey Financial Services Commission
The Guernsey Financial Services Commission issued a sanctions notice designating two individuals and one entity under the UK Chemical Weapons (Sanctions) (EU Exit) Regulations 2019, resulting in an asset freeze. Businesses must freeze assets linked to Aleksey Viktorovich Rtishchev, Andrei Marchenko, and Joint Stock Company Federal Scientific and Production Centre Scientific Research Institute of Applied Chemistry, and report findings to the States of Guernsey Policy & Resources Committee. Firms must also inform the Commission and submit detailed reports under Handbook Rule 12.37.
EnforcementSanctions & designationsNew sanctions designations
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2025-07-08•Canada•Ontario Securities Commission
The Ontario Securities Commission (OSC) has released a draft Action Plan for Truth and Reconciliation, seeking feedback from stakeholders including Indigenous organizations and market participants. The plan aims to foster a culturally aware and inclusive workforce, aligning with the Truth and Reconciliation Commission of Canada's Calls to Action. The OSC will incorporate feedback into its inaugural Action Plan.
Policy & regulationReform agendas & prioritiesDiversity and inclusion
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2025-07-08•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a warning against Satoshi Labs Ltd for offering the "$SATX" token without authorization under the Virtual Asset Service Providers Act, 2024. Satoshi Labs, incorporated in Seychelles, is not in good standing due to unpaid fees. The authority advises the public to research entities before transactions and report unauthorized activities.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-07-08•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority issued a scam alert concerning Snap Technology Limited and the website https://www.crypto-cion.com/app/#/, noting they are not associated with any licensed or regulated entity by the FSA. The FSA advises the public to perform due diligence before engaging in transactions involving money exchanges or personal information.
SupervisionAlertsFraud and scams
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2025-07-08•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority (FSA) issued a scam alert regarding "Xtrade" operating via https://www.xtradevip.com, falsely claiming FSA regulation under licence number SD034. The FSA clarified that "Xtrade" is not licensed or regulated by them, and the licence number belongs to a different entity. The public is advised to conduct thorough research before engaging in transactions or sharing personal information.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-07-08•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority (FSA) issued a scam alert regarding the website https://www.cm-tradingpro.com/, which is not associated with any FSA-licensed or regulated entity. The FSA advises thorough research before engaging with financial entities and disclaims liability for losses from interactions with the mentioned site.
SupervisionAlertsUnlicensed or unauthorized activityFraud and scams
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2025-07-08•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission urged STRD24DA bondholders of Wastech Exponential Co., Ltd. to review information and attend the bondholders’ meeting. WTX seeks approval to waive defaults, adjust repayment terms, extend maturity, and modify interest rates, with additional security via a personal guarantee. The meeting is on 9 July 2025, with key agenda items needing joint approval.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-07-08•Malta•Central Bank of Malta
The Central Bank of Malta issued a public alert regarding fraudulent emails using its letterhead from the address info@malta-centralbank.org. The Bank clarified it does not send letters or emails concerning payments involving private individuals.
SupervisionAlertsFraud and scams
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2025-07-08•Russia•Central Bank of Russia
The Central Bank of Russia has expanded its list of foreign currencies for official exchange rate settings against the ruble, adding 12 new currencies including the Taka, Bahraini Dinar, and Saudi Riyal. Rates for these currencies will be set starting 10 July 2025.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2025-07-08•Russia•Central Bank of Russia
The National Financial Board of the Central Bank of Russia reviewed the 2024 Annual Report and discussed key regulatory activities for Q1 2025. The meeting addressed the digital ruble platform, capital market developments, concentration risks at systemically important institutions, and the shift towards Russian software. The NFB approved personnel costs, pension expenses, and accounting regulations for 2024.
Institutional developmentGovernanceOther
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2025-07-08•Russia•Central Bank of Russia
The Central Bank of Russia announced a new law prohibiting banks and microfinance organizations from imposing fees, penalties, or fines on the outstanding loans of deceased borrowers during the inheritance process. Effective from 1 September 2025 for six months, this applies to consumer loans, microloans, and mortgages unless altered by law or court ruling.
Policy & regulationRules & requirementsLending
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2025-07-08•United States•U.S. Department of Justice
The U.S. Department of Justice unsealed an indictment against Michael Shannon Sims and Juan Carlos Reynoso for allegedly operating OmegaPro, a scheme defrauding investors of over USD 650 million. The indictment claims OmegaPro falsely promised 300% returns from foreign exchange trading and misrepresented its legal status. If convicted, both face up to 20 years in prison per count, with investigations led by the FBI, IRS, and ICE.
EnforcementInvestigations & enforcement actionsFraud and scams
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2025-07-08•Chile•Central Bank of Chile
The Central Bank of Chile has launched the 22nd “Economía más cerca” national school contest to enhance financial education among secondary students. This year's contest, marking the Bank's centenary, invites students to explore its historical and future roles in inflation control and currency stability. Participants must submit a vertical video entry, with the contest organized in collaboration with Chilean public broadcaster TVN’s NTV.
Financial literacy & educationFinancial literacy and education
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2025-07-08•Albania•Bank of Albania
Governor Gent Sejko of the Bank of Albania emphasized enhancing credit to Albania's agricultural sector, noting its structural weakness despite its economic significance. The central bank adjusted its Financing Programme to focus on MSMEs to boost agricultural lending. Sejko highlighted the Government's sovereign guarantee scheme as a tool to mitigate risks and reduce collateral constraints, ensuring banks' financial stability.
Policy & regulationGuidance & interpretationLendingFinancial stability and systemic risk
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2025-07-08•Chile•Chile Financial Market Commission
The Chile Financial Market Commission is consulting on amendments to General Rule No. 258, enhancing credit risk and liquidity management for financial instrument clearing systems. The proposal includes bilateral portfolio compression instructions for central counterparty systems, aiming to reduce contract numbers and notional amounts while maintaining net counterparty risks and collateral requirements. It mandates compression requirements and traceability for central counterparties and participants.
Policy & regulationRules & requirementsCCPs
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2025-07-08•Chile•Chile Financial Market Commission
The Chile Financial Market Commission (CMF) issued an alert warning that SUNFLOWER, operating via the sunflower.cl website, is not registered or authorised under the Fintech Act (Law No. 21,521). The CMF cannot supervise or sanction the entity or handle complaints. Investors are advised to verify firm registration and check for complaints or negative feedback via the CMF website and Fraud Alerts Page.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-07-08•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has appointed three new Deputy Directors to the Department for Management and Supervision of Credit Institutions, enhancing its leadership. The appointees, Huỳnh Nhật Lệ, Mai Khánh Dũng, and Đậu Thị Mai Hương, previously led divisions supervising various banks. Deputy Governor Phạm Quang Dũng emphasized the department's role in maintaining the safety and stability of the credit institution system amid recent structural reorganization.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-07-08•Egypt•Central Bank of Egypt
The Central Bank of Egypt has temporarily raised the daily maximum cash withdrawal limit in local currency from bank branches to EGP 500,000 for individuals and companies, up from EGP 250,000. This measure will stay in place until communication systems are fully restored.
Policy & regulationRules & requirementsCurrency and cash management
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2025-07-08•Malta•Malta Financial Services Authority
The Malta Financial Services Authority has initiated a public consultation on proposed amendments to the Capital Markets Rules to establish provisions for sukuk in Malta’s capital markets. The proposals aim to facilitate sukuk issuance on the Institutional Financial Securities Market by introducing specific requirements within the IFSM rulebook. The MFSA seeks stakeholder feedback to support structuring, issuance, and investment of Islamic finance products in Malta.
Policy & regulationRules & requirementsSME financing
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2025-07-08•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) has imposed its largest sanction on GUARDATI TORTI S.A., a Clearing and Settlement Agent, for account management irregularities and breaches of information and reporting obligations. Sanctions include a record fine, disqualification of officials, and a prohibition on capital market operations. The firm misused client funds, failed to provide requested information, and continued operations despite financial distress.
EnforcementInvestigations & enforcement actionsClient asset custody and safekeepingCompliance
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2025-07-08•Argentina•Argentina Securities Commission (CNV)
The Argentina Securities Commission (CNV) issued General Resolution No. 1074 to streamline rules for financial trusts with automatic authorisation for frequent issuances. Financial fiduciaries can choose from three options for prospectus supplements: an annual and abbreviated supplement per issuance, an annual supplement without updates requiring a full supplement upon expiry, or a full supplement for each issuance under the General Regime.
Policy & regulationRules & requirementsRegulatory burden
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2025-07-08•Luxembourg•Ministry of Finance (Luxembourg)
Luxembourg's Finance Minister Gilles Roth aims to boost the financial centre's competitiveness with potential tax incentives for performance-related bonuses and a focus on digitalisation and tokenised financial products. Positioned as a key EU gateway with a strong international banking presence and fund industry, Luxembourg benefits from recent regulations like the Markets in Crypto-Assets Regulation and blockchain law. Initiatives include a sustainable finance action plan and efforts to attract digital banks, with a proposed tax regime for bonuses expected by end-2025.
Policy & regulationReform agendas & prioritiesOther
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2025-07-08•Argentina•Argentina Superintendency of Insurance
The Argentina Superintendency of Insurance mandates that, from 10 July 2025, investment information must be submitted via the Information Regime (RI) platform, replacing SINENSUP. This transition aims to modernize reporting by reducing manual entry and errors, enhancing data quality, and supporting automated supervision. Insurers yet to transition must begin the process using the TAD procedure SSNA00192.
SupervisionRegulatory reporting