The Barbados Financial Services Commission has initiated a global public consultation to gather feedback on enhancing the regulatory and administrative framework for captive insurance in Barbados. The consultation seeks input from current and prospective captive owners, insurance professionals, and industry associations.
The Central Bank of the UAE imposed a financial sanction of AED 3,500,000 on an exchange house for non-compliance with anti-money laundering and counter-terrorist financing policies. This action, under Article 14 of Federal Decree Law No. 20 of 2018, underscores the CBUAE's regulatory mandate to enforce adherence to UAE laws and standards.
The Palestine Monetary Authority launched a USD 10 million program offering zero-interest, zero-fee loans to small and micro enterprises affected by the economic crisis. The initiative provides up to USD 10,000 per enterprise for four years, with a 12-month grace period, to support working capital and operational expenses. Applications are processed through the PMA’s “Monshati” platform, as part of broader financing and support efforts.
The Saudi Arabia Capital Markets Authority has granted Emkan Alarabiya a Financial Technology Experimental Permit to test an Investment and Real Estate Funds Distribution Platform. This permit is issued under the Capital Market Law and its implementing regulations, following a decision by the CMA’s Board of Directors.
The Hong Kong Mandatory Provident Fund Schemes Authority reported smooth operations of the eMPF Platform since June 2024. Administration fees dropped to 37 basis points from 58, with further declines expected. Phase 2 onboarding began in March 2025, covering over 2.7 million member accounts and 70,000 employer accounts. Phase 3 will involve the largest MPF trustees and is expected to be the most challenging.
South Africa's National Credit Regulator (NCR) warned young consumers against excessive lifestyle spending, online gambling, and impulsive borrowing, which can harm financial futures. The NCR highlighted social media's influence on luxury consumption and the risks of debt without stable income, urging financial discipline and literacy. Recommendations include budgeting, waiting for stable income before borrowing, and avoiding gambling with borrowed money.
South Africa's National Credit Regulator warned young consumers about excessive spending, online gambling, and impulsive borrowing influenced by social media. It emphasized that small loans and online bets can lead to long-term debt, urging youth to budget, assess affordability, and avoid borrowing without stable income. Practical advice includes using NCR-registered providers, checking credit reports, and understanding repayment terms.
The Tanzania Insurance Regulatory Authority conducted an insurance awareness session at the Local Government College in Dodoma, focusing on core insurance concepts and TIRA's supervisory role. The initiative, part of TIRA's Corporate Strategic Plan, aims to educate the public and expand the domestic insurance market across Dodoma, Iringa, and Manyara regions.
The Saudi Central Bank (SAMA) has launched the SAMA Professional Program (SPP) for fresh graduates, accepting applications from 1 June 2025 for three weeks. The program offers tracks in economics, monetary stability, and other areas, aiming to integrate graduates into the workforce through practical training. Eligibility is restricted to Saudi nationals with relevant degrees and English proficiency, with opportunities to join SAMA upon successful completion.
The Saudi Central Bank (SAMA) has launched the SAMA Professional Program (SPP) for fresh graduates, offering a blended development pathway with practical training in areas such as economics, monetary stability, and cybersecurity. The program is open to Saudi nationals with specific academic qualifications and aims to facilitate their transition into the workforce, with potential opportunities to join SAMA in specialized tracks.
The People's Bank of China and the State Administration of Foreign Exchange have introduced measures to bolster financial support for Fujian's cross-strait development, including 12 policy actions on cross-border payments, trade facilitation, and risk control. Key initiatives involve allowing Fujian banks to process cross-border renminbi transactions for Taiwanese individuals and piloting enhanced payment services for overseas visitors. The measures simplify foreign exchange processes for Taiwan-funded enterprises and promote multi-level cross-strait financial markets.
The International Association of Insurance Supervisors (IAIS) released the 2025 Global Insurance Market Report mid-year update, noting stable solvency and liquidity despite macroeconomic uncertainties and a USD 10 trillion equity market decline. The report highlights market volatility, uneven impacts of declining interest rates, and liquidity strains for some insurers. Additionally, IAIS launched a consultation on the Global Monitoring Exercise methodology and announced CGAP as the new host for the Access to Insurance Initiative.
Thailand's Office of Insurance Commission participated in the sixth APFinSA Awards in Bangkok, highlighting the role of life insurance agents and financial advisers in a sustainable insurance sector. The OIC stressed the importance of intermediaries adapting to digital changes and evolving risks, while focusing on enhancing capabilities, innovation, and consumer protection.
The Inter-Governmental Action Group against Money Laundering in West Africa has issued Burkina Faso’s sixth enhanced follow-up report. It assesses progress on technical compliance deficiencies identified in the 2019 mutual evaluation report and the fourth follow-up report, with re-ratings where progress has been made.
The Intergovernmental Action Group Against Money Laundering in West Africa is seeking one country researcher in each of 12 member states for a study on trade-based financial crimes. The work will examine trade-related money laundering, terrorist financing and proliferation financing risks, vulnerabilities and enforcement challenges, and produce country reports with policy and supervisory recommendations. Applications close on 26 June 2025 at 17:00 GMT.
The Inter Governmental Action Group against Money Laundering in West Africa will hold a regional workshop in Lagos from 24 to 26 June 2025 on AML/CFT requirements for civil society organisations. The event is designed to expand CSOs’ role in outreach, advocacy and support for implementation of AML/CFT measures. GIABA said the workshop will be facilitated by its Secretariat and other resource persons.
The Inter-Governmental Action Group against Money Laundering in West Africa has launched a call for expressions of interest from audit and accounting firms to audit the PAPEV grant accounts for the ECOWAS Centre for Gender Development. Eligible ECOWAS-based firms must meet specified professional membership, staffing and track-record requirements. The ECOWAS Commission will shortlist six to eight firms, with submissions due by 2 July 2025.
Japan’s Ministry of Finance and other agencies have revised the Japan Climate Transition Bond Framework for sovereign climate transition bonds under the GX Economy Transition Bond program, supporting about JPY 20 trillion of Green Transformation investment over 10 years. The framework reflects updated decarbonization plans and retains a use-of-proceeds model focused on hard-to-finance projects in energy, transport, industrial transition, circular economy and land use, with exclusions, annual reporting and independent verification. Bond redemption remains linked to future carbon pricing revenues, and the framework will be reviewed by fiscal 2030.
The Central Bank of Bahrain signed a Memorandum of Understanding with the National Bank of the Kyrgyz Republic to establish an official partnership. This agreement aims to strengthen bilateral relations and expand opportunities in the financial services sector.
IOSCO released a final report on online imitative trading, focusing on copy trading and proposing practices to protect retail investors. It highlights risks like inadequate understanding, mismatched risk tolerance, and conflicts of interest, urging intermediaries to assess regulations, monitor marketing, and enhance surveillance. The report includes feedback from a consultation, refining technology-enabled surveillance recommendations.
The Central Bank of Nigeria's June 2025 Business Expectations Survey shows continued optimism among firms, with the Confidence Index at 20.7 points, expected to rise to 41.3 in six months. Industry optimism leads at 23.1 points, projected to reach 48.3, while high interest rates, insecurity, and insufficient power supply are key constraints. Firms foresee NGN appreciation against USD, higher borrowing rates, and a slight decrease in capacity utilisation to 58.2%.
The Canadian Public Accountability Board released a Smaller Firm Series paper on effective root cause analyses, highlighting good practices and providing scenarios to aid audit firms in enhancing audit quality. The paper emphasizes linking root cause analysis to the Canadian Standard on Quality Management 1, advocating for a comprehensive approach that evaluates multiple causal factors. It outlines practices such as using independent reviewers, timely analysis, and varied evidence-gathering methods to inform changes in procedures and quality management.
The Canadian Public Accountability Board (CPAB) released a guide on effective root cause analysis for smaller audit firms, applicable to any firm under Canadian Standard on Quality Management (CSQM) 1. It addresses common deficiencies, emphasizing comprehensive analysis beyond single factors and recommends practices like timely completion, independent personnel involvement, and evidence triangulation. The guide illustrates how root cause analysis can improve processes such as acceptance, resourcing, engagement performance, and governance.
The Kuwait Capital Markets Authority released the twentieth issue of its quarterly e-Awareness Magazine, the first under the new Board of Commissioners. It features a legal analysis on transparency, penalties for confidentiality breaches, and recent external engagements, including GCC and Union of Arab Securities Authorities meetings. It also highlights market development initiatives like the Capital Market System Development Program and an XBRL-based electronic disclosure system.
The State Bank of Vietnam published an article by Communist Party General Secretary To Lam emphasizing thrift and anti-waste as shared responsibilities, urging reforms in public spending and asset management. It highlights the need for institutional reforms, including amendments to the Law on Thrift Practice and Waste Prevention, aiming for budget savings and administrative efficiency by 2025. It sets a 2025 target for all business-related administrative procedures to be available online and usable across provincial boundaries.
MONEYVAL's fourth enhanced follow-up report on Cyprus upgraded Financial Action Task Force Recommendation 13 on correspondent banking from partially compliant to largely compliant, following amendments to anti-money laundering laws. Cyprus is now compliant or largely compliant on 38 recommendations, with Recommendations 8 and 31 still partially compliant. The report concludes Cyprus will no longer be subject to the fifth-round follow-up process.
The Bangladesh Securities and Exchange Commission has repealed its directive dated 21 June 2021, effective immediately, under section 20A of the Securities and Exchange Ordinance, 1969.
The Financial Action Task Force (FATF) and the Council of Europe’s MONEYVAL will hold a joint Plenary meeting in Strasbourg on 12–13 June 2025 to enhance the global response to illicit finance threats. Members from over 200 countries and international organizations will attend, chaired by FATF President Elisa de Anda Madrazo and MONEYVAL Chair Nicola Muccioli. Following the Plenary, a high-level meeting and a Technical Assistance Peer Exchange will occur on 14 June, focusing on partnerships and support for less-resourced countries.
The Caribbean Financial Action Task Force said the financial intelligence units of Montserrat and Trinidad and Tobago have signed a memorandum of understanding on cooperation and information sharing. The framework covers money laundering, terrorist financing, proliferation financing and other financial crimes, and is intended to support law enforcement efforts and compliance with global AML/CFT/PF standards.
Tanzania Insurance Regulatory Authority (TIRA) is at the Tanzania Dental Expo to educate on insurance and reinforce registration expectations for health providers. TIRA encourages registration via the ORS system, aligning with its role in registering facilities offering services through health insurance. This is part of TIRA's programme to boost insurance awareness and uptake in Tanzania.
The Capital Markets Board of Türkiye released draft standard information forms for crowdfunding campaigns, updating equity-based forms and introducing new templates for debt-based crowdfunding. These forms are tailored separately for entrepreneurs and venture companies under the Crowdfunding Communiqué.
The Australian Financial Complaints Authority (AFCA) confirmed that United Global Capital Pty Ltd’s membership expired at 5pm AEST on 31 May 2025, following a decision to expel the firm. AFCA will not accept new complaints about UGC, but complaints submitted before the deadline will still be processed.
At Web Summit Vancouver, Hong Kong’s Financial Services and the Treasury Bureau outlined measures to integrate traditional and digital finance, including tokenisation and a stablecoin regulatory regime. Key developments include the Hong Kong Monetary Authority's Project Ensemble for central bank digital currency and new climate disclosure requirements aligned with IFRS standards. Upcoming plans involve a second policy statement on virtual asset development and consultations on licensing regimes for virtual asset trading and custodian services.
The Philippine Securities and Exchange Commission revoked the corporate registrations and secondary licenses of 56 lending and financing companies for repeated noncompliance with reportorial requirements. An order dated May 29 cancelled the registrations of 47 firms under the Revised Corporation Code for failing to file necessary submissions, while separate orders on May 19 revoked nine more for not providing required information and business plans. These actions followed show cause letters and deficiency notices.
At a government roundtable, State Bank of Vietnam Governor Nguyen Thi Hong discussed supporting private enterprises through monetary policy, highlighting credit access challenges and macroeconomic constraints. She noted a shift towards the private sector, now 92–93% of total credit, but small and medium-sized enterprises access less than 20%. Hong emphasized streamlined legal reforms and effective credit guarantee policies to reduce borrowing costs and improve credit turnover.
SEC Commissioner Caroline A. Crenshaw criticized recent SEC actions for conflicting signals on classifying crypto assets as securities. She highlighted inconsistencies between staff statements and the approval of ETFs for ETH and SOL, treated as securities under the Investment Company Act of 1940. Crenshaw also noted unresolved concerns from the Division of Investment Management regarding the funds' registration statements and potential misleading disclosures.
The Croatian National Bank and the International Monetary Fund co-hosted a conference in Dubrovnik on the growth and resilience of Central, Eastern, and Southeastern European countries amid global fragmentation. Discussions focused on macroeconomic policy resilience, structural reform priorities, and the region's role in the European single market. Speakers emphasized the importance of domestic reforms, digital transformation, and strategic investments to adapt to changing value chains and economic conditions.
The Dominican Republic's Pensions Superintendency (SIPEN) will participate in the ITLA 2K25 vocational fair by hosting a photographic installation and setting up its Centro de Atención al Usuario (CAU) Tu Futuro stand. The CAU Tu Futuro mobile unit will provide account statement consultations, pension-related advice, and informational talks on the social security system, targeting young attendees.
The Hong Kong Insurance Authority hosted its second Insurance-linked Securities (ILS) Conference, gathering global insurance practitioners, investors, and service providers to discuss ILS as an alternative risk transfer and investment product. IA Chairman Stephen Yiu emphasized fostering an ecosystem for data, risk modelling, innovation, and talent to enhance Hong Kong's competitiveness. The event featured panels on ILS developments and investment strategies, with breakout sessions.
Serbia's Ministry of Finance announced the Republic of Serbia's inclusion in the Single Euro Payments Area (SEPA), with implementation expected in May 2026. This development aligns with the EU's Growth Plan for the Western Balkans and confirms Serbia's compliance with EU payments regulations. It promises more efficient, secure, and cost-effective euro transactions for citizens and businesses with SEPA member countries.
The Central Bank of Montenegro detailed Governor Irena Radovic’s meeting with IMF Managing Director Kristalina Georgieva, focusing on cooperation for Montenegro’s reform agenda and Eurosystem standards, including SEPA. Discussions covered IMF support for strengthening the Central Bank’s capacity and independence amid geopolitical fragmentation, involvement in the planned South East Europe Technical Assistance Center (SEETAC), and a forthcoming needs assessment for alignment with European System of Central Banks standards, alongside improved coordination with the IMF, World Bank, and EU.
The Bank of Greece's April 2025 banking statistics show an increase in the annual growth rate of total credit to the domestic economy to 7.3%, while total deposits' growth slowed to 4.4%. Monthly net flows were negative, with total credit and deposits posting net outflows of EUR 52 million and EUR 1,097 million, respectively. Credit to the private sector grew 10.9% year on year, driven by corporations, while private sector deposits fell by EUR 795 million.
The Angola Capital Markets Commission participated in FIENACO 2025, presenting investment opportunities in Angola’s capital markets to broaden the investor base. The event, marking 50 years of national independence, focused on foreign investment, economic diversification, and international cooperation. Presentations linked capital markets instruments to financial literacy, market growth, and attracting new participants.
The Angola Capital Markets Commission initiated Public Consultation Process No. 1/25 on draft regulations for complaints and conflict mediation in the securities and derivatives market. A virtual session on 28 May 2025, led by Executive Board Member Herlânder Diogo, presented the proposal and gathered feedback from market participants.
The National Bank of Ukraine has revised its currency supervision framework, allowing banks to complete supervision of export transactions based on proceeds credited under specific bank guarantee and counter-guarantee arrangements, effective 31 May 2025. This amendment aims to streamline the handling of export transactions involving guarantees and counter-guarantees from foreign banks, promoting broader use of these instruments.
The Ghana National Insurance Commission's Marine Cargo Insurance Technical Committee visited Nigeria to learn from its compulsory marine cargo insurance experience, as Ghana prepares to implement its own under Section 222(1) of the Insurance Act, 2021. The visit included meetings with Nigeria's National Insurance Commission, market bodies, and inter-agency groups to discuss implementation and enforcement. Insights from Nigeria's processes and challenges will support Ghana's rollout and foster collaboration.
The Belgium Financial Services and Markets Authority (FSMA) released its 2024 Retail Investor Survey, revealing 37% of Belgians aged 16 to 80 invest in financial products beyond traditional savings, up from 34% in 2022. Despite increased market attention, only 16% of investors hold exchange-traded funds (ETFs). The survey highlights demographic trends, investment preferences, and financial literacy levels, noting higher familiarity with sustainable investment among younger investors.
The British Virgin Islands Ministry of Finance announced that Bank of Asia BVI Limited is commencing the wind-down of its operations. The Government will assist with the necessary regulatory due processes.
The New Zealand Financial Markets Authority has concluded its consultation on streamlining standard licensing conditions and operational changes to support a proposed single-licence structure for firms offering multiple market services. Legislative changes are proposed to require a single licence, with potential operational adjustments including simplified supervision, communications, and a unified notification form for business changes.
The Mauritius Financial Services Commission announced that PFM (Asia) Limited has surrendered its Collective Investment Scheme Manager Licence under section 28(5) of the Financial Services Act. The licence termination is effective from 28 April 2025, in accordance with section 28(9).
The Ukraine National Commission on Securities and Stock Market adopted decisions on depository services, asset management, and collective investment vehicles, including a pilot project for liquidating a mutual venture fund. Key actions involved terminating FC DEKRA LLC’s depository activities, licensing AMC KIP-AKTIV, and prohibiting changes to JSC ZNVCIF BUSINESS GROUP INVEST's depository system. Amendments to the Tax Code and criteria for enterprises important to the national economy were also approved.
The Ukraine National Commission on Securities and Stock Market outlined its sustainable finance agenda, including legislative and supervisory measures to support green and social investments. It is drafting amendments to align Ukraine's capital markets with European sustainable finance standards and enhance ESG governance. The Commission's 2025–2030 Roadmap, developed with the International Finance Corporation, includes educational campaigns and streamlined regulatory procedures.
The Dutch Authority for the Financial Markets (AFM) responded to the European Commission's call for evidence on revising the Sustainable Finance Disclosure Regulation (SFDR), advocating for a framework centered on 'sustainable' and 'transition' product categories with clear ESG ambitions. AFM warns against a third 'light' category, emphasizing the need for clear naming and minimum requirements to prevent investor confusion. AFM, alongside Germany's BaFin and Austria's FMA, underscores the importance of product-category rules tailored to the target audience and suggests testing with retail investors.
The Central Bank of Cyprus reported April 2025 statistics showing a net increase in total deposits by EUR 492.9 million to EUR 56.1 billion, with an annual growth rate of 7.6%. Total loans rose by EUR 169.1 million to EUR 25.6 billion, with an annual growth rate of 4.9%. Deposits from Cypriot residents increased by EUR 410.5 million, while loans to residents saw a modest rise of EUR 13.0 million.
The Central Bank of Costa Rica announced that CRC 1,000 banknotes from series A and B will no longer be valid for payment from 1 November 2025, though they can still be exchanged or deposited at financial institutions. Series C CRC 1,000 banknotes will remain in circulation. Redemption of series A and B notes will be available indefinitely, with banks potentially requiring a form under Law 8204 for larger amounts.
The National Bank of Georgia hosted an international conference in Tbilisi to mark 30 years since the lari's circulation, with over 300 guests from nearly 30 countries discussing global financial system challenges. Governor Natia Turnava emphasized regional cooperation among financial systems in response to global fragmentation, highlighting milestones in the lari's establishment. The event featured speeches from Georgian leaders and economist Jeffrey Sachs, with panels on monetary policy, financial innovation, and central banks' roles in regional cooperation.
Davit Onoprishvili and Ekaterine Tsereteli from the Insurance State Supervision Service of Georgia attended the National Association of Insurance Commissioners’ International Annual Insurance Forum in Washington, D.C. Discussions covered insurance-sector challenges like AI impact, climate risks, alternative investments, product innovation, and demographic changes. The Service emphasized its commitment to international engagement and supervisory practice exchange.
The Securities and Exchange Commission of Pakistan has released a concept paper on regulating algorithmic trading, proposing a framework aligned with international best practices to foster innovation while ensuring market integrity. The framework mandates exchanges to register and test algorithmic traders, brokers to implement robust controls, and third-party providers to comply with laws. A phased implementation is suggested, initially limiting access to institutional investors.
The Bank of Italy released its 2024 Annual Report and announced that Governor Fabio Panetta will deliver his Concluding Remarks. The event will also feature the 2024 Management and Sustainability Report and the Annual Report on Sustainable Investments and Climate Risks.
The People's Bank of China has issued measures to standardize the management and reporting of cybersecurity incidents across financial sectors, effective 1 August 2025. The rules introduce a graded incident classification framework, specify reporting workflows, and establish supervisory responsibilities, including penalties for non-compliance. The bank will oversee implementation and ensure timely and accurate reporting by institutions.
The People's Bank of China has updated its cybersecurity incident reporting measures, aligning with national rules. Incidents are classified into four severity levels, with procedures based on institution type and scale. The framework includes information-sharing, cooperation for inspections, and accountability for non-compliance.
The Central Bank of the Republic of China reported April bond market activity, with total issuance at CNY 7.80 trillion and a custody balance of CNY 184.9 trillion. Interbank certificates of deposit led issuance at CNY 2.86 trillion, while foreign holdings were concentrated in government bonds, interbank certificates, and policy bank bonds. Interbank cash bond trading decreased year-on-year and month-on-month, with significant trades of CNY 5–50 million and above CNY 90 million.
The People's Bank of China reported that Governor Pan Gongsheng met with Reserve Bank of Australia Governor Michele Bullock to discuss economic conditions, monetary policy, and China–Australia financial cooperation. Pan emphasized China's proactive macro policies and the need for deeper financial cooperation with Australia amid global challenges. Deputy Governor Xuan Changneng also attended the meeting.
The National Credit Union Administration (NCUA) issued a prohibition order in May 2025, barring Desiree Canepa from involvement with any federally insured depository institution. Additionally, the NCUA terminated a cease and desist order for Phi Beta Sigma Federal Credit Union after compliance with its terms. These actions are legally enforceable under Section 206 of the Federal Credit Union Act.
The People's Bank of China reported end-Q1 2025 banking sector lending statistics, with outstanding RMB loans at CNY 265.41 trillion, a 7.4% year-on-year increase. Notable growth areas include inclusive small and micro business loans (+12.2%) and green loans (+9.6%). The report also highlights changes to statistical definitions affecting small and micro loans, green loans, and rural-area data.
Bermuda's Ministry of Finance presented the Bermuda Monetary Authority's 2024 Annual Report, highlighting a net income of $17.93 million due to increased supervisory and licensing fees. Total revenue rose 50% to $129.8 million, with expenses up 24% to $111.9 million. The report also outlines legislative and rulemaking activities, including proposals for investment exchange supervision and new insurer recovery plan rules.
Honduras' Ministry of Finance reported on the LXV Ordinary Meeting of the Board of Governors of the Central American Bank for Economic Integration (BCIE), highlighting BCIE-backed investments in Honduras totaling over USD 1.7 billion. Key projects include USD 300 million for the El Tablón dam and a BCIE-backed tender for 1,500 MW of clean energy. The meeting concluded with discussions on BCIE's governance and a 30-year impact expansion roadmap.
The Federal Reserve Bank of Philadelphia appointed Bill Wafford, chief administrative officer and chief financial officer of QVC Group, to its Economic and Community Advisory Council (ECAC). The ECAC, established in 2008, includes leaders from various sectors to advise on trends and market conditions in the Third Federal Reserve District.
The National Association of Insurance Commissioners (NAIC) marked the 20th anniversary of its International Fellows Program, which facilitates training in U.S. state-based insurance regulation for international regulators. The program has engaged over 700 participants from more than 50 countries. A video featuring former fellows' insights was showcased at the 2025 NAIC International Insurance Forum.
The Australian Securities & Investments Commission announced that the Full Federal Court upheld its appeal, ruling BPS Financial Pty Ltd could not use the Corporations Act 'authorised representative' exemption for the Qoin Wallet. The Court found BPS needed an Australian financial services licence from 5 November 2020 to 30 August 2021, overturning a previous decision. BPS was found to have engaged in unlicensed and misleading conduct, with the Qoin Wallet issued over 93,000 times, generating more than AUD 40 million. A penalty hearing is pending.
The Australian Securities & Investments Commission (ASIC) issued an infringement notice to Australian Retirement Trust Pty Ltd (ART) for allegedly misleading performance data on its website for the default MySuper product, resulting in a payment of AUD 18,780. ART published outdated performance data between July 2023 and July 2024, potentially misleading consumers. This is the second superannuation fund to pay an infringement notice for allegedly false past performance statements, following H.E.S.T Australia Limited in November 2023. Payment of the notice is not an admission of liability.
The Bermuda Monetary Authority has initiated a 2025 Global Financial Crisis stress testing exercise for Class C, D, and E commercial insurers and reinsurers to assess financial resilience without setting regulatory capital requirements. Reinsurers must evaluate the impact of a GFC-style scenario, including treaty recapture dynamics and management actions. Non-insurance-bearing entities are excluded, while dual insurers and reinsurers must test both long-term and general insurance.
The Bank of Lithuania reported increases in household and non-financial corporate deposits and lending for April 2025, with deposits rising by EUR 29.3 million and loans by EUR 401.3 million. Weighted interest rates on new deposit and loan business declined, with household loan rates at 5.17% and non-financial corporation loan rates at 4.57%.
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) convened the sixth ASF Market Conduct Forum, a consultative body established in July 2022. The Forum aims to enhance regulation and supervision of market conduct by incorporating member input into ASF's decision-making, focusing on consumer protection and confidence.
The Bank of Portugal released updated statistics for April 2025, highlighting a 6.0% year-on-year acceleration in housing lending, the highest since August 2008. Household deposit growth slowed to 5.7%, while lending to companies increased by 1.8%, marking the highest annual rate since mid-2022. Corporate deposits rose to EUR 70.2 billion, growing 7.6% year on year.
AUSTRAC has directed The Ville Resort-Casino and Mindil Beach Casino Resort to appoint external auditors to evaluate their compliance with AML/CTF regulations due to potential deficiencies. The audits will assess adherence to the AML/CTF Act, focusing on risk management. The casinos will cover audit costs, and AUSTRAC will decide on further action based on findings.
The Bank of the Lao announced its involvement in the launch of Lao Foreign Trade Bank Public Company’s OneBank Kid Application, a mobile banking product for children managed by parents. The app promotes saving and disciplined spending by allowing guardians to set spending limits and automate allowances, and it supports various payment and cash services.
The Mauritius International Financial Centre highlighted a Forbes Africa Special Report positioning Mauritius as a strategic hub for investment flows between East and West. The report emphasizes Mauritius' regulatory framework and investor-friendly environment as pivotal in supporting Africa's economic transformation through sustainable finance and cross-border opportunities.
Hong Kong’s Financial Services and the Treasury Bureau reported on Secretary Christopher Hui’s meetings in Ottawa and Vancouver, focusing on potential Hong Kong–Canada collaboration in the gold market, commodities, and virtual assets. Discussions with Canadian officials addressed challenges from unilateralism and protectionism, and highlighted Hong Kong’s regulatory approach to digital assets and its international financial centre status. Hui also emphasized Hong Kong’s initiatives in securities, asset management, green finance, and Web3.
Sweden's Riksbank released a Staff Memo assessing the impact of US import tariffs on Swedish exports and GDP growth. The memo finds limited direct effects from current tariffs but warns of potential larger indirect impacts due to global demand uncertainty. Key sectors affected include motor vehicles, pharmaceuticals, and machinery, with significant indirect exports to the US market.
New Zealand's Department of Internal Affairs warned Mr. Javad Hajiebrahimi, trading as Bumbusly, for breaching the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. An August 2024 inspection found Bumbusly lacked an AML/CFT programme and compliant risk assessment, with deficiencies in customer due diligence, account monitoring, reporting, and recordkeeping. DIA demands immediate compliance and will continue monitoring, with further enforcement possible. Bumbusly is not alleged to be directly involved in money laundering or terrorism financing.
The Australian Prudential Regulation Authority released its Monthly Authorised Deposit-taking Institution Statistics for April 2025, accessible on APRA’s website.
The Portuguese Securities Commission (CMVM) hosted its Annual Conference 2025, focusing on capital markets and the European Commission’s Savings and Investment Union (SIU) strategy. Discussions included capital markets' role in value creation, SIU integration, and regulatory challenges, with contributions from European and Portuguese financial leaders. The CMVM also presented the José Luís Sapateiro Award 2024 and recognized winners of its National Financial Innovation Contest.
GAFILAT conducted a training course in Asunción on DNFBPs' obligations and supervision, hosted by the Central Bank of Paraguay from 19 to 23 May 2025. It covered the international AML/CFT framework, FATF recommendations, and risk-based supervision. Supported by Spain, this initiative is part of GAFILAT's broader training program for member countries.
The Hong Kong Monetary Authority released the Exchange Fund's abridged balance sheet and Currency Board Account for April 2025, reporting total assets of HKD 3,973.2 billion, a decrease of HKD 5.7 billion from March. The Monetary Base increased by HKD 5.6 billion to HKD 1,982.8 billion, with the Backing Ratio rising to 110.62%. Changes in foreign and Hong Kong dollar assets were influenced by fiscal reserve withdrawals, securities purchases, and bank placements.
The Hong Kong Monetary Authority's April 2025 residential mortgage survey indicates a 7.8% decline in mortgage applications, while loan approvals rose 2.4% to HKD 25.3 billion. Loans drawn down increased by 7.7% to HKD 17.1 billion, with outstanding mortgage lending slightly up by 0.2% to HKD 1,881.9 billion. The delinquency ratio remained low at 0.13%, and the rescheduled loan ratio was nearly 0%.
The Hong Kong Monetary Authority (HKMA) published data on Hong Kong's foreign currency reserves and liquidity for April 2025, following the IMF's Special Data Dissemination Standard. The HKMA reiterated its monthly release schedule, including three monetary data reports and one on the Exchange Fund's balance sheet and Currency Board Account.
The Hong Kong Monetary Authority (HKMA) issued a warning about fraudulent social media accounts impersonating its Chief Executive, Eddie Yue. The HKMA emphasized that official updates are only available through its website and official social media accounts, advising the public to ignore information from suspicious sources. The incident has been reported to the Police for further action.
The National Bank of Bulgaria reported Governor Dimitar Radev attended an IMF and Croatian central bank conference in Dubrovnik, discussing Bulgaria's euro area membership progress with IMF Managing Director Kristalina Georgieva and European Commissioner Valdis Dombrovskis. The conference focused on growth and resilience in Central, Eastern, and South-Eastern Europe, with talks highlighting the anticipated positive economic impacts of euro adoption. Bulgaria received support for its efforts toward this priority.
The Thailand Office of Insurance Commission launched the 2025 "Insurefluencer the new GEN" programme to enhance insurance awareness among secondary and vocational students, expanding participation to over 210 institutions. The initiative includes competitions and special activities with the regulator and industry, with prizes for media content on insurance topics.
The Central Bank of San Marino's Shareholders’ Meeting approved the 2024 Annual Report, noting a EUR 1.03 million net profit allocated to the General Financial Risk Fund. The report highlighted increased net interest income and a rise in total assets to EUR 763.51 million, alongside organizational changes like splitting the Supervision of Intermediaries and International Relations service. Internal studies are assessing adjustments needed under the draft EU Association Agreement’s financial services protocol.
The European Central Bank reported a weekly decline in total assets and liabilities to EUR 6,274,536 million, driven by reductions in securities held for monetary policy and the deposit facility. Securities of euro area residents decreased by EUR 23,955 million, while liabilities to euro area credit institutions fell by EUR 49,169 million. The ECB will release further annexes and commentary on 3 June 2025.
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina stressed monetary stability, institutional resilience, and central bank independence for economic development and EU integration at an IMF and Croatian National Bank conference. She advocated for transparent policies and highlighted priorities like enhancing analytical capabilities, fiscal-monetary coordination, digitalization, and financial education. Selimovic emphasized the IMF partnership's role in implementing reforms to boost economic resilience and competitiveness.
The Bank of Spain's March 2025 balance of payments advance shows Spain's net lending at 3.7% of GDP, with a current account surplus of 2.5% and a capital account surplus of 1.1%. Tourism receipts rose to 6.2% of GDP, offsetting a goods and non-tourism services deficit of -0.4% of GDP. The financial account surplus increased to 5.3% of GDP, driven by improvements in portfolio and direct investments.
The South African Reserve Bank (SARB) released its international reserves and foreign currency liquidity template for April 2025, reporting official reserve assets of USD 67,585 million. Foreign currency reserves totaled USD 47,473 million, with significant holdings in securities and deposits. Predetermined one-year outflows on central government foreign-currency loans and securities were USD 3,912 million in principal and USD 1,785 million in interest.
The New Zealand Financial Markets Authority issued an infringement notice to Pharmazen Limited for failing to file audited financial statements by the 30 April 2025 deadline, imposing a NZD 7,500 fee. Pharmazen, previously late in 2024 and 2023, cited ongoing bank negotiations as the cause and plans to publish the statements on 6 June 2025.
The Central Bank of the Philippines' Monetary Board approved procedures for the Bangko Sentral ng Pilipinas (BSP) to investigate accounts under the Anti-Financial Account Scamming Act (AFASA). These rules allow sharing financial account information with designated Competent Authorities, bypassing bank secrecy and data privacy restrictions. Information sharing requires a notarized agreement with the BSP, and institutions must comply with inquiry orders and non-disclosure requirements.
The Central Bank of the Philippines has amended its IT risk management rules for banks and financial institutions to enforce the Anti-Financial Account Scamming Act. Key changes include stricter fraud monitoring, enhanced customer security features, and robust Fraud Management Systems for high-value transactions. Additional controls mandate a 24-hour transaction pause after key account changes, restrictions on unsecured mobile apps, and real-time notifications.
The Brazilian Pension Funds Authority (PREVIC) plans to implement CMN Resolution 5202/2025, updating investment rules for closed pension funds, focusing on ESG impact assessment and transparency. A public consultation via PREVIC Resolution No. 23 will establish a framework for ESG criteria, requiring defined indicators and enhanced professionalisation. PREVIC also aims to diversify investments beyond government bonds and supports solvency rule changes for deficit recovery plans based on liquidity and structural position.
The New Zealand Financial Markets Authority seeks stakeholder feedback on streamlining standard licence conditions as part of proposed financial service reforms, including issuing a single licence for firms providing multiple market services and simplifying supervision and communications. The initiative aims to standardize applications via the FMA’s online portal and move away from paper-based processes, with submissions due by 5pm on Friday, 25 July.