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2025-04-18•Europe•European Central Bank - Banking Supervision
The European Central Bank (ECB) Banking Supervision fined SEB Baltics €1.24 million for non-compliance with ECB requirements on the margin of conservatism for certain internal-rating-based models. The penalties, imposed on AS SEB Pank, AS “SEB banka,” and AB SEB bankas, address insufficiently conservative credit risk parameter estimates. The breaches, occurring between July 2022 and September 2024, were deemed "moderately severe," and the banks may contest the decisions at the Court of Justice of the European Union.
EnforcementInvestigations & enforcement actionsCapital adequacy
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2025-04-18•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency has conditionally approved Discover Bank's merger into Capital One, National Association, subject to corrective action plans for outstanding enforcement issues. The OCC's decision followed a review of the merger application and public feedback, considering impacts on communities, the banking industry, and the U.S. financial system. Capital One is expected to have USD 660 billion in total assets post-merger.
SupervisionAuthorisations & approvalsLicence approval
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2025-04-18•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission issued a notice to reform the life insurance industry's agent marketing system, emphasizing professionalism and sales conduct management. It outlines 13 provisions on recruitment, training, conduct controls, and incentives, including deferred payment and balanced commissions. Insurers must enhance governance, accountability, and expense controls, with consistent regulatory application and the China Insurance Association developing standards and integrity mechanisms.
Policy & regulationRules & requirementsSales and distribution
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2025-04-18•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission's 2025 priorities focus on enhancing financial services in agriculture, rural areas, and for farmers. The strategy includes maintaining credit supply for key agricultural products, expanding rural collateral, and boosting digital finance. It also promotes broader insurance coverage for agriculture-related enterprises and farmers, emphasizing efficient underwriting and post-disaster recovery support.
Policy & regulationReform agendas & prioritiesOther
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2025-04-18•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration mandates insurers to reform the life insurance marketing model, enhancing sales professionalism and management. The notice emphasizes restructuring remuneration for long-term service, improving internal controls, and implementing risk monitoring. Insurers must adhere to stricter supervision, with agencies and brokers aligning with consistent conduct requirements.
Policy & regulationRules & requirementsSales and distribution
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2025-04-18•Moldova•National Bank of Moldova
The National Bank of Moldova reported that cash withdrawals from banks' cash desks exceeded cash receipts by MDL 134.8 million in Q1 2025. Both receipts and withdrawals increased year-on-year, with notable rises in consumer goods sales receipts and foreign currency purchases by banks.
Data & statisticsCurrency and cash management
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2025-04-18•Moldova•National Bank of Moldova
The National Bank of Moldova reported a 16.7% increase in new bank lending for March 2025, totaling MDL 7,383.0 million, with MDL-denominated loans comprising 74.4% of new credit. The average nominal rate on new MDL loans rose to 8.60%, while the rate on foreign-currency loans decreased to 5.62%. Lending to legal entities saw significant growth, with MDL lending up 15.3% and foreign-currency lending up 28.1%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-18•Moldova•National Bank of Moldova
The National Bank of Moldova reported a decline in March 2025 time deposits to MDL 4,060.8 million, an 11.4% decrease from February. Leu-denominated deposits fell 14.5% to MDL 2,986.8 million, while foreign-currency deposits decreased 1.7% to MDL 1,074.0 million. The average nominal rate on new leu deposits rose to 4.57%, and the rate on foreign-currency deposits fell to 1.27%.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-04-18•Moldova•National Bank of Moldova
Moldovan banks have submitted initial applications to connect to the Single Euro Payments Area (SEPA) Credit Transfer, marking the first step towards integration into the European payments infrastructure. Coordinated by the National Bank of Moldova and the Association of Banks of Moldova, this aims to facilitate faster, more secure, and cost-effective euro transfers. Moldova was officially included in SEPA on 6 March 2025.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-18•Taiwan•Taiwan Financial Services Commission
Taiwan's Financial Services Commission has appointed new deputy director generals in its Banking Bureau and Financial Examination Bureau through internal transfers. Yun-chung Wang and Shin-kuo Lai have been promoted to key positions following retirements and promotions. Wen-long Kuo and Kuang-chi Shang will assume deputy roles in the FEB on 21 April 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-18•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
The Trinidad and Tobago Ministry of Finance has launched a pilot SME Forex Window through the Export Import Bank of Trinidad and Tobago to support SMEs with international business expenses. Available to clients of Republic Bank Limited and First Citizens Bank Limited, eligible SMEs can access up to USD 50,000 monthly. The facility is subject to anti-money laundering and counter-terrorism financing requirements.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-17•Türkiye•Central Bank of Türkiye
The Central Bank of Türkiye has expanded its interest rate statistical publication to include new series under "Interest Rate and Profit Rate Statistics," covering participation banks' profit rates and additional bank and financing company rate indicators. The release is supported by a CBRT Blog post analyzing participation banks' profit rates.
Data & statisticsFinancial and market indicatorsMonetary data
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2025-04-17•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo's Executive Board has approved a Cybersecurity Strategy for 2025–2028, aligning with its strategic plan to enhance regulatory and supervisory frameworks against cyber risks. The strategy outlines objectives and measures for protecting infrastructure and information, emphasizing capacity building, risk management, and incident response, and includes a three-year action plan to ensure alignment with international standards.
Policy & regulationImplementation, projects & pilotsCyber resilience
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2025-04-17•Greece•Bank of Greece
The Bank of Greece reported a narrowing of the current account deficit by EUR 573.2 million year on year to EUR 2.5 billion in February 2025, due to an improved goods balance and reduced primary income deficit. However, the January-February 2025 period saw the deficit widen by EUR 211.1 million year on year to EUR 1.5 billion. Financial account data indicated increased non-residents’ deposit and repo holdings and higher reserve assets of EUR 15.7 billion at end-February 2025.
Data & statisticsBalance of payments and other external statistics
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2025-04-17•Angola•Angola Capital Markets Commission
The Angola Capital Markets Commission has released its 2025 Activity Plan for consultation, outlining key operational objectives aligned with its 2023–2027 Strategic Plan. The plan focuses on development and technological innovation, financial education, regulatory review, risk-based supervision, and strengthening relationships and organisational culture. It includes 22 operational objectives aimed at achieving 11 strategic goals.
Policy & regulationReform agendas & prioritiesSupervision process and methodologies
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2025-04-17•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand announced the departure of Simone, who contributed significantly to the central bank's functions since 2019, and is consulting on a proposed new structure for its Executive Leadership Team.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-17•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance has introduced a bill to the Chamber of Deputies' Citizen Security Committee to establish an Economic Intelligence Subsystem to combat organised crime, including money laundering and terrorist financing. The proposal integrates the Financial Analysis Unit, Internal Revenue Service, and National Customs Service to enhance data collection and analysis, with updates to the framework for economic supervisors and mandatory traceability systems. The bill, having passed its first Senate stage, is now in its second legislative stage under immediate urgency.
Policy & regulationRules & requirementsAML and CFT
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2025-04-17•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance reviewed 2024 achievements and outlined 2025 goals for the Public-Private Green Finance Roundtable, focusing on sustainable finance coordination. Key 2024 activities included training on portfolio decarbonisation, climate risk measurement, and taxonomy development. For 2025, priorities include enhancing green product participation, bridging ESG risk management gaps, and advancing disclosure aligned with NCG 519 and ISSB.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-04-17•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus reported a slight rise in the non-performing loans ratio to 6.3% as of 31 January 2025, up from 6.2% at the end of December 2024. The coverage ratio for non-performing exposures remained steady at 58.3%, equivalent to EUR 0.9 billion. Restructured loans totaled EUR 1.3 billion, with EUR 0.7 billion still classified as non-performing.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-17•Australia•Australian Securities & Investments Commission
ASIC issued two infringement notices totaling AUD 37,560 to Chapter Two Holdings Pty Ltd for allegedly misleading statements about consumer debt outcomes. ASIC claims the firm couldn't substantiate assertions of wiping AUD 80 million in debt and saving AUD 30 million in interest. The statements were removed in March 2024, and fines began in April 2025. Debt management misconduct remains a 2025 enforcement priority for ASIC.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-04-17•Rwanda•Rwanda Capital Markets Authority
The Rwanda Capital Markets Authority engaged students at the Kepler College Career Fair to promote the Capital Market University Challenge 2025. This initiative aims to enhance practical knowledge on saving, investing, and navigating Rwanda’s capital market among university students. The event highlighted significant student interest in capital market participation.
Financial literacy & educationFinancial literacy and education
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2025-04-17•Ukraine•Ukraine National Commission on Securities and Stock Market
Ukraine's National Securities and Stock Market Commission released an infographic on the Agrarian Note, a new securities-based instrument for agricultural financing. It offers quicker funding access with reduced bureaucracy, enhancing transparency and trust between agricultural businesses and financial institutions. Developed with the National Depository of Ukraine, International Finance Corporation, and Swiss Confederation support, it is issued under existing legislation.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-04-17•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) summarized its involvement in the Eurofi Financial Forum in Warsaw, where board member Jos Heuvelman and Policy and Regulatory Affairs manager Barbara Antonides participated in panels on retail participation in EU capital markets and the transition to a T+1 securities settlement cycle. Heuvelman emphasized the importance of simple, cost-efficient long-term retail investment products, while Antonides addressed the EU's shift to T+1 from 11 October 2027. The AFM also published two articles on these topics.
Policy & regulationCooperationMarket development
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2025-04-17•Peru•Central Bank of Peru
The Central Bank of Peru reported a 15.2% year-on-year increase in February 2025 exports, totaling USD 6.318 billion, driven by higher prices and volumes of non-traditional products. Key contributors to the price rise included zinc, copper, and gold. For January to February 2025, exports rose 20.9% to USD 13.156 billion compared to the same period in 2024.
Data & statisticsBalance of payments and other external statistics
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2025-04-17•Georgia•National Bank of Georgia
The National Bank of Georgia reported advancements in Georgia's open banking ecosystem, highlighting increased digital financial services through data sharing and API-based connectivity. Notable developments include tax payment integration with Georgia’s Revenue Service and a remote loan application product by Silk Bank and Silknet. The central bank views open banking as a strategic initiative to foster innovation in the financial sector.
Policy & regulationImplementation, projects & pilotsOpen banking and finance
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2025-04-17•Georgia•National Bank of Georgia
The National Bank of Georgia is launching a Regulatory Sandbox pilot for equity crowdfunding schemes involving equity securities trading. Financial institutions with or seeking a brokerage licence can apply to test business models under specific restrictions. The initiative aligns with the Government of Georgia's efforts to develop a dedicated crowdfunding legal framework.
Policy & regulationImplementation, projects & pilotsCrowdfunding
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2025-04-17•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority held a Knowledge Day workshop for children at Sidi Hamza school in Val d’Hydra focused on basic financial education, including money management, early saving, shopping habits and distinguishing wants from needs.
Financial literacy & educationFinancial literacy and education
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2025-04-17•Nigeria•Nigeria Securities & Exchange Commission
Nigeria’s Securities and Exchange Commission took action against CBEX (Crypto Bridge Exchange) for operating unregistered as a Digital Assets Exchange and misleading investors with false legitimacy and high returns. CBEX failed to honour withdrawal requests and closed its offices amid complaints. The Commission will work with law enforcement to address these violations and advised the public to verify registration status before investing.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-04-17•Italy•Bank of Italy
Bank of Italy Vice Head of the Economics and Statistics Department, Andrea Brandolini, addressed the Italian Senate and Chamber of Deputies budget committees. This was part of their preliminary inquiry into the 2025 Public Finance Document.
Other
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2025-04-17•Italy•Bank of Italy
The Bank of Italy published seven research papers in its "Questioni di economia e finanza" series, covering EU industrial policy, data dependency, and inflation projections in monetary policy. The papers introduce a new "Underlying Composite Inflation" indicator, analyze energy shocks, and assess coastal flood climate risk for Rimini's residential mortgages. They also explore generative AI use among Italian households and its application within the Bank for regulatory reporting management.
ResearchClimate risk and sustainable finance
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2025-04-17•Italy•Bank of Italy
The Bank of Italy released materials and clarifications from its 6 March 2025 workshop for prospective non-performing loan managers. The workshop addressed requirements and obligations under new supervisory provisions, with supporting materials accessible online.
Policy & regulationGuidance & interpretationLicence approval
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2025-04-17•China•Central Bank of the Republic of China
The People's Bank of China, with national regulatory bodies, issued guidelines to standardize cross-border financial data flows for Chinese and foreign-invested institutions. The guidelines specify conditions and permitted data items for transfer, aiming to facilitate compliant data movement. Financial institutions must implement data security measures, with ongoing refinement of guidelines based on practical outcomes.
Policy & regulationGuidance & interpretationCross-border payments
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2025-04-17•Italy•Bank of Italy
The Bank of Italy released seven Occasional Papers on monetary policy, inflation measurement, AI, energy shocks, climate-related financial risk, and EU industrial policy. Key insights include a new Underlying Composite Inflation indicator, generative AI's impact on Italian households, and climate risk assessment for Rimini's residential mortgages. The papers also explore energy price shocks' macroeconomic effects and AI's application in regulatory reporting.
ResearchClimate risk and sustainable finance
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2025-04-17•Italy•Bank of Italy
The Bank of Italy released Andrea Brandolini's testimony to the joint budget committees of the Senate and Chamber of Deputies for the preliminary review of Italy’s 2025 Public Finance Document. The full text is available in Italian.
Policy & regulationCooperationOther
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2025-04-17•Indonesia•Bank Indonesia
Bank of Indonesia reported a decline in Indonesia's external debt to USD 427.2 billion in February 2025, down from USD 427.9 billion in January, with annual growth slowing to 4.7% from 5.3%. The decrease is attributed to slower public sector debt growth and a contraction in private external debt, amid a broad-based US dollar appreciation. The external debt-to-GDP ratio stands at 30.2%, with long-term debt comprising 84.7% of total external debt.
Data & statisticsBalance of payments and other external statistics
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2025-04-17•United States•Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia has appointed Anna Paulson as its next president and CEO, effective July 1, 2025. Paulson, currently with the Federal Reserve Bank of Chicago, will succeed Patrick T. Harker and represent the Third Federal Reserve District on the Federal Open Market Committee. Her appointment follows a national search involving input from communities and industry leaders.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-17•United States•National Association Of Insurance Commissioners
The National Association of Insurance Commissioners announced that the South Dakota Division of Insurance has licensed State Based Systems (SBS), becoming the 36th NAIC member to adopt the system for regulatory workflows. SBS integrates with the National Insurance Producer Registry to streamline licensing, education tracking, consumer services, and more. South Dakota plans to implement SBS in summer 2025.
Policy & regulationImplementation, projects & pilotsLicence approval
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2025-04-17•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority (BMA) issued a public warning regarding a fraudulent social media post promoting the online investment platform NetherexPro. The post links to a fake website displaying a fabricated 'Account Statement' with the BMA's logo. The BMA clarified that NetherexPro is not licensed or registered to conduct regulated activities in Bermuda, highlighting the risks of engaging with unregulated entities.
SupervisionAlertsFraud and scamsUnlicensed or unauthorized activity
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2025-04-17•Portugal•Bank of Portugal
The Bank of Portugal's updated securities statistics for March 2025 show a decrease in the outstanding value of debt securities issued by resident entities to EUR 303.1bn, due to financial sector debt redemptions and a valuation decline in public debt securities. Meanwhile, the market value of listed shares issued by residents rose to EUR 63.3bn, with valuation gains in non-financial corporations and the financial sector. ESG-labelled debt securities outstanding fell slightly to EUR 14.0bn as redemptions outpaced issuance.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-17•Australia•Australian Financial Complaints Authority
The Australian Financial Complaints Authority issued guidance on cash settlements in insurance claims, emphasizing the need for policyholders to understand the implications, especially after recent floods in Queensland and New South Wales. The guidance states cash settlements must be fair and sufficient for repairs, but accepting them ends the insurer's obligations, potentially leaving policyholders to manage repair costs and disputes independently.
Policy & regulationGuidance & interpretationOther
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2025-04-17•Bolivia•Central Bank of Bolivia
The Central Bank of Bolivia's Initial Public Accountability Report for 2025 outlines priorities like preserving monetary sovereignty, containing inflation, and strengthening reserves through domestic gold purchases. It highlights 2024 challenges, including droughts, social conflicts, and external pressures like regional inflation and geopolitical tensions. For 2025, risks include global trade protectionism, domestic floods, and declining hydrocarbons output, alongside planned academic and cultural activities.
Monetary policyMonetary policy framework & strategyAccounting and financial reporting
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2025-04-17•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission announced the uncertificated securities market (USM) regime is set for early 2026 implementation, pending market readiness and legislative enactment. Newly listed securities will be issued in paperless form, with existing paper certificates valid until issuers set deadlines for transitions. A five-year implementation plan is being developed with Hong Kong Exchanges and Clearing Limited and the Federation of Share Registrars Limited.
Policy & regulationImplementation, projects & pilotsSecurities offerings and listings
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2025-04-17•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have launched a joint consultation on updating the Financial Services Providers List under Hong Kong’s OTC derivatives clearing regime. The proposal includes adding one entity, with changes effective from 1 January 2026 if approved. The FSP concept targets major OTC derivatives dealers outside Hong Kong, requiring central clearing for specific transactions with authorised institutions, approved money brokers, or licensed corporations.
Policy & regulationRules & requirementsOther
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2025-04-17•Global•World Bank
The World Bank’s Board approved a USD 110 million Caribbean Resilient Renewable Energy Infrastructure Investment Facility for Grenada, Saint Lucia, and Saint Vincent and the Grenadines. It aims to reduce fossil fuel reliance by aggregating renewable projects to lower costs and attract private investment, modernize electricity networks, and enhance access to finance. Additional support comes from the Climate Investment Fund, the Energy Sector Management Assistance Program, and the Canada Clean Energy and Forests Climate Facility.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-04-17•Netherlands•Ministry of Finance (Netherlands)
The Netherlands Ministry of Finance will provide a state guarantee to TenneT Netherlands, allowing the grid operator to borrow at the Dutch state’s AAA rating to support around EUR 90 billion of network investment over the next decade and to shift to separate debt issuance by its Dutch and German entities. Existing bondholders will be asked to consent to transferring debt to TenneT Netherlands with compensation, while the government explores an IPO or private share issuance for TenneT Germany, with state capital reserved as a backstop if private funding or the debt transfer prove insufficient.
Policy & regulationImplementation, projects & pilotsLending
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2025-04-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Securities and Futures Commission have launched a joint consultation to update the Financial Services Providers List under Hong Kong's OTC derivatives clearing regime. The proposal includes adding one entity to the list, effective 1 January 2026, if approved. The FSP List identifies major OTC derivatives dealers outside Hong Kong, requiring central clearing for certain transactions with authorized institutions, approved money brokers, or licensed corporations.
Policy & regulationRules & requirementsOther
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2025-04-17•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding fraudulent websites and internet banking login screens linked to DBS Bank (Hong Kong) Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Affected individuals should contact DBS Bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-04-17•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria's Governing Council adopted a new ordinance to regulate its relationships with monetary policy counterparties, aligning with the European Central Bank Guideline (EU) 2015/510. Issued under the new Law on the Bulgarian National Bank, it integrates the bank into the Eurosystem monetary policy framework. It will take effect with the new law's enactment, except for one provision contingent on the EU Council's decision regarding Bulgaria's derogation under Article 140(2) of the Treaty.
Policy & regulationRules & requirementsCurrency and cash management
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2025-04-17•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission reported an alleged insurance fraud involving a staged motor-vehicle incident, with claims exceeding THB 14 million. Five suspects were arrested after a criminal complaint by the regulator's legal team. The Commission emphasized insurers' obligation to pay valid claims and instructed its Legal and Case Division to file complaints against individuals for fraudulent claims under Section 108/4 of the Non-Life Insurance Act.
EnforcementInvestigations & enforcement actionsOther
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2025-04-17•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan met with Germany's Development Bank (KfW) to discuss expanding financial inclusion and supporting SMEs in Uzbekistan. The meeting focused on improving infrastructure and coordinating with international financial institutions. Both parties agreed to continue dialogue to enhance bilateral cooperation.
Policy & regulationCooperationFinancial inclusionSME financing
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2025-04-17•United States•Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston warns that generative artificial intelligence is exacerbating synthetic identity fraud, with 2023 losses exceeding USD 35 billion. The Bank identifies this as a payments-system risk and emphasizes the need for heightened awareness among financial institutions. It suggests using AI to detect synthetic identities and plans to update its fraud toolkit and collaborate with the industry to combat this threat.
ResearchFraud and scamsArtificial intelligence
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2025-04-17•Middle East•Arab Monetary Fund
The Arab Monetary Fund provided technical assistance to Kuwait’s Central Administration of Statistics to enhance financial and banking sector data collection using administrative records, resulting in a documented methodology and reliable financial sector time series for 2019–2023.
Institutional developmentCooperation & capacity building
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2025-04-17•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan announced the results of its MF251614 credit auction, allocating TJS 30 million at an annual interest rate of 8.77%. Submitted bids matched the offer amount.
Monetary policyMonetary policy instruments & operationsLicence approval
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2025-04-17•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) launched its new Boletim Susep monthly bulletin, replacing the Síntese Mensal, to provide detailed market data for January–February 2025. The bulletin reorganizes disclosures into three segments and introduces monthly reporting of technical provisions, with total collections reaching BRL 70.77 billion, up 3.6% year-on-year. SUSEP plans to resume a monthly publication cycle after this dual release.
Data & statisticsSupervisory data
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2025-04-17•Bulgaria•Ministry of Finance (Bulgaria)
The Ministry of Finance (Bulgaria) outlined the conversion process for deposits and cash upon the euro's introduction, with banks converting deposits automatically and free cash exchanges available at Bulgarian Posts. Larger cash conversions must comply with anti-money laundering laws. An action plan is being developed to protect citizens and monitor irregularities during the transition.
Policy & regulationImplementation, projects & pilotsCurrency and cash management
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2025-04-17•Estonia•Finantsinspektsioon
Estonia's Financial Supervision Authority hosted a roundtable to enhance cooperation on financial innovation, focusing on refreshing its Innovation Hub and reducing regulatory burdens by 10% in 2025. Plans include a new licensing portal to improve transparency and digitalisation, operational by autumn, and a simplified regulatory sandbox. Board member Siim Tammer emphasized reviewing the framework to reduce regulatory load without compromising consumer protection.
Policy & regulationImplementation, projects & pilotsFintech and insurtechRegulatory burden
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2025-04-17•Italy•Italian Institute for Insurance Supervision (IVASS)
The Italian Institute for Insurance Supervision (IVASS) issued an alert regarding counterfeit surety bond policies falsely attributed to Chaucer Insurance Company DAC, which the insurer has disowned. The Central Bank of Ireland confirmed that Chaucer does not issue such policies in Italy. IVASS advises consumers to verify the legitimacy of insurers and intermediaries through its online registers and warning lists before making payments.
SupervisionAlertsFraud and scams
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2025-04-17•New Zealand•New Zealand Financial Markets Authority
The New Zealand Financial Markets Authority announced that Kevin Young, a former treasury accountant at Heartland Bank Limited, has been sentenced to six months home detention and fined NZD 11,241 for insider trading related to Heartland Group Holdings Limited. Young pleaded guilty to three charges, including trading on material, non-public information and disclosing such information to a former colleague.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-04-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) announced that the Financial Innovation Laboratory (LAB), which it co-founded, was recognized by Global Finance Magazine as a leading financial innovation laboratory for the fourth consecutive year. Established in 2017, the LAB focuses on innovative solutions for financial and socio-environmental sustainability challenges in Brazil. It is part of the Financial Centres for Sustainability network, with CVM representing it in the steering group.
OtherClimate risk and sustainable finance
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2025-04-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has extended its survey on adopting CBPS 01 (IFRS S1) and CBPS 02 (IFRS S2) in capital markets until 25 April 2025. Coordinated by CVM’s Superintendence of Investor Guidance and Sustainable Finance, the initiative includes online questionnaires for listed companies, auditors, sustainability consultancies, and investors. The survey aims to assess benefits, challenges, and implementation needs to support CVM's monitoring and transition efforts.
Policy & regulationImplementation, projects & pilotsAccounting and financial reporting
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2025-04-17•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Resolution CVM 228, updating its internal bylaws to enhance efficiency and clarity. Key changes include establishing a Data Governance Office within the Planning and Innovation Superintendency to implement the CVM’s Data Governance Policy. The resolution also involves organizational adjustments in various superintendencies, including restructuring the Market and Intermediaries Relations Superintendency.
Institutional developmentMandate & organizational structureOrganizational structure
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2025-04-17•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore's Cyber and Technology Resilience Experts Panel recommended enhancing operational resilience in the financial sector by prioritizing end-to-end digital service continuity and managing IT supply chain risks. The panel emphasized the need for financial institutions to inventory cryptographic solutions to address quantum security threats and advocated a multi-layered approach to counter digital financial scams.
Policy & regulationGuidance & interpretationCyber resilienceOperational risk and resilience
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2025-04-17•Serbia•National Bank of Serbia
The National Bank of Serbia announced that electronic money institution Led Pay d.o.o. Belgrade has joined the Instant Payment System (IPS NBS System) as an indirect participant, enabling its clients to execute transactions. Instant payments for Led Pay clients will be facilitated via OTP banka Srbija, a direct participant in the system. The system operates continuously, allowing funds to be received within seconds at any time.
Policy & regulationImplementation, projects & pilotsLicence approval
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2025-04-17•Kazakhstan•Astana Financial Services Authority
The Astana Financial Services Authority (AFSA) alerts the public about a person impersonating Nurlan Asilbekov, promoting financial services on Telegram with a fake AFSA licence. The licence, falsely issued to Bybit Limited, improperly includes the individual's name. AFSA advises verifying authorisations via its Public Register and warns that transactions with unauthorised individuals may lack protection under the Astana International Financial Centre's legal framework.
SupervisionAlertsLicence approval
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2025-04-17•Oman•Oman Financial Services Authority
The Oman Financial Services Authority revoked the licence of Trust Fund Management Company for failing to meet regulatory reporting obligations, including audited financial statements for 2023 and 2024 and capital-adequacy reports. The firm, previously suspended, violated Articles 168 and 168(b) of the Executive Regulation of the Capital Market Law.
SupervisionAuthorisations & approvalsAccounting and financial reportingCorporate governance
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2025-04-17•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan now accepts electronic applications via the myGov platform, enhancing digital access for citizens. This addition to myGov allows users to select the Central Bank for online submissions, while existing channels like the official website and hotline remain available.
Policy & regulationImplementation, projects & pilotsOther
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2025-04-17•Canada•Ontario Securities Commission
The Ontario Securities Commission's Capital Markets Tribunal approved a settlement with Blockratize Inc. and Adventure One QSS Inc. for violating Ontario's ban on short-term binary options. The firms, which offered these options through Polymarket, face two-year market bans and financial penalties totaling over 200,000 CAD. The settlement details are available on the Capital Markets Tribunal’s website.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-04-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario fined Ismail Ayyoub CAD 30,000 for breaching mortgage suitability and disclosure obligations. Ayyoub failed to ensure the suitability of five mortgages and did not disclose material risks and conflicts of interest, violating Ontario Regulations 187/08 and 188/08. He did not contest FSRA's proposal or request a hearing before the Financial Services Tribunal.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-04-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario reported a Q4 2024 median solvency ratio of 122% for Ontario defined benefit pension plans, marking the highest since 2009. The increase is attributed to strong market gains and steady interest rates. FSRA advises plans to enhance risk management and reassess investment strategies using stress tests and analytical tools.
Data & statistics
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2025-04-17•Canada•Financial Services Regulatory Authority of Ontario
The Financial Services Regulatory Authority of Ontario's latest pension update shows a median solvency ratio of 122% for defined benefit plans in Q4 2024, the highest since 2009. It calls for Stakeholder Advisory Committee applications and reminds plan administrators of submission requirements via the Pension Services Portal. Upcoming publications include the Q1 2025 Solvency Report and the Pension Benefits Guarantee Fund annual report.
SupervisionRisk monitoring & watch pointsPrudential risksSupervision process and methodologies
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2025-04-17•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency (Hanfa) warned about fraudulent phone solicitations for trading financial instruments and cryptocurrencies online. Hanfa advises verifying firm authorization through its registers and avoiding unlisted entities, especially those claiming registration in Seychelles, Vanuatu, or Saint Vincent and the Grenadines. Consumers should report suspicious activities to the police and Hanfa, even with authorized firms.
SupervisionAlertsFraud and scams
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2025-04-17•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities and Exchange Commission reported on its "Lifelong Investing: Investology for the 50+" initiative, aimed at educating those nearing retirement on managing savings and fraud protection. The project included multimedia content and workshops, reaching over 2.4 million views and engaging over 100 participants. The SEC plans to enhance educational offerings in 2025 with more practical content for seniors.
Financial literacy & educationFinancial literacy and education
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2025-04-17•United Kingdom•Bank of England
The Bank of England's Prudential Regulation Authority (PRA) has withdrawn a modification allowing certain third-country covered bonds to be included in Level 2A high-quality liquid assets under the Liquidity Coverage Ratio rules. This decision follows technical comments and requests for clarification, with firms advised to maintain current recognition practices for these bonds in the interim.
Policy & regulationRules & requirementsLiquidity risk
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2025-04-17•Global•ISDA
The International Swaps and Derivatives Association (ISDA) urges US policymakers to address four regulatory reforms for effective mandatory clearing of US Treasury securities before 2026 and 2027 compliance dates. Priorities include modifying the supplementary leverage ratio, extending margin offsets, addressing the US Basel III endgame proposal, and ensuring operational readiness with adequate preparation time.
Policy & regulationReform agendas & prioritiesCCPsPrudential risks
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2025-04-17•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria's January 2025 Economic Report highlights a rebased inflation rate of 24.48%, fiscal deficit expansion due to weaker revenues, and a contraction in broad money supply and banking credit. It notes improved external indicators, including a stronger trade surplus and naira appreciation, alongside a rise in crude oil production exceeding OPEC quotas. It projects continued growth in 2025, with moderated inflation pressures, but warns of risks such as insecurity, exchange rate depreciation, and rising costs.
ResearchEconomic data and developments
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2025-04-17•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria will initiate mystery shopping exercises for licensed bureaux de change (BDCs) to enhance efforts against money laundering, terrorism financing, and other illicit activities. This initiative will assess BDCs' compliance with AML/CFT/CPF obligations, including customer identification and suspicious transaction reporting. Non-compliance may result in sanctions, including monetary penalties or licence revocation.
SupervisionReviews, inspections & stress testsAML and CFT
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2025-04-17•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria reminded financial institutions to comply with sanctions regimes, warning of enforcement actions for non-compliance. Institutions must maintain a dynamic compliance framework covering various sanctions lists, including the United Nations and Nigerian Sanctions Lists, and ensure real-time screening and reporting. Regular reviews of programme effectiveness are required to align with legal and regulatory expectations.
Policy & regulationGuidance & interpretationSanctions list update
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2025-04-17•Canada•Quebec Autorite des marches financiers
The Canadian Securities Administrators (CSA) have issued blanket orders to ease prospectus and disclosure requirements for IPOs and other transactions, expanding capital-raising options. Key measures include relief from providing audited financial statements for the third most recent financial year and a prospectus exemption for issuers going public through an underwritten IPO. Additionally, certain provinces have increased the investment limit under the offering memorandum exemption for eligible investors.
Policy & regulationRules & requirementsRegulatory burdenMarket development
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2025-04-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam’s Banking Times hosted a discussion on international financial centre models, featuring economist Richard D. McClellan's insights on reform priorities for developing Ho Chi Minh City and Da Nang as financial hubs. McClellan emphasized flexible capital movement, foreign currency access, and a transparent legal framework, advocating a "hybrid" approach tailored to Vietnam. He highlighted the central bank's role in enhancing capital-flow mechanisms, compliance with international standards, and developing digital finance frameworks.
Policy & regulationReform agendas & prioritiesMarket development
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2025-04-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam announced the extension of the Mobile-Money pilot programme, allowing telecommunications accounts to pay for low-value goods and services through 2025. This extension is detailed in Government Resolution 87/NQ-CP, effective 15 April 2025. The State Bank will collaborate with various ministries to develop a decree regulating Mobile-Money services.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's 2025 plan aims to prevent corruption, misconduct, and crime in banking by enhancing discipline and integrity. Key measures include refining the legal framework, streamlining the bank's structure, and strengthening anti-corruption controls in non-state credit institutions. The plan also emphasizes combating technology-enabled fraud, expanding oversight, and maintaining international cooperation.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-04-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam discussed regulatory trade-offs in establishing an international financial centre (IFC) and plans to align bank supervision with international standards, including revising capital adequacy ratios under Advanced Basel II. The need for a legal framework balancing IFC operations with macroeconomic stability and financial safety was highlighted, noting constraints from Vietnam's legal framework on capital transactions. Feedback from the event will be compiled into a report for the central bank's leadership to inform IFC policymaking.
Policy & regulationRules & requirementsOther
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2025-04-17•Vietnam•State Bank of Vietnam
The State Bank of Vietnam reported on General Secretary Tô Lâm’s keynote at the 2025 P4G Vietnam Summit, emphasizing Vietnam's strategy for rapid growth through a green, inclusive, and sustainable transition. The address highlighted "green institutions," "green technology," and "green human resources" as pivotal, while acknowledging challenges in finance, technology, and climate resilience. It called for enhanced international and public-private cooperation, particularly in green finance.
Policy & regulationReform agendas & prioritiesOther
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2025-04-17•Russia•Central Bank of Russia
The Central Bank of Russia reported that over 8.1 million individuals utilized the new self-ban on loans and microloans in its first month, with nearly 92% opting for a complete ban. Among users, 44% had no active loan agreements, and less than 1% had only outstanding microloans. Moscow and the Moscow Region accounted for over 19% of users.
Data & statisticsConsumer and investor protection
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2025-04-17•Russia•Central Bank of Russia
The Central Bank of Russia identified six credit institutions, including two systemically important banks, involved in mis-selling loans through remote channels without clear disclosure of agreement types. This practice led consumers to misunderstand whether they were signing a bank loan or a microloan with a subsidiary microfinance organization. The regulator has demanded these banks amend their information disclosure practices.
SupervisionInterventionsLendingConsumer and investor protection
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2025-04-17•Russia•Central Bank of Russia
The Central Bank of Russia's quarterly balance of payments commentary for Q1 2025 shows a decline in both exports and imports, resulting in a reduced current account surplus. Export reductions were driven by lower global oil and coal prices, decreased oil production, and the end of gas transit to Europe. Imports fell due to an increased recycling fee and higher interest rates, though less sharply than exports.
Data & statisticsBalance of payments and other external statistics
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2025-04-17•Canada•Payments Canada
Payments Canada released results from its consultation on amendments to the Canadian Payments Act aimed at expanding membership eligibility. Feedback supported requiring payment service providers to show registration, maintaining non-member eligibility for the Stakeholder Advisory Council, and avoiding entity-based restrictions for new members. The consultation also addressed redefining affiliation in Automated Clearing Settlement System requirements and increasing penalties for violations.
Policy & regulationRules & requirementsPayments and payment systems
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2025-04-17•Sri Lanka•Central Bank of Sri Lanka
The Central Bank of Sri Lanka has designated Domestic Systemically Important Banks (D-SIBs) and assigned them to systemic importance buckets, effective 17 April 2025. The methodology, based on Basel Committee guidelines, uses an indicator-driven score across size, interconnectedness, substitutability, and complexity. An addendum to corporate governance directions mandates certain directors abstain from appointing independent directors if voting shares were acquired in violation of regulations.
Policy & regulationRules & requirementsMacroprudential policy and tools
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2025-04-17•Poland•Polish Financial Supervision Commission (KNF)
The Polish Financial Supervision Commission (KNF) has prohibited Insurance JSC DallBogg: Life and Health from conducting Class 10 non-life insurance business in Poland, specifically motor third-party liability insurance, due to organizational inadequacies. Existing contracts remain valid, but new contracts post-17 April 2025 will breach the prohibition. DallBogg can request a review or appeal the decision.
EnforcementInvestigations & enforcement actionsOther
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2025-04-17•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) have amended National Instrument 81-102 Investment Funds to clarify regulations for Public Crypto Asset Funds. The amendments specify criteria for permissible crypto assets, impose restrictions on crypto asset investments, and outline custody requirements for assets held by these funds.
Policy & regulationRules & requirementsFintech and insurtechRegulatory reporting
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2025-04-17•Canada•Canadian Securities Administrators
The Canadian Securities Administrators (CSA) issued blanket orders to reduce regulatory friction for Canadian public listings and enhance capital-raising flexibility. Measures include easing prospectus and disclosure requirements, introducing a prospectus exemption for post-IPO financings, and adjusting offering memorandum exemption limits in select provinces. These initiatives aim to support Canadian capital markets, with further actions under consideration.
Policy & regulationRules & requirementsRegulatory burden
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2025-04-17•Canada•Canadian Public Accountability Board
The Canadian Public Accountability Board (CPAB) published an enforcement report on PKF Antares Professional Corporation, noting no significant findings in its 2024 inspection and lifting several prior restrictions. CPAB removed prohibitions on accepting new medium-risk audit clients and terminated certain remediation measures but maintained restrictions on high-risk engagements and ongoing external reviews. Remaining enforcement actions will persist until PKF Antares shows sustained audit quality improvement or applies for termination under CPAB Rule 605.
EnforcementInvestigations & enforcement actionsAuditing
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2025-04-17•United States•Federal Reserve Board
The Federal Reserve Board proposed changes to reduce volatility in large banks' capital requirements by averaging stress test results over two years and shifting the stress capital buffer's effective date to 1 January. The proposal aims to streamline data collection without materially altering capital requirements. Additional measures to enhance stress test transparency are expected later this year.
Policy & regulationRules & requirementsStress testing
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2025-04-17•United States•Commodity Futures Trading Commission
The Commodity Futures Trading Commission released a staff advisory detailing criteria for assessing materiality in self-reported violations and compliance issues for potential referral to the Division of Enforcement. The advisory, issued by multiple divisions, supports the implementation of the Division of Enforcement’s updated policy on self-reporting, cooperation, and remediation.
Policy & regulationGuidance & interpretationComplianceSupervision process and methodologies
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2025-04-17•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee will meet on 6 May 2025 to discuss Regulation A's market considerations and regulatory challenges. The agenda includes an SEC staff overview of Regulation A's use in capital raising, committee discussions on its advantages and limitations, and investor exit opportunities. Daniel Forman of Lowenstein Sandler LLP will present at the meeting, which will be webcast on SEC.gov.
Policy & regulationReform agendas & priorities
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2025-04-17•Thailand•Bank of Thailand
The Bank of Thailand's preliminary assessment suggests U.S. trade policies and global responses may pressure Thailand's economy, causing financial-market volatility and weaker production, trade, and investment. The central bank highlights potential export impacts, especially to the U.S., and emphasizes monitoring financial conditions and investment sentiment. It plans to maintain market stability and implement measures to address import competition, transshipment risks, and diversify export markets.
Monetary policyMonetary policy assessments & outlooksEconomic data and developments
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2025-04-17•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency issued April 2025 enforcement actions, including three prohibition orders against individuals affiliated with OCC-supervised banks. Alhassan Abubakar, Jacqueline Molina, and Nick Zatikian are barred from participating in bank affairs due to misappropriation, fraudulent PPP fund acquisition, and embezzlement, respectively.
EnforcementInvestigations & enforcement actions
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2025-04-17•Global•SWIFT
SWIFT has introduced an enhanced Case Management service to automate investigations into delayed cross-border payments, potentially reducing operational and liquidity costs by over USD 600 million annually and resolution times by up to 80%. The service, leveraging ISO 20022 data and unique end-to-end transaction reference, is now available to the global SWIFT community after trials with over 30 financial institutions.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-17•Moldova•National Bank of Moldova
The National Bank of Moldova's research highlights the segmented SME lending market in Moldova, with banks and non-bank lenders serving distinct SME profiles. Key findings include high rejection rates, reliance on financial documentation and collateral, and significant credit constraints for small firms. The study suggests policy differentiation, collateral registry modernization, and regulatory adaptation to enhance SME access to finance.
ResearchSME financing
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2025-04-17•Australia•Australian Competition and Consumer Commission
The ACCC has issued a draft determination proposing conditional authorisation for the Australian Sustainable Finance Institute and industry participants to collaborate on sustainable finance initiatives for five years, with conditions to enhance oversight and transparency. Submissions on the draft are due by 2 May 2025, and interim authorisation for discussions on banking capital requirement reforms remains effective until the final determination.
Policy & regulationRules & requirementsClimate risk and sustainable finance