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2025-04-01•Ukraine•National Bank of Ukraine
The National Bank of Ukraine's March 2025 Business Outlook Survey indicates a positive shift in business expectations, with the composite business activity expectations index rising to 51.8. Trade showed the most optimism with a sector index of 54.0, while industry and construction also improved. Despite improved expectations, services remained cautious at 48.8, and challenges such as inflation expectations and skilled worker shortages persist.
Data & statisticsEconomic data and developments
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2025-04-01•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) has released its 2025–2029 strategic plan under the motto “ARSEG – Credible Supervision, Guaranteed Protection, Safe Angola”.
Policy & regulationReform agendas & prioritiesOther
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2025-04-01•New Zealand•Reserve Bank of New Zealand
The Reserve Bank of New Zealand will continue with Deputy Governor Christian Hawkesby as Acting Governor and Chief Executive until a new appointment is made under the Reserve Bank Act 2021. The Monetary Policy Committee will operate with six members, and plans are underway to appoint a Governor for a five-year term.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-01•Panama•Panama Superintendencia del Mercado de Valores
Panama’s Superintendency of the Securities Market reminded licensed brokerage houses to pay the first-quarter 2025 supervision fee within April, based on reported trading activity. Payments can be made by certified check or bank transfer, with proof required for receipt issuance. The notice references Law 67 of 2011, Law 66 of 2016, and Agreements 11-2013 and 02-2023.
SupervisionRegulatory reportingLicensing and supervisory fees
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2025-04-01•Bolivia•Central Bank of Bolivia
The Central Bank of Bolivia and Bolivia’s National Customs have digitized the Gold Export Certificate process via www.vuce.gob.bo, eliminating in-person procedures. Certificates for various gold forms are issued immediately, while gold mineral concentrate or waste exports require two digital documents and are processed within one business day. From 1 April 2025, certificates issued "subject to exchange" will require an email request to the central bank.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-04-01•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority issued a circular detailing the information required from obliged entities and the transmission method via its annual questionnaire. This initiative aims to evaluate the compliance and effectiveness of firms' systems in preventing money laundering and terrorist financing as part of its supervisory duties.
SupervisionRegulatory reportingAML and CFT
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2025-04-01•France•France Autorite des marches financiers
France's Financial Markets Authority and the Prudential Supervision and Resolution Authority released a mapping of structured products marketed to retail investors, highlighting significant market growth. The analysis covers debt securities and formula funds from 2021 to 2023, examining inflow dynamics, distribution channels, and product characteristics. Data from 10 banks were used to assess risk levels, performance, and underlying assets.
SupervisionRisk monitoring & watch pointsSales and distribution
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2025-04-01•France•France Autorite des marches financiers
The Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR) released a mapping of structured products sold to retail investors in France, highlighting market growth and distribution channels. Gross inflows rose from EUR 23bn in 2021 to nearly EUR 42bn in 2023, with most products sold through life insurance. Despite positive performance, authorities will continue monitoring due to the complexity and capital-loss risks associated with these products.
SupervisionRisk monitoring & watch pointsSales and distribution
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2025-04-01•Israel•Bank of Israel
The Bank of Israel has launched a voluntary financial relief plan, effective 1 April 2025, providing NIS 3 billion in relief and refunds to retail customers, focusing on households and small businesses, through 2027. Participating banks will offer benefits such as improved account remuneration, fee reductions, and credit relief, with implementation monitored by the Bank of Israel.
Policy & regulationImplementation, projects & pilotsFinancial inclusion
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2025-04-01•Israel•Bank of Israel
The Bank of Israel released the Citizens of Israel Fund's annual report, detailing 2024 financial results and strategies for managing state revenues from oil and natural gas profit levies. As of December 31, 2024, the Fund's assets were approximately USD 2,080 million, with a nominal dollar return of 11.5% for the year and an average annual return of 11.7% since inception.
Data & statisticsOther
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India issued an updated master circular on the Lead Bank Scheme, consolidating guidelines for State and Union Territory Level Bankers’ Committee convenor banks, lead banks, and member institutions. It emphasizes improved credit planning, monitoring, and coordination to support financial inclusion and priority-sector credit delivery, focusing on standardized data flow and enhanced roles for Lead District Managers. The circular addresses low credit-deposit ratios and alternative due-diligence options, noting lead bank responsibilities across 782 districts and SLBC/UTLBC convenorship in 28 States and 8 Union Territories.
Policy & regulationGuidance & interpretationOther
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India issued an updated master circular for banks on the Deendayal Antyodaya Yojana - National Rural Livelihoods Mission, consolidating operational requirements for SHG account management, credit linkage, and interest subvention for FY 2025-26. Updates include collateral-free lending up to INR 10 lakh, dual authentication for SHG transactions, and specific interest subvention rates for rural women SHGs. Indian Bank is designated as the nodal bank for the interest subvention scheme, with detailed claim procedures outlined for FY 2025-26.
Policy & regulationGuidance & interpretationFinancial inclusion
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India issued a Master Circular for scheduled commercial banks on the Self Help Group Bank Linkage Programme, effective until March 31, 2025. It covers SHG savings account opening, credit delivery, and monitoring, emphasizing simplified due diligence and documentation, with lending embedded in various credit plans. Banks have discretion over interest rates and service charges, while ensuring compliance with Master Directions on priority sector lending and credit information reporting.
Policy & regulationGuidance & interpretationFinancial inclusion
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2025-04-01•Spain•Spanish Securities Commission (CNMV)
The Spanish Securities Commission (CNMV) announced that its president, Carlos San Basilio, has been appointed to the Bureau of the OECD Corporate Governance Committee. The committee focuses on enhancing corporate governance policies to support economic efficiency, sustainable growth, and financial stability.
Institutional developmentLeadership change & appointmentsCorporate governance
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2025-04-01•Latvia•Central Bank of Latvia
The Central Bank of Latvia's analysis of the digital euro project highlights its potential to reduce reliance on non-European card schemes and enhance competition in digital payments. The report notes Visa and MasterCard's dominance in Latvia, with high merchant fees and limited local alternatives. A digital euro could offer a free public payment option, improve crisis resilience, and support euro area-wide services, though public sentiment in Latvia shows mixed willingness to adopt.
ResearchCBDC
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2025-04-01•Latvia•Central Bank of Latvia
The Central Bank of Latvia overviewed the Eurosystem’s digital euro project, emphasizing reduced reliance on non-European card providers and enhanced digital payment competition. It aims to offer a free public payment option and counter concentrated card market power, featuring offline functionality and regulated fee caps. Implementation will occur in two-year phases, with the European Central Bank’s Governing Council deciding on continuation, and final issuance contingent on EU regulation approval.
Policy & regulationImplementation, projects & pilotsCBDC
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2025-04-01•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica and the Ministry of Finance have released the updated 2025 Catalogue of Goods and Services (CABYS), supporting economic statistics and tax control. Driven by laws on VAT refunds for school supplies and menstrual hygiene products, it modifies categories and adds new entries. A transition period allows the use of both CABYS 2023 and 2025 codes until 1 June 2025, after which only CABYS 2025 codes will be accepted.
Policy & regulationRules & requirementsOther
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2025-04-01•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica released its 2024 Annual Report, detailing international economic conditions and Costa Rica's macroeconomic performance. The report outlines measures in monetary, foreign exchange, and financial policies, and the national payments system. It also analyzes the bank's financial position and activities, with regulatory provisions issued separately.
Monetary policyMonetary policy assessments & outlooksActivity and performance reportingMonetary policy decisions and developments
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2025-04-01•Italy•Bank of Italy
The Bank of Italy released remarks by Giuseppe Siani, Head of the Banking and Financial Supervision Department, on cyber risk and technological innovation in the financial system. The discussion, part of the Sadibaquarantotto conference, addressed ICT implications and operational resilience of financial intermediaries following the implementation of the Digital Operational Resilience Act (DORA).
Policy & regulationGuidance & interpretationCyber resilienceOperational risk and resilience
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2025-04-01•China•Central Bank of the Republic of China
The People's Bank of China held its 2025 anti-money laundering (AML) work conference, setting six priorities including implementing the revised PRC Anti-Money Laundering Law and enhancing risk-based AML supervision. The 2024 review highlighted progress in transitioning to risk-based supervision, improving beneficial ownership information management, and preparing for the fifth round of international AML evaluation. The 2025 agenda emphasizes refining AML systems, strengthening beneficial ownership mechanisms, and increasing international cooperation.
Policy & regulationReform agendas & prioritiesAML and CFT
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2025-04-01•China•Central Bank of the Republic of China
People's Bank of China Deputy Governor Lu Lei attended the Inter-American Development Bank 2025 Annual Meeting in Santiago, discussing IDB reform and economic conditions in Latin America. He also met with IDB President Ilan Goldfajn to enhance bilateral cooperation.
Policy & regulationCooperationCross-border cooperation
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2025-04-01•Europe•European Banking Authority
The European Banking Authority (EBA) announced its secure information-sharing platform was crucial in the Nordic-Baltic Stability Group's financial crisis simulation. The five-day exercise, involving eight member countries, tested regional collaboration and coordination, with the EBA's platform praised for effectiveness and reliability. This aligns with the EBA's 2024–2026 focus on crisis simulation exercises.
Policy & regulationImplementation, projects & pilotsRecovery and resolution
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2025-04-01•Europe•European Banking Authority
The European Banking Authority's Board of Supervisors has renewed François-Louis Michaud's mandate as Executive Director for a second five-year term, extending his tenure until August 2030. The decision followed an evaluation of his first-term performance and the Authority's future needs. Michaud will continue overseeing the EBA's management, work programme, budget, and staff matters.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-01•Bermuda•Bermuda Monetary Authority
The Bermuda Monetary Authority has released the 2025 annual return templates for insurance managers, brokers, and agents, with minimal changes from previous years. The templates can be accessed on the BMA website.
SupervisionRegulatory reporting
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2025-04-01•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) reported 87% completion of its 2020–2024 strategic plan, with varying implementation rates across strategic lines. Achievements include net recruitment of 50 staff, digital modernisation, and enhanced macroprudential risk monitoring. Ongoing projects include the Integrated Supervision Model, a new Statistics Portal, and a decarbonisation programme slated for completion in 2025.
Institutional developmentTechnology & data transformationOther
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2025-04-01•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance submitted a draft law to Parliament titled “Strengthening the Capital Market and other provisions,” combining capital markets measures with private debt arrears reforms. The bill extends mandatory acceptance of restructuring arrangements to the middle class, increasing eligible debtors from 7% to 85%. It includes tax incentives for investment, changes to Real Estate Investment Companies, and extends the ENFIA property tax exemption for disaster-affected areas.
Policy & regulationRules & requirementsRecovery and resolution
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2025-04-01•Ukraine•National Bank of Ukraine
The National Bank of Ukraine will not extend the UAH 150,000 monthly limit on outgoing transfers between individuals' accounts. This decision aligns with efforts to curb misuse of payment infrastructure, supported by new legislation and an industry memorandum promoting transparency. The NBU continues to enhance transaction monitoring and has submitted a concept note for a register of individuals subject to advanced monitoring to the Verkhovna Rada.
Policy & regulationRules & requirementsPayments and payment systems
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2025-04-01•Portugal•Portuguese Insurance Regulator (ASF)
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released a user guide for its online platform to compare Portuguese retirement savings plans (PPR). Established under ASF Regulatory Standard No. 11/2024-R, the platform aims to enhance transparency by providing information on fees, returns, and risk indicators for various PPR products. ASF clarifies that the information is not a recommendation and is the responsibility of insurers and pension fund management companies.
Policy & regulationGuidance & interpretationOther
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2025-04-01•Portugal•Bank of Portugal
The Bank of Portugal reported that Maastricht public debt rose by EUR 2.9 billion in February 2025, reaching EUR 277.2 billion, driven by increases in debt securities and savings certificates. General government deposit assets decreased slightly to EUR 17.5 billion, resulting in a net public debt increase of EUR 3.0 billion to EUR 259.7 billion.
Data & statisticsBalance of payments and other external statistics
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2025-04-01•United States•Federal Financial Institutions Examination Council
The Federal Financial Institutions Examination Council (FFIEC) appointed Katherine M.R. Bosken, Polly Klyce Pennoyer, and Aaron Luetzow to the State Liaison Committee (SLC) for two-year terms. They were designated by their respective state supervisory organizations and hold senior roles in state financial regulatory bodies. The SLC also includes Chair Charles G. Cooper and Greg Gonzales, both selected by the Council.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-01•United States•Financial Industry Regulatory Authority
FINRA marked the 10th anniversary of its Securities Helpline for Seniors, recovering over USD 9.3 million for investors as of December 31, 2024. The Helpline handled over 32,000 calls, made referrals to regulators and Adult Protective Services, and addressed scams involving romance, confidence, imposter, and crypto assets. FINRA noted recent rule changes enhancing protections for vulnerable investors, detailed in the FINRA 2025 Annual Regulatory Oversight Report.
Financial literacy & educationConsumer and investor protection
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2025-04-01•Colombia•Central Bank of Colombia
The Central Bank of Colombia announced the suspension of the production entry of CENIT for Aval Soluciones Tecnológicas’ DALE via External Circular Letter DSP-0067.
SupervisionInterventionsOther
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2025-04-01•Sweden•Riksbank
Sweden's Riksbank has revised its gold and foreign exchange reserves, increasing US dollar assets to 70% and expanding euro-denominated bond holdings to France, Spain, and Italy. The allocation balances preparedness, risk, and return, with an expected gross return of 3.36% (SEK 19.3 billion) and a net return of 1.75% (SEK 10.1 billion) over 12 months. Sustainability constraints are upheld, favoring Paris Agreement signatories, except for US and German bonds, and including ICMA-aligned sustainable bonds where feasible.
Monetary policyMonetary policy framework & strategy
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2025-04-01•Peru•Superintendencia de Banca, Seguros y AFP del Peru
The Superintendency of Banking, Insurance and Pension Funds Administrators of Peru urges the public to report suspected corruption and ethical misconduct involving its officials via the Citizen’s Single Digital Complaints Platform, which ensures anonymity. The initiative aims to promote integrity in public entities and aligns with the SBS's roles in safeguarding system stability, preventing financial crimes, and protecting user rights.
EnforcementWhistleblowing
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2025-04-01•Global•International Financial Reporting Standards Foundation
The International Financial Reporting Standards Foundation's 2024 report shows a GBP 1.6m pre-tax deficit due to technology upgrades and funding shortfalls. The International Accounting Standards Board issued new standards and consulted on 13 projects, while the International Sustainability Standards Board supported jurisdictions adopting IFRS S1 and S2. An organisational review aims to streamline decision-making, reduce costs, and diversify funding to address future deficits and achieve a balanced budget by 2026.
Institutional developmentGovernanceAccounting and financial reporting
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2025-04-01•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has drafted laws to enhance the collective investment market, aligning with international standards. The proposals aim to attract investment, protect non-qualified investors, and increase transparency in investment funds. Draft texts are available on the Open Legal Acts portal and the Agency’s website.
Policy & regulationRules & requirementsOther
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2025-04-01•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has launched a free online financial literacy course on the Skills Enbek platform under the Fingramota.kz project. The course covers money management, budgeting, and risk avoidance in loans, with modules on lending, online fraud protection, and financial pyramids. It is delivered in collaboration with the Centre for Labour Resources Development JSC.
Financial literacy & educationFinancial literacy and education
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2025-04-01•Austria•Austria Financial Market Authority
The Austrian Financial Market Authority (FMA) released a new edition of its consumer information series, emphasizing that life insurance policies are not equivalent to savings accounts. It clarifies that life insurance combines savings with mortality risk coverage, with variable returns and no guaranteed interest rate since 2022. It also warns of financial disadvantages from early redemption and advises that making a policy non-contributory may be preferable.
Financial literacy & educationConsumer and investor protection
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2025-04-01•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia's 2024 Survey on Access to Finance of Enterprises reveals improved access to financing, with firms optimistic about 2025. Despite reduced demand for external financing due to sufficient internal funds, firms cite the economic environment and government incentives as performance obstacles. On the green transition, 54% of firms reported impacts, with significant investment in energy efficiency and renewables.
ResearchEconomic data and developments
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2025-04-01•Slovenia•Central Bank of Slovenia
The Central Bank of Slovenia's Financial Stability Review notes a slight rise in financial stability risks for 2025 due to geopolitical and macroeconomic uncertainties, though banks remain resilient. Credit risk is moderate, driven by weaker non-financial corporations and increased non-performing consumer loans, while real estate market risk could rise due to constrained housing supply and lower mortgage rates. Macroprudential policy remains preventive, targeting higher bank capital, minimum credit standards, and controlled consumer lending growth.
SupervisionRisk monitoring & watch pointsFinancial stability and systemic riskMacroprudential policy and tools
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2025-04-01•Congo•Ministry of Finance & Economy (Congo)
The Congo Ministry of Finance, Budget and Public Portfolio said a review of its Human Resources Directorate identified funding and operational constraints affecting personnel management. Despite a larger 2024-2025 training budget, cash flow problems have kept the annual recovery rate below 20%. The directorate is responding with short-term training, a partnership with ENAM and work to digitize HR processes.
Institutional developmentWorkforce & recruitmentHiring and recruitment
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2025-04-01•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) released an Application Paper on integrating climate-related risks into insurance supervisory frameworks and announced a public consultation on structural shifts in the life insurance sector. IAIS updated its Insurance Core Principles and Common Framework online tool to reflect recent amendments and reached the Member Review Panel phase for assessments in several jurisdictions. Additionally, IAIS plans to launch an Insurance Capital Standard self-assessment exercise in 2026.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-04-01•Global•International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) released an Application Paper to help supervisors integrate climate-related risks into insurance practices and began a public consultation on life insurance sector shifts. IAIS updated its Insurance Core Principles and ComFrame online tool, announced a Member Review Panel phase for the Member Assessment Programme in Oman and Targeted Jurisdictional Assessments in several countries, and provided members access to a tool for analyzing natural catastrophe exposures with climate-change impact estimates.
Policy & regulationGuidance & interpretationSupervision process and methodologies
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2025-04-01•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding a fraudulent website and internet banking login screen linked to Shanghai Commercial Bank Limited. The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through such means. Affected individuals should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
SupervisionAlertsFraud and scams
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2025-04-01•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about fraudulent websites and internet banking login screens reported by The Bank of East Asia, Limited. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information like passwords via phone, email, or SMS. Customers who interacted with these fraudulent sites should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-04-01•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert following Bank of Singapore Limited's report of a fraudulent mobile application. The HKMA reminded customers that banks will not request sensitive information via SMS, email, or phone, nor send links for transactions. Customers who interacted with the app should contact the bank and report to the Hong Kong Police Force.
SupervisionAlertsFraud and scams
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2025-04-01•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding a fraudulent website and fake internet banking login screen reported by Chong Hing Bank Limited. The HKMA reminded customers that banks will not send messages with embedded links for transactions or request sensitive information via phone, email, or SMS. Affected customers should contact the bank and report to the Police.
SupervisionAlertsFraud and scams
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2025-04-01•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority and the Global Coalition to Fight Financial Crime co-hosted the APAC Fighting Financial Crime Conference 2025, focusing on enhancing anti-money laundering and counter-financing of terrorism efforts. Discussions included international best practices, technology developments, and legislative changes to improve information sharing and collaboration. The conference also addressed Hong Kong's role in international AML standard setting and recent changes in banking supervision.
Policy & regulationCooperation
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2025-04-01•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority revised its timeline for the third National Risk Assessment on money laundering, terrorist financing, and proliferation financing due to extensive data needs. Key reports will be released in 2025 to inform policies and compliance frameworks before the MONEYVAL evaluation in October 2026. The work involves collaboration with government agencies, industry representatives, and experts, with plans for increased outreach to explain the revised timetable and solicit industry input.
Policy & regulationImplementation, projects & pilotsRisk analysis and outlook
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2025-04-01•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority reported a 2.23% increase in deposits held by Isle of Man licensed deposit takers, reaching GBP 43.58 billion as of 31 December 2024. Over the year, deposits rose by 4.21%, with foreign currency deposits comprising 46.51% of the total, influenced by a 6.72% depreciation of GBP against USD. The data includes intra-group borrowing not capital in nature.
Data & statisticsFinancial and market indicators
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2025-04-01•United Kingdom•UK Parliament
UK Parliament has enacted the National Insurance Contributions (Secondary Class 1 Contributions) Bill, formalizing new rates announced in the 2024 Autumn Budget. The bill, which includes exemptions for healthcare providers and small companies, underwent final amendments before receiving Royal Assent on 3 April. The legislative process involved resolving disagreements between the Houses on amendments related to sector impact reviews.
Policy & regulationRules & requirementsOther
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2025-04-01•United Kingdom•UK Parliament
The UK Parliament's Public Accounts Committee (PAC) criticized the Department for Culture, Media and Sport's (DCMS) management of COVID-19 loans, citing weak oversight and unrealistic repayment expectations. The report reveals GBP 474m was lent, with GBP 400m still outstanding, and calls for DCMS to explore long-term options for the loan book and improve borrower management. It also notes a conflict of interest in rugby union loans and suggests enhanced scrutiny measures.
OtherLending
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2025-04-01•Global•Bank for International Settlements
The Bank for International Settlements published a working paper defining three "inflation cycles" measures using long-term international consumer price index data, revealing common patterns across economies. The study finds high-inflation regimes significantly increase recession probability and provides a cross-country dataset of inflation-cycle measures. It also notes that inflation cycle amplitudes have declined since 1985, with stronger cross-country co-movement in advanced economies.
Research
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2025-04-01•Global•Bank for International Settlements
The Bank for International Settlements released a working paper comparing Chile’s Household Finance Survey with banking loan records. The study reveals significant gaps in reported loan types and amounts, particularly for consumer credit, while delinquency status is more accurately reported. It highlights that survey data often underestimates consumer debt and overestimates mortgage debt, affecting risk assessments.
ResearchCredit riskAccounting and financial reporting
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised master circular on housing finance for Primary (Urban) Co-operative Banks, consolidating existing instructions and guidelines. This update replaces the previous circular from April 2024 and includes all directives issued up to March 31, 2025. No new instructions or guidelines have been introduced.
Policy & regulationGuidance & interpretationLending
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised master circular on the management of advances for Primary (Urban) Co-operative Banks, consolidating existing instructions and guidelines. This update incorporates all instructions issued up to 31 March 2025, without introducing new guidelines.
Policy & regulationRules & requirementsLending
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised Master Circular on "Exposure Norms and Statutory / Other Restrictions" for Primary (Urban) Co-operative Banks, consolidating regulatory instructions up to 31 March 2025. This update supersedes the January 2024 circular and does not introduce new guidelines.
Policy & regulationGuidance & interpretationLending
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised Master Circular on Guarantees and Co-acceptances for scheduled commercial banks, excluding payment and regional rural banks. This circular consolidates existing guidelines up to March 31, 2025, replacing the previous version without introducing new requirements.
Policy & regulationGuidance & interpretationOther
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised Master Circular for commercial banks, excluding regional rural banks, consolidating prudential norms on income recognition, asset classification, and provisioning for advances. This update compiles existing instructions up to March 31, 2025, without introducing new guidelines.
Policy & regulationRules & requirementsAsset quality
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India issued FAQs clarifying its 2023 Directions on commercial banks' investment portfolios, excluding regional rural banks. Key points include HTM classification for bonds with put options, fair value recognition at initial investment, and treatment of instruments received on conversion into equity or debt. The FAQs also address transition guidance for March 31, 2024, and April 1, 2024, including reserve adjustments and CET 1 capital deductions for Level 3 instruments.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised master circular for Primary (Urban) Co-operative Banks, consolidating existing regulatory instructions on guarantees, co-acceptances, and letters of credit. This update incorporates all instructions issued up to March 31, 2025, without introducing new requirements.
Policy & regulationGuidance & interpretationOther
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised Master Circular on housing finance for scheduled commercial banks, excluding regional rural banks, consolidating existing regulatory instructions. This update replaces the previous version from April 2, 2024, and includes all instructions up to March 31, 2025. No new instructions or guidelines have been introduced.
Policy & regulationRules & requirementsOther
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised master circular on bank finance to non-banking financial companies for scheduled commercial banks, excluding regional rural banks. This update consolidates all instructions up to 31 March 2025, replacing the previous circular from 24 April 2024, without introducing new guidelines.
Policy & regulationGuidance & interpretationLending
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India released a revised master circular for primary (urban) co-operative banks on income recognition, asset classification, and provisioning. This update consolidates all instructions up to 31 March 2025, replacing the previous version from 2 April 2024, without introducing new guidelines.
Policy & regulationGuidance & interpretationAsset quality
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2025-04-01•India•Reserve Bank of India
The Reserve Bank of India has issued a comprehensive Master Direction on interest rates on deposits, consolidating previous guidance from the 2016 Master Directions for banks and co-operative banks. This new directive, effective immediately, is issued under the Banking Regulation Act, 1949.
Policy & regulationRules & requirementsOther
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2025-04-01•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission and other key bodies confirmed the 28 March 2025 earthquake hasn't impacted the financial system, industrial sector, or capital markets. The insurance sector is ready to process claims efficiently, with an assistance centre for affected policyholders. Losses won't affect insurer stability due to reinsurance with overseas reinsurers.
SupervisionInterventionsOther
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2025-04-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has issued Togo’s third enhanced follow-up report under its mutual evaluation framework. Togo was placed under reinforced monitoring after its 2022 Mutual Evaluation Report found 11 weak effectiveness results and 24 recommendations rated non-compliant or partially compliant. The report does not assess progress on effectiveness.
Policy & regulationPeer reviews and country evaluationsAML and CFT
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2025-04-01•Africa•Inter Governmental Action Group against Money Laundering in West Africa (GIABA)
The Inter Governmental Action Group against Money Laundering in West Africa has opened an expression of interest process to hire an IT Assistant as an individual consultant. The role pays USD 12,000 per year, and submissions are due by May 19, 2025.
Institutional developmentProcurementAML and CFT
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2025-04-01•Europe•European Central Bank
ECB Executive Board member Piero Cipollone detailed the Eurosystem's strategy to improve cross-border retail payments by expanding SEPA in the Western Balkans and linking fast payment systems. He stressed addressing cost and settlement time issues and regulating stablecoins to reduce fragmentation risks. Steps include cross-currency settlement within TIPS, exploring global payment system connections, and drafting digital euro legislation for cross-border transactions.
Policy & regulationImplementation, projects & pilotsCross-border payments
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2025-04-01•Europe•European Central Bank
The European Central Bank's Working Paper No 3047 examines using word embeddings from ECB President's statements to predict euro area core inflation. The study finds embedding-based text measures significantly enhance forecasting accuracy compared to standard autoregressive models, with a 16% reduction in forecast error over 2008–2023. The research also indicates text-based forecasts complement Eurosystem projections, with notable weights in forecast combinations.
ResearchOther
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2025-04-01•Europe•European Central Bank
The European Central Bank's Macroprudential Bulletin article examines the impact of geopolitical risk on bank solvency, using 120 years of data to show that higher geopolitical risk correlates with lower banking sector capitalisation. A two standard deviation increase in geopolitical risk can lead to a 0.2 percentage point decline in the bank capital-to-assets ratio. The article highlights the complementary roles of microprudential supervision and macroprudential policy in embedding geopolitical risk into capital planning and maintaining financial stability.
ResearchGeopolitical risk
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2025-04-01•Europe•European Central Bank
The European Central Bank released the fourth version of the Corporate Actions section of the Single Collateral Management Rulebook for Europe (SCoRE), updating harmonised standards for corporate actions and meeting events across AMI-SeCo markets based on ISO 20022. The update includes clarifications on cancellation instructions and ISO messaging changes effective November 2025. Implementation of Standards 1 to 14 is mandatory by June 2025, with a phased migration for ISO 20022 messaging by November 2025.
Policy & regulationRules & requirementsMarket infrastructure
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2025-04-01•Liechtenstein•Liechtenstein Financial Market Authority
Liechtenstein's government has appointed Jean-Philippe Moser from Zug, Switzerland, to the Liechtenstein Financial Market Authority Supervisory Board for a five-year term starting 1 May 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-04-01•Europe•European Central Bank
The European Central Bank (ECB) released an updated guide for national authorities on consulting the ECB regarding draft legislative provisions within its competence. The guide details the consultation process, scope, and consequences of non-compliance, emphasizing the need for consultation even in marginal cases. It also covers procedural aspects, transparency, and potential legal repercussions for failing to consult.
Policy & regulationGuidance & interpretationOther
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2025-04-01•Bosnia and Herzegovina•Central Bank of Bosnia and Herzegovina
Governor Jasmina Selimovic of the Central Bank of Bosnia and Herzegovina attended a regional governors meeting in Osijek, discussing inflation dynamics and payment system modernisation. She highlighted factors contributing to inflation, such as rising electricity and transport costs, and emphasized the benefits of instant payments and the ongoing demand for cash. Discussions also included central bank digital currency initiatives and potential cooperation with the European Central Bank.
Monetary policyMonetary policy assessments & outlooksCBDCPayments and payment systems
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2025-04-01•Spain•Bank of Spain
The Bank of Spain's Deputy Governor Soledad Núñez highlighted strong 2024 profitability and low non-performing loans in the Spanish banking sector, alongside modest lending recovery. Key challenges include digital transformation, sustainability transition, and geopolitical uncertainty. The speech emphasized supervisory focus on operational risks, DORA regulation implementation, and integrating geopolitical risk into various banking operations.
SupervisionRisk monitoring & watch pointsLendingAsset quality
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2025-04-01•Spain•Bank of Spain
The Bank of Spain outlined its 2025 conduct supervision priorities at its third annual Conduct Supervision Forum, emphasizing customer protection and appropriate treatment as core expectations. The Bank is transforming its supervision approach to focus on preventive measures, sector-wide risk identification, and innovative tools. Key focus areas include responsible lending compliance, cross-selling practices, and conduct governance.
SupervisionSupervision approach, priorities & toolkitConsumer and investor protection
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2025-04-01•Spain•Bank of Spain
The Bank of Spain launched the "Close to you" campaign at the Banco de España Metro station in Madrid to enhance transparency by explaining its functions. This two-year agreement with Metro de Madrid will use physical and digital formats, a dedicated website, and social media. Governor José Luis Escrivá and Deputy Governor Soledad Núñez presented the launch, with further campaigns planned, including participation in Open Administration Week.
Financial literacy & educationOther
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2025-04-01•South Africa•South African Reserve Bank
The South African Reserve Bank mandates settlement system participants to migrate low-value cross-border electronic funds transfers within the Common Monetary Area from the SADC real-time gross settlement system to the Transactions Cleared on an Immediate Basis retail payment scheme by 1 April 2027. This applies to transfers not exceeding ZAR 5 million and aims for efficient, transparent, and cost-effective processing. Non-compliance may result in penalties under the National Payment System Act.
Policy & regulationRules & requirementsCross-border payments
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2025-04-01•South Africa•South African Reserve Bank
The South African Reserve Bank has issued a discussion paper for public comment on identifying and designating systemically important market infrastructures, exchanges, and payment systems under the Financial Sector Regulation Act 9 of 2017. It proposes a combined quantitative and qualitative assessment framework using indicators like size, interconnectedness, substitutability, and complexity, aligned with international guidance. The paper details the statutory designation process, including notifying the Financial Stability Oversight Committee and publishing designations or revocations on the SARB’s website.
Policy & regulationRules & requirementsMarket infrastructure
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2025-04-01•Sint Maarten & Curacao•Central Bank of Sint Maarten & Curacao
The Central Bank of Sint Maarten & Curacao confirmed the successful transition of the digital payment system to the Caribbean guilder (XCG) on April 1, 2025. The new currency is now fully operational for digital transactions, with all commercial banks reconnected to the payment systems.
Monetary policyOtherPayments and payment systems
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2025-04-01•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) detailed its role within the federal Integrity, Transparency and Access to Information System (SITAI), emphasizing its function as a Sectoral Integrity Unit. PREVIC's Integrity Programme, operational since 2018, focuses on combating corruption and misconduct, with enhanced initiatives following its integration into SITAI. Established by Decree 11,529/2023, the system standardizes integrity and transparency efforts across federal bodies.
Policy & regulationGuidance & interpretationOther
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2025-04-01•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) released a March 2025 roundup detailing new regulations, supervisory guidance, and enforcement actions. Key updates include a new rule under Law 14.711, changes to CVM Resolution 193 for voluntary adoption of CBPS 01 and 02, and enforcement actions with fines exceeding BRL 1 billion. The report highlights completion of over 80% of the 2023–2024 Sustainable Finance Action Plan targets and a joint update with ANBIMA on their cooperation regime.
Policy & regulationRules & requirementsOther
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2025-04-01•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) fined Olga Maria Barbosa Saraiva BRL 340,000 for breaching Article 115(1) of Law 6,404 by voting to approve her own accounts as a shareholder. A separate case against Marcos Jorge was terminated without a decision on the merits due to his lack of passive standing.
EnforcementInvestigations & enforcement actionsCorporate governance
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2025-04-01•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) released an overview of enforcement actions from January to March 2025, including civil penalties for false and unauthorised trading. Notable actions involved a SGD 350,000 penalty on Mr Gui Boon Sui for false trading and unauthorised account use, and penalties on several individuals for abetting false trading. Additionally, MAS issued a six-year prohibition order to Mr Lim Kok Tiong Danny after his conviction for forgery and cheating.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-04-01•Canada•Ontario Securities Commission
As of 1 April 2025, the Ontario Securities Commission has delegated more registration-related powers to the Canadian Investment Regulatory Organization (CIRO), making it responsible for registering investment dealers, mutual fund dealers, futures commission merchants, and related individuals. This aims to streamline the registration process and reduce regulatory burdens in Ontario, with the OSC maintaining oversight through a risk-based framework. The move aligns with the Capital Markets Modernization Taskforce's recommendations.
Policy & regulationRules & requirementsLicensing framework and process
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2025-04-01•Canada•Ontario Securities Commission
The Ontario Securities Commission and other Canadian Securities Administrators have delegated certain registration functions to the Canadian Investment Regulatory Organization (CIRO) to streamline processes for investment dealers, mutual fund dealers, and futures commission merchants. Effective April 1, 2025, this applies across multiple provinces and territories, with Québec's order expected by July 1, 2025. CSA members will focus on enhanced oversight of CIRO and regulatory policy development.
Policy & regulationRules & requirementsLicensing framework and process
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2025-04-01•Albania•Albania Financial Services Authority
The Albania Financial Services Authority announced a new 12-month "Green Card" motor insurance policy for Albanian citizens traveling to North Macedonia, priced at EUR 50. This initiative aligns with CEFTA recommendations to facilitate cross-border travel for Albanian-registered vehicles. The policy, available at all insurance companies' sales points, offers international third-party liability coverage.
Policy & regulationImplementation, projects & pilotsCross-border cooperation
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2025-04-01•Paraguay•Central Bank of Paraguay
The Central Bank of Paraguay published a readout of a discussion with World Bank Group President Ajay Banga that portrayed Paraguay as having strong macroeconomic fundamentals and potential to attract more private investment. Speakers said that sustaining that trajectory will require stronger regulation, better infrastructure and further productivity-focused reforms to support growth and quality job creation.
OtherEconomic data and developments
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2025-04-01•Philippines•Philippine Securities and Exchange Commission
The Philippine SEC has signed a data sharing agreement with the Procurement Service of the Department of Budget and Management to access beneficial ownership information on SEC-registered corporations, aiding in combating illicit financial flows in public procurement. Supported by the UN Office on Drugs and Crime, this agreement enhances real-time risk assessments and due diligence. The SEC has similar arrangements with 21 other agencies, aligning with Financial Action Task Force recommendations after the Philippines' exit from the FATF grey list.
Policy & regulationCooperationBeneficial ownership
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2025-04-01•Global•IOSCO
IOSCO published a thematic review on the implementation of its 2013 market surveillance recommendations, highlighting gaps in automated surveillance governance, cross-venue data consolidation, and algorithmic trading preparedness. Based on 35 self-assessments, it notes that while most jurisdictions have implemented Recommendations 1–7, issues persist in cross-border surveillance and data access. IOSCO advises jurisdictions to address these concerns and mentions its ongoing artificial intelligence workstream initiated in April 2024.
Policy & regulationPeer reviews and country evaluationsMarket infrastructureSupervision process and methodologies
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2025-04-01•Global•IOSCO
The International Organization of Securities Commissions (IOSCO) reviewed the implementation of Principles 6 and 7 of its Objectives and Principles of Securities Regulation, noting high compliance but gaps in emerging markets. Based on self-assessments from 55 regulators, issues included unclear systemic risk responsibilities, lack of formal processes, and information-sharing weaknesses. IOSCO provided jurisdiction-specific recommendations and support for legislative reforms and capacity building.
Policy & regulationPeer reviews and country evaluationsSupervision process and methodologies
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2025-04-01•Europe•European Payments Council
The European Payments Council has issued user guidelines for the EPC Directory Service Web Graphical User Interface, detailing usage instructions for scheme participants and technical providers. Access to the interface requires completion of VOP scheme adherence and EDS onboarding, with login via SWIFT’s user management platform.
Policy & regulationGuidance & interpretationPayments and payment systems
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2025-04-01•Europe•European Payments Council
The European Payments Council has launched an API Reference Toolbox (ART) test and self-certification platform for its Verification Of Payee (VOP) scheme, operated by StreamMind, to help Payment Service Providers meet the Instant Payment Regulation's IBAN-name check requirement. ART aims to reduce interoperability risks among VOP participants and will be introduced in stages, starting with a pilot. The scheme is expected to be implemented by thousands of PSPs in Europe by the October 2025 deadline.
Policy & regulationImplementation, projects & pilotsOpen banking and finance
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2025-04-01•Europe•European Central Bank
European Central Bank President Christine Lagarde emphasized AI's transformative economic potential and urged Europe to avoid delays in digital adoption. She highlighted productivity and labor markets as key impact areas, stressing the need to remove barriers to AI innovation and prepare for its distributional, climate, and social effects. Lagarde also noted the importance of improving institutional quality and infrastructure to support AI investment and warned of increased energy demands from data centers.
Policy & regulationReform agendas & prioritiesArtificial intelligence
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2025-04-01•Europe•European Central Bank
The European Central Bank released the disaggregated financial statement of the Eurosystem as of 28 February 2025, detailing assets and liabilities by national central bank and the ECB. Total assets and liabilities were EUR 6,319,531 million, with securities of euro area residents in euro at EUR 4,459,234 million and banknotes in circulation at EUR 1,568,486 million. Liabilities to euro area credit institutions related to monetary policy operations were EUR 2,979,195 million, primarily from the deposit facility and current accounts.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-04-01•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) held a supervisory session with SBV Region 12, emphasizing uninterrupted capital transactions and payment services after a regional restructuring. Region 12, now the third-largest in lending and funding, reported deposits over VND 1,000 trillion and outstanding credit exceeding VND 1,100 trillion as of March 2025. The SBV focused on compliance with interest-rate rules, debt rescheduling, and cost-cutting directives, while addressing cash logistics challenges and encouraging digital cash-management proposals.
SupervisionSupervision approach, priorities & toolkitLiquidity riskFinancial stability and systemic risk
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2025-04-01•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) is working with Deposit Insurance of Vietnam (DIV) to draft an amended Deposit Insurance Law for the National Assembly in 2025. SBV has tasked DIV with enhancing inspection and supervision, particularly for the People’s Credit Fund system, and updating its coordination with SBV’s regional branches. Additionally, SBV seeks a digital transformation programme and IT upgrades for DIV, while supporting DIV's inclusion in the World Bank’s banking sector strengthening project.
Policy & regulationRules & requirementsOther
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2025-04-01•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) held a conference in Region 12 to promote bank credit for regional economic growth and outlined near-term monetary policy priorities. SBV emphasized maintaining stable deposit rates to support lending-rate stability, with average lending rates down 0.4% as of March 20, 2025, and system-wide credit growth at 2%. The SBV announced Ta Thanh Long as Director of Region 12 and Nguyen Dinh Thanh's secondment to the special control board at SCB.
Monetary policyMonetary policy instruments & operationsMonetary policy decisions and developments
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2025-04-01•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) has taken over supervisory responsibilities from Oslo Børs for issuers' disclosure obligations, share buybacks, stabilisation, and takeover bids as of 1 April 2025. The Market Abuse Regulation requirements remain unchanged, but issuers must now submit notifications of delayed disclosure to Finanstilsynet via Altinn. Finanstilsynet has updated its website with guidance and practical instructions for these processes.
SupervisionSupervision approach, priorities & toolkitMarket abuse