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2025-01-24•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has mandated individuals listed in an attached notice to pay a VND 1,000,000 fee for the re-issuance of a securities practising certificate, as per Ministry of Finance Circular 25/2022/TT-BTC. Payment can be made via bank transfer or directly at the Commission. Failure to complete the procedure within one year will result in certificate cancellation.
Policy & regulationRules & requirementsLicensing and supervisory fees
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2025-01-24•United Arab Emirates•National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC)
The UAE's National Anti-Money Laundering Committee hosted Kazakhstan's Financial Monitoring Agency to review bilateral initiatives and approaches to emerging financial crime risks. Discussions covered updated UAE risk assessments, digital monitoring and statistics platforms, public-private cooperation, and the detection of crimes involving virtual assets.
Policy & regulationCooperationAML and CFTRegtech and suptechBlockchain and distributed ledger technology
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2025-01-24•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued a joint circular clarifying the application of accounting criteria from CVM Resolutions 489, 516, 577, and 579 to investment funds under CVM Resolution 175. The circular outlines requirements for segregated asset pools for share classes, separate accounting records, and mandatory audits by independent auditors. It also addresses a query from ANBIMA regarding these accounting matters.
Policy & regulationGuidance & interpretationAccounting and financial reporting
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2025-01-24•South Korea•South Korea Financial Services Commission
The South Korea Financial Services Commission proposed amendments and issued interpretations to support foreign investment in Korea Treasury Bonds (KTBs) following Korea's inclusion in the World Government Bond Index. Key measures include enabling consolidated KTB trading, introducing omnibus trading accounts, and clarifying the Global Operating Model for foreign and domestic banks. The FSC aims to expedite these regulatory actions.
Policy & regulationRules & requirementsMarket development
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2025-01-24•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan met with the Financial Monitoring Service, Azerbaijan Banks Association, and bank representatives to address challenges in customer due diligence for anti-money laundering and counter-terrorist financing. Discussions included international standards, national legislation, and guidance on risk-based approaches. A standing working group will continue efforts to enhance the regulatory framework.
Policy & regulationCooperationKYC
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2025-01-24•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan convened a working group to review progress on its 2024 action plan and roadmap aligned with the World Bank Group’s Business Ready report. Discussions covered SME financing, market capitalisation, banking and insurance sector issues, and access to finance for startups. An initial draft 2025 action plan and roadmap were also presented, based on diagnostics and benchmarking.
Policy & regulationImplementation, projects & pilotsMarket development
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2025-01-24•Albania•Albania Financial Services Authority
The Albania Financial Services Authority reported a 7.03% increase in gross written premiums for 2024, totaling ALL 24,505 million, with 1,595,687 insurance contracts, up 8.84%. Non-life insurance dominated with a 91.51% share, while compulsory insurance accounted for 61.45% of total premiums. Motor insurance claims were the highest at ALL 6,239 million, representing 72.07% of total claims paid.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-24•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia and the International Finance Corporation reviewed progress on Cambodia’s Derivatives Market Development Project. Discussions included future directions for the derivatives market and potential IFC support for securities market development, focusing on capacity-building for SERC officials.
Policy & regulationCooperationMarket development
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2025-01-24•Cambodia•Securities and Exchange Regulator of Cambodia
Securities and Exchange Regulator of Cambodia Director General Sou Socheat participated in a virtual meeting of the Alternative ASEAN Taxonomy Board. The meeting focused on providing a progress update and approving the plan for developing ASEAN Taxonomy version 4.
Policy & regulationInternational standards & recommendationsGreen taxonomy
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2025-01-24•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,112 examines the impact of "mothballed" businesses on sectoral prices, suggesting temporary closures preserve productive capacity and reduce price pressures during recovery. Using data from Canadian cities, the study finds reopenings significantly contributed to business entry, and customer review activity correlates with job vacancy growth. Model simulations indicate removing the option to temporarily close would have increased price pressures in food service and retail sectors.
ResearchMarket development
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2025-01-24•United Kingdom•Bank of England
The Bank of England's Staff Working Paper No. 1,114 examines a liquidity-based transmission channel affecting commodity futures' reactions to monetary policy. It finds trading volumes typically decline after monetary policy surprises, with more actively traded commodities more affected. Covering data from 2000 to 2008, the paper suggests contractionary surprises have a larger negative impact on high-volume contracts, while expansionary actions show limited liquidity-based price transmission.
Research
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2025-01-24•Poland•Central Bank of Poland
The Central Bank of Poland reported a PLN 46.3bn increase in the M3 money supply in December 2024, reaching PLN 2,480.0bn, primarily due to higher deposits and claims from households and non-financial corporations. Household deposits rose by PLN 21.3bn to PLN 1,325.9bn, and non-financial corporations' deposits increased by PLN 14.7bn to PLN 523.8bn. Meanwhile, net debt of central government entities rose by PLN 32.6bn to PLN 458.3bn.
Data & statisticsMonetary data
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2025-01-24•Philippines•Philippine Securities and Exchange Commission
The Philippine Securities and Exchange Commission has partnered with the International Finance Corporation to advance the 30by30 Zero Philippines Program, aiming to boost sustainable finance. The agreement includes capacity-building for thematic bond stakeholders and a survey of the Philippine Thematic Capital Market. The program seeks to achieve 30% climate-related lending with minimal coal exposure by 2030.
Policy & regulationCooperationClimate risk and sustainable finance
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2025-01-24•Croatia•Croatian Financial Services Supervisory Agency
At the Athens conference, Ante Žigman, President of the Croatian Financial Services Supervisory Agency, outlined Croatia's corporate governance framework and its alignment with G20/OECD principles, noting compliance indicators rose from 52% in 2019 to 70% in 2023. He emphasized Hanfa's role in enhancing transparency and accountability, addressing challenges like gender balance on boards and digitalisation of reporting. Hanfa and the Zagreb Stock Exchange will continue promoting corporate governance standards.
Policy & regulationGuidance & interpretationCorporate governance
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2025-01-24•Croatia•Croatian Financial Services Supervisory Agency
The Croatian Financial Services Supervisory Agency reported growth in assets and activity across pension funds, insurance, the Zagreb Stock Exchange, and UCITS through December 2024. Mandatory pension funds saw a 14.8% annual increase in net assets to EUR 23.2bn, while the insurance sector's gross written premium rose 9.9% to EUR 1.9bn. The Zagreb Stock Exchange's market capitalisation increased to EUR 50.3bn, with the CROBEX index up 25.9% annually.
Data & statistics
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2025-01-24•Vanuatu•Vanuatu Financial Services Commission
The Vanuatu Financial Services Commission announced that amendments to the Financial Dealers Licensing Act, effective from 4 December 2024, introduce a progression model for Class B, C, and D principal licences and increase licence renewal fees. A transition period until 1 April 2025 is set for existing licensees to comply with new requirements, with specific deadlines for fee payments and licence applications.
Policy & regulationRules & requirementsLicensing framework and process
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2025-01-24•Nigeria•Central Bank of Nigeria
The Central Bank of Nigeria has waived the non-refundable 2025 annual licence renewal fee for existing bureaux de change (BDCs) as part of the transition to the new regulatory structure under the 2024 supervisory guidelines. BDCs that have already paid the fee can apply for a refund from the Financial Policy and Regulation Department.
Policy & regulationRules & requirements
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2025-01-24•United Kingdom•Bank of England
The Bank of England has appointed David Soanes and Niamh Moloney as new external members of the Prudential Regulation Committee (PRC), confirmed by Chancellor of the Exchequer Rachel Reeves. They will serve three-year terms, succeeding Jill May and Julia Black. Soanes brings extensive investment banking experience, while Moloney is a financial regulation expert and academic.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-24•Canada•Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada aided in the investigation that led to Henry Grant Wetelainen's sentencing for tax evasion and filing false statements. Wetelainen received a conditional sentence and a CAD 128,101 fine as director of 1584859 Ontario Inc., which failed to file tax returns and report significant income. The Canada Revenue Agency emphasized that convicted taxpayers must still pay owed taxes, interest, and penalties, noting 135 convictions for evading over CAD 44 million between April 2019 and March 2024.
EnforcementInvestigations & enforcement actionsTax transparency and information exchange
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2025-01-24•Malta•Central Bank of Malta
The Central Bank of Malta reported a decline in the net share of non-financial corporations indicating improved business conditions, dropping to 9% in Q4 2024 from 15% in the previous quarter.
Data & statisticsEconomic data and developments
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2025-01-24•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's provincial branches reviewed 2024 banking activities and set 2025 priorities, emphasizing credit expansion, low non-performing loan ratios, and digital transformation. In Ben Tre province, credit rose 12% to VND 69,000bn, with non-performing loans below 2%. Emulation Cluster VI reported an 11.43% increase in mobilised funds to VND 511,978bn and an 8.18% rise in outstanding loans, maintaining non-performing loans at 1.47%.
Policy & regulationReform agendas & prioritiesOther
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2025-01-24•Vietnam•State Bank of Vietnam
The State Bank of Vietnam (SBV) and Singapore's Ambassador Jaya Ratnam discussed enhancing Vietnam-Singapore banking cooperation, focusing on bilateral QR code retail payment connectivity. This initiative builds on a 2018 memorandum with the Monetary Authority of Singapore (MAS) and aligns with ASEAN's cashless payment and financial integration goals. The SBV has similar QR payment links with Cambodia, Thailand, and Laos, and MAS is prepared to assist Vietnam in anti-money laundering efforts.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2025-01-24•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on February 5, 2025, to examine "Operation Chokepoint 2.0." Chairman Tim Scott alleges that Biden administration regulators pressured financial institutions to cease services to digital asset firms and conservative-aligned entities.
Policy & regulationOther
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2025-01-24•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs, led by Chairman Tim Scott, is soliciting reports from businesses and individuals who have been "debanked" via its confidential whistleblower resource. This initiative aims to gather information ahead of a hearing on February 5, 2025, to address and prevent future "chokepoint activities" and ensure accountability.
EnforcementWhistleblowing
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2025-01-24•Kenya•National Treasury (Kenya)
Kenya's National Treasury announced that Principal Secretary Chris Kiptoo met with Central Bank of Kenya Chairman Andrew Mukite Musangi to discuss key financial sector priorities. The discussions focused on enhancing economic stability and growth in Kenya.
Policy & regulationCooperationDomestic cooperation
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2025-01-24•Canada•New Brunswick Financial & Consumer Services Commission
The Financial and Consumer Services Commission of New Brunswick issued a warning that Global Prime Treasury PTE Ltd, based in Singapore, is not registered to deal or advise in securities in New Brunswick. Investors are advised to use the National Registration Search tool to verify registration status.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-24•United States•U.S. Financial Services Committee
House Financial Services Committee Chairman French Hill and Subcommittee Chairman Bryan Steil endorsed President Trump's executive orders on digital assets, including establishing the President’s Working Group on Digital Asset Markets and prohibiting a U.S. central bank digital currency (CBDC). They criticized the Securities and Exchange Commission's past enforcement and emphasized the need for clearer regulations to protect financial privacy and enhance consumer and investor protections.
Policy & regulationCooperationFintech and insurtechArtificial intelligence
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2025-01-24•Iceland•Central Bank of Iceland
The Central Bank of Iceland's quarterly lending survey shows a slight contraction in household mortgage loan supply, with stability expected in six months. Demand for mortgages and car loans is anticipated to rise slightly. Mortgage lending rules have tightened and will continue tightening, with increased competition for household loans. Corporate credit supply remains stable, with a slight expected increase in supply and demand, and varied movements in corporate lending rates influenced by funding costs and policy developments.
Data & statisticsMonetary data
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2025-01-24•Honduras•Comisión Nacional de Bancos y Seguros de Honduras
Honduras' National Banking and Insurance Commission (CNBS) has revised its relief mechanisms for borrowers affected by Tropical Storm Sara, extending loan restructuring requests and updating conditions for CNBS-supervised institutions. The framework allows restructuring without altering the risk category as of 31 October 2024, prohibits additional fees, and mandates clear communication of terms. The resolution is effective immediately, nullifying the previous November 2024 framework.
Policy & regulationRules & requirementsOther
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2025-01-24•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway and the Norwegian Data Protection Authority received five applications for their regulatory sandbox, focusing on data sharing to combat economic crime. Projects involve fraud prevention, anti-money laundering, and insurance fraud, with participants including DNB, SpareBank 1, Nordea, and others. A decision on project admission will be made shortly, correcting an earlier report of four applications.
SupervisionInnovation & testingAML and CFTRegulatory sandbox
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2025-01-24•Iceland•Central Bank of Iceland
The Central Bank of Iceland's quarterly survey shows a slight contraction in household mortgage credit supply and unchanged corporate credit supply, with tightened mortgage lending rules and expectations of further tightening. It notes a marginal decline in household loan demand, anticipated increases in mortgage and car loan demand, and varied interest rate trends across indexed and non-indexed loans, while corporate lending demand is rising with stable lending standards and increased competition.
Data & statisticsMonetary data
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2025-01-24•United States•Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) approved WesBanco Bank, Inc.'s application to merge with Premier Bank, with the combined entity operating under the WesBanco name across multiple states. The FDIC's review considered competitive effects, financial resources, community needs, financial stability risks, and anti-money laundering records, finding favorably on these factors. The merger awaits further regulatory approvals, with the FDIC prioritizing improvements in the bank merger process.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-24•Chile•Chile Financial Market Commission
The Chile Financial Market Commission has sanctioned several private investment fund managers for failing to submit quarterly financial information as required by General Rules Nos. 364 and 475. Fines were imposed on Hedge Consultores S.A., Greenvestment S.A., Administradora Génesis Capital S.A., Administradora Zeus Capital S.A., and Administradora Mountain Chile VC S.A. for non-compliance.
EnforcementInvestigations & enforcement actionsRegulatory reporting
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2025-01-24•Russia•Central Bank of Russia
The Central Bank of Russia's latest "Monitoring of Businesses" update indicates a slowdown in business activity, with the Business Climate Index dropping to 3.8 points in January from 4.3 in December. Three-month ahead demand and output expectations have become more restrained, while business price expectations remained stable in January. Business investment activity continued to grow in the fourth quarter of 2024.
Data & statistics
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2025-01-24•Bosnia and Herzegovina•Republic of Srpska Securities Commission
The Securities Commission of the Federation of Bosnia and Herzegovina met with a World Bank team to discuss pension policy, focusing on implementing the voluntary pension funds framework. The Commission detailed steps to adopt necessary bylaws and initiatives sent to the Federal Ministry of Finance and the Government. The World Bank's mission also included meetings with relevant federal ministries and the Federal Institute for Pension and Disability Insurance.
Policy & regulationCooperation
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2025-01-24•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced Acting Chairman Mark T. Uyeda's appointments for senior roles to fill vacancies. Jeffrey Finnell is Acting General Counsel, Robert Fisher Acting Director of the Division of Economic and Risk Analysis, Kathleen Hutchinson Acting Director of the Office of International Affairs, and Samuel Waldon Acting Director of the Division of Enforcement. Ryan Wolfe will be Acting Chief Accountant, effective 25 January 2025.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-24•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission, led by Li Yunze, visited Hebei to enhance financial services and improve risk management. The delegation emphasized collaboration with local authorities to optimize banking and insurance services, support regional development, and strengthen financial consumer protection. Key initiatives include advancing SME financing, increasing agriculture-related lending, and ensuring service continuity during the Spring Festival.
SupervisionSupervision approach, priorities & toolkitOther
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2025-01-24•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration and several ministries issued guidance to enhance NEV motor insurance protection and service standards. The 21 measures focus on reducing NEV costs, promoting data sharing, and innovating insurance offerings, including risk-sharing mechanisms and pricing adjustments. The guidance also emphasizes improved insurer management and stronger supervision to safeguard consumer rights.
Policy & regulationGuidance & interpretationOther
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2025-01-24•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission and several ministries issued guidance to reform NEV motor insurance, addressing high claim frequency and repair costs. Measures include lowering repair costs, improving pricing accuracy, and facilitating coverage for high-loss vehicles through risk-sharing mechanisms and an online platform. It emphasizes enhancing claims handling, market order, and consumer protection, with inter-ministerial coordination supporting implementation.
Policy & regulationGuidance & interpretationOther
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2025-01-24•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has updated the supervisory rating methodology for financial leasing companies to enhance supervision and align with new measures. The framework includes five dimensions: corporate governance, capital management, risk management, professional capability, and IT management. Ratings will affect supervisory intensity, resource allocation, and market access, with possible business suspensions for non-compliance.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-01-24•China•China Banking and Insurance Regulatory Commission
China's National Financial Regulatory Administration has updated its supervisory rating measures for financial leasing companies, introducing a framework with five dimensions: corporate governance, capital management, risk management, professional capability, and information technology management. The ratings, graded from Levels 1 to 5 plus an S grade, will guide supervisory planning and market-entry decisions, with a dynamic adjustment mechanism for major developments.
Policy & regulationRules & requirementsSupervision process and methodologies
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2025-01-24•Moldova•National Bank of Moldova
The National Bank of Moldova outlined its supervisory priorities for 2025–2026, focusing on developing a stable, competitive insurance sector aligned with European standards. Key discussions included implementing the EU acquis, enhancing market stability, and establishing an Insurance Guarantee Fund. The bank has overseen licensing, regulation, and supervision of insurers and related entities since July 2023.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-01-24•Moldova•National Bank of Moldova
The National Bank of Moldova outlined its 2025–2026 banking supervision priorities, focusing on corporate governance, credit risk, interest rate risk, and operational risk. Key initiatives include a new stress testing round, oversight of payment systems amid open banking, and AML/CFT supervision using a risk-based approach. The priorities are subject to annual review and may adjust with evolving risks.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2025-01-24•Moldova•National Bank of Moldova
The National Bank of Moldova has outlined its supervisory priorities for the insurance sector for 2025-2026, focusing on governance, underwriting risk, solvency, and ICT risk. The strategy includes assessing insurers' governance frameworks, underwriting risk management, solvency adequacy, and ICT governance. These priorities are based on risk analysis and insurer assessments, with adjustments possible if the risk landscape changes.
SupervisionSupervision approach, priorities & toolkitRisk managementCorporate governance
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2025-01-24•Burundi•Bank of the Republic of Burundi
The Bank of the Republic of Burundi announced measures to address illicit activities by some Community Financial Groups, including suspending their registration and analyzing registration files.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-24•Caribbean•Caribbean Financial Action Task Force (CFATF)
The Caribbean Financial Action Task Force has published its mutual evaluation report on Montserrat, finding that the territory has strengthened its AML/CFT framework and improved its technical compliance since the last review. It says Montserrat understands its risks and can investigate money laundering, but supervision, preventive controls and beneficial ownership transparency remain underdeveloped. The report also notes that recent legal reforms are too new for their effectiveness to be fully assessed.
Policy & regulationPeer reviews and country evaluationsAML and CFTSupervision process and methodologies
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2025-01-24•Europe•European Insurance and Occupational Pensions Authority
The European Insurance and Occupational Pensions Authority (EIOPA) stressed the need for stronger gender equality in financial services, highlighting Solvency II review changes mandating diversity policies with gender balance objectives. EIOPA noted women's under-representation in decision-making and linked diversity issues to biases in risk assessment. The speech referenced EU initiatives like the Women on Boards Directive and EIOPA's development of Solvency II diversity guidelines.
Policy & regulationGuidance & interpretationDiversity and inclusion
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2025-01-24•Caribbean•Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) warned against fraudulent use of its logo by a venture claiming to be a stablecoin on the Solana blockchain, clarifying it is not associated with any crypto token ventures. The ECCB emphasized it does not operate a digital currency or stablecoin, following the conclusion of its DCash pilot in January 2024, and advised the public to research thoroughly before engaging in online crypto ventures due to prevalent scams.
SupervisionAlertsFraud and scams
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2025-01-23•Montenegro•Central Bank of Montenegro
The Central Bank of Montenegro and the Minister of European Affairs agreed to expedite regulatory adoption for Montenegro's integration into the Single Euro Payments Area (SEPA). Governor Irena Radovic emphasized aligning domestic legislation with EU standards and strengthening institutional capacity for joining the European System of Central Banks. Both parties highlighted cooperation as crucial for Montenegro's EU membership goals.
Policy & regulationCooperationCross-border cooperation
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2025-01-23•Uruguay•Central Bank of Uruguay
Since 2018, the Central Bank of Uruguay has conducted 11 supervisory actions on companies offering "livestock investments," intervening when offerings resembled unregistered financial products. Firms had to provide documentation, and those failing to prove genuine livestock investments were told to stop advertising. The central bank clarified that businesses focused solely on cattle breeding or livestock capitalization without regulatory issues are not supervised under its current mandate, with any expansion needing legal changes.
SupervisionInterventionsSupervision process and methodologies
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2025-01-23•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia's Capital Markets Authority announced that the Appeal Committee for the Resolution of Securities Disputes convicted Ertiyad Holding Group of breaching Article 31 of the Capital Market Law and Article 5 of the Securities Business Regulations, imposing a SAR 6.12 million penalty. Ertiyad conducted securities business without a licence by acting as an agent, receiving funds, and investing them in the Saudi Exchange for profit sharing. Affected parties may file claims with the Committee for Resolution of Securities Disputes after submitting a complaint to the Capital Markets Authority.
EnforcementInvestigations & enforcement actionsUnlicensed or unauthorized activity
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2025-01-23•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Markets Authority has approved Al Rajhi Capital’s public offering of the Al Rajhi Global Real Estate Sector Fund, confirming compliance with the Capital Market Law and its Implementing Regulations. The CMA advises investors to review the fund's terms, strategy, and risks, and to consult the fund manager for clarification.
SupervisionAuthorisations & approvalsSecurities offerings and listings
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2025-01-23•Global•Financial Markets Standards Board
The Financial Markets Standards Board has launched its 2025 Board mentoring programme to provide aspiring board members with governance experience and professional networking opportunities, following an 18-month pilot. Recruitment, supported by Teneo People Advisory, will mirror a standard board recruitment process.
Institutional developmentCooperation & capacity buildingCorporate governance
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2025-01-23•Cyprus•Central Bank of Cyprus
The Central Bank of Cyprus issued a warning about counterfeit USD 100 and EUR 50 banknotes, listing identified serial numbers. The public is advised to consult the Central Bank of Cyprus, European Central Bank, and Federal Reserve websites for guidance on banknote security features.
SupervisionAlertsFraud and scams
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2025-01-23•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority issued a warning about phishing text messages falsely claiming to be from Allianz Global Corporate & Specialty SE and Euler Hermes, aiming to obtain personal or payment information. Both insurers confirmed no connection to the messages, and the matter is under investigation by the Hong Kong Police Force. Individuals affected are urged to report to the police.
SupervisionAlertsFraud and scams
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2025-01-23•Hong Kong•Hong Kong Insurance Authority
The Hong Kong Insurance Authority issued a warning about fraudulent mobile text messages impersonating Blue Insurance Limited to obtain personal or payment information. Recipients are urged to avoid clicking links or calling suspicious numbers and to report any transactions to Blue Insurance Limited and the Hong Kong Police Force. The authority advises checking the Register of Authorized Insurers for official details.
SupervisionAlertsFraud and scams
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2025-01-23•Kosovo•Central Bank of the Republic of Kosovo
The Central Bank of the Republic of Kosovo approved an Advisory Letter on Syndicated Loans, creating a framework to enhance banks' capacity for financing large projects. It aims to diversify credit risk, reduce concentration risk, and support financial stability, with banks aligning policies with the Competition Law. Developed with international best practices and USAID support, it seeks to ensure fair competition and bolster the economy.
Policy & regulationGuidance & interpretationLendingPrudential risks
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2025-01-23•United Kingdom•Payment Systems Regulator
The UK's Payment Systems Regulator (PSR) plans to advance open banking by establishing an independent central operator for variable recurring payments (VRPs) and developing commercial arrangements for broader e-commerce use. Open Banking Limited, with support from the Financial Conduct Authority (FCA), will assist in setting up the operator. The PSR expects significant progress in 2025, with live VRP services facilitating recurring payments across sectors.
Policy & regulationImplementation, projects & pilotsOpen banking and finance
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2025-01-23•Belgium•Belgium Financial Services and Markets Authority
The Belgium Financial Services and Markets Authority released the inaugural FSMA Retail Investor Dashboard, detailing Belgian retail investors' trading activities in listed shares, ETFs, and bonds using MiFIR transaction data. The report highlights increased participation in the first half of 2024, with notable growth in ETF trading, while bond trading declined. The thematic section reveals median order values and age demographics, with plans for quarterly updates.
Data & statisticsActivity and performance reporting
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2025-01-23•Australia•Australian Securities & Investments Commission
The Australian Securities & Investments Commission (ASIC), through its Moneysmart program, released guidance urging Australians to set financial goals in 2025, noting a gap between intentions and execution. A YouGov survey showed 52% plan goals, but only 12% follow through. Gen Z leads at 77%, with financial constraints as the main challenge. Common goals include increasing savings and reducing non-essential spending. Moneysmart advises reviewing past spending, budgeting, setting milestones, and tracking progress.
Financial literacy & educationFinancial literacy and education
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2025-01-23•Tanzania•Ministry of Finance (Tanzania)
Tanzania's Ministry of Finance announced the introduction of newly printed Tanzania shilling banknotes into circulation from 1 February 2025, alongside existing notes. The new notes are a reprint of the 2010 series, retaining the same appearance and security features, with updated signatures of current officials. The Bank of Tanzania confirmed the reprinting process is complete and public notification has been issued.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-01-23•Tanzania•Ministry of Finance (Tanzania)
Tanzania’s Ministry of Finance updated on its financial education outreach in Karatu District, promoting formal financial services and addressing non-compliant lenders. Part of the Financial Sector Development Master Plan and National Financial Education Programme, it aims to reach 80% of citizens by 2025/26, covering personal finance and investment. This third phase began in January 2025, with plans to extend to Arusha and Kilimanjaro.
Financial literacy & educationFinancial literacy and education
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2025-01-23•Angola•Angola Insurance Authority (ARSEG)
The Angola Insurance Authority (ARSEG) has released the final lists of recognised and non-recognised creditors for Triunfal Seguros, detailing credit verification outcomes post-claims period. Recognised claims total AKZ 58,536,725.48 across 26 creditors, while non-recognised claims amount to AKZ 213,301,180.32 for four creditors. Creditors have 10 days to appeal decisions under Article 337 of Law No. 14/21, with arbitration by experts appointed by ARSEG.
SupervisionInterventionsRecovery and resolution
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2025-01-23•Netherlands•Dutch Authority for the Financial Markets
The Dutch Authority for the Financial Markets (AFM) issued a consumer warning against Frank Wim Brugman for providing unauthorized asset management services. Brugman allegedly received over EUR 800,000 from more than 70 investors, investing in high-risk products and incurring significant losses while falsely claiming substantial returns. The AFM advises consumers against engaging with Brugman and notes he may seek judicial review of the decision.
SupervisionAlertsUnlicensed or unauthorized activity
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2025-01-23•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay addressed media allegations of oversight failures, detailing its supervisory actions since 2018 on companies marketing "livestock investment" products. The bank assessed whether these were genuine livestock contracts or unregistered financial products, leading to 11 actions requiring firms to provide documentation. The statement clarified that businesses solely in cattle breeding or livestock capitalization are not regulated by the bank, and legal changes to include these products would require legislative action.
SupervisionInterventionsSupervision process and methodologies
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2025-01-23•Peru•Central Bank of Peru
At the World Economic Forum in Davos, Central Reserve Bank of Peru's Governor Julio Velarde stated that Peruvian inflation could reach 1% in Q1 2025 and end the year at 2%, aligning with the bank's target. Velarde highlighted Peru's relative ease in achieving disinflation compared to other economies and noted potential US dollar strengthening in 2025 due to geopolitical uncertainties. He also discussed financial innovation with executives from Nubank and Euroclear.
Monetary policyMonetary policy assessments & outlooksMonetary policy decisions and developments
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2025-01-23•Ireland•Central Bank of Ireland
The Central Bank of Ireland has appointed Karen O’Leary as Director of Currency, Workplace and Regulatory Services, effective March. O’Leary will join the senior leadership team, overseeing regulatory services, currency services, and the Cash Centre Strategy. She succeeds Bernard Sheridan, who is retiring.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-23•Congo•Congo Insurance Regulation and Control Authority
The Congo Insurance Regulation and Control Authority announced that its ARCA Digital System has been praised by the Brazzaville insurance regulator, the General Directorate of National Financial Institutions, as a model.
Policy & regulationImplementation, projects & pilotsFintech and insurtechSupervision process and methodologies
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2025-01-23•China•Central Bank of the Republic of China
The People's Bank of China disclosed enforcement actions against two entities for refusing to accept renminbi (RMB) cash, reaffirming RMB as legal tender. The central bank emphasized ongoing efforts to rectify such refusals and protect consumer rights. It advised the public to reference the People’s Bank of China Announcement (2020) No. 18 to assert their rights.
EnforcementInvestigations & enforcement actionsConsumer and investor protection
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2025-01-23•Indonesia•Bank Indonesia
The Bank of Indonesia's Economic Report on Indonesia 2024 outlines 2025 policy directions, emphasizing stability and growth through monetary policy and macroprudential measures. It includes the Money Market and Foreign Exchange Market Development Blueprint 2030 and the Indonesia Payment System Blueprint 2030 to enhance market deepening and digital transformation. Governor Perry Warjiyo highlighted initiatives like the Macroprudential Liquidity Incentive, MSME development, and digitalization of government transactions.
Monetary policyMonetary policy framework & strategyOther
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2025-01-23•Europe•EBA Clearing
EBA CLEARING and OP Corporate Bank completed the first Verification of Payee (VOP) calls using EBA CLEARING’s FPAD VOP solution, advancing the pan-European roll-out. This positions OP Corporate Bank nine months ahead of the EU Instant Payments Regulation deadline, with other STEP2 and RT1 participants preparing for broader SEPA integration. Available since December 2024, the VOP service aims to enhance fraud risk management and compliance with the European Payments Council’s VOP Scheme.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2025-01-23•Luxembourg•Luxembourg Commission de Surveillance du Secteur Financier
The Luxembourg Commission for the Supervision of the Financial Sector will require institutions to submit quarterly and annual EBA ITS reports via a new transmission method starting 1 April 2025. COREP and FINREP reports must align with monthly report processes and will only be accepted through the two designated monthly submission methods. Historical external channels will be discontinued for these reports.
SupervisionRegulatory reporting
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2025-01-23•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau reported that auto repossession activity at the end of 2022 surpassed pre-pandemic levels, with lenders increasingly using third-party forwarders, raising consumer costs. In December 2022, 0.75% of vehicle loans were assigned to repossession, a 22.5% increase from December 2019. Borrowers often remain liable for significant balances post-repossession, with the average outstanding balance rising from over USD 10,000 in 2019 to over USD 11,000 in 2022.
ResearchLendingConsumer and investor protection
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2025-01-23•Hong Kong•Financial Services and the Treasury Bureau (Hong Kong)
The Financial Services and the Treasury Bureau of Hong Kong highlighted the IMF's Staff Report from the 2024 Article IV consultation, affirming Hong Kong's status as an international financial centre with a resilient financial system. This resilience is credited to strong institutional frameworks, policy buffers, and the Linked Exchange Rate System. It also supports the HKSAR Government's focus on economic recovery, financial stability, and gradual fiscal consolidation.
Policy & regulationInternational standards & recommendationsFinancial stability and systemic riskFinancial and market indicators
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2025-01-23•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 approved senior management appointments in the securities market. Natalia Ivanenko will serve as chair of the executive body, Olga Trubacheva as chief accountant, and Igor Karpenko as a member of the executive body for IT and security.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2025-01-23•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission has initiated criminal proceedings against Lin Tai Fung and Or Chun Nin for alleged conspiracy to commit false trading in Pa Shun International Holdings Limited shares. Lin is also charged with failing to notify the Stock Exchange of Hong Kong of changes in his share interest. The case is adjourned to 20 March 2025, with bail set at HKD 20,000 cash and a HKD 50,000 surety.
EnforcementInvestigations & enforcement actionsMarket abuse
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2025-01-23•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) has issued a circular with new regulatory requirements for expanding listed structured funds, including Single Stock Leveraged and Inverse Products and Defined Outcome Funds. It updates the Code on Unit Trusts and Mutual Funds, superseding the May 2020 circulars. Key provisions cover product naming, disclosures, and safeguards, with Single Stock L&I Products limited to highly liquid mega-cap stocks on major exchanges and a maximum leverage of 2x to -2x.
Policy & regulationRules & requirementsSecurities offerings and listings
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2025-01-23•Finland•Ministry of Finance (Finland)
Finland's Ministry of Finance has introduced a bill to amend national law in line with new EU regulations mandating instant payment services by banks and payment providers. The bill includes provisions for administrative penalties and updates to the Second Payment Services Directive, defining instant credit transfers. The changes are proposed to take effect in April.
Policy & regulationRules & requirementsPayments and payment systems
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2025-01-23•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria will withdraw the 2019 commemorative coins from circulation, ceasing their status as legal tender from 3 February 2025. These coins can be exchanged at the bank's cash desks at face value until 31 December 2026.
Policy & regulationRules & requirementsCurrency and cash management
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2025-01-23•Global•Bank for International Settlements
The Bank for International Settlements released a working paper on privacy-enhancing technologies (PETs) in digital payment systems, highlighting trade-offs between user privacy, commercial data use, and law enforcement access. The paper proposes a taxonomy distinguishing privacy versus auditability and evaluates various PETs, noting limitations like computational overhead and interoperability challenges. It suggests jurisdictions may need to support physical cash due to current constraints in privacy-preserving digital payments.
Research
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2025-01-23•United States•Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City's January Manufacturing Survey shows continued decline in Tenth District manufacturing activity, though future expectations remain positive. Regional factory activity contracted modestly, with unchanged capital expenditures from last year. New seasonal adjustment factors using Census X-13 ARIMA-SEATS have been applied, affecting historical indexes.
Data & statisticsEconomic data and developments
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2025-01-23•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission clarified copayment conditions in health insurance contracts after misleading social media posts. The clarification outlines a two-track approach: an optional copayment plan offering premium discounts at purchase, and a renewal-based copayment triggered by specific claim patterns and thresholds. The renewal-based model caps copayments at 30% or 50% of covered medical costs, depending on conditions met.
Policy & regulationGuidance & interpretationOther
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2025-01-23•Qatar•Qatar Central Bank
Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed Saoud Al Thani met with Goldman Sachs Chairman and CEO David Solomon at the World Economic Forum Annual Meeting 2025 in Davos to discuss recent global financial sector developments.
Other
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2025-01-23•Mexico•CONDUSEF
Mexico's CONDUSEF warned of fraudsters posing as financial institutions to deceive users by offering credit and requesting personal data and advance payments. Scammers misuse institutions’ names and logos, contact victims digitally, and demand payments as credit processing costs. CONDUSEF advises verifying providers through its registration system, refusing pre-loan payments, and using secure websites to avoid scams.
SupervisionAlertsFraud and scams
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2025-01-23•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan has licensed LLC PARDOHTI OSON to operate the EASY PAY payment system as a payment system operator, in accordance with Tajikistan's laws on the National Bank, licensing, and payment services.
SupervisionAuthorisations & approvalsLicensing framework and process
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2025-01-23•Philippines•Central Bank of the Philippines
The Central Bank of the Philippines has prohibited Emerald Rural Bank, Inc. from operating in the country under Section 30 of Republic Act No. 7653. The Philippine Deposit Insurance Corporation has been appointed as receiver to manage the bank's takeover and liquidation, as per Section 12(a) of Republic Act No. 3591. These actions were authorized by Monetary Board Resolution No. 77.A and communicated via Circular Letter CL-2025-004.
EnforcementSanctions & designationsUnlicensed or unauthorized activity
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2025-01-23•Brazil•Brazilian Pension Funds Authority (PREVIC)
The Brazilian Pension Funds Authority (PREVIC) set two 2025 priorities: revising investment guidelines for closed pension funds and updating the sanctions framework. PREVIC urged the National Monetary Council to amend guidelines to allow EFPCs to invest in products under Brazilian Securities and Exchange Commission Resolution 175. Additionally, PREVIC seeks to revise the 2003 sanctions decree to enhance legal certainty and clarify offences and decision-making limits.
Policy & regulationReform agendas & prioritiesRegulatory burden
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2025-01-23•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority released a draft regulation for robo-advisor services, seeking public feedback as part of its digital transformation initiative. The draft outlines requirements for algorithm design and human oversight to ensure investor protection.
Policy & regulationRules & requirementsFintech and insurtech
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2025-01-23•Aruba•Central Bank of Aruba
The Central Bank of Aruba's Ease of Lending Survey for Q3 2024 shows improved sentiment in credit conditions, with the overall credit conditions index rising to 102.2 from 101.1 in Q2. Business lending drove this optimism, with the business credit conditions index increasing to 103.4, while individual loan conditions declined. Banks anticipate further improvement in business loan conditions for Q4, despite a weaker outlook for individual loans.
Data & statisticsFinancial and market indicatorsSupervisory data
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2025-01-23•Brunei Darussalam•Central Bank of Brunei Darussalam
The Central Bank of Brunei Darussalam released the Business Sentiment Index (BSI) for December 2024, showing a stable headline Current Business Conditions sub-index at 50.0, with a slight improvement to 50.4 expected in January 2025. The Investment sub-index remained steady, while Employment and Costs showed minor fluctuations. Optimism was noted in Transport & Communications and Manufacturing, while Health & Education and other sectors were pessimistic.
Data & statisticsEconomic data and developments
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2025-01-23•Oman•Central Bank of Oman
The Central Bank of Oman summarized the IMF's 2024 Article IV Consultation report, highlighting Oman's economic growth driven by the non-oil sector, low inflation, fiscal and current account surpluses, and a resilient banking sector. Real GDP grew by 1.9% in the first half of 2024, with non-hydrocarbon growth at 3.8%, while inflation decreased to 0.6%. The report credits prudent fiscal management and higher oil prices for economic stability but warns of risks from geopolitical tensions and lower oil prices.
ResearchEconomic data and developments
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2025-01-23•United States•New York State Department of Financial Services
The New York State Department of Financial Services has settled with PayPal, Inc. for a USD 2 million penalty due to violations of its Cybersecurity Regulation. The investigation revealed PayPal's inadequate cybersecurity management and training, leading to exposure of sensitive customer data. PayPal has since addressed the identified deficiencies, including gaps in access controls and identity management.
EnforcementInvestigations & enforcement actionsCyber resilience
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2025-01-23•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) issued Circular Letter CVM/SIN 2/2025, providing additional interpretations of CVM Resolution 175. The guidance, structured as a Q&A, addresses in-kind capital contributions, fiduciary administrator roles, and operational topics for participation funds. It complements previous circulars and covers portfolio composition, compliance deadlines, committee roles, and investment limits.
Policy & regulationGuidance & interpretationFiduciary duty
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2025-01-23•Brazil•Brazil Securities Commission (CVM)
The Brazil Securities Commission (CVM) has inducted seven new civil servants into its São Paulo office, following the swearing-in of 44 staff in Rio de Janeiro. These appointments are part of the 2024 public competition to fill 60 higher-education positions, authorized by the Ministry of Management and Innovation.
Institutional developmentWorkforce & recruitmentHiring and recruitment
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2025-01-23•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan conducted a currency auction where demand reached USD 52.5 million, fully met at a weighted average exchange rate of 1.7000 manat.
Monetary policyMonetary policy instruments & operationsCurrency and cash management
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2025-01-23•Bahrain•Central Bank of Bahrain
The Central Bank of Bahrain has granted Fasset Financial Services W.L.L. a Crypto Asset Service Provider – Category 3 license to offer crypto-asset trading services in Bahrain. This marks the fifth Category 3 license issued since 2020, with a total of eight licensed providers across all categories.
SupervisionAuthorisations & approvalsLicence approval
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2025-01-23•Cambodia•Securities and Exchange Regulator of Cambodia
H.E. Sou Socheat, Director General of the Securities and Exchange Regulator of Cambodia, attended the Credit Guarantee Corporation of Cambodia's annual seminar on green financing. The event reviewed CGCC's achievements, introduced new products, and facilitated discussions on innovative credit guarantee mechanisms.
Policy & regulationImplementation, projects & pilotsClimate risk and sustainable finance
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2025-01-23•Malaysia•Malaysia Securities Commission
The Securities Commission Malaysia issued a supervisory statement emphasizing compliance with the Malaysian Code on Take-overs and Mergers and related rules, focusing on timely and adequate disclosure to shareholders. The Commission is closely monitoring recent interest to ensure informed shareholder decisions and maintain capital market integrity.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2025-01-23•Malaysia•Malaysia Securities Commission
The High Court approved the Malaysia Securities Commission's application to forfeit a luxury condominium and RM445,039.28 linked to proceeds from Bright Packaging Industry Berhad's corporate exercises. RM56,074,500 was siphoned from the company, with part used for the condominium purchase and the remainder generating interest in Ricky Wong's account. The Commission seeks public assistance to locate Wong, wanted for offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
EnforcementSanctions & designationsAML and CFT
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2025-01-23•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of the Republic of North Macedonia ranked ninth out of 113 state institutions in the 2024 Transparency Report by the Agency for the Protection of the Right to Free Access to Information. The Commission improved its score to 44.5 out of 50, up from 40.5 in 2022, as part of the Public Administration Reform Strategy 2018-2023.
SupervisionPeer reviews and country evaluationsCorporate governance