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2025-01-16•United States•Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) ordered Block, operator of Cash App, to provide up to USD 120 million in refunds and pay a USD 55 million penalty for failures in fraud prevention and customer service. The CFPB found inadequate security protocols and improper handling of unauthorized transaction disputes, requiring Block to establish 24-hour customer service and ensure timely refunds. State regulators also fined Block USD 80 million for Bank Secrecy Act and anti-money laundering violations.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-01-16•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 revoked the licence of Cash-U Microfinance Organization LLP due to systematic legal violations. The firm must re-register, reorganize, or liquidate within 30 days. Clients remain liable for any unfulfilled obligations under existing microcredit agreements.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-16•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) has introduced a swift licensing process for new virtual asset trading platform (VATP) applicants, requiring them to implement necessary policies and controls before an external assessment. The SFC will supervise the assessment process and has issued a circular with guidance and inspection findings to clarify regulatory standards. Four VATPs were licensed under this process on 18 December 2024.
Policy & regulation Implementation, projects & pilots Licensing framework and process
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2025-01-16•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission (SFC) and The Stock Exchange of Hong Kong Limited have taken enforcement actions against Main Board-listed FingerTango Inc. and eight former directors for alleged misconduct involving problematic investments and loans. The SFC seeks disqualification and compensation orders due to substantial losses exceeding HKD660 million, with over 80% of loans in default. Proceedings commenced in October 2023 under section 214 of the Securities and Futures Ordinance.
Enforcement Investigations & enforcement actions Corporate governance
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2025-01-16•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority announced that Kelladale Limited has surrendered its licence under Section 7 of the Financial Services Act 2008, effective 31 December 2024.
Supervision Authorisations & approvals Licence withdrawal
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2025-01-16•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about a fraudulent website and internet banking login screen linked to Fubon Bank (Hong Kong) Limited. The HKMA reminded the public that banks won't send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who interacted with the fraudulent site should contact the bank using official details and report to the Police.
Supervision Alerts Fraud and scams
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2025-01-16•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued a public alert after The Hongkong and Shanghai Banking Corporation Limited reported a fraudulent website. The HKMA stressed that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who provided personal information or conducted transactions on the fraudulent site should contact the bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-16•Global•Bank for International Settlements
The Bank for International Settlements published a working paper analyzing barcode-level retail price data from 2005–2022 across 16 economies, revealing that granular firm and product-category factors significantly influence inflation variance. In advanced economies, firm granular residuals explain 41% of inflation variance, with the macro component accounting for 44%. The study highlights granular forces in the post-COVID inflation surge, with firm-level components contributing notably to inflation in advanced economies during 2021–2022.
Research
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2025-01-16•Europe•European Central Bank
The European Central Bank's research shows that mortgage credit restrictions can shift households from ownership to renting, increasing rents and reducing welfare. Simulations indicate tighter constraints, like a 20% downpayment and a 3.5 loan-to-income cap, lead to a 4% rent increase and a 2 percentage point drop in homeownership. Higher rents can also mitigate monetary policy's cooling effect on inflation, with credit limits reducing rent and house price sensitivity to interest-rate shocks.
Research Lending Macroprudential policy and tools
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2025-01-16•Uzbekistan•Central Bank of the Republic of Uzbekistan
The Central Bank of the Republic of Uzbekistan will introduce 100 gram gold bars through commercial banks starting 17 January 2025, complementing smaller bars. These bars will be sold in protective packaging serving as a certificate, with daily prices on the Central Bank's website. Bars with intact packaging can be exported, while damaged ones require verification for repurchase.
Policy & regulation Implementation, projects & pilots Other
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2025-01-16•Thailand•Thailand Office of Insurance Commission
The Thailand Office of Insurance Commission held the first OIC Meets CEO 2025 meeting, setting a regulatory and market-development agenda. Key updates included progress on the Ignite Finance project, licensing improvements, and the phased "Open Data for Consumer Empowerment" plan. Future initiatives will focus on enhancing early-warning systems, revising investment rules, and strengthening fraud databases and cyber-threat readiness.
Policy & regulation Implementation, projects & pilots Other
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2025-01-16•Spain•Spanish Securities Commission (CNMV)
The Bank of Spain, the Spanish Securities Commission (CNMV), and the Ministry of Economy, Trade and Enterprise have renewed their cooperation agreement with the Ministry of Education under the Financial Education Plan to enhance citizens' financial skills from early education stages. Finanzas Para Todos aims to integrate financial education into the system, focusing on teacher training to address new financial risks in a digital environment.
Financial literacy & education Financial literacy and education
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2025-01-16•Brazil•Brazilian Superintendence of Private Insurance (SUSEP)
The Brazilian Superintendence of Private Insurance (SUSEP) enacted Complementary Law 213/2025, reforming Brazil’s National Private Insurance System. The law permits insurance cooperatives to operate in any private insurance line, except those explicitly prohibited, and introduces administrators for mutualistic property protection under SUSEP supervision. It expands SUSEP's supervisory powers, including sanctions and precautionary measures, emphasizing consumer protection, socio-environmental sustainability, and proportional regulation.
Policy & regulation Rules & requirements Other
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2025-01-16•Liechtenstein•Liechtenstein Financial Market Authority
The Liechtenstein Financial Market Authority (FMA) will issue a general ruling to maintain existing product intervention measures for binary options and contracts for difference (CFDs) offered to non-professional investors, aligning with the revised financial market law and Banking Act. Effective 1 February 2025, the ruling will prohibit certain binary options and conditionally allow CFDs, consistent with Regulation (EU) No. 600/2014. Individual notifications are waived due to the large number of affected parties in Austria and other EEA countries.
Policy & regulation Rules & requirements Sales and distribution
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2025-01-16•South Africa•South African Reserve Bank
The South African Reserve Bank and its Prudential Authority succeeded in an appeal to set aside a section 18(3) execution order in the Ithala SOC Limited case, as ruled by the KwaZulu-Natal Division High Court. The court ordered Ithala and two provincial respondents to pay costs, impacting Ithala's operations and its exemption to accept public deposits. Litigation continues with a liquidation application filed and an appeal to the Supreme Court of Appeal pending.
Enforcement Investigations & enforcement actions Prudential risks
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2025-01-16•Spain•Bank of Spain
The Bank of Spain and the Bank of Portugal held a bilateral meeting in Madrid to enhance institutional relations and explore collaboration in economics, financial stability, and other areas. Led by Governors José Luis Escrivá and Mario Centeno, discussions included financial conduct supervision, statistics, banking supervision, IT, and ESG goals. Senior directors from both central banks participated in the meetings.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-16•Liberia•Central Bank of Liberia
The Central Bank of Liberia said recent exchange rate fluctuations are temporary and driven by seasonal post-festive demand for US dollars rather than structural weakness in the foreign exchange market. It cited low Liberian dollar circulation relative to gross domestic product, money supply and import payments, alongside USD 661.8 million in net remittance inflows as of end-November 2024. The bank also pointed savers to CBL Bills paying a 17 percent effective annual interest rate and said it stands ready to take further monetary policy measures.
Monetary policy Monetary policy assessments & outlooks Foreign exchange policy and markets
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2025-01-16•United Arab Emirates•UAE Securities & Commodities Authority
The UAE Securities & Commodities Authority reported a significant rise in women's representation on boards of UAE-listed public joint-stock companies, with female-held board seats increasing from 47 in 2021 to 141 in 2024. This growth is attributed to the SCA's 2021 amendment mandating at least one female board member per listed company and its partnership with Aurora50 to enhance gender equality and corporate governance.
Policy & regulation Implementation, projects & pilots Corporate governance Diversity and inclusion
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2025-01-16•Vietnam•Vietnam State Securities Commission
The Vietnam State Securities Commission has notified individuals on a specified list to pay a VND 1,000,000 fee for the re-issuance of a securities practising certificate, as per the Ministry of Finance’s Circular 25/2022/TT-BTC. Payments can be made via bank transfer or directly at the Commission, including necessary identification details. Failure to complete the process within one year will result in certificate cancellation.
Supervision Authorisations & approvals Licensing and supervisory fees
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2025-01-16•Dominican Republic•Superintencencia de Bancos de la Republica Dominicana
The Superintendency of Banks of the Dominican Republic reported that bank lending to the tourism sector reached DOP 117.7 billion (USD 1.93 billion) at the end of 2024, accounting for 10.2% of private commercial lending and increasing 5% year on year. The tourism credit portfolio, primarily in USD, had a low delinquency rate of 0.26% and was largely provided by the three largest multiple banks. The USD financing cost for tourism was 7.7%, compared to 8.2% for other private commercial foreign-currency lending.
Supervision Risk monitoring & watch points Lending
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2025-01-16•Germany•German Bundesbank
The German Bundesbank reported that private households' financial assets in Germany increased by EUR 197 billion to a record EUR 9,004 billion in Q3 2024, with net financial wealth rising by EUR 189 billion. Non-financial corporations' external financing grew by EUR 13 billion to EUR 59 billion, driven by net loan borrowing. The Bundesbank noted that recent revisions to financial and national accounts affect comparability with previous data.
Data & statistics Financial and market indicators Monetary data
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2025-01-16•Serbia•Republic of Serbia Securities Commission
The Republic of Serbia Securities Commission has mandated the Belgrade Stock Exchange to prolong the temporary suspension of trading in NIS AD Novi Sad shares until further notice. Additionally, the Central Securities Depository and Clearing House is instructed to halt ownership transfers of these shares during the suspension period.
Supervision Interventions Trading
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2025-01-16•Estonia•Central Bank of Estonia
The Central Bank of Estonia reported a significant rise in payment fraud amid increasing electronic payments and e-commerce, as discussed at the Estonian Payment Forum. Key measures to combat fraud include enhancing customer awareness, improving bank cooperation, and leveraging European regulations on instant payments. Estonia experienced 18,300 card fraud incidents and 5,800 fraudulent payment orders in 2023, with many occurring outside Europe where strong authentication is less common.
Policy & regulation Cooperation Fraud and scams Payments and payment systems
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2025-01-16•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has extended the application period for the second phase of its special regulatory regime, allowing innovative financial products to be tested under its supervision. Eligible products can be tested under a contract with the Central Bank. Applications are to be submitted via the specified webpage or in writing.
Policy & regulation Rules & requirements Regulatory sandbox
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2025-01-16•Cambodia•Securities and Exchange Regulator of Cambodia
The Securities and Exchange Regulator of Cambodia, led by Director General Sou Socheat, participated in a hybrid meeting with the Ministry of Economy and Finance and S&P to discuss sovereign credit rating procedures. The meeting included officials from the Ministry of Economy and Finance, the General Department of Taxation, and the National Bank of Cambodia.
Policy & regulation Cooperation Credit ratings
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2025-01-16•Malaysia•Malaysia Securities Commission
The Securities Commission Malaysia (SC) supports Prime Minister Dato’ Seri Anwar Ibrahim’s announcement to explore a digital finance policy recognizing cryptocurrency and blockchain technology. This initiative aligns with SC's priorities to position Malaysia in the global digital finance landscape. SC Chairman Dato’ Mohammad Faiz Azmi emphasized collaboration with relevant agencies to develop Malaysia as an innovative digital finance hub.
Policy & regulation Reform agendas & priorities Blockchain and distributed ledger technology
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2025-01-16•Global•United Nations Environment Programme Finance Initiative
The UN Environment Programme Finance Initiative and WWF’s Greening Financial Regulation Initiative report on the growing adoption of nature-related banking regulations in over 50 jurisdictions, led by the Global South. Central banks in at least 29 jurisdictions, covering over EUR 75 trillion in assets, are integrating nature risk into frameworks. The report stresses the need for better nature data, advanced risk modelling, and policies for environmental externalities.
Policy & regulation Other Climate risk and sustainable finance
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2025-01-16•Thailand•Thailand Securities & Exchange Commission
The Thailand Securities & Exchange Commission has amended regulations for funds investing in digital assets, effective 16 January 2025, to enhance competition and portfolio management flexibility. Key changes include expanded eligible assets, differentiated crypto asset exposure limits based on investor type, and updated requirements for fund establishment and management. Investment Tokens are now eligible, with limits aligned to stocks and bonds, while crypto exposure for retail funds is capped at 5 percent of net asset value.
Policy & regulation Rules & requirements
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2025-01-16•Thailand•Thailand Securities & Exchange Commission
The Thailand SEC has revised the framework for second public offerings (SPOs) and listings on mai and SET for LiVEx-listed companies, effective 16 January 2025. Changes include reducing the investor public opinion period for SPOs from 30 to 7 days and the cooling-off period from 14 to 3 days, while requiring LiVEx-listed companies to meet IPO-style requirements for mai and SET listings. The SEC noted broad stakeholder support for these amendments.
Policy & regulation Rules & requirements Securities offerings and listings
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2025-01-16•Malta•Central Bank of Malta
The Central Bank of Malta released an updated version of CBM Directive No. 1 concerning the Provision and Use of Payment Services.
Policy & regulation Rules & requirements Payments and payment systems
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2025-01-16•Vietnam•State Bank of Vietnam
The State Bank of Vietnam issued Decision No. 2730/QD-NHNN, updating procedures for banking establishment and operations under Government Decree No. 162/2024/ND-CP and Circular No. 33/2024/TT-NHNN. Key changes include modified procedures for appointing key personnel in microfinance institutions and replacing licensing procedures for certain company structures. Licensing the transfer of microfinance programmes and notifying the commencement of operations have been abolished.
Policy & regulation Rules & requirements Licensing framework and process
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2025-01-16•Vietnam•State Bank of Vietnam
The State Bank of Vietnam's branches in Vĩnh Phúc and Bắc Kạn reviewed 2024 banking performance and set 2025 priorities, including an emulation programme for Emulation Cluster 4. Vĩnh Phúc reported an 11.02% increase in mobilised capital and a 12.11% rise in outstanding credit, while Cluster 4 saw a 10.71% increase in mobilised capital and a 14.28% rise in outstanding credit, with non-performing loans at 0.79%. The cluster also focused on foreign exchange, gold management, digital transformation, and cashless payments, and agreed on award nominations and a 2025 emulation covenant.
Institutional development Governance Other
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2025-01-16•Vietnam•State Bank of Vietnam
The State Bank of Vietnam has launched a 2025 campaign to eliminate temporary and dilapidated housing, targeting support for vulnerable households and those affected by natural disasters. The plan includes five action strands: resource mobilisation, policy development, administrative reform, direct contributions for housing, and transparent resource use. It also outlines emulation criteria, reward forms, and assigns responsibilities across various banking entities.
Policy & regulation Implementation, projects & pilots Other
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2025-01-16•Global•ISDA
ISDA has released the January 2025 edition of IQ, marking its 40th anniversary with reflections on key documentation milestones and a forward-looking work programme, including governance changes with Eric Litvack stepping down as chairman. The edition highlights ISDA's origins, standardisation efforts, and plans for 2025, such as reviewing FX and Currency Option Definitions, digitising documentation, and launching the ISDA Notices Hub.
Institutional development Leadership change & appointments Organizational structure
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2025-01-16•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority (Finansinspektionen) has issued guidance on notifying the authority when conducting securitisations with significant credit risk transfer, requiring a SEK 105,000 fee with the notification.
Policy & regulation Guidance & interpretation Securitization
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2025-01-16•Sweden•Finansinspektionen
Sweden’s Finansinspektionen announced the departure of Åsa Larson as head of the Insurance business area, resulting in her exit from the management group. Erika Goldkuhl has been appointed as the acting head of the Insurance business area.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-16•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority (FRA) concluded a two-day workshop on the Unified Insurance Law No. 155 of 2024, in collaboration with the Ministry of Justice. The event, aimed at judges and advisers in economic courts, focused on insurance supervision, oversight, and legal principles. FRA Chair Mohamed Farid emphasized the importance of expertise exchange to expedite dispute resolution in the insurance sector.
Policy & regulation Guidance & interpretation
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2025-01-16•Egypt•Egypt Financial Regulatory Authority
The Egypt Financial Regulatory Authority emphasized sustainability for the non-banking financial sector, focusing on an updated reporting framework aligned with IFRS S1 and S2 and strengthening the voluntary carbon market. Board Decisions 107/2021 and 108/2021 mandate ESG and climate disclosures for firms meeting specific capital thresholds. The authority also detailed regulatory developments in the carbon market, including amendments to the Capital Market Law and the establishment of a supervisory committee and accreditation standards.
Policy & regulation Reform agendas & priorities Climate risk and sustainable finance
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2025-01-16•Canada•Quebec Autorite des marches financiers
Quebec's Autorité des marchés financiers (AMF) updated its Supervisory Framework for Financial Institutions and Credit Assessment Agents to enhance proactive intervention and transparency. The revised framework emphasizes resilience and consumer protection, improves coordination of supervisory activities, and strengthens communication with boards and senior management. It also incorporates commercial practice risk assessments and introduces an improved risk profile for resilience evaluation.
Supervision Supervision approach, priorities & toolkit Supervision process and methodologies
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2025-01-16•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority confiscated NOK 276,900 from Songa Capital AS for breaching the EU Market Abuse Regulation's insider dealing prohibition. Songa withdrew a BORR Drilling buy order after receiving inside information about a block sale, treated as insider dealing under Market Abuse Regulation Article 8 and Article 14(a). The gain was calculated based on the difference between the New York Stock Exchange volume-weighted average price and the block sale price.
Enforcement Investigations & enforcement actions Market abuse
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2025-01-16•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway (Finanstilsynet) released an inspection report on Kappa Revisjon ANS’s audit of a foundation's 2023 financial statements, citing breaches of the Auditor Act. Issues included insufficient audit evidence on a tax claim, inadequate note disclosure, and documentation weaknesses in expense testing and distribution reviews. Finanstilsynet noted that assessing these breaches under the Foundation Act is the responsibility of the Norwegian Foundation Authority (Stiftelsestilsynet).
Supervision Reviews, inspections & stress tests Auditing
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2025-01-16•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority announced its 2025 Solvency II reporting relief, requiring nine life and 14 non-life insurers to submit item-by-item reports. Nordnet Livsforsikring AS and two non-life insurers may apply for exemptions, while 34 non-life insurers are exempt. No Norwegian captive insurers qualified for annual reporting relief. Firms must still provide underlying data on request and may need to recalculate the Solvency Capital Requirement if risk profiles change.
Policy & regulation Rules & requirements Regulatory reporting
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2025-01-16•United States•U.S. Department of Justice
The U.S. Department of Justice announced that American Express will pay a USD 108.7 million civil penalty to resolve allegations of deceptive marketing practices and misuse of Employer Identification Numbers. Allegations include misrepresentations in small business credit card sales and deceptive marketing of wire transfer products. American Express will also enter a Non-Prosecution Agreement and pay a criminal fine and forfeiture related to the wire transfer programs, with a USD 30.35 million credit against the civil penalty if paid in full.
Enforcement Investigations & enforcement actions Fraud and scams
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2025-01-16•Chile•Chile Financial Market Commission
Chile’s Financial Market Commission (CMF) is consulting on amending the Updated Compilation of Rules for Banks to ease non-resident access to Chilean peso transactions. Proposed changes include allowing credit titles or equivalent documents for overdrafts and accepting international IDs for certain transactions, subject to anti-money laundering controls. The CMF seeks feedback on these amendments and their potential impact on market development.
Policy & regulation Rules & requirements Cross-border payments Market development
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2025-01-16•Chile•Chile Financial Market Commission
The Chile Financial Market Commission's 2024 Indebtedness Report shows a decline in median individual debt to CLP 1.9 million and over-indebtedness to 16.5 percent, the lowest since 2021. Improvements are attributed to a lower monetary policy rate, higher real incomes, and weaker loan growth, with further data enhancements expected from the upcoming Consolidated Debt Registry. Median financial burden is 13.6 percent of income, with notable regional differences in indebtedness.
Data & statistics Financial and market indicators Supervisory data
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2025-01-16•United States•Federal Reserve Board
The Federal Reserve Board's FEDS Note examines post-COVID-19 inflation uncertainty across countries and its impact on domestic inflation, monetary policy rates, and investment. Foreign inflation uncertainty significantly affects domestic conditions, with a three standard deviation increase linked to a 2.55% investment decline after six quarters. The study highlights that monetary policy rate differentials influence these spillover effects, with stronger impacts when foreign rates are below U.S. rates.
Research
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2025-01-16•United States•Federal Reserve Board
The Federal Reserve Board approved First Busey Corporation's merger with CrossFirst Bankshares Inc., including the indirect acquisition of CrossFirst Bank. Additionally, Busey Bank's merger with CrossFirst Bank and the establishment of branches at existing CrossFirst locations were authorized.
Supervision Authorisations & approvals Licence approval
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2025-01-16•Russia•Central Bank of Russia
The Central Bank of Russia's latest Monitoring of Sectoral Financial Flows review shows a 9.3% rise in incoming payments processed in December, surpassing the previous two months' growth. All industry groups experienced growth, notably investment demand industries, which saw a 20.2% increase compared to 2024 Q3, exceeding typical seasonal patterns.
Data & statistics Financial and market indicators Supervisory data
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2025-01-16•Russia•Central Bank of Russia
The Central Bank of Russia approved an ordinance revising pricing parameters for compulsory motor third-party liability insurance (CMTPLI), effective 27 January 2025. Tariff corridors for public transport, motorcycles, and trucks up to 16 tonnes will be widened, while base rates for personal cars remain unchanged. Adjustments include regional coefficient updates and new premium coefficients for motorcyclists based on age, experience, and engine capacity.
Policy & regulation Rules & requirements
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2025-01-16•Russia•Central Bank of Russia
The Central Bank of Russia reported an average maximum interest rate of 21.72% on Russian ruble deposits for the top ten credit institutions in early January 2025. Rates varied by maturity, with 19.83% for up to 90 days and 21.39% for 181 days to one year. The calculation excludes special-category deposits and is based on publicly available bank data.
Data & statistics Financial and market indicators
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2025-01-16•Canada•British Columbia Financial Services Authority
The British Columbia Financial Services Authority (BCFSA) has revoked Ismail Jamal Jinnah's real estate licence and fined him CAD 10,000 for professional misconduct, including pressuring a client to sell her home. Jinnah was also ordered to pay CAD 67,223.39 in investigative and hearing costs. The decision cited failures in disclosure, conflict of interest management, and honesty, with misconduct dating back to 2015.
Enforcement Sanctions & designations
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2025-01-16•Egypt•Central Bank of Egypt
The Central Bank of Egypt announced an overall balance of payments deficit of USD 502.6 million for the first half of FY 2024/2025. This includes a USD 11.1 billion current account deficit and a USD 7.9 billion net inflow on the capital and financial account.
Data & statistics Balance of payments and other external statistics
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2025-01-16•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission settled charges with Two Sigma Investments LP and Two Sigma Advisers LP for fiduciary breaches, compliance failures, and violating the whistleblower protection rule. Two Sigma repaid USD 165 million to affected funds and agreed to USD 90 million in civil penalties. The SEC found the firm failed to address known model vulnerabilities and improperly supervised an employee, with the investigation ongoing.
Enforcement Investigations & enforcement actions Risk management Operational risk and resilience
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2025-01-16•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission released a video transcript of Chair Gary Gensler’s final “Office Hours” episode, explaining the SEC's role in U.S. capital markets and its investor-protection efforts. Gensler emphasized the size of U.S. capital markets at USD 120 trillion and their connection to everyday finance. He outlined the SEC's mandate to establish and enforce market rules, engage with the public, and address market structure and central clearing issues.
Financial literacy & education Other
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2025-01-16•United States•U.S. Securities & Exchange Commission
The U.S. Securities and Exchange Commission announced the departure of General Counsel Megan Barbero on 20 January 2025, concluding her tenure that began in February 2023. Barbero played a key role in advising on legal and policy issues, supporting rulemakings and enforcement actions, and representing the SEC in significant litigation. Before her SEC role, she held positions with the U.S. House of Representatives and the U.S. Department of Justice.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-16•United States•U.S. Securities & Exchange Commission
YJ Fischer will depart as Director of the Office of International Affairs at the U.S. Securities and Exchange Commission on 20 January 2025. Under her leadership, the office enhanced international enforcement cooperation, addressed examination obstacles, and supported the Holding Foreign Companies Accountable Act. It also expanded technical assistance programs and systematized cooperation during market stress events.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-16•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) announced new enforcement actions against national banks, federal savings associations, and individuals, including a cease and desist order against Bank of America, N.A. for compliance violations. Individual penalties include USD 10 million against former Wells Fargo executive Claudia Russ Anderson. The OCC also enhanced its enforcement action search tool, enabling searches by subject matter for actions since 2012.
Enforcement Investigations & enforcement actions AML and CFT Compliance
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2025-01-16•Moldova•National Bank of Moldova
The National Bank of Moldova, led by Governor Anca Dragu, attended the Central and Eastern Europe Forum in Vienna, focusing on capital market development and SME support with the EBRD. Discussions with EBRD's Francis Malige covered economic resilience, energy security, and Moldova's Country Strategy 2023-2028 priorities, including financial inclusion and corporate governance. The delegation also met with private-sector representatives to boost Moldovan firms' competitiveness and resilience globally.
Policy & regulation Cooperation Cross-border cooperation
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2025-01-16•Moldova•National Bank of Moldova
The National Bank of Moldova approved a regulation to prevent and combat money laundering and terrorist financing by non-bank payment service providers. Adopted as Decision No. 202, it took effect on 24 August 2018 and was registered with the Ministry of Justice.
Policy & regulation Rules & requirements AML and CFT
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2025-01-16•United Arab Emirates•Ministry of Finance (United Arab Emirates)
The UAE Ministry of Finance attended the first G20 Finance and Central Bank Deputies meeting under South Africa’s G20 Presidency, focusing on 2025 priorities. Discussions covered global economic outlook, financial stability, sustainable finance, and international taxation. The UAE emphasized fiscal space, macroeconomic buffers, and innovative financing for emerging markets, supporting South Africa’s workplans on infrastructure, sustainable finance, and international taxation, including climate finance and digital infrastructure advancements.
Policy & regulation Cooperation Climate risk and sustainable finance
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2025-01-16•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
FINMA announced updates to Switzerland’s sanctions against the Democratic Republic of the Congo, effective 15 January 2025. Financial intermediaries must implement prohibitions, freeze assets of sanctioned entities, and report to SECO. Further clarifications and reports to the Money Laundering Reporting Office are required if suspicions arise under the Anti-Money Laundering Act.
Policy & regulation Rules & requirements Sanctions list update
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2025-01-16•Switzerland•Swiss Financial Market Supervisory Authority (FINMA)
FINMA reported progress in supplementary health insurance supervision but noted ongoing deficiencies in service provision and contract compliance. Despite improvements in contract definitions and invoice transparency, gaps remain, including non-compliance with supervisory-law requirements and excessive market prices. FINMA will continue reviews in 2025 and may impose stricter measures if serious shortcomings persist.
Supervision Reviews, inspections & stress tests Consumer and investor protection
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2025-01-16•South Korea•Bank of Korea
The Bank of Korea's January 2025 assessment indicates Korea's economic growth will underperform 2024 and 2025 projections due to political uncertainty affecting sentiment. Consumption and construction investment are most impacted, while CPI inflation is expected to remain stable below the 2% target. Growth is sensitive to political developments and policy implementation, with inflation influenced by exchange rates, oil prices, and demand-side pressures.
Monetary policy Monetary policy assessments & outlooks Economic data and developments
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2025-01-16•India•Securities & Exchange Board of India
The Securities and Exchange Board of India (SEBI) hosted SMART 2025 in Mumbai, highlighting India's advancements in securities market technology and related reforms. Key initiatives discussed included T+1 and T+0 settlement, shortened IPO timelines, and enhanced online processes. SEBI also showcased its technological integration in regulatory operations and cyber security measures, with over 350 participants attending from India and abroad.
Policy & regulation Cooperation Fintech and insurtech Market development
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2025-01-16•Taiwan•Central Bank of Taiwan
The Central Bank of Taiwan's December 2024 overview reports RMB business by 65 domestic banking units and 56 offshore banking units, with total RMB deposits at RMB 119.10 billion and loans at RMB 19.01 billion. DBU deposits decreased to RMB 87.89 billion, while OBU deposits fell to RMB 31.21 billion. November remittances rose to RMB 369.36 billion, and the Taipei Branch of the Bank of China processed RMB settlements of RMB 533 billion.
Data & statistics Financial and market indicators
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2025-01-16•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances issued Information Note 25/1 regarding the enforcement of the 8 March 2023 law on accessibility requirements for products and services, effective 26 June 2025.
Policy & regulation Guidance & interpretation Other
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2025-01-16•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances issued CAA Regulation 24/02, amending the 2020 regulation on anti-money laundering and counter-terrorist financing.
Policy & regulation Rules & requirements AML and CFT
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2025-01-16•Luxembourg•Luxembourg Commissariat aux Assurances
The Luxembourg Commissariat aux Assurances issued Regulation CAA 24/01, amending Regulation CAA 19/01 concerning the distribution of insurance and reinsurance.
Policy & regulation Rules & requirements Sales and distribution
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2025-01-16•Isle of Man•The Treasury (Isle of Man)
The Isle of Man Treasury announced an update to the UK sanctions list under the Russia sanctions regime, adding an investment ban to GAZPROM NEFT. GAZPROM NEFT remains listed under Schedule 2 of the Russia (Sanctions) (EU Exit) Regulations 2019, without an asset freeze. The Treasury emphasized compliance with sanctions, including asset freezing and reporting obligations to the Financial Intelligence Unit.
Policy & regulation Rules & requirements Sanctions list update
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2025-01-16•Trinidad & Tobago•Ministry of Finance (Trinidad & Tobago)
The Trinidad and Tobago Ministry of Finance attributed delays in VAT refunds to SMEs to cash flow constraints caused by lower-than-expected government revenue in late 2024, due to underperformance in oil and gas production and prices. The Ministry plans to complete these refunds by the end of January 2025, citing improved oil and gas prices and increased revenue from a Tax Amnesty as factors supporting this commitment.
Policy & regulation Implementation, projects & pilots Other
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2025-01-16•Bahamas•Central Bank of the Bahamas
The Central Bank of the Bahamas released Governor John A. Rolle’s remarks at the Sixth Annual Bahamas Research Conference on Financial Crime, emphasizing efforts to enhance anti-money laundering (AML) controls. He addressed AML regulation costs, impacts on financial inclusion, and business operations, highlighting research priorities for effective outcomes in smaller economies. The Governor noted the 2024 update of the Bahamas’ National Risk Assessment on money laundering, preparing for the next Financial Action Task Force mutual evaluation.
Research AML and CFT
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2025-01-16•Barbados•Central Bank of Barbados
The Central Bank of Barbados clarified it has no legal authority to mandate the acceptance of foreign currency, including USD 1 notes, by local businesses. While the Barbadian dollar is the sole legal tender, businesses may choose to accept foreign currencies at their discretion. The Bank continues to accept USD 1 notes from commercial banks, and advises holders to exchange them at local banks for domestic use.
Policy & regulation Guidance & interpretation Currency and cash management
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2025-01-15•Global•IOSCO
The Basel Committee, the Committee on Payments and Market Infrastructures, and IOSCO released a final report with policy proposals to enhance transparency of initial margin in centrally cleared markets. Proposals include expanded central counterparty disclosures, public reporting, and governance improvements, expecting central counterparties and clearing members to provide detailed margin information and tools. The report finalizes proposals from the January 2024 consultative report, with implementation considerations to follow.
Policy & regulation International standards & recommendations Market infrastructure
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2025-01-15•Israel•Bank of Israel
The Bank of Israel announced that Oded Salomy, Head of the Payment Systems and Settlement Department, will conclude his term in May 2025, prompting Governor Prof. Amir Yaron to establish a search committee for his successor. Salomy's tenure included significant advancements in payment systems, such as enabling nonbank participation, promoting digital payments, and supporting legislative and structural changes in the Israeli market.
Institutional development Leadership change & appointments Leadership change and appointments
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2025-01-15•Nicaragua•Central Bank of Nicaragua
The Central Bank of Nicaragua reported a profit of NIO 2,452.5 million for the 2024 financial year, marking its second consecutive year of net income. The profit was driven by higher operating income and expenditures related to budget coverage and currency issuance. The results enhance the bank's equity position and support stronger national savings and key financial indicators.
Data & statistics Operational excellence
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2025-01-15•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance announced Senate Finance Committee approval of a bill to establish an Economic Intelligence Subsystem to combat organised crime by enhancing the Financial Analysis Unit's remit and creating intelligence units within the Internal Revenue Service and Customs. The bill proposes amendments to Law 19.913, defining organised crime and setting conditions for lifting bank secrecy. It also allows biometrically registered migrants without criminal records to access financial services within 12 months of the law's enactment.
Policy & regulation Rules & requirements AML and CFT
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2025-01-15•Chile•Ministry of Finance (Chile)
Chile's Ministry of Finance announced the Senate Finance Committee's approval of a draft law to establish a Subsystem of Economic Intelligence to combat organized crime by enhancing illicit money flow tracing. The law expands the Financial Analysis Unit's scope, creates intelligence units within the Internal Revenue Service and Customs, and streamlines economic data handling for specified crimes. Amendments define "organized crime" for the Financial Analysis Unit, maintain judicial authorization for lifting bank secrecy with exceptions, and allow biometrically registered immigrants to access financial services.
Policy & regulation Rules & requirements AML and CFT
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2025-01-15•Saudi Arabia•Saudi Arabia Capital Markets Authority
The Saudi Arabia Capital Market Authority approved Lana Medical Company's capital increase from SAR 36 million to SAR 54 million via bonus shares, issuing one bonus share for every two existing shares. This involves transferring SAR 17,473,710 from retained earnings and SAR 526,290 from the statutory reserve, raising outstanding shares from 3,600,000 to 5,400,000. An extraordinary general assembly must occur within six months, and the company must comply with all regulatory requirements.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-15•Saudi Arabia•Saudi Arabia Capital Markets Authority
Saudi Arabia’s Capital Markets Authority approved Aqaseem Factory Company for Chemical and Plastic Industry to register and publicly offer debt instruments up to SAR 500 million. The approval confirms compliance with legal requirements under the Capital Market Law and its Implementing Regulations, without recommending subscription. The approval is valid for six months, contingent on completing the first tranche offering and listing within this timeframe.
Supervision Authorisations & approvals Securities offerings and listings
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2025-01-15•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Arabian Monetary Authority (SAMA) and Google have agreed to launch Google Pay in Saudi Arabia in 2025 through the national payment system, mada. This initiative aims to enhance the Kingdom's digital payments ecosystem, supporting Saudi Vision 2030's goal of reducing cash dependency and aligning with international standards.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-01-15•Montenegro•Central Bank of Montenegro
Governor Irena Radovic of the Central Bank of Montenegro addressed the Euromoney Central & Eastern European Forum on central banks' post-inflation challenges, digitalisation, and evolving mandates. She highlighted Montenegro's accession to the Single Euro Payments Area and its EU integration progress, emphasizing the need to maintain central bank independence amid pressures to broaden mandates.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments ESG
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2025-01-15•Montenegro•Montenegro Capital Market Authority
The Montenegro Capital Market Authority has issued a warning about fraudulent cryptocurrency trading promoted on Instagram via the Spectra X platform. Spectra X allegedly uses false claims involving the country's president and ministers to gain trust. The Authority advises the public to verify authorised capital market participants on its official website before investing.
Supervision Alerts Fraud and scams
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2025-01-15•Belgium•Belgium Financial Services and Markets Authority
Belgium's Financial Services and Markets Authority (FSMA) has implemented the banker's oath requirement for fit and proper persons and bank executives as of 15 January 2025. FSMA released an explanatory video and launched a registration platform for oath-taking at its premises.
Policy & regulation Implementation, projects & pilots Other
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2025-01-15•Mexico•Ministry of Finance & Public Credit (Mexico)
Mexico’s Ministry of Finance and Public Credit released a report on the pilot programme for the Mexico Sustainable Taxonomy, highlighting results and recommendations. The pilot, involving ten major financial institutions, found only 3% of assessed operations fully met taxonomy requirements, with 13% mostly aligned but needing further verification. Recommendations focus on origination, reporting, monitoring, capacity building, and regulatory changes.
Policy & regulation Implementation, projects & pilots Climate risk and sustainable finance
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2025-01-15•Saudi Arabia•Saudi Arabian Monetary Authority
The Saudi Arabian Monetary Authority (SAMA) and Google have agreed to launch Google Pay in Saudi Arabia in 2025 via the national payment system, mada. This initiative aligns with Saudi Vision 2030 to bolster the digital payments ecosystem and reduce cash dependency. Google Pay will facilitate secure transactions in stores, apps, and online, allowing users to manage payment cards through Google Wallet.
Policy & regulation Implementation, projects & pilots Payments and payment systems
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2025-01-15•Costa Rica•Central Bank of Costa Rica
The Central Bank of Costa Rica's Board of Directors concluded the application process for Conassif membership candidates, closing submissions on 15 January 2025. The call for applications began in December 2023.
Institutional development Leadership change & appointments Hiring and recruitment
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2025-01-15•Algeria•Algeria Market Authority (COSOB)
The Algeria Market Authority took part in a Ministry of Finance meeting reviewing Algeria's private equity sector and measures to strengthen it. The discussion focused on expanding alternative financing beyond bank lending, improving governance in private equity companies and using the sector to support business growth, industrial transformation and capital market development. Participants were asked to prepare a roadmap, with a follow-up meeting planned in the coming months.
Policy & regulation Reform agendas & priorities Market development
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2025-01-15•Georgia•National Bank of Georgia
The National Bank of Georgia released an interactive press release detailing money transfer statistics for December 2024, accessible on its website's statistics section.
Data & statistics Financial and market indicators Supervisory data
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2025-01-15•Georgia•National Bank of Georgia
Acting Governor Natia Turnava of the National Bank of Georgia attended the Invisso International Forum in Vienna, discussing measures to manage inflation and support macroeconomic stability, focusing on increasing larization. Turnava will also meet with major Central and Eastern European investors to present on Georgia’s macroeconomic stability and the NBG’s policy to reduce dollarization, alongside Deputy Minister of Finance Ekaterine Guntsadze.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-01-15•North Macedonia•National Bank of the Republic of North Macedonia
Governor Anita Angelovska-Bezhoska of the National Bank of the Republic of North Macedonia highlighted at the Central and Eastern Europe Forum that central banks' monetary tightening has been crucial in controlling inflation by stabilizing expectations. Without such measures, euro area consumer prices could have been 2.5 to 3 percentage points higher in 2024. Despite ongoing risks to medium-term price stability, she emphasized the need for structural reforms to enhance resilience to large shocks.
Monetary policy Monetary policy assessments & outlooks Monetary policy decisions and developments
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2025-01-15•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan approved the appointments of Anna Pilipenko, Sergey Kartashov, and Anuar Bolgauov to the Management Board of ForteBank JSC.
Supervision Authorisations & approvals Leadership change and appointments
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2025-01-15•United States•Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis appointed Alene Tchourumoff as Chief Human Resources Officer, overseeing the Human Resources and Inclusion Division and the Learning Management Support Office. She will continue to lead Community Development and Engagement, including the Center for Indian Country Development, and serve as the Bank’s Equal Employment Opportunity officer.
Institutional development Leadership change & appointments Hiring and recruitment
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2025-01-15•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru's SBS appointed Mario Zambrano Berendsohn as deputy superintendent for cooperatives, effective February 2025, following a public competition under Law No. 30822. This is part of the second stage of implementing the law to stabilize and strengthen savings and credit cooperatives (Coopac) with proportional regulation. The SBS also plans to operate the Cooperative Deposit Insurance Fund (FSDC) in 2025 to enhance supervisory support.
Institutional development Leadership change & appointments Hiring and recruitment
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2025-01-15•Hong Kong•Hong Kong Securities & Futures Commission
The Hong Kong Securities and Futures Commission published a keynote speech by Dr. Kelvin Wong, emphasizing governance as a catalyst for long-term growth in the listing market. The speech was delivered at The 2nd Hong Kong Capital Markets Forum 2025.
Other Corporate governance
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2025-01-15•Bulgaria•National Bank of Bulgaria
The National Bank of Bulgaria released December 2024 data on banknotes and coins in circulation, available in dynamic series and tabular form. This information is part of the "Statistics of banknotes and coins in circulation" section, with an online dissemination calendar.
Data & statistics Currency and cash management
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2025-01-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority issued a public alert regarding fraudulent websites and internet banking login screens linked to Fubon Bank (Hong Kong) Limited. The HKMA emphasized that banks will not request sensitive personal information through SMS, email, or embedded hyperlinks. Individuals who have interacted with these fraudulent sites should contact Fubon Bank and report to the Hong Kong Police Force.
Supervision Alerts Fraud and scams
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2025-01-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing instant messages linked to Bank of China (Hong Kong) Limited. The HKMA reminded the public that banks will not send messages with embedded hyperlinks for transactions or request sensitive information via phone, email, or SMS. Individuals who responded to such messages should contact the bank and report to the Hong Kong Police Force’s Crime Wing Information Centre.
Supervision Alerts Fraud and scams
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2025-01-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) issued an alert regarding phishing messages and fraudulent websites linked to Octopus Cards Limited. The stored value facility licensee reported the incident to the HKMA. Affected individuals are advised to contact the relevant licensee and report to the Police or the Anti-Deception Coordination Centre.
Supervision Alerts Fraud and scams
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2025-01-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) alerted about a fraudulent website and internet banking login screen linked to China Construction Bank (Asia) Corporation Limited. The HKMA reminded the public that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information through these channels. Individuals who interacted with the fraudulent site should contact the bank and report to the Police.
Supervision Alerts Fraud and scams
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2025-01-15•Türkiye•Insurance and Private Pension Regulation and Supervision Agency of Türkiye
The Insurance and Private Pension Regulation and Supervision Agency of Türkiye has granted Özt Sigorta ve Reasürans Brokerliği AŞ a licence to operate in non-life insurance and reinsurance brokerage. This decision follows a review under Article 21 of Insurance Law No. 5684 and Articles 4–13 of the Insurance and Reinsurance Brokers Regulation.
Supervision Authorisations & approvals Licence approval