Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
Revolut applies for Swiss banking licence and sets out investment plans
Revolut applied for a Swiss banking licence and announced plans to invest more than CHF150 million over five years, seeking a local banking operation for its more than 1.3 million Swiss customers.
UK Upper Tribunal upholds FCA lifetime ban on Crispin Odey, cuts fine to £1.53 million
The Upper Tribunal upheld the FCA's lifetime ban on Crispin Odey for lacking integrity, reducing his fine from £1.84m to £1.53m.
South Africa's SARB Prudential Authority imposes R34 million penalties on Capitec and Ninety One Assurance
The Prudential Authority imposed R28 million in penalties on Capitec Bank and R6 million on Ninety One Assurance for FICA breaches identified in 2023 inspections.
Kenya central bank proposes dividend curbs and new capital buffers
Kenya's central bank proposed barring dividends at banks with a common equity tier 1 (CET1) ratio between the 8% minimum and 8.625% of risk-weighted assets and adding new countercyclical buffers of up to 2.5%.
Europe’s largest banks call for capital moratorium and regulatory simplification
Eleven of Europe’s largest banking groups have called on European Union institutions to halt further increases in capital requirements and accelerate regulatory simplification, arguing that the bloc’s banks are falling behind US rivals.
Bank of Thailand joins 11 financial associations to block illicit money flows
The Bank of Thailand on 10 September launched a sector-wide framework with 11 financial associations covering banks, non-bank lenders, payment operators and money changers, targeting proceeds from scams, gambling and corruption.
OSFI pledges to hold Canada's domestic stability buffer at 3% until June 2028
Canada's banking regulator committed to keeping the domestic stability buffer at 3% for the remainder of Superintendent Peter Routledge's term, which ends in June 2028, following June's 50-basis-point reduction.
US Treasury sanctions Turkey's Golden Global Bank over Iranian oil revenue transfers
The US Treasury designated Istanbul-based Golden Global Yatirim Bankasi and two subsidiaries on Friday 4 September, accusing the lender of facilitating tens of millions of dollars in transactions for Iran's Revolutionary Guard.
OpenReserve wins preliminary OCC approval to charter blockchain-native national bank in Utah
OpenReserve Bank received preliminary conditional approval from the Office of the Comptroller of the Currency on 2 September to organise a full-service national bank, subject to raising at least $210 million in paid-in capital.
Revolut secures conditional OCC approval for US national bank charter with $95 million capital floor
Revolut received preliminary conditional approval from the US Office of the Comptroller of the Currency for a national bank charter, it announced on 3 September, subject to a $95 million minimum capital requirement.
US Senate Judiciary Committee presses UBS with 62 questions on Credit Suisse Nazi-linked accounts
The Senate Judiciary Committee demanded fresh answers from UBS on Credit Suisse's Nazi-era accounts, with chairman Charles Grassley putting 62 questions to the Swiss lender in a previously undisclosed July letter.
Japan's FSA to inspect roughly 400 shinkin banks and credit cooperatives over government bond paper losses
Japan's Financial Services Agency is launching inspections of about 400 shinkin banks, credit cooperatives and other regional lenders over unrealised losses on government bond holdings, with the review targeted for completion by March 2027.