Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
Nigeria's Access Holdings Pays ₦1.243 Billion in Regulatory Fines Across Multiple Infractions in 2024
Access Holdings Plc disclosed aggregate regulatory penalties of ₦1.243 billion during 2024, including a ₦300 million CBN fine for improper government funds warehousing.
Nigeria's CBN Fines Zenith Bank ₦15.42 Billion in Aggregate Penalties for AML, FX and Regulatory Violations
Nigeria's central bank imposed aggregate penalties of ₦15.42 billion on Zenith Bank Plc during 2024, covering FX trading, AML compliance, cybersecurity, and consumer protection failures.
CBUAE Discloses AED 120.5 Million in AML Fines Across 33 Enforcement Actions in 2024
The UAE Central Bank imposed AED 120.5 million in AML/CTF penalties across 33 actions in 2024, a seven-fold rise from 2022 levels, its annual report revealed.
OCC Issues Cease and Desist Order Against Bank of America for Systemic BSA/AML and Sanctions Compliance Failures
The OCC has issued a Cease and Desist Order against Bank of America, N.A. for failures to file suspicious activity reports and longstanding customer due diligence deficiencies in its AML programme.
WAEMU Adopts New Foreign Exchange Regulation to Strengthen BCEAO Control Over Regional Financial Flows
WAEMU's Council of Ministers has adopted Regulation No. 06/2024 replacing the 2010 rules, introducing investment freedoms alongside tighter BCEAO oversight and enhanced AML/CFT requirements.
OCC Issues Formal Agreements with Two US Community National Banks for Safety and Soundness Failures
The OCC entered formal agreements with Fairfield National Bank in Illinois and First National Bank of Williamson in West Virginia on 19 December 2024 for safety and soundness deficiencies.
OCC Issues Cease and Desist Order Against USAA Federal Savings Bank for Persistent Compliance Failures
The OCC issued a new cease and desist order against USAA Federal Savings Bank covering management, IT controls, consumer compliance and SAR violations, replacing 2019 orders.
RBI Imposes ₹61.95 Lakh Penalty on Kotak Mahindra Bank for BSBD, Banking Correspondent, and Credit Reporting Violations
India's RBI has fined Kotak Mahindra Bank ₹61.95 lakh under the Banking Regulation Act for non-compliance with rules on basic savings accounts, banking correspondents, and credit reporting.
OCC Issues Comprehensive Cease and Desist Order Against USAA Federal Savings Bank
The OCC replaced prior 2019 and 2022 enforcement orders against USAA Federal Savings Bank with a sweeping cease-and-desist covering governance, IT, consumer compliance, and SAR violations.
RBI Fines IndusInd Bank ₹27.30 Lakh for Violations of Deposit Interest Rate Directions
The Reserve Bank of India imposed a ₹27.30 lakh penalty on IndusInd Bank on 18 December 2024 for non-compliance with its directions on interest rates applied to deposit products.
Ethiopia Opens Banking Sector to Foreign Lenders Under Proclamation 1360/2024 for First Time in Decades
Ethiopia's parliament has enacted Banking Business Proclamation No. 1360/2024, allowing foreign banks to enter via subsidiaries, branches, or equity stakes for the first time in roughly 50 years.
ECB Sets Supervisory Priorities for 2025–27, Targeting Macro-Financial Resilience and Climate Risk Enforcement
The ECB has published its supervisory priorities for 2025–27, focusing on resilience to geopolitical shocks and stepping up sanctions for banks failing climate and data standards.