Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
FINTRAC Imposes C$2.46 Million Penalty on Exchange Bank of Canada for AML Compliance Failures
Canada's FINTRAC publicly announced a C$2.46 million administrative penalty against Exchange Bank of Canada for failures including non-submission of suspicious transaction reports.
Central Bank of Nigeria Fines Moniepoint and OPay ₦1 Billion Each for Regulatory Infractions
Nigeria's CBN hit fintech unicorns Moniepoint and OPay with ₦1 billion fines each in Q2 2024 for AML/CFT failures as a sweeping enforcement drive ensnared major lenders too.
RBI Imposes ₹29.55 Lakh Penalty on ESAF Small Finance Bank for Customer Service Compliance Lapses
The Reserve Bank of India fined ESAF Small Finance Bank ₹29.55 lakh for customer service compliance failures identified during supervisory examination under the Banking Regulation Act.
HKMA Fines China CITIC Bank International HK$4 Million for AML Transaction Monitoring Failures
Hong Kong's HKMA imposed a HK$4 million penalty on China CITIC Bank International for deficiencies in its anti-money laundering transaction monitoring systems.
CFPB Sues Comerica Bank Over Alleged Failures in Direct Express Prepaid Card Programme
The CFPB filed a complaint against Comerica Bank alleging systematic failures protecting 3.4 million Direct Express prepaid cardholders — predominantly elderly and disabled benefit recipients.
Qatar Central Bank Issues Regulatory Framework for Digital-Only Banks
The Qatar Central Bank published its Regulatory Framework for Digital Banks on 2 December 2024, setting out licensing and prudential rules for digital-only operators.
MAS Imposes S$2.4 Million Civil Penalty on JPMorgan Chase Bank Singapore for OTC Bond Disclosure Failures
Singapore's MAS fined JPMorgan Chase Bank S$2.4 million after relationship managers made inaccurate disclosures in 24 OTC bond trades, overcharging private banking clients.
Sweden's Finansinspektionen Fines Klarna Bank SEK 500 Million for AML Compliance Failures
Sweden's financial regulator imposed a SEK 500 million fine on Klarna Bank in December 2024 for inadequate AML risk assessment and due diligence during April 2021 to March 2022.
Morocco's Bank Al-Maghrib Adopts NSFR and ILAAP Rules to Complete Basel III Alignment
Bank Al-Maghrib adopted NSFR and ILAAP regulatory texts in December 2024, completing a key phase of its Basel III implementation programme.
Indonesia's OJK Issues Regulation 30/2024 on Financial Conglomerates and Holding Companies
Indonesia's OJK issued Regulation No. 30 of 2024 governing financial conglomerates and holding companies, superseding OJK Regulation 45/2020 and implementing the P2SK Law.
Kenya's Business Laws Amendment Act 2024 Mandates Banks to Raise Minimum Core Capital to KES 10 Billion by 2029
Kenya's Business Laws Amendment Act 2024 raised minimum core capital from KES 1 billion to KES 10 billion by 2029, directing 24 banks to submit capital plans by April 2025.
BaFin Withdraws AML Monitor from Deutsche Bank After Multi-Year Compliance Remediation
Germany's BaFin has terminated the anti-money-laundering special monitor it installed at Deutsche Bank in 2018, citing completed improvements to the bank's transaction monitoring controls.