Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
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.
FCA Fines Barclays £40 Million for Failing to Disclose Qatari Investor Arrangements in 2008 Capital Raisings
The FCA has imposed a combined £39.9 million penalty on Barclays PLC and Barclays Bank PLC for concealing £322 million in advisory fees paid to Qatari investors in 2008.
OCC Orders Three Industry Bancshares Subsidiary Banks in Texas to Halt Excessive Interest Rate Risk Practices
The OCC has issued Cease and Desist Orders against three Texas community banks owned by Industry Bancshares for unsafe long-term securities concentrations and governance failures.
OCC Issues Cease-and-Desist Order Against Clear Fork Bank N.A. Over Persistent BSA/AML Failures
The OCC ordered Clear Fork Bank N.A. of Albany, Texas to cease unsafe practices after the bank failed to correct BSA/AML deficiencies first flagged in a 2021 formal agreement.
FCA Fines Macquarie Bank London Branch £13 Million for Wholesale Conduct Failures
The FCA has fined Macquarie Bank's London branch £13,031,400 for breaches of Principle 3 relating to wholesale conduct and control failures in investment banking operations.
ECB Banking Supervision Fines BNP Paribas Fortis €10.4 Million for Regulatory Reporting Violations
The ECB's supervisory arm has imposed a final €10,400,000 penalty on BNP Paribas Fortis SA/NV for regulatory reporting violations, published on the ECB's supervisory sanctions register.
FCA Fines Metro Bank £16.7 Million for Systemic AML Monitoring Failures
The FCA has fined Metro Bank £16,675,200 after over 60 million transactions worth more than £51 billion went unmonitored for money laundering risks between 2016 and 2020.
HKMA Fines Fubon Bank Hong Kong HK$4 Million for AML Transaction Monitoring Failures
Hong Kong's HKMA imposed a HK$4 million penalty on Fubon Bank after the bank self-reported transaction monitoring failures spanning more than three years.
Canada's FINTRAC Imposes C$2.46 Million Penalty on Exchange Bank of Canada for AML Failures
FINTRAC imposed a C$2,457,750 penalty on Exchange Bank of Canada on 5 November 2024 for failures to report suspicious transactions, conduct ongoing monitoring, and report large cash transactions.
India's RBI Penalises Yes Bank for Minimum Balance Fee Violations in Savings Accounts
The Reserve Bank of India has imposed a monetary penalty on Yes Bank for levying charges on customers for non-maintenance of minimum balance without proper regulatory authorisation.