Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
FCA Fines London Metal Exchange £9.25 Million Over Trading Control Failures During 2022 Nickel Market Crisis
The FCA imposed a £9.25 million fine on the LME on 20 March 2025 for failing to ensure its systems and controls were adequate to deal with the severe market stress of the March 2022 nickel crisis.
OCC Issues New Cease and Desist Order Against Massachusetts's 42 North Private Bank Over Safety Concerns
On 20 March 2025 the OCC announced a Cease and Desist Order against 42 North Private Bank, following a 2017 consent order with which the bank had not fully complied, and requiring stronger capital, interest rate risk and liquidity management.
OCC Terminates Wells Fargo's 2021 Loss Mitigation Consent Order, the Bank's 11th Resolved Enforcement Action Since 2019
The OCC closed Wells Fargo's 2021 Home Lending consent order — the bank's 11th terminated enforcement action since 2019 and fifth since early 2025.
Turkey hands control of BankPozitif shareholder rights to TMSF amid illegal betting probe
Turkey's banking regulator transferred the shareholder rights, excluding dividends, attached to Pay Fix's 79% stake in BankPozitif to the Savings Deposit Insurance Fund.
South Korea FSC and FSS Fine 13 Global Investment Banks KRW 83.65 Billion for Illegal Short-Selling
South Korea's FSC and FSS announced penalties totalling KRW 83.65 billion against 13 global investment banks on 12 March 2025, concluding a 16-month investigation into illegal naked short-selling.
Taiwan FSC Fines Bank of Taiwan NT$22 Million Over Employee Fraud Collusion and Compliance Failures
Taiwan's FSC has imposed a NT$22 million fine on Bank of Taiwan after two former employees colluded with a fraud syndicate and the bank failed to act on repeated money laundering alerts.
Spain fines ING's Spanish branch EUR 3.92 million for failing to report internally flagged transactions
Spain's Official State Gazette published a Council of Ministers sanction imposing a fine and public reprimand on ING Bank NV's Spanish branch for a very serious breach of anti-money laundering law.
CFPB Drops Zelle Fraud Lawsuit Against JPMorgan, Bank of America and Wells Fargo With Prejudice
The CFPB dismissed its Zelle fraud lawsuit against three major US banks with prejudice in the US District Court of Arizona, ending the action permanently.
BaFin Fines Deutsche Bank €23 Million for Three Separate Regulatory Offences
Germany's BaFin has imposed a total fine of €23.05 million on Deutsche Bank across three distinct offences spanning derivatives sales, investment advice recording, and account switching.
Bank of Ghana Issues AML/CFT Guidelines for Foreign Exchange Bureaux Under Act 1044
The Bank of Ghana has issued guidelines laying out AML/CFT requirements for foreign exchange bureaux, covering due diligence and transaction monitoring.
OCC Issues Formal Agreement with Dearborn Federal Savings Bank Over Compliance and Fair Lending Failures
The OCC disclosed on 20 Feb 2025 a formal agreement with Dearborn Federal Savings Bank, Michigan, citing unsafe or unsound practices in compliance management, fair lending risk management, insider activities and compensation, and recordkeeping violations.
OCC Enters Formal Agreement with Patriot Bank of Connecticut Over BSA/AML and Payment Activities Failures
The OCC disclosed on 20 Feb 2025 a formal agreement with Patriot Bank, N.A. of Stamford, Connecticut, requiring corrective action on strategic and capital planning, BSA/AML risk management, payment activities oversight, credit administration and concentration risk management.