Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
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.
ECB fines BNP Paribas Fortis €10.4 million for misreporting risk-weighted assets
The ECB said the Belgian bank knowingly understated risk-weighted assets tied to factoring exposures for 31 consecutive quarters between 2014 and 2021, using internal models it knew were deficient.
Morocco's Bank Al-Maghrib Adopts NSFR and ILAAP Rules to Complete Basel III Liquidity Framework
Bank Al-Maghrib adopted NSFR and ILAAP regulatory texts in December 2024, completing a phase of its Basel III implementation programme.
ECB Fines Crédit Agricole CIB €48,000 for Money Market Statistical Reporting Failures
The ECB sanctioned Crédit Agricole Corporate and Investment Bank with a €48,000 penalty for non-compliance with its Money Market Statistical Reporting 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 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 cease-and-desist covering governance, IT, consumer compliance, and SAR violations.
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.
Kenya's Business Laws (Amendment) Act 2024 raises bank minimum core capital to KES 10 billion by 2029
Kenya enacted legislation on 11 December 2024 lifting banks' minimum core capital from KES 1 billion to KES 10 billion in phases, with an interim KES 3 billion threshold due by the end of 2025.
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.
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.
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.