Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
Central Bank of Nigeria reportedly fines Moniepoint and OPay ₦1bn each; OPay denies penalty
TechCabal reported that the CBN fined Moniepoint and OPay ₦1 billion each in the second quarter of 2024 after routine audits flagged compliance issues. OPay denied being fined.
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.
CFPB Places Google Payment Under Federal Supervision Over Discontinued Peer-to-Peer Product
The CFPB issued its second-ever supervision order in a contested proceeding, targeting Google Payment Corp.'s peer-to-peer payments product that has since exited the US market.
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.
US federal bank regulators seek comment on reducing regulatory burden
The Fed, FDIC and OCC issued their third EGRPRA notice on 3 December 2024, inviting comment on rules covering procedure, safety and soundness, and securities.
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.
Nigeria's CBN discloses N15 billion in penalties on 29 banks for AML/CFT breaches
Governor Olayemi Cardoso told the CIBN annual bankers' dinner in Lagos that the sanctions were part of efforts to address compliance lapses, and that banks must refine their compliance frameworks from 2025.
Australia Passes Buy Now Pay Later Legislation Bringing BNPL Providers Under Credit Act
Australia's Parliament passed BNPL legislation requiring providers to hold a credit licence and meet responsible lending obligations under the National Consumer Credit Protection Act.
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, according to a report by German newspaper Welt.
FCA fines Macquarie Bank London branch £13 million over trading control failures
The UK regulator said control failures at Macquarie's London branch allowed a trader on its Metals and Bulks desk to record 426 fictitious trades between June 2020 and February 2022 to conceal losses.
FCA Fines Barclays £40 Million for Failing to Disclose Qatari Investor Arrangements in 2008 Capital Raisings
The FCA has imposed a combined £40 million penalty on Barclays PLC and Barclays Bank PLC for failing to disclose advisory agreements, struck in 2008, under which Qatar Holding was to be paid £322 million in fees.