Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
FMA Austria orders European American Investment Bank AG to cease business over AML failings
Austria's FMA prohibited EURAM Bank from continuing business with immediate effect on 16 October 2024, triggering a payment stop and deposit-guarantee payouts of up to €100,000 per depositor.
CFPB Enforcement Registry Opens to Larger Non-Banks With January 2025 Registration Deadline
Larger non-bank financial firms supervised by the CFPB must register by 14 January 2025, disclosing government and court orders since 2017 under the bureau's new registry rule.
OCC Fines TD Bank $450 Million and Caps Asset Growth in BSA/AML Enforcement Action
The OCC issued a cease and desist order and a $450m penalty against TD Bank on 10 October 2024 for systemic BSA/AML failures, including an asset growth cap.
FinCEN Imposes Record $1.3 Billion Penalty on TD Bank in Multi-Agency AML Settlement
FinCEN has assessed a record $1.3 billion penalty against TD Bank for wilful BSA violations, part of a $3.1 billion multi-agency settlement including DOJ, OCC, and Federal Reserve actions.
FCA Fines TSB Bank £10.9 Million for Unfair Treatment of Customers in Financial Difficulty
The FCA has fined TSB Bank £10,910,500 for unfair treatment of customers in financial difficulty, with deficiencies found across retail banking, mortgages, and consumer credit.
South Africa's Prudential Authority Fines HSBC Johannesburg R9.5 Million for FICA Non-Compliance
The SARB Prudential Authority has imposed a R9.5 million financial penalty and three cautions on HSBC Bank Plc's Johannesburg Branch for breaches of South Africa's Financial Intelligence Centre Act.
SARB Prudential Authority Fines Bidvest Bank R5 Million for Failure to Implement FICA Compliance Programme
South Africa's Prudential Authority has sanctioned Bidvest Bank with a R5 million fine and a caution for failing to implement its Risk Management and Compliance Programme under the FIC Act.
FCA Fines Starling Bank GBP 28.96 Million for Sanctions Screening Failures and VREQ Breach
The FCA fined Starling Bank £28,959,426 for inadequate sanctions screening from 2019 to 2023 and for opening 54,359 accounts in breach of a Voluntary Requirement.
OCC Enters Formal Agreement with Wells Fargo Over BSA/AML Compliance Deficiencies
The OCC has signed a formal agreement with Wells Fargo Bank requiring corrective action across its BSA/AML and sanctions compliance programme.
CFPB Orders TD Bank to Pay $28 Million Over Systematic Credit Reporting Failures
The CFPB has ordered TD Bank to pay $28m — $7.76m in consumer redress and a $20m civil penalty — for systematic credit data reporting violations.
RBI Fines Axis Bank and HDFC Bank a Combined INR 2.91 Crore for Compliance Failings
India's RBI has penalised Axis Bank INR 1.91 crore and HDFC Bank INR 1 crore for KYC, deposit rate, and customer service violations.
Qatar Central Bank Issues AI Governance Guidelines Requiring Prior Approval for High-Risk Systems
The Qatar Central Bank has issued AI governance guidelines requiring QCB-licensed firms to obtain prior regulatory approval before deploying high-risk AI systems.