Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
HKMA Fines WeChat Pay Hong Kong HK$875,000 for AML and CTF Compliance Failures
Hong Kong's HKMA penalised WeChat Pay Hong Kong HK$875,000 for AML/CTF breaches in its stored value facility operations spanning 2016 to 2021.
Federal Reserve Finalises Capital Requirements for Large US Banks and Adjusts Goldman Sachs Stress Buffer
The Fed finalised capital requirements for all large US banks effective 1 October 2024, revising Goldman Sachs's stress capital buffer to 6.2% after the firm's reconsideration request.
Mexico's SHCP Aligns Bank AML/CFT Rules with FATF Standards and Eases Remote Onboarding
Mexico's SHCP has updated bank AML/CFT regulations to align with FATF standards and ease remote customer onboarding.
APRA's 2024–25 Corporate Plan Targets CPS 230 Rollout and First System-Wide Stress Test
APRA's 2024–25 Corporate Plan sets CPS 230 operational risk rules for July 2025 and announces APRA's first system stress test to examine interconnections across the financial system.
NY DFS Fines Nordea Bank $35 Million Over AML Failures Linked to Baltic Branches and Panama Papers
NY DFS fined Nordea Bank Abp $35M for AML deficiencies at its former Baltic branches and its closed Vesterport International Branch, including inadequate due diligence on correspondent banks.
Austria's FMA Fines Hypo Vorarlberg Bank EUR 791,000 for AML Compliance Failures
Austria's Financial Market Authority imposed a EUR 791,000 fine on Hypo Vorarlberg Bank AG for failing to meet anti-money laundering due diligence obligations.
CFPB Issues Consent Order Against Fay Servicing for Violating Prior 2017 Enforcement Order, Requiring $7 Million in Penalties and Remediation
The CFPB ordered Tampa-based Fay Servicing to pay $5 million in penalties and redress and invest $2 million in compliance upgrades, with CEO Edward Fay's pay tied to meeting remedial obligations.
Federal Reserve Issues Written Agreements with SNB Bancshares and Heritage Bancshares for Corrective Action
The Federal Reserve has executed written agreements with SNB Bancshares and Bank of Eufaula in Oklahoma, and separately with Heritage Bancshares in Minnesota, requiring corrective banking practices.
FCA Fines Forex TB Limited £276,100 for Unfair Customer Treatment Under Temporary Permissions Regime
The FCA fined Cypriot CFD firm Forex TB Limited £276,100 for failing to treat customers fairly and for giving investment advice without permission while operating under the TPR.
CFPB Issues Advisory Opinion Extending TILA Protections to Contract-for-Deed Home Purchases in the United States
The CFPB has affirmed that TILA and Regulation Z mortgage protections apply to contract-for-deed home purchases, effective upon publication in the Federal Register.
US Federal Reserve Issues Written Agreement with Customers Bank Over BSA/AML, Sanctions and Digital Asset Risk Management Deficiencies
The Federal Reserve Bank of Philadelphia has entered a written agreement with Customers Bank citing BSA/AML and OFAC compliance deficiencies and requiring stronger risk management of its digital asset activities.
South Africa's Prudential Authority Fines Sasfin Bank R209.7 Million for FICA Non-Compliance
The SARB Prudential Authority has imposed a R209.7 million sanction on Sasfin Bank for historic FICA breaches in its discontinued foreign exchange business.