Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
CBUAE Fines UAE Bank AED 5.8 Million for Inadequate AML/CFT Policies
The Central Bank of the UAE has fined an unnamed bank AED 5.8 million for deficient anti-money laundering and counter-terrorism financing controls.
South Africa's Prudential Authority Fines State Bank of India Branch R10 Million for FICA Failures
The SARB Prudential Authority has sanctioned State Bank of India's South Africa branch R10 million for FICA compliance deficiencies, with R4.5 million conditionally suspended.
ECB Completes First-Ever Cyber Resilience Stress Test Across 109 Euro-Area Banks
The European Central Bank has concluded its inaugural Cyber Resilience Stress Test, examining 109 banks on their ability to respond to and recover from a severe cyberattack.
FCA Fines Coinbase Subsidiary CB Payments £3.5 Million in First Crypto Enforcement Action
The FCA announced a £3,503,546 fine on Coinbase unit CB Payments on 25 July 2024 for serving 13,416 high-risk customers despite a voluntary ban.
US Federal Banking Agencies Issue Joint Warning on Bank-Fintech Deposit Partnership Risks
The Federal Reserve, OCC, and FDIC issued a joint statement warning of liquidity, compliance, and operational risks in bank-fintech deposit arrangements.
APRA finalises targeted APS 210 liquidity standard changes for Australian banks from July 2025
APRA will require smaller banks on the minimum liquidity holdings (MLH) regime to revalue liquid assets for market movements and all banks to be ready to seek emergency liquidity from the RBA, from 1 July 2025.
Central Bank of Nigeria Issues Updated Guidelines on Dormant Accounts and Unclaimed Balances
The CBN has issued new rules on dormant accounts and unclaimed funds, superseding 2015 guidelines and tightening consumer protections and reporting requirements.
OCC Issues Cease and Desist Order Against Illinois' CNB Bank & Trust for BSA/AML Violations
The OCC issued a consent cease-and-desist order against CNB Bank & Trust of Carlinville, Illinois, for BSA/AML programme deficiencies including repeat findings.
Dutch AFM Fines Santander EUR 3.7 Million for Irresponsible Consumer Lending in Netherlands
The Netherlands' AFM imposed a EUR 3.7m fine on Santander after finding irresponsible credit extended in half of a sample of 2021 customer files.
OCC Imposes $75 Million Civil Penalty on Citibank N.A. for Risk Management Failures
The OCC levied a $75 million civil money penalty against Citibank N.A. on 10 July 2024 and ordered remediation of deficiencies linked to a 2020 consent order.
Federal Reserve and OCC Fine Citigroup $135.6 Million Over Data Governance Failures
US regulators fined Citigroup $135.6m for inadequate progress fixing data quality and risk management deficiencies identified in a 2020 order.
CFPB Orders Fifth Third Bank to Pay $20 Million Over Forced Auto Insurance and Fake Accounts
The CFPB ordered Fifth Third Bank to pay $20m in penalties for charging illegal force-placed auto insurance fees in more than 37,000 instances and opening fake customer accounts.