Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
RBI Fines Punjab National Bank ₹1.32 Crore for KYC Record Failures and Lending Violations
The Reserve Bank of India has imposed a ₹1.32 crore penalty on Punjab National Bank for breaches of KYC rules and lending restrictions found during a 2022 inspection.
HKMA Imposes HK$10 Million Penalty on DBS Bank Hong Kong for AML Violations
Hong Kong's HKMA has fined DBS Bank (Hong Kong) HK$10 million for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
FDIC Issues Consent Order to Thread Bank Over BaaS Risk Management Failures
The FDIC imposed a consent order on Thread Bank of Tennessee targeting deficiencies in its banking-as-a-service programme and fintech partnership oversight.
CFPB Files Proposed Order Requiring Freedom Mortgage to Pay $3.95 Million Penalty for Repeat HMDA Violations
The CFPB has filed a proposed court order requiring Freedom Mortgage to pay a $3.95 million civil penalty for a second round of HMDA data reporting violations.
OSFI Maintains Domestic Stability Buffer at 3.50% Following Semi-Annual Review
Canada's OSFI held the Domestic Stability Buffer at 3.5% of risk-weighted assets for its six largest banks after its June 2024 review, citing persistent systemic vulnerabilities.
OCC Issues Formal Agreement with Credit Suisse AG New York Branch Over BSA/AML Deficiencies
The OCC disclosed on 17 June 2024 a formal agreement with Credit Suisse AG's New York Branch to remediate BSA/AML compliance gaps as the branch converts to a federal licence.
Federal Reserve Issues Cease and Desist Against Evolve Bank Over Fintech Risk Management and AML Failures
The Federal Reserve and Arkansas regulators have issued a cease and desist order against Evolve Bancorp and Evolve Bank & Trust over unsafe fintech partnership practices and AML deficiencies.
RBI Imposes ₹1.455 Crore Penalty on Central Bank of India for Lending and Customer Protection Breaches
The Reserve Bank of India fined Central Bank of India ₹1.455 crore for three regulatory violations identified during its 2022 supervisory inspection.
Mexico's CNBV Introduces Fraud Prevention Rules Requiring Banks to Adopt Fraud Prevention Plans
Mexico's CNBV has updated provisions for credit institutions, defining 'observable conducts for fraud management', requiring banks to adopt a fraud prevention management plan and tightening customer authentication.
Ethiopia's National Bank Issues Large Exposure and Related-Party Transaction Directives
The National Bank of Ethiopia has issued directives SBB/87/2024 and SBB/88/2024, imposing new limits on large exposures and related-party transactions.
South Africa's Prudential Authority Fines Bank of China Johannesburg Branch R30.5 Million for FICA Violations
South Africa's Prudential Authority imposed a R30.5 million penalty on Bank of China's Johannesburg branch for failures in customer due diligence and suspicious transaction reporting.
United States CFPB Finalises Non-Bank Registry Rule to Target Corporate Repeat Offenders
The CFPB's new Non-Bank Registry requires firms subject to government orders since 2017 to register and requires supervised firms' executives to attest to compliance, effective September 2024.