Regulations
Regulatory developments, compliance updates, and policy changes in global finance.
Nigeria's CBN revokes licences of 4,173 bureau de change operators
The Central Bank of Nigeria cited unpaid licence renewals, failure to render returns and breaches of anti-money laundering rules, a week after publishing draft revised BDC guidelines.
FDIC Issues Consent Order to Piermont Bank Over BaaS Fintech Partnership Risks
The FDIC entered a consent order against Piermont Bank on 26 February 2024 for unsafe practices tied to banking-as-a-service fintech partnerships and inadequate BSA/AML controls.
NYDFS Issues Consent Order to Piermont Bank Over BSA Violations and Unsafe Practices
New York's DFS issued a consent order against Piermont Bank on 23 February 2024 for unsafe banking practices and Bank Secrecy Act violations found in DFS and FDIC examinations.
RBI Extends Paytm Payments Bank Deadline to 15 March 2024 in Larger Public Interest
India's central bank granted Paytm Payments Bank a two-week extension to 15 March 2024, while confirming that the ban on new deposits and credits will apply after that date.
South Korea's FSS Unveils 2024 Supervisory Plan Targeting Unlawful Short Selling and Stricter Bank Capital Rules
South Korea's Financial Supervisory Service announced a 2024 plan targeting unlawful short selling by global investment banks and bank-specific capital add-ons based on stress-test results.
Central Bank of Nigeria Issues CRR Framework Guidelines to Address Bank Liquidity Challenges
The CBN has issued Cash Reserve Requirement implementation guidelines applying the 32.5% CRR to increases in commercial banks' deposits and a 50% levy on lending shortfalls for those failing minimum loan-to-deposit ratio requirements.
RBI Orders Paytm Payments Bank to Halt New Deposits After February Deadline Over Compliance Failures
India's central bank directed Paytm Payments Bank to stop accepting new deposits and top-ups after 29 February 2024, citing persistent non-compliance and supervisory concerns.
OCC Fines City National Bank $65 Million and Issues Cease and Desist Order for Risk Management and AML Failures
The OCC imposed a $65 million civil money penalty on City National Bank and issued a Cease and Desist Order after finding systemic deficiencies in risk management and BSA/AML compliance.
Bank of England PRA Publishes Updated Enforcement Approach Under PS1/24, Introducing Early Account Scheme
The PRA's PS1/24 updates its enforcement framework, introducing an Early Account Scheme to incentivise cooperation and updating penalty calculation methodology.
Taiwan FSC fines Hua Nan Commercial Bank NT$4 million over lottery prize payment errors
The regulator penalised Hua Nan Bank after a system conversion error in June 2023 added two zeros to uniform-invoice lottery prize transfers, producing 35,952 irregular payments.
NYDFS Fines ICBC New York Branch $30 Million Over Confidential Supervisory Information Breach and AML Failures
New York's financial regulator imposed a $30 million penalty on ICBC's New York Branch for disclosing confidential supervisory information and for BSA/AML compliance deficiencies.
US Banking Agencies Close Comment Period on Basel III Endgame Capital Rule as Industry Pushback Mounts
The Federal Reserve, OCC and FDIC closed the public comment period on proposed Basel III capital rules that could raise CET1 requirements for the largest banks by an estimated 19%.