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3456302 pc Sep 01, 2026 pdonofrio US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Proposes Comprehensive Amendments to Transfer Agent Rules

On September 1, 2026, the U.S. Securities and Exchange Commission (SEC) proposed comprehensive amendments to modernize its transfer agent rules for the first time in 40 years. Transfer agents play a critical role in U.S. securities markets by facilitating the orderly settlement of securities transactions and maintaining accurate records of securities ownership. The SEC's last significant update to these rules occurred in 1986. The proposed amendments address technological developments that have reshaped transfer agent operations since the SEC's 2015 concept release on transfer agent modernization. These developments include distributed ledger technology (DLT) and tokenization, which have accelerated the pace of securities transactions and settlement times. The amendments modernize transfer agents' reporting requirements to provide investors and market participants with transparency into key operational aspects, including the handling of funds and securities and turnaround performance. The proposals also clarify and enhance requirements for managing lost securityholders, removing restrictive legends, and documenting client agreements, aiming to reduce investor harm and operational risk. Fundamentally, the amendments reflect the reality that the majority of securities transactions today occur electronically rather than through physical certificate exchange, and settle at T+1 or faster. The SEC previously pursued a regulation-by-enforcement approach during the period following the 2015 concept release, which provided neither clarity nor predictability for transfer agents or investors. The proposed amendments represent a return to rulemaking grounded in study, public engagement, and careful consideration of market developments. The public comment period on the proposed amendments is now open, allowing stakeholders to provide feedback on how the SEC can modernize the rules governing securities settlement infrastructure.

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US Securities and Exchange Commission Proposes Comprehensive Amendments to Transfer Agent Rules

On September 1, 2026, the US Securities and Exchange Commission (SEC) issued a notice of proposed rulemaking (NPRM) to update rules and forms that apply to registered transfer agents. According to a news release announcing the proposal, federal transfer agent rules have not been substantively updated since the late 1970s and early 1980s. As such, the proposal aims to modernize these rules to reflect transfer agents' current processes and operations, including the use of electronic communications and blockchain technology in connection with securities offerings and the transfer of shares. The proposal would amend 12 existing rules and registration forms, rescind one rule and introduce two new rules. Specific provisions of the proposal include, but are not limited to: Addressing the diverse array of functions and services now performed by transfer agents within the national clearance and settlement system. Modernizing requirements surrounding restrictive legend removal, converting transfer agents into independent gatekeepers with an affirmative duty to form their own reasonable basis regarding the chain of transactions. Updating operational obligations for small and mid-size transfer agents, including new requirements related to compliance programs, risk management programs, business continuity plans and segregated accounts. Interested parties may submit comments on the proposal at this link up to 60 days after its publication in the Federal Register.
3452105 pc Sep 01, 2026 pdonofrio Chile Financial Markets Commission horizon scanning
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Chile's Financial Markets Commission Sanctions Two Banks for Alimony Payment Law Violations

On August 31, 2026, Chile's Financial Markets Commission (CMF) announced that its Council sanctioned two banks for granting credit to individuals registered in the National Registry of Alimony Payment Debtors without complying with Law No. 14,908 on Family Abandonment and Alimony Payment. Law No. 14,908 requires financial institutions to consult the National Registry of Alimony Payment Debtors when granting credit. If an applicant is registered as an alimony debtor, the institution must retain up to 50 percent of the granted credit and allocate it toward payment of outstanding alimony obligations. The CMF determined that both banks failed to comply with these retention requirements. The CMF imposed the following sanctions based on the amounts not retained: Banco Santander-Chile received a fine of UF 2,656.46 under Resolution No. 8942, while Banco de Chile received a fine of UF 238.14 under Resolution No. 8941. These enforcement actions demonstrate the CMF's commitment to ensuring that financial institutions comply with family support obligations and protect vulnerable populations dependent on alimony payments. The sanctions reflect the CMF's role in supervising compliance with applicable financial regulations and consumer protection requirements across Chile's banking sector.

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Chilean Financial Market Commission Fines Banco de Chile and Banco Santander Chile for Personal Lending Violations

On August 31, 2026, the Chilean Financial Market Commission (CMF) announced that it sanctioned two banks, Banco de Chile and Banco Santander Chile, for granting credit to individuals registered in the National Registry of Alimony Payment Debtors in violation of Law No. 14,908 on Family Abandonment and Alimony Payment. The law requires financial institutions to consult the registry when granting credit. If a credit applicant is registered as an alimony debtor, the institution must retain up to 50 percent of the granted credit and allocate it toward payment of outstanding alimony obligations. The CMF determined that both banks failed to comply with these retention requirements, and imposed the following sanctions based on amounts not retained: Banco de Chile received a fine of 238.14 account units (UF), equivalent to approximately US$10,010, under Resolution No. 8941 . Banco Santander Chile received a fine of 2,656.46 UF, equivalent to approximately US$111,655, under Resolution No. 8942 .
3452528 pc Sep 01, 2026 pdonofrio US Track 3 Press Releases - Commodity Futures Trading Commission (CFTC) financial services
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Commodity Futures Trading Commission Further Extends Form PF Amendment Compliance Date

On August 31, 2026, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) published a Joint Final Rule extending the compliance date for amendments to Form PF from October 1, 2026, to July 1, 2027. Form PF is the confidential reporting form that certain SEC-registered investment advisers to private funds must complete. This includes advisers that are also registered with the CFTC as a commodity pool operator (CPO) or commodity trading adviser (CTA). The CFTC and SEC originally adopted the Form PF Amendments on February 8, 2024, establishing an initial compliance deadline of October 1, 2026. The extension addresses concerns about potentially significant implementation costs associated with the Form PF Amendments. The Commissions subsequently proposed amendments to certain provisions of the Form PF Amendments in a new rule proposal issued on April 20, 2026, which may eliminate or modify some requirements. By extending the compliance date to July 1, 2027, the CFTC and SEC provide additional time to fully consider comments received on the April 2026 rule proposal before Form PF filers must implement the amendments. This approach allows the Commissions to potentially reduce unnecessary costs for filers by finalising any modifications to the Form PF Amendments before the compliance deadline takes effect. The extension ensures that filers will not bear the expense of implementing requirements that may subsequently be eliminated or substantially altered. Form PF filers should note the new compliance deadline of July 1, 2027, and monitor further guidance from the CFTC and SEC regarding any final amendments to the Form PF Amendments resulting from the April 2026 rule proposal.

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US Securities and Exchange Commission and US Commodity Futures Trading Commission Extend Compliance Date for Amendments to Form PF Rule

On August 31, 2026, the US Securities and Exchange Commission (SEC) and US Commodity Futures Trading Commission (CFTC) jointly published a final rule extending the compliance date for amendments to a Form PF rule from October 1, 2026 to July 1, 2027 . Form PF is a confidential reporting form that certain SEC-registered investment advisers to private funds must complete, including advisers that are also registered with the CFTC as commodity pool operators (CPOs) or commodity trading advisers (CTAs). The SEC and CFTC originally adopted the Form PF amendments in question in February 2024, establishing an initial compliance deadline of October 1, 2026. This latest compliance date extension addresses concerns about potentially significant implementation costs associated with the Form PF amendments. By extending the compliance date to July 1, 2027, the SEC and CFTC intend to provide additional time to fully consider comments received on a previous April 2026 proposed rule before Form PF filers must implement the amendments. According to a news release , this approach aims to allow the regulators to reduce unnecessary costs for filers by finalizing any modifications to the Form PF amendments before the compliance deadline takes effect, thereby ensuring that filers will not bear the expense of implementing requirements that may subsequently be eliminated or substantially altered.
3445332 pc Aug 31, 2026 pdonofrio US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Proposes Amendments to Exchange Act Rule 3a12-8 to Add European Union Debt Obligations

On August 28, 2026, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Rule 3a12-8 under the Securities Exchange Act of 1934 to designate European Union (EU) debt obligations as "exempted securities" for the purposes of futures marketing and trading. The proposed amendments would add EU debt obligations to the existing list of foreign government debt obligations covered under Rule 3a12-8. This change addresses a regulatory gap whereby debt obligations of individual EU member states were already designated as exempted securities, but EU debt itself was not included. The amendments would place futures contracts on EU debt obligations under the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC), consistent with the regulatory treatment already afforded to futures on debt obligations of several EU member states currently listed under the rule. The underlying debt obligations themselves would remain subject to federal securities laws. SEC Chairman Paul S. Atkins said the proposal closes inconsistencies in the regulatory framework and represents harmonization efforts between the SEC and the CFTC to preserve investor protection while eliminating regulatory gaps. The proposed amendments leave unchanged all existing substantive requirements and provisions of Rule 3a12-8, including its application to debt obligations of EU member states and other foreign governments already listed in the rule. The comment period will remain open for 60 days following publication in the Federal Register. The proposing release is available on SEC.gov and will be published in the Federal Register.

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US Securities and Exchange Commission Proposes Amendments to Securities Exchange Act Rule Adding EU Debt Obligations

On August 28, 2026, the US Securities and Exchange Commission (SEC) issued a proposed rule amending Rule 3a12-8 under the Securities Exchange Act of 1934 to designate EU debt obligations as "exempted securities" for the purposes of futures marketing and trading. The proposed rule would add EU debt obligations to the existing list of foreign government debt obligations covered under Rule 3a12-8, with this change addressing a regulatory gap whereby debt obligations of individual EU member states were already designated as exempted securities, but EU debt itself was not included. The amendments would place futures contracts on EU debt obligations under the exclusive jurisdiction of the US Commodity Futures Trading Commission (CFTC), consistent with the regulatory treatment already afforded to futures on debt obligations of several EU member states currently listed under the rule. However, the underlying debt obligations themselves would remain subject to federal securities laws. According to the SEC, the proposed rule is aimed at closing inconsistencies in its regulatory framework, and represents harmonization efforts between the SEC and the CFTC to preserve investor protection while eliminating regulatory gaps. Interested parties may submit comments on the proposed rule up to 60 days after its publication in the Federal Register at this link .
3448534 pc Aug 31, 2026 pdonofrio Chile Financial Markets Commission horizon scanning
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Chile's Financial Markets Commission Publishes Financial Market Modernisation Policy Document

On August 30, 2026, the Financial Markets Commission (CMF) published its Policy Document on Financial Market Modernisation, presenting a comprehensive set of proposals to advance Chile's financial market development. The document consolidates initiatives gathered by the CMF during 2024 and 2025 through a participatory process involving industry representatives, academia, and citizens. The CMF identified significant changes in the operating environment of Chile's financial markets, including substantial digitalisation of financial services, growing international market integration, and the emergence of new market participants and business models. The policy document distinguishes between initiatives the CMF plans to advance as part of its short-term regulatory agenda and those requiring extended evaluation based on impact, feasibility, proportionality, and alignment with the existing institutional framework. The proposals aim to strengthen the efficiency, competitiveness, depth, and resilience of Chile's financial market. The CMF's Council acknowledged the contributions of industry, academic, and citizen representatives who participated in the 2024-2025 consultation process, which complemented the CMF's internal work aligned with its market development mandate. The CMF noted that the policy document does not represent final regulatory decisions on all matters addressed, but rather transparently outlines the priorities and work streams the Commission considers relevant to explore over the coming years. As financial markets evolve and new regulatory needs emerge, the CMF indicated it may incorporate additional work streams into its development agenda. REFERENCES: Financial Markets Commission (CMF). "CMF publica Documento de Política sobre Modernización del Mercado Financiero." August 30, 2026. Available at: https://www.cmfchile.cl/

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Chilean Financial Market Commission Publishes Financial Market Modernisation Policy Document

On August 30, 2026, the Chilean Financial Market Commission (CMF) published a policy document on modernisation of the country's financial market, presenting a comprehensive set of proposals to advance market development. The policy document consolidates data and input gathered by the CMF during 2024 and 2025 through a participatory process involving industry representatives, academia and citizens. This CMF research identified significant changes in the operating environment of Chile's financial markets, including substantial digitalisation of financial services, growing international market integration and the emergence of new market participants and business models. The policy document distinguishes between initiatives the CMF plans to advance as part of its short-term regulatory agenda and those requiring extended evaluation based on impact, feasibility, proportionality and alignment with the existing institutional framework. Overall, according to the CMF , the proposals aim to strengthen the efficiency, competitiveness and resilience of Chile's financial market. The CMF also noted that the policy document does not represent final regulatory decisions on all matters addressed, but rather outlines the priorities and work streams it considers relevant to explore over the coming years. As financial markets evolve and new regulatory needs emerge, the CMF indicated it may incorporate additional proposals into its development agenda.
3435946 pc Aug 28, 2026 ataylor US Track 1 Federal Deposit Insurance Corporation financial services
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Federal Deposit Insurance Corporation Rescinds Interagency Statement on Special Purpose Credit Programs

On August 25, 2026, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau (CFPB), the Department of Housing and Urban Development, the Department of Justice, and the Federal Housing Finance Agency issued a Federal Register notice rescinding the February 22, 2022 Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B. The agencies determined that rescission was necessary because the Interagency Statement referenced an earlier version of Regulation B's provisions governing special purpose credit programs (SPCPs) that the CFPB amended through a final rule issued on April 22, 2026. The outdated guidance created risk that creditors might rely on it to engage in discriminatory activities inconsistent with the Equal Credit Opportunity Act (ECOA), Regulation B, and the Fair Housing Act (FHA). By rescinding the statement, the agencies ensure clarity that all SPCPs must comply with current ECOA and Regulation B requirements, as well as applicable fair lending and fair housing standards. The rescission is effective immediately and applies to all FDIC-supervised financial institutions. Creditors operating special purpose credit programs must ensure full compliance with ECOA, Regulation B, and the FHA. The CFPB's amended Regulation B final rule, published in the Federal Register at 91 FR 21620, establishes the current regulatory framework that governs special purpose credit programs and supersedes the provisions referenced in the rescinded interagency guidance.

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US Agencies Issue Interagency Statement on Special Purpose Credit Programs

On August 25, 2026, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OOC), the Consumer Financial Protection Bureau (CFPB), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal Housing Finance Agency (FHFA)  issued a Federal Register notice rescinding the February 22, 2022 Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B . The agencies determined that rescission was necessary because the Interagency Statement referenced an earlier version of Regulation B's provisions governing special purpose credit programs (SPCPs) that the CFPB amended through a final rule issued on April 22, 2026. The outdated guidance created risk that creditors might rely on it to engage in discriminatory activities inconsistent with the Equal Credit Opportunity Act (ECOA) , Regulation B , and the Fair Housing Act (FHA). By rescinding the statement, the agencies ensure clarity that all SPCPs must comply with current ECOA and Regulation B requirements, as well as applicable fair lending and fair housing standards. The rescission is effective immediately and applies to all FDIC-supervised financial institutions. The CFPB's amended Regulation B final rule establishes the current regulatory framework that governs special purpose credit programs and supersedes the provisions referenced in the rescinded interagency guidance. Creditors operating special purpose credit programs must ensure full compliance with ECOA, Regulation B, and the FHA.
3438937 pc Aug 28, 2026 pdonofrio Chile Financial Analysis Unit horizon scanning
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Chile's Financial Analysis Unit Implements Single Key Authentication for Reporting Entities Portal

On August 27, 2026, Chile's Financial Analysis Unit (UAF) announced that it will implement Clave Única (Single Key) as the authentication mechanism for accessing the Portal of Reporting Entities, effective October 19, 2026. This measure strengthens security for institutional system access and represents a significant step in the UAF's technology modernisation process. From October 19, 2026, natural persons representing reporting entities—including compliance officers, responsible officials, and other authorised users—must authenticate using Clave Única to access the Portal of Reporting Entities. The UAF will communicate additional complementary security mechanisms in due course. The initiative aligns with the State's digital transformation process and the UAF's technology modernisation strategy to reinforce platform security and optimise digital interaction with obligated reporting entities. Recognising that many reporting entities use automated systems to submit Suspicious Operations Reports (ROS) and Cash Operations Reports (ROE), the UAF will enable an alternative authentication mechanism and differentiated access exclusively for these automated operations to ensure operational continuity. The Clave Única implementation represents a preparatory step toward MiUAF, the new technology platform scheduled for gradual rollout beginning in 2027. MiUAF will eventually replace the current Portal of Reporting Entities and progressively integrate registration, reporting, training, supervision, and other processes conducted between the UAF and obligated subjects. Reporting entities with questions about this process can contact the UAF through its institutional website contact section at https://contacto.uaf.cl/. Further details appear in Circular Letter No. 543, available at https://www.uaf.cl/es-cl/normativa/circulares-uaf.

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Chilean Financial Analysis Unit Implements Single Key Authentication for Reporting Entities Portal

On August 27, 2026, the Chilean Financial Analysis Unit (UAF) announced that it will implement Clave Única (Single Key) as the authentication mechanism for accessing its reporting entities portal , effective October 19, 2026. According to the UAF, the measure aims to strengthen security for institutional system access and represents a significant step in its broader technology modernisation process. Recognising that many reporting entities use automated systems to submit Suspicious Operations Reports (ROS) and Cash Operations Reports (ROE), the UAF also clarified that it will enable an alternative authentication mechanism and differentiated access exclusively for these automated operations to ensure operational continuity. From October 19, 2026, natural persons representing reporting entities, including compliance officers, responsible officials and other authorised users, must authenticate using Clave Única to access the reporting entities portal. The UAF stated that it will communicate additional complementary security mechanisms in due course.
3439127 pc Aug 28, 2026 pdonofrio Mexico Banco de México financial services
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Mexico's Central Bank Launches Second Public Consultation on Card Payment Clearing House Rules

On August 27, 2026, Banco de México (the central bank) launched a second public consultation on draft rules governing the organisation, functioning, and operation of clearing houses for card payments. The consultation aims to promote efficiency and security in Mexico's card payment market while supporting the sound development of the financial system and protecting public interests. On the efficiency side, Banco de México establishes interoperability criteria between clearing houses to enable card payment processing without friction and at lower transaction costs, regardless of which clearing house processes the transaction. The rules also create conditions that encourage competition and facilitate the incorporation of new market participants and innovative services. On the security side, the central bank stipulates obligations to strengthen the adoption of international best practices in risk management and information protection under a transparent, robust governance framework. Through these measures, Banco de México seeks to foster acceptance and use of card payments as a payment method within a more fluid, transparent, and reliable digital ecosystem. The draft rules and consultation plan are available on Banco de México's website. The public may submit comments on the draft rules exclusively through the consultation portal until 6:00pm on September 24, 2026 (Mexico City time, GMT-6). REFERENCES: Banco de México. "Consulta pública del proyecto de Reglas para la organización, funcionamiento y operación de cámaras de compensación para pagos con tarjetas." Press release, August 27, 2026. https://www.banxico.org.mx/ConsultaRegulacionWeb/

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Bank of Mexico Launches Public Consultation on Card Payment Clearing House Rules

On August 27, 2026, the Bank of Mexico announced the launch of a public consultation on draft rules governing the organisation, functioning and operation of clearing houses for card payments. According to the Bank of Mexico, the consultation aims to promote efficiency and security in Mexico's card payment market, while also supporting the sound development of the financial system and protecting public interests. The proposal under consultation would establish interoperability criteria between clearing houses to enable card payment processing without friction and at lower transaction costs, regardless of which clearing house processes the transaction. The draft rules would also create conditions that encourage competition and facilitate the incorporation of new market participants and innovative services. Additionally, security-oriented provisions of the draft rules would strengthen the adoption of international best practices in risk management and information protection under a uniform, transparent and robust governance framework. Interested parties may submit comments on the consultation at this link until September 24, 2026 .
3440370 pc Aug 28, 2026 pdonofrio US Track 3 Notices | FINRA financial services
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FINRA Expands Principal Transaction Indicator Scope to Include Member Affiliate Transactions

On August 26, 2026, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 26-16, which amends FINRA's Trade Reporting and Compliance Engine (TRACE) rules to expand the scope of the principal transaction indicator to include transactions between member affiliates, in addition to the existing non-member affiliate transactions. The amendment modifies Rule 6730 and the definition of "affiliate" in Rule 6710 to encompass both non-member and member affiliates. Under the expanded rules, when a member and an affiliate transact in a principal capacity in a TRACE-eligible security, and both parties reasonably believe that a member or its member affiliate will engage in a same-day, same-price transaction with another counterparty, both members must append the affiliate-principal transaction indicator to their respective trade reports. This change reduces the dissemination of trade reports for transactions that are not economically distinct from separately disseminated transactions with other counterparties, thereby improving transparency of TRACE data. The notice includes four detailed scenarios illustrating how the expanded indicator operates under different business models and transaction structures. A critical provision requires that when a member transacts with both a member affiliate and a non-member affiliate on the same day, at the same price, in the same security, the member must append the indicator to only one of the two inter-affiliate trade reports to ensure at least one leg of the overall transaction remains subject to dissemination. The mandatory compliance date is August 2, 2027. Members may voluntarily comply beginning August 31, 2026. FINRA will update its TRACE reporting frequently asked questions to reflect these amendments. Members with questions should contact Alié Diagne, Senior Director, Transparency Services, at (212) 858-4092, or Erica Proctor, Associate General Counsel, at (202) 728-8864.

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US Financial Industry Regulatory Authority Expands Principal Transaction Indicator Scope to Include Member Affiliate Transactions

On August 26, 2026, the US Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 26-16 , which amends its Trade Reporting and Compliance Engine (TRACE) rules to expand the scope of the principal transaction indicator to include transactions between member affiliates, in addition to existing non-member affiliate transactions. Specifically, the amendment modifies Rule 6730 and the definition of "affiliate" in Rule 6710 to encompass both non-member and member affiliates. Under the updated rules, when a member and an affiliate transact in a principal capacity in a TRACE-eligible security, and both parties reasonably believe that a member or its member affiliate will engage in a same-day, same-price transaction with another counterparty, both members must append the affiliate-principal transaction indicator to their respective trade reports. According to FINRA, this change is intended to reduce the dissemination of trade reports for transactions that are not economically distinct from separately disseminated transactions with other counter-parties, thereby improving the overall transparency of TRACE data. The updated rules take effect on August 2, 2027 , with a voluntary compliance period beginning on August 31, 2026.
3440026 pc Aug 28, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Proposes Rule Distinguishing Substantive and Technical Violations

On August 27, 2026, the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking to refine the standard for issuing matters requiring attention (MRA) in response to violations of laws and regulations under 12 CFR 4.92. The proposed rule establishes two distinct categories of violations: "substantive violations" and "technical violations," designed to focus supervisory attention on violations that could meaningfully impact banks or their customers. Under the proposal, the OCC would limit MRA issuance to substantive violations only—those whose nature, duration, frequency, or severity could meaningfully impact a bank or its customers. The OCC would deem a violation substantive if it meets at least one of five criteria: constitutes a systemic issue or pattern; has had or reasonably could have a direct, clear, predictable, and more than minimal impact on the bank's financial condition; has had or reasonably could have a more than minimal impact on the accuracy of the bank's books and records; requires more than minimal restitution or reasonably could have a more than minimal adverse impact to customers; or involves insider misconduct or self-dealing. Technical violations—those for which the OCC does not take enforcement action or issue an MRA—would be handled separately. Examiners could direct banks to correct technical violations but could not prescribe how correction must occur or require remediation steps unrelated to the violation itself. The proposed rule applies to all OCC-supervised institutions, including national banks, federal savings associations, and federal branches and agencies. The comment period closes 30 days after publication in the Federal Register. Interested parties should submit comments during this window. Further information is available from the OCC's Chief Counsel's Office at (202) 649-5490.

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US Office of the Comptroller of the Currency Proposes Rule Distinguishing Substantive and Technical Violations

On August 27, 2026, the US Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking (NPRM) to refine the standard for issuing Matters Requiring Attention (MRA) in response to violations of laws and regulations under 12 Code of Federal Regulations (CFR) 4.92 . The proposed rule establishes two distinct categories of violations: "substantive violations" and "technical violations" designed to focus supervisory attention on violations that could meaningfully impact banks or their customers. Under the proposal, the OCC would limit MRA issuance to substantive violations only (i.e., those whose nature, duration, frequency or severity could meaningfully impact a bank or its customers). The OCC would deem a violation substantive if it meets at least one of five criteria: Constitutes a systemic issue or pattern. Has had or reasonably could have a direct, clear, predictable and more than minimal impact on the bank's financial condition. Has had or reasonably could have a more than minimal impact on the accuracy of the bank's books and records. Requires more than minimal restitution or reasonably could have a more than minimal adverse impact to customers. Involves insider misconduct or self-dealing. Technical violations (i.e., those for which the OCC does not take enforcement action or issue an MRA) would be handled separately. Examiners could direct banks to correct technical violations but could not prescribe how correction must occur or require remediation steps unrelated to the violation itself. Interested parties may submit comments on the proposed rule at this link up until 30 days after its publication in the Federal Register.
3440027 pc Aug 28, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Revises Bank Enforcement Actions and Matters Requiring Attention Policies

On August 27, 2026, the Office of the Comptroller of the Currency (OCC) released two revised Policies and Procedures Manuals (PPM) governing bank enforcement actions and supervisory matters. Revised PPM 5310-3 addresses bank enforcement actions and related matters, replacing the previous version issued on May 25, 2023. Revised PPM 5400-11 governs matters requiring attention (MRA), replacing the version issued on February 27, 2026. The OCC had not previously published PPM 5400-11 publicly. The revisions align with a joint final rule issued by the OCC and Federal Deposit Insurance Corporation (FDIC) on August 27, 2026, which defines "unsafe or unsound practice" under section 8 of the Federal Deposit Insurance Act and revises the supervisory framework for MRA issuance. The OCC prioritises material financial risks over nonfinancial concerns such as policy, process, and documentation issues. The agency will generally not take enforcement action without first providing banks an opportunity to remediate deficiencies through the supervisory process. The Revised Enforcement Action PPM establishes three guiding principles: escalation, providing banks opportunities to remediate before enforcement action; tailoring, adjusting enforcement responses based on financial risk factors including capital structure, complexity, activities, and asset size; and focus, issuing targeted enforcement actions with corrective actions addressing specific deficiencies. The revised manual establishes that enforcement actions terminate when banks achieve "substantial compliance," satisfying essential requirements even if minor, isolated requirements remain unsatisfied. The Revised MRA PPM establishes uniform standards for MRA issuance, permitting MRAs only for practices that are contrary to prudent operation standards and could materially harm the bank's financial condition or present material risk to the Deposit Insurance Fund, or constitute actual violations of banking law. The manual introduces "supervisory observations" for weaknesses not meeting MRA standards and "other violations" for which no enforcement action or MRA is issued. The OCC rescinded OCC Bulletin 2023-16 with this release. These policies apply to all OCC-supervised institutions, including national banks, federal savings associations, and federal branches and agencies.

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US Office of the Comptroller of the Currency Revises Bank Enforcement Actions and Matters Requiring Attention Policies

On August 27, 2026, the US Office of the Comptroller of the Currency (OCC) released two revised Policies and Procedures Manuals (PPMs) governing bank enforcement actions and other supervisory matters. Revised PPM 5310-3 addresses bank enforcement actions and related matters, replacing the previous version issued in May 2023. This revision establishes that enforcement actions terminate when banks achieve "substantial compliance", satisfying essential requirements even if minor, isolated requirements remain unsatisfied. It also established three guiding principles: Escalation, providing banks opportunities to remediate before enforcement action. Tailoring, adjusting enforcement responses based on financial risk factors including capital structure, complexity, activities and asset size. Focus, issuing targeted enforcement actions with corrective actions addressing specific deficiencies. Revised PPM 5400-11 governs Matters Requiring Attention (MRA), replacing the version issued in February 2026, which had not previously been issued publicly by the OCC. This revision establishes uniform standards for MRA issuance, permitting MRAs only for practices that are contrary to prudent operation standards and could materially harm the bank's financial condition or present material risk to the Deposit Insurance Fund (DIF), or constitute actual violations of banking law. It also introduces "supervisory observations" for weaknesses not meeting MRA standards and "other violations" for which no enforcement action or MRA is issued. Both revisions align with a final rule issued jointly by the OCC and US Federal Deposit Insurance Corporation (FDIC), which defines "unsafe or unsound practice" under Section 8 of the Federal Deposit Insurance Act (FDIA) and revises the supervisory framework for MRA issuance.
3440030 pc Aug 28, 2026 pdonofrio US Track 2 Newsroom - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation Issue Final Rule Prioritizing Material Financial Risks

On August 27, 2026, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued a final rule establishing uniform standards for enforcement and supervisory activities focused on material financial risks and banking compliance. The final rule establishes a uniform definition for "unsafe or unsound practice" under 12 U.S.C. § 1818, clarifying enforcement and supervision standards across both agencies. The definition prioritizes material financial risks over policy, process, documentation, and other nonfinancial concerns, ensuring examiners direct attention to substantive compliance issues rather than administrative matters. The rule also establishes uniform standards for issuing Matters Requiring Attention (MRAs) and communicating supervisory observations and violations of laws and regulations during the examination process. The agencies developed this rule to build on their October 2025 proposal, incorporating modifications to clarify how they will exercise enforcement and supervisory authority. The final rule allows the agencies to tailor their application of the unsafe or unsound practices definition and MRA standards based on risk factors specific to individual institutions, providing flexibility while maintaining consistency. The rule explicitly applies only to institutions supervised by the OCC and FDIC. The final rule represents a significant shift in supervisory approach, emphasizing risk-based examination processes that focus examiner and institutional resources on material financial concerns. This approach aims to reduce compliance burden on institutions while maintaining robust oversight of substantive risks to the banking system. The final rule is available on the OCC website.

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US Office of the Comptroller of the Currency and US Federal Deposit Insurance Corporation Issue Final Rule Prioritizing Material Financial Risks

On August 27, 2026, the US Office of the Comptroller of the Currency (OCC) and US Federal Deposit Insurance Corporation (FDIC) jointly issued a final rule establishing uniform standards for enforcement and supervisory activities focused on material financial risks in banking compliance. According to the OCC , the agencies developed the final rule to build on their October 2025 proposal , incorporating modifications to clarify how they will exercise enforcement and supervisory authority. It allows the agencies to tailor their application of the unsafe or unsound practices definition and Matters Requiring Attention (MRA) standards based on risk factors specific to individual institutions, providing flexibility while maintaining consistency. The final rule establishes a uniform definition for "unsafe or unsound practice" under 1 2 US Code (USC) § 1818 , clarifying enforcement and supervision standards across both agencies. This definition prioritizes material financial risks over policy, process, documentation and other non-financial concerns, ensuring that examiners direct attention to substantive compliance issues rather than administrative matters. The finale rule also establishes uniform standards for issuing MRA and communicating supervisory observations and violations of laws and regulations during the examination process. The final rule takes effect 60 days after its publication in the Federal Register.
3439989 pc Aug 28, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Amends Venezuela-Related General Licenses and Guidance

On August 27, 2026, the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued amended Venezuela-related general licenses and associated frequently asked questions (FAQs) to clarify sanctions compliance requirements. OFAC amended eight Venezuela-related general licenses: General License 46D authorizes certain activities involving Venezuelan-origin oil or petrochemical products; General License 47B authorizes the sale of U.S.-origin diluents to Venezuela; General License 48C authorizes the supply of certain items and services to Venezuela; General License 50C authorizes transactions related to oil or gas sector operations in Venezuela of certain entities; General License 51C authorizes certain activities involving Venezuelan-origin minerals, including gold; General License 52B authorizes certain transactions involving Petróleos de Venezuela, S.A.; General License 54B authorizes the supply of certain items and services for minerals operations in Venezuela; and General License 61A authorizes the supply of certain items and services to Venezuela related to telecommunications. These amendments update existing authorizations to reflect current policy on permissible transactions with Venezuela across multiple economic sectors. OFAC simultaneously issued two new FAQs (1267 and 1268) providing additional guidance on Venezuela sanctions compliance. The agency also amended two existing FAQs (1233 and 1244) to reflect updated interpretations and archived FAQ 1260. These guidance documents support stakeholders in understanding the scope and conditions of the amended general licenses, particularly for entities engaged in oil, gas, minerals, and telecommunications operations involving Venezuela. The amendments become effective immediately upon publication, allowing affected parties to align their compliance procedures with the updated authorizations and guidance.

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US Office of Foreign Assets Control Amends Venezuela-Related General Licenses and Guidance

On August 27, 2026, the US Office of Foreign Assets Control (OFAC) issued amended several Venezuela-related general licenses and associated frequently asked questions (FAQ) documents to clarify sanctions compliance requirements. Specifically, OFAC amended eight Venezuela-related general licenses to update existing authorizations to reflect current policy on permissible transactions with Venezuela across multiple economic sectors: General License 46D, which authorizes certain activities involving Venezuelan-origin oil or petrochemical products. General License 47B, which authorizes the sale of US-origin diluents to Venezuela. General License 48C, which authorizes the supply of certain items and services to Venezuela. General License 50C, which authorizes transactions related to oil or gas sector operations in Venezuela of certain entities. General License 51C, which authorizes certain activities involving Venezuelan-origin minerals, including gold. General License 52B, which authorizes certain transactions involving Petróleos de Venezuela SA (PdVSA). General License 54B, which authorizes the supply of certain items and services for minerals operations in Venezuela. General License 61A, which authorizes the supply of certain items and services to Venezuela related to telecommunications. Concurrently, OFAC also issued two new FAQs (FAQ 1267 and 1268), which provide additional guidance on Venezuela sanctions compliance, as well as amending two existing FAQs (FAQ 1233 and 1244) to reflect updated interpretations. These guidance documents support stakeholders in understanding the scope and conditions of the amended general licenses, particularly for entities engaged in oil, gas, minerals and telecommunications operations involving Venezuela.
3443297 pc Aug 28, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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Financial Crimes Enforcement Network Proposes Special Measure Against Banque Misr UAE as Primary Money Laundering Concern

On August 28, 2026, the Financial Crimes Enforcement Network (FinCEN) released a Notice of Proposed Rulemaking (NPRM) proposing a special measure regarding Banque Misr UAE, a financial institution operating outside the United States, as a primary money laundering concern. FinCEN's proposal aims to address money laundering risks associated with Banque Misr UAE's operations. Special measures under the Bank Secrecy Act (BSA) are enforcement tools that FinCEN uses to combat financial institutions that pose significant money laundering or terrorist financing risks. These measures can include enhanced due diligence requirements, restrictions on correspondent banking relationships, or other targeted actions designed to mitigate identified risks. The designation of Banque Misr UAE as a primary money laundering concern reflects FinCEN's assessment that the institution's activities warrant regulatory intervention to protect the U.S. financial system from illicit funds flows and associated risks. The proposal impacts financial institutions that maintain correspondent banking relationships with Banque Misr UAE or conduct transactions involving the institution. U.S. banks and other financial institutions subject to BSA requirements will need to monitor developments and prepare for potential compliance obligations should the special measure be finalised. FinCEN is accepting public comments on the proposed rulemaking. Interested parties, including financial institutions, industry associations, and other stakeholders, should review the full NPRM and submit comments during the designated comment period. The agency will consider feedback before issuing a final rule. Further details regarding comment submission procedures and deadlines are available on FinCEN's website. REFERENCES: Financial Crimes Enforcement Network. "Proposal of Special Measure Regarding Banque Misr UAE as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern." August 28, 2026. https://www.fincen.gov/news/news-releases/proposal-special-measure-regarding-banque-misr-uae-financial-institution-operating

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US Department of the Treasury Targets Iranian Access to UAE Banks under "Operation Economic Outcast"

On August 28, 2026, the US Department of the Treasury announced joint financial crime actions targeting Iran’s access to the global financial system as part of "Operation Economic Outcast". According to the Treasury, the actions aim to sever the Iranian regime's remaining economic lifelines by cutting off foreign financial institutions and shadow banking networks that facilitate its sanctions evasion, money laundering and terrorism funding. Specifically, the US Financial Crimes Enforcement Network (FinCEN) issued a proposed rule that would revoke the US correspondent banking access of United Arab Emirates (UAE)-based Banque Misr UAE. FinCEN assesses that the bank serves as a critical node for the Iranian regime's access to US dollars, estimating that between January 2024 and June 2026, Banque Misr UAE processed approximately $1.8bn for companies potentially linked to Iranian shadow banking networks. FinCEN additionally identified that the bank's customers include apparent front companies used by Iran's Ministry of Defense and the Islamic Revolutionary Guard Corps (IRGC), as well as networks laundering money on behalf of Iranian Supreme Leader Mojtaba Khamenei. Interested parties may submit comments on the proposed rule at this link up to 30 days after its publication in the Federal Register. In coordination with FinCEN's action, the US Office of Foreign Assets Control (OFAC) also sanctioned one individual, Reza Mohammad Taeedi, and one entity, Kameng Trading Limited, associated with these illicit financial networks. As a result of the new sanctions designations, all US-based property and interests of these targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3436367 pc Aug 27, 2026 rghosh Colombia Super Financiera financial services
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Colombia's Financial Superintendence Issues Instructions to Mitigate Disaster Impact on Financial Consumers

On August 26, 2026, the Superintendencia Financiera de Colombia (SFC) issued External Circular 007 of 2026, providing instructions to supervised entities on measures to mitigate the impact of a disaster situation on affected financial consumers. The circular establishes a comprehensive framework of relief measures applicable to borrowers affected by the disaster. Supervised entities must refinance existing credits by extending payment terms and adjusting payment conditions without making them more burdensome for borrowers. Entities may also offer additional relief measures, including grace periods, special interest rates, amended amortisation schemes, extended payment terms, and the option to forgive or suspend interest and pre-legal collection charges. The SFC permits supervised entities to offer new credits under special conditions to affected individuals and businesses, based on their real or potential recovery capacity. The circular provides significant flexibility regarding credit assessment and reporting. Supervised entities must temporarily maintain credit ratings and suspend negative reporting for up to 12 months for refinanced credits, which will not be treated prudentially as modified or restructured. The SFC also requires flexibility in evaluating borrowers' payment capacity by utilising alternative information and considering future income and economic recovery prospects. Additional measures address insurance and service accessibility. Supervised entities must facilitate insurance premium payments and expedite claim processing through special procedures and channels, including expedited loss assessment. The SFC also mandates flexibility in service delivery channels by utilising alternative or third-party channels and strengthening digital channels to maintain financial services access. The circular applies to all supervised entities under SFC jurisdiction and remains in effect to address ongoing disaster-related impacts on financial consumers.

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Financial Superintendency of Colombia Issues Instructions for Mitigating the Impact of Disaster Situation on Financial Consumers

On August 26, 2026, the Financial Superintendency of Colombia issued External Circular 007 of 2026, providing instructions to supervised entities on measures to mitigate the impact of a disaster situation on affected financial consumers. According to the circular, supervised entities must adopt internal policies and procedures that enable them to identify financial consumers residing in the affected territories and/or who have suffered current or future damages due to the disaster situation declared by Decree 1171 of 2026 , whose ability to pay or financial situation has been or may be adversely affected by the disaster, or who may be affected in terms of the use or management of the supervised entity’s products or services. The instructions set forth in this External Circular apply to all institutions supervised by the SFC with respect to financial consumers affected by the disaster. Key measures with respect to debtors of affected loans are: Refinancing of the existing loan, including extending terms and adjusting payment conditions, without making them more burdensome for the debtor. Refinancing shall apply only to obligations incurred prior to August 10, 2026, and to payments due on or after that date. Possibility of granting additional relief including grace periods, special rates, amortization schemes and additional terms, as well as forgiving or suspending interest and pre-legal collections. Offering new loans on special terms to affected individuals and companies, based on their actual or potential recovery capacity. Temporarily maintain the credit rating and suspend negative reports for up to 12 months for refinanced loans; these will not be prudentially treated as modified or restructured. Flexibility in the assessment of ability to pay, including the use of alternative information and considering future income and prospects for economic recovery. Credit institutions may establish mechanisms for obtaining alternative information that allow them to analyze the borrower’s potential repayment capacity and that take into account additional variables regarding the future recovery of the economic sector in which the financial consumer operates, as well as the consumer’s ability to generate future income. Facilitating premium payments and streamlining insurance claims through special procedures and channels, and expedited claims assessment. Flexibility of channels and service, including the use of alternative or third-party channels and strengthening digital channels to maintain access to financial services.
3435078 pc Aug 27, 2026 rghosh Brazil Administrative Council for Economic Defense financial services
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Brazil's Securities Commission Fines Infinite Trade LLC. BRL 3.9 Million for Unregistered Securities Offering

On August 25, 2026, the Securities Commission of Brazil (Comissão de Valores Mobiliários — CVM) held a disciplinary hearing session and ruled on four administrative sanction proceedings (PAS). In the most significant case, the CVM unanimously condemned Infinite Trade LLC. to pay a fine of BRL 3,900,000 for conducting a public offering of securities without prior registration with the CVM, in violation of Article 19 of Law 6,385. The CVM's Market Relations and Intermediaries Superintendence (Superintendência de Relações com o Mercado e Intermediários — SMI) initiated the proceeding against Infinite Trade LLC. The CVM determined that the entity violated securities registration requirements by offering securities to the public without obtaining mandatory CVM approval. Director Marina Copola voted to impose the penalty, and the CVM's collegiate body unanimously adopted this recommendation. In three additional cases heard during the same session, the CVM issued penalties totalling approximately BRL 2,120,000. These included fines against BNY Mellon Financial Services and associated individuals for violations of CVM Instruction 555; penalties against two former directors of Oi S.A. for breaches of financial reporting obligations; and a BRL 520,000 fine against AN Advisory and Mentoring Ltd., alongside a 78-month prohibition on Alan da Silva Neres from participating in securities market operations for unauthorised portfolio management activities. Infinite Trade LLC. may appeal the decision to the Financial System National Appeals Board (Conselho de Recursos do Sistema Financeiro Nacional) with suspensive effect, meaning the appeal will stay enforcement of the penalty pending resolution.

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Brazil Securities Commission Fines Infinite Trade R3.9m for Unregistered Securities Offering

On August 25, 2026, the Securities Commission of Brazil (CVM) fined Infinite Trade LLC R3.9m (approximately US$757,517) for conducting a public offering of securities without prior registration with the CVM, in violation of Article 19 of Law 6,385.
3438339 pc Aug 27, 2026 csoo United Kingdom Bank of England horizon scanning
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Bank of England Delays November 2026 RTGS Standards Release Following Swift Announcement

On August 27, 2026, the Bank of England announced it would delay its November 2026 Real-Time Gross Settlement (RTGS) standards release following Swift's decision to postpone the November 2026 Swift Standards Release. Swift delayed its release based on industry requests for additional time to prepare for the removal of the unstructured postal address format, citing concerns about global readiness. The Bank of England's deferred November 2026 RTGS standards release includes messaging standards for Clearing House Automated Payment System (CHAPS) payments. The Bank determined that maintaining global alignment with Swift and other major market infrastructures was essential to preserve interoperability and avoid introducing new implementation risks. By deferring the entire RTGS standards release rather than separating individual changes, the Bank aligns with Swift's decision to delay the entire Cross-Border Payments and Reporting Plus (CBPR+) standards release. This coordinated approach prevents the challenges and risks that could arise from attempting to separate changes at a late stage in the implementation cycle. The Bank of England will continue engaging with Swift, other market infrastructures, and RTGS participants to determine next steps and provide updated timelines. Further details on revised implementation schedules will be communicated through the Bank's ISO 20022 implementation programme for CHAPS and RTGS to enable organisations to adjust their own planning accordingly. The Bank emphasised that this delay supports a coordinated global approach to payments messaging standardisation while mitigating risks for both the Bank and industry participants.

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UK's Bank of England Delays November 2026 RTGS Standards Release Following Swift Announcement

On August 27, 2026, the UK's Bank of England (BoE) announced it would delay its November 2026 Real-Time Gross Settlement (RTGS) standards release following Swift's decision to postpone the November 2026 Swift Standards Release. Swift delayed its release based on industry requests for additional time to prepare for the removal of the unstructured postal address format, citing concerns about global readiness. The BoE's deferred November 2026 RTGS standards release includes messaging standards for Clearing House Automated Payment System (CHAPS) payments. The Bank determined that maintaining global alignment with Swift and other major market infrastructures was essential to preserve interoperability and avoid introducing new implementation risks. The BoE will continue engaging with Swift, other market infrastructures, and RTGS participants to determine next steps and provide updated timelines. Further details on revised implementation schedules will be communicated through the Bank's ISO 20022 implementation programme for CHAPS and RTGS to enable organisations to adjust their own planning accordingly.
3435479 pc Aug 27, 2026 rghosh Peru Official Gazette financial services
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Peru's Official Gazette Modifies Regulations on Complementary Customer Service Channels for Financial System Companies

On August 26, 2026, Peru's Official Gazette published a resolution modifying the Regulations on Complementary Customer Service Channels for Financial System Companies and Electronic Money Issuing Companies. The resolution updates the existing regulatory framework governing how financial institutions and electronic money issuers must provide alternative customer service channels to the public. These complementary channels supplement traditional in-person service offerings and are designed to improve customer accessibility and service delivery across Peru's financial sector. The modification addresses the operational and procedural requirements that financial system companies and electronic money issuing companies must follow when establishing and maintaining these alternative service mechanisms. The resolution applies to all entities operating within Peru's financial system, including banks, financial companies, and other regulated financial institutions, as well as companies authorised to issue electronic money. The update reflects evolving standards for customer service delivery in the financial services sector and ensures that regulated entities maintain consistent service quality across multiple channels. The resolution has been published in the Official Gazette and is available in both PDF and HTML formats, along with a cuadernillo (booklet) version for reference. Financial system companies and electronic money issuing companies should review the modified regulations to ensure compliance with the updated requirements for complementary customer service channels. **Reference:** Peru Official Gazette, Resolution on Complementary Customer Service Channels, August 26, 2026

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Peru Superintendency of Banking, Insurance and Private Pension Fund Administrators Modifies Regulations on Complementary Customer Service Channels

On August 26, 2026, Peru's Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS) published a resolution modifying the Regulations on Complementary Customer Service Channels for Financial System Companies and Electronic Money Issuing Companies. The resolution updates the existing regulatory framework governing how financial institutions and electronic money issuers must provide alternative customer service channels to the public.  The modification addresses the operational and procedural requirements that financial system companies and electronic money issuing companies must follow when establishing and maintaining these alternative service mechanisms. The amendment expands transaction limits applicable to Basic Operations Establishments  (EOBs) to facilitate customers' transactional needs and strengthen the use of EOBs as complementary service channels. The resolution applies to all entities operating within Peru's financial system, including banks, financial companies, and other regulated financial institutions, as well as companies authorized to issue electronic money. Key points of the regulation are: Revised EOB transaction limits: Companies must establish  limits on transactions and services conducted through EOBs. These limits include a cash limit per person of up to 6 UIT (approximately US$9,000) per day for withdrawals and/or deposits associated with credit transactions such as disbursements, installment payments, prepayment of principal, or cancellations. Risk reporting requirements: Companies must submit a risk report to the SBS for any new products, significant changes to EOB transaction terms and conditions, or changes to EOB transaction limits. Where the cash-on-hand limit exceeds 10 UIT (approximately US$16,000), the report must additionally describe the risks arising from the change, the controls implemented to mitigate them, the geographic location of the affected EOBs, and the justification for the increase. Controls must cover at minimum cash safekeeping, transport and security, segregation of duties, cash reconciliation, insurance coverage, physical security, AML/CFT risk management, and business continuity. Supervisory powers: The SBS may require a reduction in limits or the implementation of additional control measures where it determines that existing controls are not commensurate with the level of risk exposure. Recordkeeping and monitoring: Companies must maintain records of the number and amount of transactions conducted by type of service through each EOB, and monitor compliance with limits and other applicable prudential measures. Business plan maintenance: Once EOBs are implemented, companies must keep their business plans up to date and make them available to the SBS upon request. The regulation enters into force a day after its publication in the official gazette.
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U.S. Department of the Treasury Sanctions Violent Far-Left Terrorist Networks and Supporters

On August 26, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated three entities and two individuals as supporters of violent far-left terrorism. The action targeted Autistici Inventati, an Italy-based organization providing digital infrastructure and services to Antifa cells and other violent extremists; Palestine Action, a United Kingdom-based organization proscribed as a terrorist group by the UK government in July 2025; and Masar Badil, a transnational organization operating as a front for the Popular Front for the Liberation of Palestine (PFLP), a designated Foreign Terrorist Organization. OFAC also designated two senior leaders of Masar Badil: Germany-based Zaid Abdulnasser and Brazil-based Rawa Alsagheer. Treasury Secretary Scott Bessent said the designations reflect the United States' commitment to disrupting infrastructure enabling these groups to operate and coordinate violence across borders. The action was taken pursuant to Executive Order 13224, as amended, under counterterrorism authority. According to the 2026 U.S. Counterterrorism Strategy, violent far-left terrorist groups represent one of three major terrorist threats facing the United States. Autistici Inventati was designated for materially assisting terrorist organizations, including providing website hosting, encrypted email accounts, and digital architecture services. Palestine Action was designated for supporting acts of terrorism since July 2020, including attacks on UK military installations causing millions of dollars in damage. Masar Badil was designated for being controlled by the PFLP and sharing leadership, fundraising mechanisms, and senior members with the Samidoun Palestinian Prisoner Solidarity Network, jointly sanctioned by Canada and the United States on October 15, 2024. As a result of the designations, all property and interests in property of the designated persons in the United States or controlled by U.S. persons are blocked. U.S. persons are prohibited from conducting transactions involving designated persons unless authorized by OFAC. Violations may result in civil or criminal penalties. Foreign financial institutions engaging in significant transactions on behalf of designated persons risk secondary sanctions, including restrictions on maintaining correspondent or payable-through accounts in the United States.

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US Office of Foreign Assets Control Sanctions Terrorist Networks and Supporters

On August 26, 2026, the US Office of Foreign Assets Control (OFAC) designated three entities and two individuals as supporters of violent far-left terrorism, pursuant to counter-terrorism authority under Executive Order 13224 . According to OFAC , the designations reflect the US' commitment to disrupting infrastructure enabling these groups to operate and coordinate violence across borders. The newly designated entities are Italy-based Autistici Inventati, UK-based Palestine Action and Masar Badil, a transnational organization operating as a front for the Popular Front for the Liberation of Palestine (PFLP). OFAC also designated two senior leaders of Masar Badil: Germany-based Zaid Abdulnasser and Brazil-based Rawa Alsagheer. As a result of the new sanctions designations, all US-based property and interests of these targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3432624 pc Aug 26, 2026 rghosh Colombia Banco de la Republica Colombia financial services
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Colombia's Central Bank Publishes External Regulatory Circular on Foreign Exchange Operation Procedures

On August 25, 2026, Banco de la República (Colombia's central bank) published External Regulatory Circular DCIP-83, which addresses procedures applicable to foreign exchange operations. The circular was released in Bulletin 22 of 2026 from the bank's Board of Directors. The circular applies to the main office and branches of Banco de la República, foreign exchange market intermediaries, and natural and legal persons conducting foreign exchange operations and international investments. The regulation establishes procedural requirements governing how these entities must conduct currency exchange transactions and related international investment activities within Colombia's financial system. The circular represents part of Banco de la República's ongoing regulatory framework for managing foreign exchange operations and ensuring compliance across Colombia's currency markets. By establishing clear procedures for market participants, the regulation aims to standardise practices and maintain orderly functioning of the foreign exchange sector. Market participants and institutions subject to this circular should review the full text to understand their specific obligations under the new procedures. The circular is available through Banco de la República's official publications and applies to all covered entities effective from the publication date. REFERENCES: Banco de la República. (August 25, 2026). Circular Reglamentaria Externa DCIP-83 del 25 de agosto de 2026, Asunto 10: Procedimientos aplicables a las operaciones de cambio. Retrieved from https://www.banrep.gov.co/

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Colombia's Central Bank Publishes External Regulatory Circular on Foreign Exchange Operation Procedures

On August 25, 2026, the Central Bank of Colombia  published External Regulatory Circular DCIP-83, which addresses procedures applicable to foreign exchange operations. The circular was released in Bulletin 22 of 2026 from the bank's Board of Directors. The circular applies to the main office and branches of Banco de la República, foreign exchange market intermediaries, and natural and legal persons conducting foreign exchange operations and international investments. The regulation establishes procedural requirements governing how these entities must conduct currency exchange transactions and related international investment activities within Colombia's financial system. Key provisions of the circular are: The circular sets rules for foreign currency channeling, international investment registrations, and reporting requirements regardless of when the transaction occurred. A substitution of a foreign direct investment (FDI) is defined as " the replacement of the investment's owners with other non-resident owners, as well as a change in the intended use or in the recipient company of the investment, including the assignment of rights arising from advance payments for future capitalizations channeled prior to July 26, 2017." The substitution may result in the partial or total cancellation of the initial registration and a new registration. FDI substitutions including those resulting from corporate reorganizations like mergers or spin-offs must be registered by the investors, their authorized agents, legal representatives, or legal representatives of the companies receiving their investment through the Foreign Exchange Information System, without supporting documents for the transaction. Asset contributions registered as FDI made to separate accounts must be recorded using the substitution procedure for a change in intended use. Reductions in supplementary investment to the allocated capital of foreign company branches do not require a formal cancellation procedure. Cancellation of a foreign direct investment is defined as the total or partial reduction or liquidation of an investment previously registered with Banrep. The cancellation process shall only proceed when there is a prior registration subject to cancellation and when, due to any legal act or event, the non-resident investor ceases to be the owner of the investment, for the reasons set forth in the Foreign Exchange Information System.The cancellation must be registered at any time by the investor, their authorized agent, legal representative, or by the legal representative of the company receiving the investment, by submitting the Declaration of Cancellation of International Investments through the Foreign Exchange Information System, without supporting documents for the transaction. The circular is effective from the publication date.
3428740 pc Aug 25, 2026 rghosh Brazil BCB - Standards horizon scanning
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Brazil's Central Bank Establishes International Bank Account Number Standard for Cross-Border Fund Transfers

On August 24, 2026, Brazil's Central Bank (Banco Central do Brasil/BCB) published Resolution BCB No. 585, which establishes the International Bank Account Number (IBAN) standard as the mandatory format for identifying Brazilian bank accounts in international fund transfers. The resolution adopts the ISO 13616 standard and supersedes previous guidance issued under Circular No. 3,625. The IBAN format comprises 29 characters structured as follows: two alphanumeric characters for the country code (ISO 3166-1); two check digits (mod 97, ISO 7064); eight alphanumeric characters for the participant identifier in the Brazilian Payment System (Sistema de Pagamentos Brasileiro/SPB); five numeric characters for the bank branch identification; ten numeric characters for the customer account number; one alphanumeric character for the account type; and one alphanumeric character identifying the account holder. Account holders are identified numerically (1-9) or alphabetically (A-Z) for multiple account holders. The resolution specifies that IBAN validation must be case-insensitive, numeric fields must be left-padded with zeros where necessary, and presentation must use groups of four characters separated by spaces in uppercase letters to facilitate automation and electronic reading. Financial institutions and other entities authorized by the BCB must provide customers with their IBAN identification upon request and accept international fund transfers using the IBAN format, performing appropriate validations. The resolution entered into force upon publication on August 24, 2026. REFERENCES: Resolução BCB n° 585 de 24 de agosto de 2026 — Banco Central do Brasil https://www.bcb.gov.br/

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Brazil's Central Bank Establishes International Bank Account Number Standard for Cross-Border Fund Transfers

On August 24, 2026, Brazil's Central Bank (BCB) published Resolution BCB No. 585, which establishes the International Bank Account Number (IBAN) standard as the mandatory format for identifying Brazilian bank accounts in international fund transfers. The resolution adopts the ISO 13616 standard and supersedes previous guidance issued under Circular No. 3,625 . The IBAN format comprises 29 characters structured as follows: Two alphanumeric characters for the country code (ISO 3166-1). Ywo check digits (mod 97, ISO 7064). Eight alphanumeric characters for the participant identifier in the Brazilian Payment System (Sistema de Pagamentos Brasileiro/SPB). Five numeric characters for the bank branch identification. Ten numeric characters for the customer account number. One alphanumeric character for the account type. One alphanumeric character identifying the account holder. Account holders are identified numerically (1-9) or alphabetically (A-Z) for multiple account holders. The resolution specifies that IBAN validation must be case-insensitive, numeric fields must be left-padded with zeros where necessary, and presentation must use groups of four characters separated by spaces in uppercase letters to facilitate automation and electronic reading. Financial institutions and other entities authorized by the BCB must provide customers with their IBAN identification upon request and accept international fund transfers using the IBAN format, performing appropriate validations. The resolution entered into force upon publication on August 24, 2026.
3428944 pc Aug 25, 2026 rghosh Dominican Republic Press Release-Superintendent of Banks financial services
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Dominican Republic's Superintendent of Banks Issues Environmental and Social Risk Management Guidance

On August 17, 2026, the Superintendent of Banks (SB) released a guide on best practices for managing environmental and social risks in the banking sector. The guidance, contained in Circular Letter CCI-REG-2026000010, provides practical tools for implementing Environmental and Social Risk Management Systems (SARAS) in supervised financial intermediation entities. The guide addresses governance, internal policies, environmental and social due diligence, risk categorization, integration of environmental and social criteria into the credit cycle, monitoring mechanisms, institutional training, and performance indicators. The SB emphasizes that environmental and social risks warrant the same attention as traditional risks, as they can impact credit portfolio quality and generate financial, legal, regulatory, and reputational risks for financial institutions. The guidance incorporates international standards and references, including the International Finance Corporation (IFC) Performance Standards, the Equator Principles, the United Nations Principles for Responsible Banking, and recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). The guide includes methodologies for project evaluation and best practices applicable to high-impact sectors including energy, agroindustry, construction, mining, and tourism—areas particularly exposed to climate change risks, natural resource use, and social impacts. The SB clarifies that this instrument is referential in nature and does not establish regulatory obligations. Implementation must follow criteria of proportionality, gradualism, and adaptation to each financial entity's size, operational complexity, and risk profile. The guide's development forms part of the SB's broader efforts to strengthen the integration of environmental, social, and governance (ESG) criteria in banking supervision, alongside financial sector awareness workshops, climate risk pilot exercises, and incorporation of the Green Taxonomy into regulatory reporting requirements.

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Dominican Republic's Superintendent of Banks Issues Environmental and Social Risk Management Guidance

On August 17, 2026, the Superintendent of Banks (SB)  of the Dominican Republic released a guide on best practices for managing environmental and social risks in the banking sector. The guidance, contained in Circular Letter CCI-REG-2026000010, provides practical tools for implementing Environmental and Social Risk Management Systems (SARAS) in supervised financial intermediation entities. The guide addresses: Governance. Internal policies. Environmental and social due diligence. Risk categorization. Integration of environmental and social criteria into the credit cycle. Monitoring mechanisms. Institutional training. Performance indicators. The SB emphasizes that environmental and social risks warrant the same attention as traditional risks, as they can impact credit portfolio quality and generate financial, legal, regulatory, and reputational risks for financial institutions. The guidance incorporates international standards and references, including the International Finance Corporation (IFC) Performance Standards, Equator Principles, the United Nations Principles for Responsible Banking, and recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). The guide includes methodologies for project evaluation and best practices applicable to high-impact sectors including energy, agroindustry, construction, mining, and tourism—areas particularly exposed to climate change risks, natural resource use, and social impacts. The SB clarifies that this instrument is referential in nature and does not establish regulatory obligations. Implementation must follow criteria of proportionality, gradualism, and adaptation to each financial entity's size, operational complexity, and risk profile. The guide's development forms part of the SB's broader efforts to strengthen the integration of environmental, social, and governance (ESG) criteria in banking supervision, alongside financial sector awareness workshops, climate risk pilot exercises, and incorporation of the Green Taxonomy into regulatory reporting requirements.
3429076 pc Aug 25, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Launches Operation Economic Outcast Against Iranian Regime

On August 24, 2026, the U.S. Department of the Treasury announced Operation Economic Outcast, a comprehensive economic campaign against Iran and its enablers directed by President Trump. Treasury Secretary Scott Bessent said the operation aims to "sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone," comparing the initiative to World War II's D-Day operation. Operation Economic Outcast targets Iran's financial networks, oil smuggling channels, and sanctions evasion mechanisms. The Treasury has mapped the networks, facilitators, and financial channels that Iran uses to generate illicit revenue and fund the Islamic Revolutionary Guard Corps (IRGC). The campaign expands secondary sanctions exposure for entities conducting Iran-related business and accelerates enforcement against those facilitating money laundering or sanctions evasion on behalf of Iran. The Office of Foreign Assets Control (OFAC) issued five unprecedented sectoral sanctions determinations targeting digital assets, technology, gold, aviation, and shipping—sectors the Iranian regime leverages to sustain its economy. OFAC sanctioned nearly 60 entities, individuals, and vessels across multiple jurisdictions enabling Iran's nuclear and missile procurement, cyber operations, and oil-revenue generation. OFAC suspended general licenses previously authorizing certain remittance payments to Iran and Iranian access to the U.S. cultural and academic system. The Treasury designated cyber actors directed by Iran's Ministry of Intelligence and Security responsible for compromising U.S. critical infrastructure and conducting financially motivated cyber theft. OFAC targeted procurement networks spanning the Middle East and East Asia supporting Iran's nuclear and missile development, as well as shadow fleet vessels and shipping facilitators transporting Iranian oil. The Department of State designated seven Iranian defense officials and two entities involved in enabling Iranian military strikes. All designated persons' property and interests in the United States are blocked, and U.S. persons are prohibited from conducting transactions involving these entities unless authorized by OFAC. The Treasury is engaging counterparts globally, providing defined timelines for countries to cease Iran-related activity or face secondary sanctions exposure.

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US Department of the Treasury Launches "Operation Economic Outcast" on Iran

On August 24, 2026, the US Department of the Treasury announced "Operation Economic Outcast", a comprehensive economic sanctions campaign against Iran that targets its financial networks, oil smuggling channels and sanctions evasion mechanisms. The campaign also expands secondary sanctions exposure for entities conducting Iran-related business and accelerates enforcement against those facilitating money laundering or sanctions evasion on behalf of Iran. To accomplish the aims of the campaign, the US Office of Foreign Assets Control (OFAC), a subsidiary of the Treasury, has implemented the following actions with regard to its Iran sanctions programs: Published a determination pursuant to Executive Order 13902 with respect to sanctions on Iran's aviation, digital assets, gold, shipping and technology sectors. Published a notice of suspension regarding certain Iran-related transactions and general licenses: Iran General License F related to certain services in support of professional and amateur sports activities and exchanges involving the US and Iran (suspended as of August 24, 2026). Iran General License G related to academic exchanges and the exportation or importation of certain educational services (suspended as of August 24, 2026). Iran General License F related to certain services in support of professional and amateur sports activities and exchanges involving the US and Iran (suspended as of August 24, 2026). Iran General License G related to academic exchanges and the exportation or importation of certain educational services (suspended as of August 24, 2026). Issued Iran General License AA authorizing certain activities involving La Nivernaise De Raffinage SAS. Issued Iran General License BB authorizing the wind-down of certain transactions previously authorized under 31 Code of Federal Regulations (CFR) Part 560 . Published an updated Iran-related alert on sanctions risks of Iranian demands for Strait of Hormuz passage. Additionally, OFAC has updated its Specially Designated Nationals (SDN) list in alignment with the Treasury's broader campaign. The new sanctions designations target nearly 60 individuals, entities and vessels across multiple jurisdictions enabling Iran's nuclear and missile procurement, cyber operations and oil-revenue generation. As a result, all US-based property and interests of these targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3429112 pc Aug 25, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Removes Hay'at Tahrir al-Sham from Sanctions Lists

On August 24, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) removed Hay'at Tahrir al-Sham (HTS), also known as al-Nusrah Front, from the Specially Designated Nationals and Blocked Persons List (SDN List). This action followed the U.S. Department of State's concurrent rescission of Syria's designation as a State Sponsor of Terrorism and revocation of HTS's designation as a Specially Designated Global Terrorist (SDGT) organization. The removal builds on the Department of State's earlier revocation of HTS's Foreign Terrorist Organization designation on July 8, 2025. As a result of the removal, HTS is no longer blocked pursuant to the Global Terrorism Sanctions Regulations (31 Code of Federal Regulations part 594) or Executive Order 13224, as amended. U.S. persons no longer require authorization from OFAC to engage in transactions or activities with HTS, provided such activities do not involve blocked persons or otherwise prohibited activities. Treasury Secretary Scott Bessent said the action will "help foster additional investment in Syria to promote political and economic stability." Concurrently with HTS's removal, OFAC designated two former HTS affiliates: Sa'd Bin Sa'd Muhammad Shariyan al-Ka'bi for providing financial and logistical support to al-Qa'ida, and Jamal Husayn Zayniyah for leading Hurras al-Din. These designations were made pursuant to Executive Order 13224 to counter terrorist financing threats and safeguard Syria's stability. All property and interests in property of newly designated persons in the United States or under U.S. persons' control must be blocked and reported to OFAC. Violations of U.S. sanctions may result in civil or criminal penalties. For detailed information on designated persons and blocked property, refer to OFAC's official designation notice.

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US Office of Foreign Assets Control Revokes Syria-Related Sanctions Designations

On August 24, 2026, the US Office of Foreign Assets Control (OFAC), acting in tandem with the US Department of State, removed Syria's designation as a state sponsor of terrorism, with the country now no longer subject to prohibitions under 31 Code of Federal Regulations (CFR) Part 596 or 22 US Code (USC) § 7205(a)(1) . OFAC also revoked the designation of al-Nusrah Front, also known as Hay'at Tahrir al-Sham (HTS), as a Specially Designated Global Terrorist (SDGT) organization, as well as removing HTS from its Specially Designated Nationals (SDN) list. As a result, Syria-related General License No. 25 , which authorized certain transactions that could otherwise have been prohibited due to the role of HTS in the Syrian government, has also been voided. Additionally, OFAC has updated Syria-related frequently asked question (FAQ) documents FAQ 1220 , FAQ 1221 and FAQ 1222 , as well as removing FAQ 1223 . Concurrently, OFAC has issued an updated Tri-Seal Advisory on sanctions and export controls relief for Syria.
3429251 pc Aug 25, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Announces Quantum-Readiness Task Force for Financial Sector

On August 24, 2026, the U.S. Department of the Treasury announced the launch of the Quantum-Readiness Task Force, a public-private initiative supporting the financial sector's transition to quantum-safe technology. The Task Force advances President Donald J. Trump's Executive Order 14412, which established guidelines to strengthen cryptographic protections for America's sensitive data, critical infrastructure, and digital economy. The Task Force operates through three workstreams: Sector Alignment and Post-Quantum Cryptography (PQC) Transition; Third-Party and Vendor Readiness; and Digital Assets and Emerging Technology Risk. It builds on the G7 Cyber Expert Group roadmap for transitioning to post-quantum cryptography. The initiative brings together government agencies, financial institutions, financial market infrastructures, technology providers, and private-sector leaders to coordinate preparation for quantum-related cyber risks. Treasury Assistant Secretary for Financial Institutions Luke Pettit said the Task Force will ensure the transition to quantum-safe technology is coordinated, risk-based, and operationally resilient. The Task Force addresses a significant long-term cybersecurity challenge: future quantum computing systems could break many cryptographic tools currently protecting financial data, payment systems, digital identities, and market infrastructure. Treasury Secretary Scott Bessent emphasised that "America must lead in securing the technologies that power our economy," noting the Task Force will help ensure the financial system remains strong, secure, and competitive. The Task Force will focus on practical approaches including identifying critical dependencies, improving cryptographic agility, promoting interoperability, strengthening operational resilience, and addressing implementation challenges related to third-party dependencies and digital assets. Transitioning to post-quantum cryptography is essential to protecting U.S. economic security and strengthening financial system resilience.

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US Department of the Treasury Announces Quantum-Readiness Task Force for Financial Sector

On August 24, 2026, the US Department of the Treasury announced the launch of the Quantum-Readiness Task Force, a public-private initiative supporting the financial sector's transition to quantum-safe technology. According to the Treasury, the task force is designed to advance Executive Order 14412 , which established guidelines to strengthen cryptographic protections for the US' sensitive data, critical infrastructure and digital economy. The task force will focus on practical approaches to fostering quantum-readiness, including identifying critical dependencies, improving cryptographic agility, promoting interoperability, strengthening operational resilience and addressing implementation challenges related to third-party dependencies and digital assets. It will operate via three thematic workstreams: Sector alignment and post-quantum cryptography (PQC) transition. Third-party and vendor readiness. Digital assets and emerging technology risk. The task force is also designed to build on the G7 Cyber Expert Group roadmap for transitioning to post-quantum cryptography, in part by bringing together government agencies, financial institutions, financial market infrastructures, technology providers and other private sector leaders to coordinate broad-based preparation for quantum-related cyber risks.
3427434 pc Aug 25, 2026 ggallwey South Africa Reserve Bank of South Africa horizon scanning
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South Africa's Reserve Bank Prudential Authority Publishes Third-Party Risk Management Observation Report

On August 24, 2026, the Prudential Authority (PA), a division of the Reserve Bank of South Africa (SARB), published its Third-Party Risk Management and Strategic Partnerships Observation Report. The PA selected third-party risk management (TPRM), including strategic partnerships and binder agreements, as its 2025 supervisory focus area, designated as the "flavour-of-the-year" (FOTY) initiative. The observation report consolidates insights gathered from supervisory engagements and survey responses submitted by regulated financial institutions operating under the PA's oversight. Third-party risk management encompasses the processes and controls that financial institutions implement to identify, assess, monitor, and mitigate risks arising from relationships with external service providers, strategic partners, and other third parties. This includes risks related to operational resilience, data security, regulatory compliance, and business continuity. The PA's focus on TPRM reflects the increasing reliance of financial institutions on third-party service providers and the associated vulnerabilities this creates within the financial system. Strategic partnerships and binder agreements—contractual arrangements between insurers and reinsurers or other financial entities—present particular supervisory interest given their potential impact on capital adequacy, liquidity, and systemic stability. The report provides regulated institutions with consolidated findings from the PA's supervisory work and industry responses, offering guidance on best practices and expectations for third-party risk governance. Financial institutions should review the report to assess their own TPRM frameworks against the PA's observations and ensure alignment with supervisory expectations. The publication supports the PA's broader objective of promoting financial stability and protecting depositors and policyholders within South Africa's financial system. REFERENCES: Reserve Bank of South Africa Prudential Authority. (2026, August 24). Third-Party Risk Management and Strategic Partnerships Observation Report. Retrieved from SARB Publications.

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South Africa's Prudential Authority Publishes Third-Party Risk Management Observation Report

On August 24, 2026, the South African Reserve Bank Prudential Authority (PA) published its Third-Party Risk Management and Strategic Partnerships Observation Report, consolidating supervisory insights and survey findings from its 2025 "flavour-of-the-year" supervisory focus area. The report evaluates how regulated financial institutions manage third-party risk management (TPRM), strategic partnerships, and insurance binder agreements, aiming to strengthen enterprise risk capabilities and enhance operational resilience across the financial sector. The report outlines critical systemic risks facing the market, including concentration risk stemming from heavy reliance on a limited group of major service providers (such as cloud hyperscalers), evolving cybersecurity threats, complex operational interdependencies, and weak exit or contingency planning. Larger banking groups demonstrated relatively mature, integrated TPRM frameworks; however, medium-to-smaller banks, foreign bank branches, and market infrastructures exhibited persistent gaps in governance, due diligence rigor, contractual access, audit provisions, and fourth-party risk oversight. Regarding strategic partnerships (such as joint ventures and Banking-as-a-Service models), the PA observed heightened operational complexity and deep financial interdependencies that create vendor lock-in and continuity risks during failure scenarios. The PA emphasised that governance across strategic alliances remains inconsistent, requiring greater clarity around accountability, risk ownership, and regulatory treatment. The report aligns with international standards, including the Financial Stability Board (FSB) TPRM toolkit and the Basel Committee on Banking Supervision (BCBS) Principles for the Sound Management of Third-Party Risk . The report also notes that the PA and the Financial Sector Conduct Authority (FSCA) are actively working to enhance and harmonise existing regulatory instruments on TPRM. While the observation report is provided for informational purposes and does not impose formal compliance obligations, it establishes clear supervisory expectations, signals future regulatory harmonisation, and firmly reiterates that regulatory accountability remains non-delegable regardless of third-party delegation.
3425916 pc Aug 24, 2026 arahman Belarus National Legal Internet Portal of the Republic of Belarus - New Arrivals horizon scanning
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Belarus Financial Monitoring Department Signs Memorandum with Indonesian Financial Transaction Centre on Anti-Money Laundering Cooperation

On August 21, 2026, the National Legal Internet Portal of the Republic of Belarus registered a memorandum of understanding between the Financial Monitoring Department of the State Control Committee of the Republic of Belarus and the Indonesian Centre for Financial Transaction Reporting and Analysis (PPATK). The memorandum, signed on July 2, 2026, establishes a framework for cooperation on the exchange of financial information related to money laundering, terrorism financing, and the financing of weapons of mass destruction proliferation. The agreement formalises bilateral collaboration between Belarus's financial intelligence unit and Indonesia's equivalent authority to enhance mutual understanding and coordinate efforts in combating financial crimes and illicit financial flows. The memorandum was registered in the National Registry of Legal Acts of the Republic of Belarus under registration number 12-1/4303. This registration signifies the formal recognition and entry into force of the bilateral agreement within Belarus's legal framework. The cooperation framework enables both jurisdictions to share relevant financial intelligence and coordinate investigations into cross-border financial crimes, strengthening their respective anti-money laundering and counter-terrorism financing (AML/CTF) regimes. Such bilateral memoranda of understanding are standard instruments for establishing operational cooperation between financial intelligence units and represent Belarus's commitment to international standards in combating financial crime and terrorism financing. REFERENCES: National Legal Internet Portal of the Republic of Belarus – New Arrivals: https://pravo.by/

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Belarus Publishes Memorandum of Understanding with Indonesia on Cooperation in Exchanging Financial Information Related to Money Laundering

On August 21, 2026, the Memorandum of Understanding Between the Financial Monitoring Department of the State Control Committee of the Republic of Belarus and the Indonesia Financial Transactions Reporting and Analysis Centre on cooperation in exchanging financial information related to money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction was published in the official legal database of Belarus. To the best of Vixio's knowledge, the official document is not yet available. Vixio will update this information accordingly.
3425928 pc Aug 24, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Issues Enforcement Actions Against Lunar Bank Following May 2026 Inspection

On August 21, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report on Lunar Bank A/S following a comprehensive examination conducted in May 2026. The FSA assessed the bank's principal risk areas using a risk-based approach. Lunar Bank operates as a digital bank without physical branches, offering financial services to individuals and small businesses. The bank divested substantially all of its loan portfolio in 2024 and has since focused on generating revenue through interest margins between deposits and bond holdings, as well as transaction fees and service charges. The bank continues to operate at a loss, and uncertainty remains regarding the viability of its business model. The FSA identified multiple material deficiencies across governance, compliance, artificial intelligence (AI) management, data quality, and information technology (IT) risk management. High personnel turnover across the board, including the board, management, and broader organisation, has increased risks of errors, knowledge loss, and delayed task execution. The compliance function was understaffed throughout 2024 and 2025, preventing execution of planned work until consultant support was approved in the first quarter of 2026. The bank's ambitious AI and large language model (LLM) deployment lacks concrete, measurable monitoring frameworks and validation standards. Data quality governance is deficient across multiple areas, prompting the FSA to require a 0.4 percent increase in solvency requirements relative to risk-weighted exposures. IT risk management lacks coherence between central governance elements, documentation, operationalisation, and monitoring. The FSA issued multiple formal orders requiring the bank to: establish sustainable earnings without incurring inappropriate risks; ensure adequate resources and robust management succession planning; strengthen compliance function capacity and oversight; implement comprehensive AI model risk governance and validation procedures; improve data quality management and reporting; and establish cohesive IT risk management with enhanced third-party oversight. The bank must address these deficiencies to maintain regulatory compliance.

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Denmark's Financial Supervisory Authority Issues Remedial Action Order to Lunar Bank Following Conduct of Business Violations

On August 21, 2026, Denmark's Financial Supervisory Authority (FSA) issued a remedial action order to Lunar Bank following a comprehensive examination conducted in May 2026. Lunar Bank operates as a digital bank without physical branches, offering financial services to individuals and small businesses. The bank divested substantially all of its loan portfolio in 2024 and has since focused on generating revenue through interest margins between deposits and bond holdings, as well as transaction fees and service charges. The bank continues to operate at a loss, and uncertainty remains regarding the viability of its business model. The FSA identified multiple material deficiencies across governance, compliance, artificial intelligence (AI) management, data quality and information technology (IT) risk management. High personnel turnover, including across the board, management and broader organisation, has increased risks of errors, knowledge loss and delayed task execution. The compliance function was understaffed throughout 2024 and 2025, preventing execution of planned work until consultant support was approved in the first quarter of 2026. The bank's AI and large language model (LLM) deployment was found to lack concrete, measurable monitoring frameworks and validation standards. Data quality governance is deficient across multiple areas, prompting the FSA to require a 0.4 percent increase in solvency requirements relative to risk-weighted exposures. The FSA issued multiple formal orders requiring the bank to: Establish sustainable earnings without incurring inappropriate risks. Ensure adequate resources and robust management succession planning. Strengthen compliance function capacity and oversight. Implement comprehensive AI model risk governance and validation procedures. Improve data quality management and reporting. Establish cohesive IT risk management with enhanced third-party oversight. The bank must address these deficiencies to maintain regulatory compliance.
3418303 pc Aug 21, 2026 ggallwey Thailand Bank of Thailand horizon scanning
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Thailand's Bank of Thailand Opens Consultation on Money Changer Licensing Standards

On August 19, 2026, the Bank of Thailand (BOT) launched a public consultation on revised principles for licensing money changers, a category of authorised business operators engaged in foreign currency exchange. The consultation period runs until September 18, 2026, allowing stakeholders 30 days to submit comments and recommendations on the proposed amendments. The BOT is upgrading its regulatory framework for money changers to align with evolving business risk levels and prevent the sector from being exploited for financial crime or money laundering. The revised standards will introduce significant changes to licensing requirements, including minimum registered capital, branch management protocols, operational system standards, and customer transaction limits. All currently licensed money changers must comply with the new standards and submit compliance documentation by the end of 2027 for case-by-case review by the BOT before continuing operations under the upgraded framework. The BOT has designated 2027 as the transition period for assessing and upgrading existing operators and preparing regulatory systems to support the new standards. New applicants seeking to operate as money changers in 2027 must submit licence applications by the end of 2026 to enter the upgraded process. The BOT will reopen applications for new operators once the regulatory system upgrade is complete in 2028. Stakeholders can submit feedback through the BOT website or the central legal system portal. For additional information, contact the BOT's Foreign Exchange Policy and Supervision Division at fog_ecst@bot.or.th, telephone 0 2356 7848 or 0 2356 7858.

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Bank of Thailand Opens Consultation on Money Changer Licensing Standards

On August 19, 2026, the Bank of Thailand (BOT) launched a public consultation on draft principles to enhance the supervision of licensed individual money changers and prevent foreign currency exchange channels from being used for illegal activities or financial crimes. The proposed reforms revise operator qualifications, registered capital management rules, branch network limits, operational standards, and customer service limits. Key provisions include: December 2026 License Application Deadline. Prospective operators seeking to conduct business in 2027 must submit their license applications to the BOT by December 2026. 2027 Licensing Freeze. The BOT will temporarily suspend accepting all new money changer license applications throughout 2027 to focus exclusively on evaluating and upgrading existing operators. Mandatory Operational Upgrades in 2027. Existing licensed money changers must upgrade their operational systems, capital structures, and risk controls under the new criteria and submit their assessment results within 2027 to obtain permission to continue operating. Restructured Application Cycles (2028 Onward). The BOT will reopen the application process for new license applicants in 2028, reducing the annual application windows from four rounds to two rounds per year to allow for more rigorous assessments. Stakeholders can submit comments online directly through the feedback form on the Bank of Thailand website. The consultation closes on September 18th 2026.
3417437 pc Aug 21, 2026 rghosh Jamaica Financial Services Commission - News horizon scanning
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Jamaica's Financial Services Commission Launches Consultation on Recovery Planning Guidelines

On August 19, 2026, Jamaica's Financial Services Commission (FSC) launched a public consultation on proposed Recovery Planning Guidelines for FSC-regulated entities. The consultation paper, accompanied by a stakeholder letter dated August 17, 2026, invites industry feedback on the new guidelines designed to strengthen financial resilience and crisis management frameworks across the regulated sector. Recovery planning guidelines establish procedures that regulated entities must follow to maintain operational continuity and financial stability during periods of stress or distress. These guidelines typically require entities to develop comprehensive recovery plans outlining the actions, triggers, and decision-making processes necessary to restore financial health and normal operations when facing adverse conditions. The FSC's initiative aims to ensure that regulated entities—including banks, insurance companies, pension funds, and other financial service providers—have robust mechanisms in place to manage systemic risks and protect stakeholders' interests. The guidelines represent part of the FSC's broader regulatory framework modernisation, following recent consultations on corporate governance standards for regulated entities published in July 2026. By establishing clear recovery planning requirements, the FSC seeks to enhance prudential oversight, reduce contagion risks, and strengthen Jamaica's financial system resilience. Stakeholders, including financial institutions, industry associations, and other interested parties, are invited to submit comments on the proposed guidelines. The FSC will use feedback received during the consultation period to refine the guidelines before finalisation and implementation. Specific response deadlines and submission procedures are available through the FSC's official consultation portal and stakeholder communications.

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Jamaica's Financial Services Commission Launches Consultation on Recovery Planning Guidelines

On August 17, 2026, the Financial Services Commission of Jamaica (FSC) published a consultation paper on proposed Recovery Planning Guidelines for prescribed financial institutions and prescribed holding companies operating in the insurance and securities sectors. The guidelines are issued pursuant to the Financial Services Commission (Amendment) Act, 2024 and are informed by internationally recognised standards. Key points of the consultation include: Scope and proportionality: The Guidelines apply to all prescribed financial institutions and prescribed financial holding companies in the insurance and securities sectors. Recovery plans must be proportionate to the entity's size, business volume, complexity, risk profile, and systemic importance. Groups must prepare a single consolidated group recovery plan covering all prescribed financial institutions within the group, including domestic and foreign operations. Governance framework: The Board of Directors bears ultimate responsibility for the recovery planning process, including formal approval of the plan prior to submission and at each material update, and at least annual review through tabletop exercises or other simulation methods. Senior management is responsible for day-to-day development, implementation, and maintenance. A designated senior officer must serve as the primary FSC point of contact. The plan must be reviewed by an independent party, either internal audit or a qualified external party and the results reported to the Board annually. Required plan components: Recovery plans must contain eleven components: an executive summary; an overview of the financial institution and group structure; governance arrangements; identification of core business lines; identification of critical functions and critical shared services; assessment of material dependencies; recovery indicators and triggers; stress testing and scenario analysis; recovery options and impact assessment; communication and disclosure arrangements; and provisions for maintenance, testing, and material changes. Recovery indicators and triggers: Entities must establish a recovery indicator framework with clearly defined metrics, thresholds, and escalation procedures. Insurance sector indicators must cover at minimum capital and solvency, liquidity, asset quality, underwriting and claims performance, earnings and profitability, and operational factors. Securities sector indicators must cover capital and solvency, liquidity, asset quality, earnings and profitability, client asset protection, market risk exposure, and counterparty risk. Triggers must be calibrated above regulatory minimums to allow adequate time for remediation, and trigger breaches must be reported to the FSC within three business days. Stress testing: Recovery plans must include at least three stress scenarios: an idiosyncratic scenario specific to the entity; a system-wide scenario affecting the broader financial system; and a combined scenario. At least one scenario must assess a sudden and material deterioration in capital adequacy and at least one must assess a severe liquidity stress. Reverse stress testing may be used as a complementary tool. Recovery options: Entities must develop a diverse suite of recovery options spanning capital management, asset management, liability management, business strategy, liquidity management, reinsurance, and operational restructuring. Options must not be limited to easily implementable measures and must be cross-mapped to stress scenarios to identify gaps in recovery capacity. Notification requirements: Entities must notify the FSC within three business days of any trigger breach, activation of a recovery option, any event materially impairing the ability to implement the plan, or any material change to the entity's financial condition affecting plan assumptions. Submission and supervisory review: Recovery plans must be submitted annually. The FSC will assess completeness, effectiveness, credibility, and operationality, and may require resubmission where material deficiencies are identified. Entities must also submit a remedial plan setting out corrective actions and timelines. If adopted, the guidelines will take effect on the date of issuance, with regulated entities required to develop, obtain Board approval of, and submit a recovery plan to the FSC within twelve months of that date. Interested parties may submit comments to the FSC at respol@fscjamaica.org by September 16, 2026.
3419900 pc Aug 21, 2026 kgurnani Maldives Maldives Monetary Authority financial services
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Maldives Monetary Authority Proposes Amendments to National Payment System and Foreign Currency Acts

On August 12, 2026, the Maldives Monetary Authority (MMA) proposed amendments to Law No. 8/2021 (National Payment System Act) and Law No. 32/2024 (Foreign Currency Act). The MMA is advancing these amendments to strengthen the regulatory framework governing payment systems and foreign exchange operations in Maldives. The proposed changes aim to safeguard the stability and integrity of the financial system, strengthen the domestic foreign exchange market, and ensure that legislative frameworks remain responsive to evolving market conditions and operational requirements. The amendments reflect the MMA's commitment to maintaining a robust regulatory environment that can adapt to changing financial services landscape and operational needs. The proposed amendments to both acts are now available for review. Stakeholders, including financial institutions, payment service providers, and other market participants subject to these regulatory frameworks, should review the proposed changes to assess their operational impact. The MMA has published the full text of the proposed amendments to both the National Payment System Act and the Foreign Currency Act to facilitate stakeholder consultation and feedback on the proposed legislative changes. REFERENCES: Maldives Monetary Authority Press Release PR/2026/15915 – Amendments to the National Payment System Act and the Foreign Currency Act

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Maldives Monetary Authority Proposes Amendments to National Payment System and Foreign Currency Acts

On August 12, 2026, the Maldives Monetary Authority (MMA) proposed amendments to Law No. 8/2021 (National Payment System Act) and Law No. 32/2024 (Foreign Currency Act) . The MMA is advancing these amendments to strengthen the regulatory framework governing payment systems and foreign exchange operations in Maldives. The proposed changes aim to safeguard the stability and integrity of the financial system, strengthen the domestic foreign exchange market, and ensure that legislative frameworks remain responsive to evolving market conditions and operational requirements. The main proposed changes to the Foreign Currency Act are: Resorts would face a stricter FX conversion requirement. Category A tourism businesses would lose the option to convert US$500 per tourist and instead be required to convert 20 percent of monthly foreign-currency gross sales through a local bank. Category B tourism businesses, such as guesthouses, hotels and tourist vessels, would retain the choice between converting US$25 per tourist or 20% of monthly foreign-currency gross sales. The threshold for non-tourism businesses subject to the rules would be increased to US$25 million in annual foreign-currency earnings. The MMA would also gain greater flexibility to prescribe lower conversion percentages depending on factors such as the business sector and ownership structure. Businesses subject to the Foreign Currency Act would have to designate an account at a Maldivian bank and deposit their foreign-currency sales proceeds into that account, giving the MMA greater visibility over FX flows. Even though the National Payment System Act was also amended, details on the amendments to that Act are not available from official sources as of this writing.
3417757 pc Aug 21, 2026 rghosh Chile Central Bank Chile horizon scanning
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Chile's Central Bank Defines Regulatory Framework for New Financial Entities to Access Real-Time Gross Settlement System

On August 19, 2026, the Central Bank of Chile (BCCh) announced a new regulatory framework establishing the terms and conditions for new financial entities to access the Real-Time Gross Settlement System (Sistema de Liquidación Bruta en Tiempo Real, LBTR). The framework aims to strengthen, modernise, and secure Chile's payments system while enabling greater integration of relevant actors into the LBTR, the country's principal infrastructure for settling high-value payments, and aligning with international standards. The regulation permits the following entities to open accounts at the BCCh and make payments directly through the LBTR: savings and credit cooperatives meeting applicable legal requirements; securities deposit and custody companies; foreign central counterparty entities recognised by the Financial Market Commission; and payment system management companies regulated by the BCCh and their non-banking participants. This regulatory framework completes the implementation of powers granted to the BCCh under Law 21,641 on the Resilience of the Financial System and its Infrastructures. The BCCh modified various chapters of its Financial Standards Compendium (Compendio de Normas Financieras), which underwent public consultation between November 15, 2025 and December 26, 2025. The BCCh compiled and documented all comments received during this consultation period. The new regulatory framework is available through the BCCh's Financial Standards Compendium and Monetary and Financial Standards Compendium, with supporting documentation and key content outlined in an accompanying explanatory memorandum. REFERENCES: Central Bank of Chile press release, August 19, 2026: https://www.bcentral.cl/

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Central Bank of Chile Establishes Regulatory Framework for Non-Bank Financial Entities to Access the RTGS System

On August 19, 2026, the Central Bank of Chile (BCCh) announced a new regulatory framework expanding access to its Real-Time Gross Settlement system (LBTR) to certain non-bank financial entities. The framework amends chapters III.H.4, III.H.5, and III.C.2 of the Compendium of Financial Regulations and related chapters of the Compendium of Monetary and Financial Regulations , and is issued pursuant to Law No. 21641 on the Resilience of the Financial System and its Infrastructures, which granted the BCCh powers to extend financial services to non-bank entities. The framework permits the following entities to open current accounts with the BCCh and hold settlement accounts in the LBTR system: High-value clearing chambers (CCAV MN and CCAV FX): Must settle daily net compensation results through the LBTR system and manage participant collateral through an additional settlement account. Operators have 12 months from the date of publication to amend their operating regulations and begin settling through the LBTR. Low-value clearing chambers (CPBV): May open current accounts and settlement accounts in the LBTR to settle net debit and credit balances directly in participant accounts, and may open additional accounts to manage cash collateral received from participants. Experimental and smaller CPBVs may access simplified connection modes and differentiated fees. Non-bank payment system participants: May open current and settlement accounts in the LBTR solely for the purpose of settling net balances arising from CPBV compensation processes in which they participate, including card issuers and operators and savings and credit cooperatives (CACs) with net equity of at least UF 400,000. Securities depository and custody companies (DCV) governed by Law No. 18876 : May open current and settlement accounts in the LBTR as required by their operations. Foreign central counterparties (ECCs) recognised by the CMF under Law No. 20345 : May open current and settlement accounts in the LBTR on equivalent terms to local ECCs. The BCCh notes that access to current and settlement accounts does not constitute a guarantee by the BCCh of the operations to be settled or of the funds held in those accounts. The expected benefits of the framework include reducing interbank interconnectedness and systemic contagion risk, improving payment system operational efficiency, and supporting the international integration of Chile's financial system by enabling foreign ECCs to settle in central bank money.
3420430 pc Aug 21, 2026 ggallwey South Africa Reserve Bank of South Africa horizon scanning
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South Africa's Reserve Bank Imposes Administrative Sanction on NEC Money

On August 20, 2026, the Reserve Bank of South Africa (SARB) imposed an administrative sanction on NEC Money (Pty) Limited. The SARB enforces compliance with foreign exchange regulations and supervises entities authorised to conduct foreign exchange transactions within South Africa's financial system. The SARB regulates Authorised Dealers in foreign exchange, which include commercial banks, and Authorised Dealers in Limited Amounts (ADLAs). These entities are persons authorised by the SARB to deal in foreign exchange transactions. The imposition of an administrative sanction indicates that NEC Money (Pty) Limited failed to comply with applicable regulatory requirements governing foreign exchange operations or conduct standards established by the SARB. Administrative sanctions serve as enforcement mechanisms to ensure compliance with financial regulations and protect the integrity of South Africa's foreign exchange market. Such actions typically reflect breaches of regulatory obligations, which may include violations related to transaction reporting, customer due diligence, record-keeping, or other operational requirements under SARB supervision. The specific grounds for the sanction and its terms are detailed in the SARB's official announcement. Entities operating in South Africa's foreign exchange sector should review this enforcement action to ensure their own compliance frameworks align with SARB expectations and regulatory standards. The sanction reinforces the SARB's commitment to maintaining oversight of authorised foreign exchange dealers and protecting the stability of South Africa's financial system.

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South Africa's Reserve Bank Imposes Administrative Sanction and Financial Penalty on NEC Money

On August 20, 2026, the South African Reserve Bank (SARB) announced administrative sanctions against NEC Money (Pty) Limited, an Authorised Dealer in foreign exchange with limited authority (ADLA). Following inspections conducted under the Financial Intelligence Centre Act 38 of 2001 (FIC Act), SARB identified control weaknesses that compromised NEC Money’s ability to perform ongoing customer due diligence and adhere to the risk-based methodology in its Risk Management and Compliance Programme (RMCP). The entity also failed to provide statutory Anti-Money Laundering and Counter-Terrorism Financing training to staff members. Consequently, SARB imposed a financial penalty of R75,000.00 ($4,654.63 USD) for non-compliance with sections 20A, 21(1), 21A, and 21C of the FIC Act.
3420891 pc Aug 21, 2026 ggallwey South Africa Reserve Bank of South Africa horizon scanning
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South Africa's Reserve Bank Publishes Proposed Directive on FLAC Instrument Treatment for Mutual Banks

On August 20, 2026, the Reserve Bank of South Africa (SARB) published a proposed directive relating to the treatment of investments in FLAC or similar instruments for mutual banks. The directive establishes prudential requirements governing how mutual banks may invest in FLAC instruments and comparable financial assets. FLAC instruments represent a specific category of financial investments, and the proposed directive aims to ensure that mutual banks maintain appropriate risk management frameworks and capital adequacy standards when holding such assets. The directive applies to all mutual banks operating under SARB's regulatory oversight and establishes uniform treatment standards across the sector. By issuing this proposed directive, SARB seeks to enhance prudential supervision and protect the stability of mutual banking institutions through standardised investment treatment protocols. The proposed directive is issued for consultation by SARB's Prudential Authority (PA), which oversees the prudential regulation and supervision of banks and other financial institutions in South Africa. This consultation period allows mutual banks and other stakeholders to provide feedback on the proposed requirements before final adoption. Interested parties should review the full text of the proposed directive and submit responses during the consultation period. The directive will be finalised following consideration of stakeholder feedback. Further details regarding the consultation deadline and submission procedures are available on the SARB website. REFERENCES: Reserve Bank of South Africa. (2026, August 20). Proposed directive relating to the treatment of investments in FLAC or similar instruments for Mutual Banks. Retrieved from https://www.resbank.co.za/

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South Africa's Reserve Bank Publishes Proposed Directive on Capital Loss Instrument Treatment for Banks

On August 20, 2026, the South African Reserve Bank’s Prudential Authority (PA) published a proposed directive under s ection 6(6) of the Banks Act, 1990 , establishing regulatory capital treatment rules for bank investments in First Loss Absorbing Capacity (FLAC) and similar instruments. To support its open bank resolution strategy, the South African Reserve Bank (SARB) introduced FLAC instruments. These are a dedicated class of unsecured subordinated debt designed to ensure Systemically Important Financial Institutions (SIFIs), maintain sufficient loss-absorbing and recapitalisation capacity during a failure without relying on public bailouts. The proposed directive outlines distinct capital deduction mechanisms depending on whether a banking institution is designated as a systemically important financial institution (SIFI): Designated Banks (SIFIs) must apply the corresponding deduction approach to their FLAC holdings in accordance with paragraph 11.4(c) of Prudential Standard RA03 Non-Designated Banks, with Investments in FLAC or Tier 2 capital instruments, must be deducted from the bank's Tier 2 capital. For non-significant investments (owning 10% or less of common shares in the issuing designated bank), holdings net of short positions exceeding a 10% aggregate threshold must be deducted. For significant investments (owning over 10% of common shares), the full investment amount net of short positions must be deducted. Any Tier 2 shortfall must be deducted from the next-higher capital tier. Index Holdings and Look-Through Rules should apply where FLAC exposure is held via index securities. Non-designated banks must perform a look-through to underlying holdings or request written PA approval to use conservative, well-founded estimates if look-through is operationally burdensome. The PA is currently inviting public and industry comments on the proposals, with a feedback deadline of September 23, 2026. Comments should be submitted by email to PA-ITS-Capital@resbank.co.za for the attention of Ms Sibongile Mbebe.
3417596 pc Aug 21, 2026 kgurnani Maldives Maldives Monetary Authority - Statistics horizon scanning
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Maldives Monetary Authority Issues Regulation on Simplified and Electronic Customer Due Diligence

The Maldives Monetary Authority (MMA) issued the Regulation on Simplified and Electronic Customer Due Diligence pursuant to the Prevention of Money Laundering and Financing of Terrorism Act (Law No. 10/2014). The regulation comes into force upon publication in the Government Gazette and establishes minimum requirements and standards for reporting entities conducting customer identification and verification through simplified due diligence (SDD) and electronic customer due diligence (Electronic CDD) methods. The regulation applies to banks, financing companies, payment service providers offering account information, electronic money issuance, payment initiation, payment transaction acquisition, and remittance services. It also covers insurance companies and intermediaries engaged in life insurance and family takaful businesses, as well as capital market entities licensed under the Maldives Securities Act and designated non-financial businesses and professions. Reporting entities must adopt a risk-based approach, with boards of directors or responsible persons ensuring effective implementation of policies addressing operational, customer information, information technology, and money laundering and terrorism financing risks. Prior to applying SDD or Electronic CDD methods, entities must conduct documented risk assessments considering customer politically exposed person (PEP) status, sanctions status, products, services, delivery channels, geographic factors, and transaction-related risks. The regulation permits Electronic CDD methods including video identification, government system verification, reliance on licensed banks under written agreement, and biometric authentication linked to government systems. Video identification must employ active liveness detection technology capable of detecting deepfakes, presentation attacks, and injection attacks, with false acceptance rates meeting authority-specified thresholds. Reporting entities must retain identification records, one-time password logs, biometric session outputs, full video recordings, screenshots, consent records, and metadata for a minimum of five years. Customers must receive clear information about identification procedures and provide explicit consent for ancillary processing involving biometric data collection. Reporting entities must achieve full compliance within three months from the regulation's commencement date. Entities already operating Electronic CDD procedures must review and update them within six months to align with the regulation's specific requirements, including video call standards and video recording retention standards. All entities must update internal anti-money laundering and counter-terrorism financing policies, risk assessment frameworks, and training materials within three months regardless of current implementation status.

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Maldives Monetary Authority Issues Regulation on Simplified and Electronic Customer Due Diligence

The Maldives Monetary Authority (MMA) issued the Regulation on Simplified and Electronic Customer Due Diligence pursuant to the Prevention of Money Laundering and Financing of Terrorism Act (Law No. 10/2014) . The regulation comes into force upon publication in the Government Gazette and establishes minimum requirements and standards for reporting entities conducting customer identification and verification through simplified due diligence (SDD) and electronic customer due diligence (Electronic CDD) methods. The regulation applies to banks, financing companies, payment service providers offering account information, electronic money issuance, payment initiation, payment transaction acquisition, and remittance services. It also covers insurance companies and intermediaries engaged in life insurance and family takaful businesses, as well as capital market entities licensed under the Maldives Securities Act and designated non-financial businesses and professions. Highlights of the regulation are: Reporting entities must adopt a risk-based approach, with boards of directors or responsible persons ensuring effective implementation of policies addressing operational, customer information, information technology, and money laundering and terrorism financing risks. Prior to applying SDD or Electronic CDD methods, entities must conduct documented risk assessments considering customer politically exposed person (PEP) status, sanctions status, products, services, delivery channels, geographic factors, and transaction-related risks. The regulation permits Electronic CDD methods including video identification, government system verification, reliance on licensed banks under written agreement, and biometric authentication linked to government systems. Video identification must employ active liveness detection technology capable of detecting deepfakes, presentation attacks, and injection attacks, with false acceptance rates meeting authority-specified thresholds. Reporting entities must retain identification records, one-time password logs, biometric session outputs, full video recordings, screenshots, consent records, and metadata for a minimum of five years. Customers must receive clear information about identification procedures and provide explicit consent for ancillary processing involving biometric data collection. Reporting entities must achieve full compliance within three months from the regulation's commencement date. Entities already operating Electronic CDD procedures must review and update them within six months to align with the regulation's specific requirements, including video call standards and video recording retention standards. All entities must update internal anti-money laundering and counter-terrorism financing policies, risk assessment frameworks, and training materials within three months regardless of current implementation status.
3421162 gc Aug 21, 2026 mschanke Ontario Alcohol and Gaming Commission of Ontario gamblingcompliance
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Ontario regulator imposes C$70,000 penalty on Booming Games over prohibited auto-play

On August 20, 2026, the Alcohol and Gaming Commission of Ontario (AGCO) ordered C$70,000 in monetary penalties against Booming Games Limited after prohibited auto-play was available to Ontario players on multiple slot games for several months. The AGCO's investigative work found that Booming Games failed to properly configure, test and monitor certain games before and after they launched in Ontario. Ontario prohibits auto-play because removing the need to initiate each wager reduces the opportunity to pause, assess play and decide whether to continue gambling. The registrar imposed the penalties for two contraventions of the Registrar's Standards for Internet Gaming under the Gaming Control Act, 1992: providing slot games that included auto-play features, and failing to monitor and test the gaming system and gaming supplies throughout their life. The AGCO notified the iGaming operator and the auto-play functionality was disabled. Compliance with Ontario's standards include game design standards with: • An outright prohibition on auto-play. • Minimum time requirements between spins. • A prohibition on features that disguise losses as wins through celebratory sounds or other misleading feedback. A supplier served with an order of monetary penalty may request a hearing before the Licence Appeal Tribunal within 15 days.
3412843 pc Aug 21, 2026 msolomon Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank Launches Securities Accounting System Standardisation Reform

The Central Bank of Russian Federation (CBR) is implementing a comprehensive reform to standardise electronic messaging formats across securities accounting institutions. Currently, depositaries and registry holders use 298 disparate templates for information transmission when conducting securities operations. The CBR will replace these fragmented systems with unified electronic message formats based on the international ISO 20022 standard. The reform aims to streamline securities transfers and settlement processes by establishing common interaction rules for all accounting infrastructure participants. The CBR published its proposals in the "Concept for Standardisation of Electronic Interaction Formats for Accounting Infrastructure Organisations," which incorporates feedback from market participants, self-regulatory organisations, and software developers. The concept introduces unified format albums for electronic messages (UFES albums), which the CBR will develop, maintain, and keep current. Implementation of unified formats will become mandatory for accounting infrastructure organisations across key business processes: securities transfers, information and reference services, account and record management, and corporate actions. The standardisation will enable near-real-time data exchange and settlement between depositaries and registry holders, reducing technical delays and minimising errors in data transmission and processing. A CBR survey conducted in 2026 found that over 20 percent of accounting infrastructure organisations already apply ISO 20022, while approximately 40 percent are implementing it or prepared to transition. The CBR estimates the transition to unified standards will require at least five years. During this period, legislative amendments and necessary regulatory acts must be prepared, and electronic message formats must be developed and agreed with market participants. Stakeholders can submit questions, proposals, and comments to e_standards@cbr.ru.

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Central Bank of Russia Announces Proposed Reform on Securities Accounting

On August 18, 2026, the Central Bank of Russia (CBR) announced their proposed reform for standardising electronic messaging formats across securities accounting institutions. Currently, depositaries and registry holders use 298 disparate templates for information transmission when conducting securities operations. The CBR intends to replace these fragmented systems with unified electronic message formats based on the international ISO 20022 standard. The reform aims to streamline securities transfers and settlement processes by establishing common interaction rules for all accounting infrastructure participants. The CBR published its proposals in the "Concept for Standardisation of Electronic Interaction Formats for Accounting Infrastructure Organisations," which incorporates feedback from market participants, self-regulatory organisations, and software developers. The CBR estimates the transition to unified standards will require at least five years and during this period, legislative amendments and necessary regulatory acts must be prepared, and electronic message formats must be developed and agreed with market participants. Stakeholders can submit questions, proposals, and comments to e_standards@cbr.ru.
3407222 pc Aug 21, 2026 msolomon Ukraine All News - NBU financial services
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Ukraine's National Bank Applies Enforcement Measures Against Two Payment Service Providers

On August 14, 2026, the National Bank of Ukraine (NBU) applied enforcement measures in the form of written warnings to two payment service providers: LLC "PC HERTZ" (registration number 39763909) and LLC "EUROPEAN PAYMENT SYSTEM" (registration number 39269220). The NBU's Supervisory and Regulatory Committee for Banks and Payment Infrastructure Oversight adopted these decisions on August 13, 2026. The enforcement measures address violations of payment market legislation, specifically breaches of regulatory capital requirements and failures to establish and maintain adequate internal control systems and risk management procedures. The NBU identified violations during remote supervision activities concerning non-compliance with prudential standards and deficiencies in risk control and management. The violations relate to the Law of Ukraine "On Payment Services"; the NBU Board Resolution No. 123 from October 10, 2024, establishing management system requirements for financial payment service providers; the NBU Board Resolution No. 217 from October 7, 2022, governing authorisation procedures for financial and limited payment service providers; and the NBU Board Resolution No. 64 from June 13, 2025, addressing regulatory capital requirements for non-bank payment service providers. Both payment service providers must take corrective measures within 30 calendar days from receiving the Committee's decisions to remedy the identified violations and prevent future non-compliance with payment market legislation. The enforcement action reflects the NBU's ongoing supervisory efforts to ensure compliance with regulatory standards across Ukraine's payment services sector. REFERENCES: National Bank of Ukraine. "Do dvokh platizhnyh ustanov zastosovano zakhody vplyvu" [Enforcement Measures Applied to Two Payment Institutions]. August 14, 2026. https://www.nbu.ua/

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National Bank of Ukraine Issues Written Warning to LLC European Payment System

On August 14, 2026, the National Bank of Ukraine (NBU) announced it had issued a written warning to LLC European Payment System for violating the requirements of the legislation regulating activities in the payment market. After remotely supervising their activities, the NBU found breaches of the regulatory capital requirements as well as failures to establish and maintain adequate internal control systems and risk management procedures. LLC European Payment System must take corrective measures within thirty calendar days from receiving the decision to remedy the identified violations and prevent future non-compliance with payment market legislation.
3407223 pc Aug 21, 2026 msolomon Ukraine All News - NBU financial services
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Ukraine's National Bank Applies Enforcement Action Against Payment Institution for Capital Requirements Breach

On August 14, 2026, the National Bank of Ukraine (NBU) applied an enforcement measure against LLC "PROFITGHD" (registration number 39932827) in the form of a written warning for breaching payment market legislation requirements, specifically regulatory capital requirements. The NBU's Committee on Supervision and Regulation of Banking Activities and Payment Infrastructure Oversight adopted this decision on August 13, 2026, following a remote supervision review of LLC "PROFITGHD"'s operations. The NBU identified violations of regulatory capital requirements under National Bank of Ukraine Board Resolution No. 64 from June 13, 2025, which addresses certain issues concerning regulatory capital determination for non-bank payment service providers. The violations also concerned the Regulations on Regulatory Capital Requirements for Non-Bank Payment Service Providers, approved by the same resolution, and the Regulations on Authorization Procedures for Financial Payment Service Providers and Limited Payment Service Providers, established by Board Resolution No. 217 from October 7, 2022, as amended. LLC "PROFITGHD" must take corrective measures within 30 calendar days from receiving the Committee's decision to eliminate the identified breaches and prevent similar violations in its future operations. The enforcement action reflects the NBU's continued oversight of non-bank payment institutions operating in Ukraine's payment market to ensure compliance with applicable regulatory capital standards and other statutory requirements governing payment service provision.

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National Bank of Ukraine Issues Written Warning to LLC Profitghd

On August 14, 2026, the National Bank of Ukraine (NBU) announced it had issued a written warning to LLC Profitghd for breaching payment market legislation requirements, specifically regulatory capital requirements. Following a remote supervision review of Profitghd's operations, the NBU identified the following violations: Violating regulatory capital requirements under National Bank of Ukraine Board Resolution No. 64 from June 13, 2025, which addresses certain issues concerning regulatory capital determination for non-bank payment service providers. Violating the Regulations on Regulatory Capital Requirements for Non-Bank Payment Service Providers and the Regulations on Authorization Procedures for Financial Payment Service Providers and Limited Payment Service Providers, established by Board Resolution No. 217 from October 7, 2022, as amended. Profitghd must take corrective measures within thirty calendar days from receiving the decision to eliminate the identified breaches and prevent similar violations in its future operations.
3423068 pc Aug 21, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Emphasizes Strengthened Cybersecurity Against Advanced Artificial Intelligence Models

On August 21, 2026, Denmark's Financial Supervisory Authority (Finanstilsynet) issued guidance highlighting the need for enhanced cybersecurity measures in response to threats posed by advanced artificial intelligence (AI) models. The authority warned that frontier AI models—highly sophisticated AI systems—enable malicious actors to identify and exploit vulnerabilities in financial institutions' information technology systems faster and at greater scale than previously possible, fundamentally altering the threat landscape for the financial sector. The guidance follows warnings issued by the European Systemic Risk Board (ESRB) on July 7, 2026, regarding systemic cyber risks from frontier AI models, and a joint statement from the European Supervisory Authorities (ESAs) on July 31, 2026, urging the sector to strengthen its resilience against cyberattacks. Finanstilsynet emphasized that financial institutions must assess how AI-driven cyberattacks could affect their operations and enhance their cybersecurity preparedness accordingly. The authority recommends that financial institutions, proportionate to their size and risk profile, establish visibility over their internal use of AI and associated risks; continuously evaluate how advanced AI affects their threat landscape; assign clear responsibility for AI risks to boards and management; implement effective vulnerability monitoring and security update processes; update business continuity and disaster recovery plans to account for AI-driven cyberattacks; test relevant threat scenarios; ensure access to necessary AI and cybersecurity expertise; and share knowledge and experiences on AI risks internally and across the sector. Finanstilsynet noted that no single standard solution exists for all institutions and that leadership must maintain clear understanding of vulnerabilities while ensuring preparedness is tested. During the second half of 2026, Finanstilsynet will analyse the financial sector's use of AI and associated risks, with work continuing through Digital Operational Resilience Act (DORA) supervision and national and European cyber risk collaboration.

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Denmark's Financial Supervisory Authority Issues Guidance on Cybersecurity Against Advanced Artificial Intelligence Models

On August 21, 2026, Denmark's Financial Supervisory Authority (Finanstilsynet) issued guidance highlighting the need for enhanced cybersecurity measures in response to threats posed by advanced artificial intelligence (AI) models. The authority warned that frontier AI models, highly sophisticated AI systems, enable malicious actors to identify and exploit vulnerabilities in financial institutions' information technology systems faster and at greater scale than previously possible, fundamentally altering the threat landscape for the financial sector. The guidance follows warnings issued by the European Systemic Risk Board (ESRB) on July 7, 2026, regarding systemic cyber risks from frontier AI models, and a joint statement from the European Supervisory Authorities (ESAs) on July 31, 2026, urging the sector to strengthen its resilience against cyberattacks. Finanstilsynet emphasised that financial institutions must assess how AI-driven cyberattacks could affect their operations and enhance their cybersecurity preparedness accordingly. The authority recommends that financial institutions, proportionate to their size and risk profile: Establish visibility over their internal use of AI and associated risks Continuously evaluate how advanced AI affects their threat landscape Assign clear responsibility for AI risks to boards and management Implement effective vulnerability monitoring and security update processes Update business continuity and disaster recovery plans to account for AI-driven cyberattacks Test relevant threat scenarios; ensure access to necessary AI and cybersecurity expertise Share knowledge and experiences on AI risks internally and across the sector. Finanstilsynet noted that no single standard solution exists for all institutions and that leadership must maintain clear understanding of vulnerabilities while ensuring preparedness is tested. During the second half of 2026, Finanstilsynet will analyse the financial sector's use of AI and associated risks, with work continuing through Digital Operational Resilience Act (DORA) supervision and national and European cyber risk collaboration.
3411355 pc Aug 21, 2026 msolomon Ukraine News - Central Bank financial services
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Ukraine's National Bank Updates Benchmark Domestic Government Debt Securities List for Reserve Requirements

On August 17, 2026, the National Bank of Ukraine (NBU) updated the list of benchmark domestic government debt securities that banks may use to partially meet reserve requirements. The NBU removed two securities from the benchmark bonds list following their scheduled redemption: ISIN UA4000228043 (redeemed July 22, 2026) and UA4000232607 (redeemed August 5, 2026). The NBU simultaneously added security UA4000239099, which the Ministry of Finance of Ukraine first placed on August 4, 2026. The updated list now comprises 20 securities issues. Banks may use benchmark bonds to satisfy up to 60 percent of their reserve requirements, a mechanism designed to increase the effectiveness of money market regulation while avoiding monetary financing of the state budget deficit. The NBU Board approved the amendments through Decision No. 245 on August 16, 2026, which amended NBU Board Decision No. 752 dated November 23, 2017. The changes took effect on August 17, 2026. This update aims to stimulate bank participation in Ministry of Finance auctions for domestic government debt securities, supporting budget financing without reliance on monetary financing. Reserve requirements operate by requiring banks to set aside funds in their correspondent accounts with the NBU, calculated as a percentage of bank liabilities and averaged over the reserve period. This mechanism smooths liquidity fluctuations while absorbing spare banking system liquidity. The ability to use benchmark bonds for partial reserve coverage enhances the effectiveness of the NBU's money market regulation tools. The complete updated benchmark bonds list includes ISINs: UA4000228381, UA4000228811, UA4000229116, UA4000232177, UA4000232615, UA4000232896, UA4000232912, UA4000233613, UA4000234140, UA4000234553, UA4000234934, UA4000235642, UA4000236418, UA4000236632, UA4000237564, UA4000238844, UA4000238984, UA4000239057, UA4000239073, and UA4000239099.

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National Bank of Ukraine Publishes Regulation Updating Benchmark Domestic Government Debt Securities List for Banks

On August 17, 2026, the National Bank of Ukraine (NBU) published "Board Decision No. 245 On Amendments to NBU Board Decision No. 752 dated 23 November 2017", which updates the list of benchmark domestic government debt securities that banks may use to partially meet reserve requirements. The NBU removed two securities from the benchmark bonds list following their scheduled redemption: ISIN UA4000228043 (redeemed July 22, 2026) and UA4000232607 (redeemed August 5, 2026). The NBU simultaneously added security UA4000239099, which the Ministry of Finance of Ukraine first placed on August 4, 2026. The updated list now comprises of 20 securities issues and banks may use benchmark bonds to satisfy up to 60 percent of their reserve requirements. These amendments come into force on August 17, 2026.
3420372 pc Aug 21, 2026 kgurnani Australia Australian Prudential Regulation Authority horizon scanning
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Australian Prudential Regulation Authority Publishes Corporate Plan for 2026-27

On August 19, 2026, the Australian Prudential Regulation Authority (APRA) published its Corporate Plan for 2026-27, setting out its strategic objectives and planned activities for the next four years. The Corporate Plan outlines APRA's purpose, strategic objectives, and intended outcomes across multiple areas. It identifies key risks and opportunities influencing APRA's strategic priorities and details the authority's strategic objectives in depth. The plan establishes performance measures and targets for 2026-27, providing transparency on how APRA will measure progress against its goals. The document also sets out APRA's governance arrangements, risk framework, and key delivery risks, ensuring stakeholders understand the authority's operational structure and risk management approach. The Corporate Plan serves as APRA's primary strategic document, guiding the regulator's activities across banking, insurance, and superannuation sectors. It reflects APRA's commitment to maintaining financial system stability and protecting consumers through prudent regulation and supervision of financial institutions. The full Corporate Plan is available as a PDF document (1.20 MB) on APRA's website. Previous corporate plans, including the 2025-26 and 2024-25 versions, remain accessible for reference. APRA's 2024-25 Annual Report is also available, providing further detail on the authority's performance and activities during that period. REFERENCES: Australian Prudential Regulation Authority. "APRA Corporate Plan 2026-27." Accessed August 19, 2026. https://www.apra.gov.au/

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Australian Prudential Regulation Authority Publishes Corporate Plan 2026-27

On August 19, 2026, the Australian Prudential Regulation Authority (APRA) published its Corporate Plan 2026-27, setting out its strategic objectives and planned activities for the next four years. APRA identifies three strategic objectives in its plan: maintaining financial safety and stability; improving the efficiency and proportionality of regulation; and making APRA itself a more agile and effective regulator. For banks and other regulated financial institutions, the biggest near-term supervisory priorities are: AI and cybersecurity: APRA will increase the frequency and depth of supervisory engagement on AI and cyber risk. Firms using AI are expected to demonstrate appropriate governance, risk management, operational resilience and board oversight . APRA will also focus specifically on AI-enabled cyber threats. Quantum-computing preparedness: APRA expects institutions to make timely progress towards post-quantum cryptography, referring to the ASD expectation that organisations have transition plans by the end of 2026 and begin implementation by the end of 2028. Operational resilience: APRA will continue reviewing implementation of CPS 230 , including thematic reviews of operational and technology risk at general insurers and specialist payment providers. It will also increase scrutiny of dependencies on material service providers and common technology platforms. Geopolitical risk: Firms should expect geopolitical risk to feature more heavily in routine supervision. APRA expects entities to demonstrate that risks such as sanctions, trade disruption and conflict are reflected in their strategy, risk appetite and board oversight. Certain larger institutions will face targeted readiness assessments. Stress and crisis preparedness: APRA will increase scrutiny of business-continuity planning and expects firms to regularly test their ability to withstand severe but plausible disruptions. It will also conduct further system-level stress testing and crisis simulation exercises.
3416062 gc Aug 21, 2026 prandeo Denmark Velkommen til Spillemyndigheden | Spillemyndigheden gamblingcompliance
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Denmark's Gambling Authority Intervenes in Supreme Court Case on Players' Funds Protection

On August 18, 2026, the Danish Gambling Authority announced that a case concerning players' funds in the bankruptcy of DK Gambling ApS is heading to Denmark's Supreme Court. The case centres on whether funds held in gaming accounts are specially protected against company bankruptcy and therefore belong to players ahead of other creditors. On November 13, 2025, the High Court delivered its judgment in the appeal, ruling in favour of the player and finding that the funds are specially protected against the company's bankruptcy. This judgment overturned an earlier decision by the Maritime and Commercial High Court. Following the ruling, the trustee applied for and was granted permission to bring the case before the Supreme Court. The case originated when DK Gambling ApS entered bankruptcy proceedings in April 2022. The trustee, acting on behalf of the estate, refused to pay out funds players held in their gaming accounts at the time of bankruptcy, arguing that the funds were not specially protected under gambling legislation. A player subsequently brought legal action, claiming the funds were specially protected and therefore belonged to the player ahead of other creditors. The Danish Gambling Authority intervened in support of the player's position. The Supreme Court hearing is scheduled for March 10, 2027. The Danish Gambling Authority has been granted permission to intervene in support of the player's claim. This case has significant implications for player protection in Denmark's gambling sector, as it will establish legal precedent regarding the treatment of player funds in operator insolvencies and the application of special protection provisions under Danish gambling legislation.

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Denmark's Gambling Authority Intervenes in Supreme Court Case on Players' Funds Protection

On August 18, 2026, the Danish Gambling Authority announced that a case concerning players' funds in the bankruptcy of DK Gambling ApS is heading to Denmark's Supreme Court. The case centres on whether funds held in gaming accounts are specially protected against company bankruptcy and therefore belong to players ahead of other creditors. On November 13, 2025, the High Court delivered its judgment in the appeal, ruling in favour of the player and finding that the funds are specially protected against the company's bankruptcy. This judgment overturned an earlier decision by the Maritime and Commercial High Court. Following the ruling, the trustee applied for and was granted permission to bring the case before the Supreme Court. The case originated when DK Gambling ApS entered bankruptcy proceedings in April 2022. The trustee, acting on behalf of the estate, refused to pay out funds players held in their gaming accounts at the time of bankruptcy, arguing that the funds were not specially protected under gambling legislation. A player subsequently brought legal action, claiming the funds were specially protected and therefore belonged to the player ahead of other creditors. The Danish Gambling Authority intervened in support of the player's position. The Supreme Court hearing is scheduled for March 10, 2027. The Danish Gambling Authority has been granted permission to intervene in support of the player's claim. This case has significant implications for player protection in Denmark's gambling sector, as it will establish legal precedent regarding the treatment of player funds in operator insolvencies and the application of special protection provisions under Danish gambling legislation.
3422010 pc Aug 21, 2026 tojuri Switzerland Swiss Financial Market Supervisory Authority FINMA horizon scanning
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Switzerland's Federal Government Adopts Additional Sanctions Against Russia Aligned with European Union Measures

On August 19, 2026, the Swiss Federal Government (Bundesrat) decided to align with the European Union's (EU) 20th sanctions package against Russia, following Switzerland's established practice of coordinating with EU measures. The new sanctions entered into force on August 20, 2026. The Swiss Financial Market Supervisory Authority (FINMA) announced that Switzerland has now imposed asset freezes on approximately 2,790 natural persons, companies, and organisations in connection with Russia's war against Ukraine. This figure includes 115 natural persons and organisations added to the Swiss sanctions list on May 22, 2026. In the financial sector, the Federal Government introduced new prohibitions on the use of Russian platforms for the transfer and exchange of crypto-assets. This measure aims to prevent Russia from using alternative payment methods to circumvent sanctions. Additionally, Switzerland has prohibited support for the development of certain Russian crypto-assets, including the digital ruble. Financial intermediaries must implement these prohibitions in accordance with applicable regulations, freeze assets belonging to sanctioned persons, and report affected business relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not exempt financial intermediaries from conducting additional clarifications when suspicious circumstances arise under Article 6 of the Money Laundering Act (GwG). If financial intermediaries cannot dispel suspicions, they must immediately file a report with the Financial Intelligence Unit under Article 9 GwG. Financial institutions operating in Switzerland should review their compliance procedures to ensure adherence to these enhanced sanctions measures and updated crypto-asset restrictions.

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1437 chars · nid 94682

Switzerland's Federal Council Adopts Additional Sanctions Against Russia Aligned with European Union Measures

On August 19, 2026, the Swiss Federal Council announced its alignment with the European Union's (EU) 20th sanctions package against Russia, in line with Switzerland's established practice of coordinating with EU measures. The new sanctions entered into force on August 20, 2026. In the financial sector, the Federal Council introduced new prohibitions on the use of Russian platforms for the transfer and exchange of crypto-assets. This measure aims to prevent Russia from using alternative payment methods to circumvent sanctions. Additionally, Switzerland has prohibited support for the development of certain Russian crypto-assets, including the digital ruble. Financial intermediaries must implement these prohibitions in accordance with applicable regulations, freeze assets belonging to sanctioned persons, and report affected business relationships to the State Secretariat for Economic Affairs (SECO). Reporting to SECO does not exempt financial intermediaries from conducting additional clarifications when suspicious circumstances arise under Article 6 of the Money Laundering Act (AMLA). If financial intermediaries cannot dispel suspicions, they must immediately file a report with the Financial Intelligence Unit under Article 9 AMLA. Financial institutions operating in Switzerland should review their compliance procedures to ensure adherence to these enhanced sanctions measures and updated crypto-asset restrictions.
3421095 pc Aug 20, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Designates Ten Individuals in Hizballah Cash Smuggling Network

On August 20, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated ten individuals as part of a network responsible for transferring cash to Hizballah. The network uses couriers travelling on commercial airline flights between Lebanon, Turkey, the United Arab Emirates, and Iran to move up to hundreds of millions of dollars between jurisdictions, providing Hizballah with an avenue outside the formal financial system to obtain foreign currency and evade sanctions. Turkish businessman Yunus Alper Yilmaz manages the courier network, abusing Turkey-based exchange houses as fronts for his business dealings and providing front companies and bank accounts for money transfers connected with Iran's Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). The network includes couriers Halil Ibrahim Kacmaz, Onder Dede, Vasfi Akyuz, Mehmet Akyuz, Mehmet Acur, Feyyad Karasalih, Masoud Mousafar, Gulay Kaya Savci, and Emrah Ayaz, who have covertly carried cash intended for Hizballah on commercial flights to Lebanon. Yilmaz, Kacmaz, and Dede are designated for materially assisting the IRGC-QF, while the remaining seven couriers are designated for materially assisting Hizballah. OFAC also re-designated Hizballah itself for service to the Iranian regime under IRGC-QF command, pursuant to Executive Order 13224, as amended. As a result of these designations, all property and interests in property of the designated individuals that are in the United States or in the possession or control of U.S. persons are blocked. U.S. persons are generally prohibited from engaging in transactions involving designated persons unless authorized by OFAC licence. Violations may result in civil or criminal penalties. Foreign financial institutions that knowingly conduct transactions on behalf of designated persons risk secondary sanctions, including restrictions on maintaining correspondent or payable-through accounts in the United States.

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US Office of Foreign Assets Control Sanctions Hizballah Cash-Smuggling Network

On August 20, 2026, the US Office of Foreign Assets Control (OFAC) designated 10 individuals as part of a network responsible for transferring cash to Hizballah. According to OFAC , the network uses couriers travelling on commercial flights between Lebanon, Turkey, the United Arab Emirates (UAE) and Iran to move hundreds of millions of dollars between jurisdictions, providing Hizballah with an avenue outside the formal financial system to obtain foreign currency and evade sanctions. OFAC also re-designated Hizballah itself for its assistance to the Islamic Revolutionary Guard Corps (IRGC) and broader Iranian regime, pursuant to Executive Order 13224 . As a result of the new sanctions designations, all US-based property and interests of the specified targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3421096 pc Aug 20, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Sanctions Ecuador-Based Cocaine Network Linked to Mexican Cartels

On August 20, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated 15 Ecuador-based targets and identified 10 vessels as blocked property involved in smuggling thousands of kilograms of cocaine monthly from South America to Mexico for distribution in the United States. The network's members are affiliated with Los Choneros and Los Lobos, two of Ecuador's most violent Foreign Terrorist Organizations (FTOs) with ties to Mexican FTOs including the Sinaloa Cartel and Cartel de Jalisco Nueva Generación (CJNG). Operating under the guise of legitimate fishing businesses near Manta, Ecuador, the network covertly transfers cocaine to go-fast vessels transiting the Eastern Pacific Ocean (EPAC) toward the United States. Treasury Secretary Scott Bessent said the action targets "narcoterrorist networks that profit from poisoning Americans." The designations reflect a unified whole-of-government effort coordinated with the Homeland Security Task Force, representing nearly 30 actions against over 300 individuals and entities since the beginning of 2025. The action forms part of Operation Pacific Viper, a U.S. Coast Guard counter-drug campaign launched in August 2025. As of June 2026, the operation seized more than 225,000 pounds of cocaine in the EPAC. OFAC designated individuals including Alfonso Mero Mero and his sons pursuant to Executive Order 14059 for engaging in activities materially contributing to international drug proliferation. Designated entities include Arcasdenoe, S.A. and six entities controlled by Jimmy Leonidas Alarcon Holguin. As a result of today's action, all property and interests in property of designated or blocked persons in the United States or under U.S. control are frozen. Violations of sanctions may result in civil or criminal penalties on U.S. and foreign persons.

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878 chars · nid 94676

US Office of Foreign Assets Control Sanctions Ecuador-Based Drug Network Linked to Mexican Cartels

On August 20, 2026, the US Office of Foreign Assets Control (OFAC) designated 15 Ecuador-based targets and identified 10 vessels as blocked property. According to OFAC , these targets and vessels were determined to be involved in smuggling thousands of kilograms of cocaine monthly from South America to Mexico for distribution in the US. This drug trafficking network's members were found to be affiliated with Los Choneros and Los Lobos, both of which are Ecuadorian designated foreign terrorist organizations (FTOs) with ties to Mexican FTOs including the Sinaloa Cartel and Cartel de Jalisco Nueva Generación (CJNG). As a result of the new sanctions designations, all US-based property and interests of the specified targets are blocked, and US individuals and entities are generally prohibited from engaging in transactions with them, unless expressly authorized by OFAC.
3420738 pc Aug 20, 2026 pdonofrio US Track 2 Federal Reserve Board horizon scanning
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Federal Reserve Board Issues Enforcement Action with SouthPoint Bancshares and Terminates Deutsche Bank Enforcement Action

On August 20, 2026, the Federal Reserve Board announced two enforcement actions affecting banking institutions under its jurisdiction. The Federal Reserve Board executed a Written Agreement with SouthPoint Bancshares, Inc., a bank holding company based in Birmingham, Alabama, effective August 14, 2026. The agreement represents a formal enforcement action requiring the institution to take specified corrective measures. The nature of the violations or deficiencies prompting the agreement was not detailed in the announcement. Concurrently, the Federal Reserve Board terminated a longstanding enforcement action against Deutsche Bank AG (Frankfurt am Main, Germany), DB USA Corporation (New York, New York), and Deutsche Bank AG New York Branch (New York, New York). The Cease and Desist Order, originally issued on April 20, 2017, was terminated on August 13, 2026. This termination indicates that Deutsche Bank has satisfied the requirements of the original enforcement action and remedied the compliance deficiencies that prompted the order nearly nine years prior. The Federal Reserve Board uses enforcement actions—including written agreements and cease and desist orders—to address violations of banking laws and regulations, unsafe or unsound practices, and breaches of fiduciary duty. Written agreements typically require institutions to implement corrective action plans, while cease and desist orders mandate cessation of prohibited activities. Termination of an enforcement action signals successful compliance and resolution of identified issues. The Federal Reserve Board maintains a searchable database of all enforcement actions, which provides additional details regarding specific violations and remedial requirements for institutions subject to enforcement. REFERENCES: Federal Reserve Board Press Release, August 20, 2026: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20260820a.htm

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884 chars · nid 94674

US Federal Reserve Board Issues Enforcement Action with SouthPoint Bancshares for Operational Deficiencies

On August 14, 2026, the US Federal Reserve Board (FRB) issued an enforcement action against SouthPoint Bancshares for operational and oversight deficiencies at the holding company level. The enforcement action requires SouthPoint Bancshares to take remedial measures to address these deficiencies, including but not limited to: Developing a capital plan. Submitting cash flow projections to the FRB. Restricting capital distributions and debt. Improving executive overisght. Submitting quarterly progress reports to the FRB. The enforcement action follows a related November 2025 consent order issued by the US Federal Deposit Insurance Corporation (FDIC) against SouthPoint Bancshares' subsidiary, SouthPoint Bank, which cited unsafe and unsound banking practices and regulatory violations relating to weaknesses in management, asset quality, capital, earnings, and liquidity.
3417312 pc Aug 20, 2026 csoo Hungary PEI Publikációs Felület horizon scanning
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Hungary's Anti-Money Laundering and Counter-Terrorism Financing Office Publishes Supervisory Sanctions Guidance

The Hungarian Anti-Money Laundering and Counter-Terrorism Financing Office (Pénzmosás és Terrorizmusfinanszírozás Elleni Iroda) published anonymous case examples and lessons learned regarding supervisory sanctions in anti-money laundering and counter-terrorism financing enforcement. The publication aims to demonstrate the professional rationale underlying supervisory decision-making and the practical application of risk-based approaches to regulated service providers falling within the scope of Hungary's anti-money laundering legislation. The office identified significant risks in supervised service providers' operations, particularly inconsistencies in customer due diligence procedures, inadequately substantiated risk classifications, deficiencies in monitoring activities, and failures to meet reporting obligations. In response, the office applies risk-based supervision focused on higher-risk service providers and activities, examining not only formal compliance but also the actual effectiveness and proportionality of risk-reduction measures. The office's sanctioning practice aligns with Financial Action Task Force (FATF) recommendations, ensuring sanctions are effective, proportionate, and deterrent while remaining applicable to both natural and legal persons, including service provider executives and senior management. Sanctions aim to ensure future compliance across both the affected service provider and the broader sector. The office emphasises that sanctions are based on fully established facts and available evidence, with decision-making grounded in objective criteria documented in its sanctioning handbook. The office considers circumstances favouring both the service provider and the supervisory authority, ensuring transparent, subjective-element-free procedures that encourage consistent statutory compliance. The office continuously uploads anonymous case examples to provide service providers with current information demonstrating how supervisory authorities evaluate situations and the circumstances that may trigger supervisory measures.

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1314 chars · nid 94672

Hungary's Anti-Money Laundering and Counter-Terrorism Financing Office Publishes Supervisory Sanctions Guidance

On August 19, 2026, the Hungarian Anti-Money Laundering and Counter-Terrorism Financing Office  published anonymous case examples and lessons learned regarding supervisory sanctions in anti-money laundering and counter-terrorism financing enforcement. The publication aims to demonstrate the professional rationale underlying supervisory decision-making and the practical application of risk-based approaches to regulated service providers falling within the scope of Hungary's anti-money laundering legislation. The office identified significant risks in supervised service providers' operations, particularly inconsistencies in customer due diligence procedures, inadequately substantiated risk classifications, deficiencies in monitoring activities, and failures to meet reporting obligations. In response, the office applies risk-based supervision focused on higher-risk service providers and activities, examining not only formal compliance but also the actual effectiveness and proportionality of risk-reduction measures. The office's sanctioning practice aligns with Financial Action Task Force (FATF) recommendations, ensuring sanctions are effective, proportionate, and deterrent while remaining applicable to both natural and legal persons, including service provider executives and senior management.
3420581 gc Aug 20, 2026 apintea Romania Regulator-Main page (news) gamblingcompliance
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Romania's National Office for Gambling Sanctions TotoGaming for Irresponsible Advertising Campaign Using Medical Professional

Romania's National Office for Gambling (Oficiul Național pentru Jocuri de Noroc, ONJN) sanctioned TG Malta Limited, operator of the TotoGaming.ro platform, for violating responsible gambling principles through a coordinated advertising campaign featuring a medical professional. The ONJN identified advertising materials across multiple channels—a billboard in Cluj County, YouTube videos with over 91,000 views, and Instagram posts—depicting a character presented as a doctor in medical attire with a stethoscope, promoting gambling during work breaks with the message "Easy to use between appointments. Try it too." The campaign associated gambling participation with professional downtime, specifically linking play to intervals "between appointments" and "after the last patient." The ONJN determined this marketing approach violated responsible gambling principles by normalizing gambling as a routine daily activity integrated into work schedules, rather than as a distinct, controlled activity. The regulator emphasized that using a medical professional's image to endorse gambling was particularly problematic, as it leveraged public trust in the medical profession to validate gambling behavior and diminish perceived risks. The ONJN noted that gambling disorder is recognized by the World Health Organization as a serious mental health condition (ICD-11: 6C50). The ONJN concluded the campaign encouraged repeated participation by transforming ordinary daily pauses into gambling opportunities, contrary to legal obligations under Emergency Ordinance 77/2009 and Government Decision 111/2016. The regulator referred the matter to Romania's National Audiovisual Council (Consiliul Național al Audiovizualului) regarding audiovisual advertising compliance. The ONJN's Supervisory Committee will determine appropriate enforcement measures against the operator.

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1949 chars · nid 52257

Romania's National Office for Gambling Sanctions TotoGaming for Irresponsible Advertising Campaign Using Medical Professional

On August 20, 2026, Romania's National Office for Gambling (ONJN) announced in a press release that it had sanctioned TG Malta Limited, operator of the TotoGaming.ro platform, for violating responsible gambling principles through a coordinated advertising campaign featuring a medical professional. The fine imposed amounts to RON20,000 (€3,808). Additionally, a licence suspension was proposed, which the ONJN's Supervisory Committee will decide upon. The ONJN identified advertising materials across multiple channels—a billboard in Cluj County, YouTube videos with over 91,000 views, and Instagram posts—depicting a character presented as a doctor in medical attire with a stethoscope, promoting gambling during work breaks with the message "Easy to use between appointments. Try it too." The campaign associated gambling participation with professional downtime, specifically linking play to intervals "between appointments" and "after the last patient." The ONJN determined this marketing approach violated responsible gambling principles by normalizing gambling as a routine daily activity integrated into work schedules, rather than as a distinct, controlled activity. The regulator emphasized that using a medical professional's image to endorse gambling was particularly problematic, as it leveraged public trust in the medical profession to validate gambling behavior and diminish perceived risks. The ONJN noted that gambling disorder is recognized by the World Health Organization as a serious mental health condition (ICD-11: 6C50). The ONJN concluded the campaign encouraged repeated participation by transforming ordinary daily pauses into gambling opportunities, contrary to legal obligations under Emergency Ordinance 77/2009 and Government Decision 111/2016 . The regulator also referred the matter to Romania's National Audiovisual Council (Consiliul Național al Audiovizualului) regarding audiovisual advertising compliance.
3410803 gc Aug 20, 2026 mschanke Massachusetts Massachusetts - Proposed Rulemaking gamblingcompliance
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Massachusetts Gaming Commission Proposes Regulation on Racing Meeting License Interest Transfers

On an unspecified date, the Massachusetts Gaming Commission (Commission) announced a public hearing to gather comments on proposed regulations governing the transfer of interests in racing meeting licenses. The regulation, designated 205 CMR 17.00, establishes a process for the Commission to review and evaluate requests for proposed transfers of interest in racing meeting licenses in accordance with Massachusetts General Law Chapter 128A, Section 11(C), and sets out necessary requirements for prospective licensees. The proposed regulation aims to create a standardised framework for assessing applications to transfer interests in racing meeting licenses, ensuring compliance with state gaming law and protecting the integrity of racing operations. The regulation applies to any entity seeking to acquire or transfer an interest in an existing racing meeting license in Massachusetts. This development is significant as it formalises the Commission's review procedures for ownership changes in racing operations, providing clarity to prospective licensees and stakeholders on the requirements and evaluation criteria they must meet. The public hearing is scheduled for Tuesday, September 8, 2026, at 9:30 AM EST and will be conducted remotely using virtual collaboration technology. Interested parties may submit comments via email to Judith.Young@massgaming.gov or request a virtual hearing link to appear and speak. Written comments may also be submitted to the same email address with "Regulation Comment" in the subject line. The deadline for submitting comments is September 7, 2026, at 5:00 PM EST. The complete draft regulation is available on the Commission's website at www.massgaming.com under the Regulations and Compliance section.

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1319 chars · nid 52256

Massachusetts regulator proposes regulation on racing meeting license interest transfers

On August 17, 2026, the Massachusetts Gaming Commission (MGC) announced a public hearing to gather comments on proposed regulations governing the transfer of interests in racing meeting licenses. The regulation, 205 CMR 17.00 , establishes a process for the MGC to review and evaluate requests for proposed transfers of interest in racing meeting licenses in accordance with Massachusetts General Law Chapter 128A, Section 11(C) , and sets out necessary requirements for prospective licensees. The proposed regulation aims to create a standardized framework for assessing applications to transfer interests in racing meeting licenses, ensuring compliance with state gaming law and protecting the integrity of racing operations. The regulation applies to any entity seeking to acquire or transfer an interest in an existing racing meeting license in Massachusetts. The public hearing is scheduled for Tuesday, September 8, 2026, at 9:30 AM EST. Interested parties may submit comments via email to Judith.Young@massgaming.gov or request a virtual hearing link to appear and speak. Written comments may also be submitted to the same email address with "Regulation Comment" in the subject line. The deadline for submitting comments is September 7, 2026, at 5:00 PM EST. The complete draft regulation is available here .
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