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3246061 pc Jun 19, 2026 pthandapani Vietnam The State Bank Of Vietnam horizon scanning
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Vietnam's State Bank Solicits Feedback on Draft Circular Amending Circular 22/2019

On June 17, 2026, the State Bank of Vietnam (SBV) opened a consultation period on a draft circular to amend and supplement Circular 22/2019/TT-NHNN. The SBV invited written submissions and Microsoft Word documents from individuals and organisations regarding the proposed amendments. The consultation targets the Foreign Exchange Management Department (Cục ATHT) of the SBV. Submissions must be sent via email to csatnh@sbv.gov.vn or delivered in person to the SBV. The contact telephone number for enquiries is 024.39392231. Circular 22/2019/TT-NHNN establishes regulatory requirements for banking institutions and financial organisations operating in Vietnam. The specific amendments under consultation have not been detailed in the available source material, though the SBV's consultation framework indicates the changes relate to banking operations, foreign exchange management, or related financial services regulation. The SBV published a comparison document and explanatory note alongside the draft circular to assist stakeholders in understanding the proposed modifications. These supplementary materials are available for download on the SBV's official website. Interested parties must submit feedback by June 17, 2026. The SBV will subsequently consolidate all comments received and publish a summary of feedback, responses, and explanations regarding the consultation input. This process aligns with the SBV's standard regulatory development procedures for amendments to existing circulars governing banking sector operations.

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State Bank of Vietnam Seeks Feedback on Draft Amendments to Limits and Prudential Ratios for Banks

The State Bank of Vietnam (SBV) has issued a draft circular amending limits and prudential ratios in the operations of banks and foreign bank branches. The draft circular contains: Regulations prescribing a maximum ratio for short-term capital used for medium- and long-term loans, restricting banks and foreign bank branches to a 40 percent limit. Specific rules governing the calculation of deposits from domestic and foreign organizations, explicitly excluding margin deposits, specialized capital deposits, and demand deposits of the State Treasury. Provisions outlining that 80 percent of the term deposit balance of the State Treasury, or an alternative ratio decided by the SBV governor, is also excluded from the deposit calculations. Feedback may be submitted via email to csatnh@sbv.gov.vn by June 17, 2026.
3254371 pc Jun 19, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Amends Directions on Cash Reserve Ratio and Statutory Liquidity Ratio for Commercial Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Third Amendment Directions, 2026. The amended directions contain: Regulations prescribing an exemption from the maintenance of the cash reserve ratio (CRR) and statutory liquidity ratio (SLR) for fresh Non-Resident (External) Rupee (NRE) term deposits with a tenor of three years or more, mobilized between June 19, 2026, and September 30, 2026. Specific rules mandating that this exemption applies to the original deposit amounts for as long as they are held in the bank's books, including deposits that are renewed upon maturity. Provisions outlining that any funds transferred from Non-Resident (Ordinary) (NRO) accounts to NRE accounts will not qualify for these reserve maintenance exemptions. Administrative amendments updating the reporting forms to explicitly include the new NRE term deposits category starting from the reporting fortnight beginning July 16, 2026. The amendments take immediate effect.
3254362 pc Jun 19, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Imposes Monetary Penalty on Pahal Financial Services Private Limited

On June 19, 2026, the Reserve Bank of India (RBI) announced it had imposed a monetary penalty of ₹3.10 lakh (Rupees Three Lakh Ten Thousand) on Pahal Financial Services Private Limited by order dated June 18, 2026. The penalty was imposed for non-compliance with provisions of the Reserve Bank of India (Know Your Customer (KYC)) Directions issued by RBI. The RBI exercised its enforcement powers under section 58G(1)(b) read with section 58B(5)(aa) of the Reserve Bank of India Act, 1934. A statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2025. Following supervisory findings of non-compliance with RBI directions, RBI issued a show cause notice to the company. After considering the company's reply and oral submissions during a personal hearing, RBI sustained a charge against the company. Specifically, RBI found that the company failed to put in place robust software for effective identification and reporting of suspicious transactions. This deficiency in anti-money laundering and counter-terrorism financing (AML/CTF) compliance formed the basis for the monetary penalty. RBI stated that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. The imposition of this monetary penalty is without prejudice to any other action that RBI may initiate against the company. REFERENCES: Reserve Bank of India. "RBI imposes monetary penalty on Pahal Financial Services Private Limited." Press Release, June 19, 2026. https://www.rbi.org.in/

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Reserve Bank of India Fines Pahal Financial Services Private Limited INR310,000 for KYC Failures

The Reserve Bank of India (RBI) has imposed a fine of INR310,000 on Pahal Financial Services Private Limited (Pahal) for know-your-customer (KYC) failures in breach of the RBI's directions on KYC . The RBI found, based on an inspection of Pahal's financial position as of March 31, 2025, that it had failed to put in place a robust software for effective identification and reporting of suspicious transactions. This amounted to a breach of the directions.
3259762 pc Jun 19, 2026 pdonofrio US Track 2 American Bankers Association horizon scanning
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Office of the Comptroller of the Currency Proposes Bank Secrecy Act and Sanctions Requirements for Stablecoin Issuers

On June 22, 2026, the Office of the Comptroller of the Currency (OCC) proposed regulations to implement Bank Secrecy Act and sanctions requirements for payment stablecoin issuers. The OCC issued the rulemaking in coordination with the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The Genius Act directs federal banking agencies to implement regulations for stablecoin issuers, with the OCC serving as the primary regulator of nonbank issuers. The Federal Deposit Insurance Corporation (FDIC) previously proposed its own anti-money laundering and counter-terrorism financing (AML/CTF) and sanctions requirements for bank subsidiaries and other financial institutions under its jurisdiction. The OCC's proposed rule requires issuers regulated by the agency to maintain effective AML/CTF and sanctions compliance programs in accordance with rules proposed by FinCEN and OFAC earlier in 2026. The proposal includes a requirement for the OCC to consult with FinCEN before taking AML/CTF enforcement actions or significant supervisory actions against issuers. It also provides issuers that establish effective AML/CFT programs with a safe harbour against certain civil enforcement and significant supervisory actions, mirroring provisions in the OCC's April AML/CTF program rule proposal for banks. The American Bankers Association (ABA) previously raised concerns about the FinCEN and OFAC framework that the OCC plans to adopt. The ABA said any AML/CTF and sanctions rulemaking must also cover secondary market payment stablecoin activities, such as individuals purchasing payment stablecoins from an intermediary. The ABA stated that without greater clarity around the obligations of secondary market actors, regulated financial institutions will face challenges in assessing and managing risks associated with payment stablecoins. The comment period and effective date for the proposed rule have not been announced.

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Rhode Island General Assembly Enacts HB 7265: Special Deposits Act

On June 19, 2026, the Rhode Island General Assembly enacted HB 7265 , which establishes the Rhode Island Special Deposits Act to create a uniform legal framework for the creation, management and regulation of special deposits, commonly known as escrow accounts. The law applies to any special deposit governed by an account agreement between a bank and a depositor, or its beneficiary, that indicates an intention to be subject to the law. Regarding the obligations and liabilities of financial institutions, the law stipulates that: Banks do not hold a fiduciary duty regarding special deposits and instead maintain a debtor-creditor relationship when obligated to pay a beneficiary. Banks’ liability is limited to direct damages caused by non-compliance with the account agreement, allowing them to rely on records presented in good faith. Special deposits terminate five years after funding unless the account agreement states otherwise, with remaining balances returning to the depositor if beneficiaries cannot be identified or located. Additionally, the law clarifies that it does not require individuals, such as landlords holding security deposits, to place funds in these accounts, but simply facilitates their use as a protective financial tool for the general public. The law also maintains existing legal standards by providing that state law regarding consumer protection, contracts and abandoned property continue to supplement it, except where explicitly inconsistent. The law takes effect immediately .
3253682 pc Jun 19, 2026 pthandapani South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Services Strengthens Payment Gateway Settlement Fund Protections Through Legislative Changes

On June 19, 2026, South Korea's Financial Supervisory Services (FSS) announced legislative amendments to strengthen oversight of payment gateway (PG) operators and protect settlement funds. The FSS initiated legislative notice and regulatory change notice procedures for amendments to the Electronic Financial Transactions Act Enforcement Decree and Financial Supervision Regulations, set to take effect on December 17, 2026. The amendments address the Tymepay settlement crisis by mandating that PG operators place all settlement funds held temporarily for merchants or customer refunds under external management. The revised Electronic Financial Transactions Act, which was promulgated on December 16, 2025, introduces several key protections and supervisory measures. PG operators must now externally manage settlement funds in their entirety. Capital requirements for PG operators will increase proportionally to transaction scale, and major shareholder changes now require approval or registration. The FSS established a phased enforcement framework for operators failing to meet management guidance standards and introduced mandatory management disclosure requirements for electronic financial institutions. Additionally, the definition of PG business has been clarified to specify third-party transaction intermediation where operators receive compensation and handle settlement services. The amendments represent a significant strengthening of supervisory controls over electronic financial operators, particularly addressing systemic risks associated with settlement fund management. The FSS will accept public comments on the proposed amendments during the legislative notice period. Stakeholders, including PG operators, merchants, and financial institutions, should review the detailed amendments and consider submitting feedback to the FSS's Electronic Finance Supervision Division.

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South Korean Financial Services Commission Seeks Feedback on Proposed Amendments to the Regulations on the Settlement Funds for Payment Gateway Businesses

The Financial Services Commission (FSC) has issued a public notice seeking feedback on its proposed amendments to its regulations on the settlement of funds for payment gateways (PGs) The proposed amendments contain: New principles prescribing that PG settlement funds must be securely managed externally through trusts, deposits, or payment guarantee insurance, operating identically to the existing prepaid recharge fund rules. Regulations mandating an increase in the minimum capital requirement from KRW1bn (US$654,000) to KRW2bn (US$1.3m) won for large-scale PG operators whose quarterly electronic financial transaction volume exceeds KRW30bn (US$19,621,000). Specific rules governing major shareholder changes, establishing concrete application methods, document requirements, and screening review procedures for changing authorization or registration status. Provisions outlining mandatory quarterly public disclosures for electronic financial operators, highlighting business guidance standards compliance, external fund management indicators, payment settlement cycles, and semi-annual transaction fees. Administrative measures implementing a phased enforcement system, allowing the regulatory body to fully revoke business licenses if an operator receives three or more suspension orders for the same violation within a five-year window. Directives refining the legal definition of PG services to explicitly capture third-party transactions, while excluding secondary or ancillary settlement actions governed by other specific commercial frameworks. Feedback may be submitted via email to khy448@korea.kr or by post or fax by July 29, 2026.
3261164 pc Jun 19, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of Russian Federation Amends Depository Activity Requirements for Securities Market Participants

On June 19, 2026, the Board of Directors of the Central Bank of Russian Federation (Bank of Russia) adopted amendments to its December 26, 2025 decision concerning requirements for professional securities market participants engaged in depository activities. The amendments establish new procedures for confirming depository status and managing payments on certain financial instruments, particularly euro-bonds and substitute bonds issued by Russian legal entities with euro-bond obligations. The amendments introduce comprehensive requirements for depositories when providing written confirmation regarding the withdrawal of funds from Type C accounts. Depositories must now verify the non-resident status of account holders and confirm specific conditions permitting fund withdrawals, including: transactions with securities conducted in accordance with Presidential Decrees after March 1, 2022 (or March 3, 2023 for euro-bonds and substitute bonds); acquisition of euro-bonds or substitute bonds before September 1, 2024 from non-sanctioned owners; and that foreign creditors listed in relevant Presidential Decrees were not security owners when payments were credited. Depositories must establish internal control procedures to verify documentation submitted by account holders, including identity information, bank account details, transaction records, and confirmations from foreign securities custodians. The decision requires depositories to retain all related documentation for a minimum of five years. Depositories cannot confirm withdrawal eligibility without receiving required supporting documents. For brokers operating Type C accounts, similar confirmation requirements apply when clients request fund withdrawals. The amendments apply from their publication on the Bank of Russia's official website.

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Central Bank of Russia Amends Depository Activity Requirements for Securities Market Participants

On June 19, 2026, the Central Bank of Russia (CBR) adopted amendments to its December 26, 2025 decision concerning requirements for professional securities market participants engaged in depository activities. The amendments establish new procedures for confirming depository status and managing payments on certain financial instruments, particularly euro-bonds and substitute bonds issued by Russian legal entities with euro-bond obligations. The amendments introduce comprehensive requirements for depositories when providing written confirmation regarding the withdrawal of funds from Type C accounts. Depositories must now verify the non-resident status of account holders and confirm specific conditions permitting fund withdrawals, including: Transactions with securities conducted in accordance with presidential decrees after March 1, 2022 (or March 3, 2023 for euro-bonds and substitute bonds). Acquisition of euro-bonds or substitute bonds before September 1, 2024 from non-sanctioned owners. Foreign creditors listed in relevant presidential decrees were not security owners when payments were credited. Depositories must establish internal control procedures to verify documentation submitted by account holders, including identity information, bank account details, transaction records and confirmations from foreign securities custodians. The decision requires depositories to retain all related documentation for a minimum of five years. Depositories cannot confirm withdrawal eligibility without receiving required supporting documents. The amendments apply from their publication on the CBR's official website.
3261163 pc Jun 19, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank Amends Type C Account Regime for Sanctions-Related Transactions

On June 19, 2026, the Board of Directors of the Central Bank of the Russian Federation (Bank of Russia) adopted amendments to the regime governing Type C accounts, which are used for settlements and execution of transactions subject to the temporary obligation fulfilment procedures established by Presidential Decree No. 95 of March 5, 2022, and related sanctions-compliance frameworks. The amendments expand the permitted operations on Type C accounts across multiple account categories: bank accounts, resident and non-resident accounts, brokerage accounts, special brokerage accounts, and trust management accounts. Key modifications include clarifying conditions under which funds may be transferred to non-residents who are not designated foreign creditors, and establishing documentation requirements for securities payment distributions. The changes specifically address euro-bond (eurobond) transactions and substitute bond arrangements, introducing provisions for fund transfers where foreign creditors named in Decree No. 95 were not securities owners at specified dates, or where transactions occurred pursuant to presidential authorisations, or where substitute bonds were acquired before September 1, 2024, from non-sanctioned holders with Russian depository accounting. The amendments establish verification procedures requiring written confirmation from depositaries, documentation from account holders, or direct establishment by depositaries serving as credit institutions. These provisions apply to bank accounts, brokerage accounts, special brokerage accounts, and trust management accounts opened to residents and non-residents. The regime also permits deductions for bank commissions, erroneous fund reversals, and tax refunds across account types. The Board's decision applies from its publication date on the Bank of Russia's official website. The amendments modify the original Type C account decision adopted November 21, 2022, streamlining compliance procedures for securities-related payments under Russia's sanctions-mitigation framework.

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Central Bank of Russia Publishes Decision on Amendments to the Type C Account Regime

On June 19, 2026, the Central Bank of Russia (CBR) expanded the circumstances in which certain non-resident holders of Type C accounts may transfer out funds representing payment received on securities. The amendments expand the permitted operations on Type C accounts across multiple account categories: bank accounts, resident and non-resident accounts, brokerage accounts, special brokerage accounts, and trust management accounts. Key modifications include clarifying conditions under which funds may be transferred to non-residents who are not designated foreign creditors, and establishing documentation requirements for securities payment distributions. The changes specifically address euro-bond (eurobond) transactions and substitute bond arrangements, introducing provisions for fund transfers where foreign creditors named in Decree No. 95 were not securities owners at specified dates, or where transactions occurred pursuant to presidential authorisations, or where substitute bonds were acquired before September 1, 2024, from non-sanctioned holders with Russian depository accounting. The amendments establish verification procedures requiring written confirmation from depositaries, documentation from account holders or direct establishment by depositaries serving as credit institutions. These provisions apply to bank accounts, brokerage accounts, special brokerage accounts and trust management accounts opened to residents and non-residents. The regime also permits deductions for bank commissions, erroneous fund reversals and tax refunds across account types. The decision applies from its publication date on the CBR's official website.
3256805 gc Jun 19, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's President Signs Decree Requiring Financial Institutions to Freeze Illegal Betting Assets

On June 19, 2026, President Luiz Inácio Lula da Silva signed a decree requiring financial institutions to freeze funds originating from illegal betting operations in Brazil. The measure directs frozen assets to the National Public Security Fund (FNSP) for use in combating organized crime. According to the Ministry of Justice, approximately 25.2 million Brazilians use illegal betting platforms, which represent between 41 and 51 percent of betting institutions operating in the country. The decree was announced following Operation Lucky Tale, a law enforcement action executed across Pernambuco, Ceará, and São Paulo that targeted an alleged illegal gambling scheme involving money laundering and criminal association. Investigators estimate the volume of money moved by investigated platforms could reach billions of dollars. The Prizes and Betting Secretariat (SPA) and Federal Revenue Service will identify illegal operators and notify financial institutions to freeze associated funds within 24 hours. The Central Bank will monitor compliance, with institutions reporting account balances to the SPA. Cases proceed to the National Secretariat of Public Security (Senasp) for administrative review, allowing defendants to submit appeals. Blocked funds may be used to reimburse bettors and settle outstanding taxes and fines, with remaining balances transferred to the FNSP following court decisions on definitive forfeiture. The National Association of Games and Lotteries (ANJL) and Brazilian Institute for Responsible Gaming (IBJR) expressed support for the measure, characterizing it as protecting regulated operators, ensuring consumer safety, and strengthening the legitimate betting market. ANJL president Plínio Lemos Jorge said the action represents "an important step in strengthening the regulated betting market." The decree stems from the Anti-Faction Law approved by Congress and incorporates asset-freezing provisions. Investigations identified approximately 350 illegal operators using 37 financial and payment institutions, primarily fintechs, to move funds. The National Telecommunications Agency (Anatel) has already taken down more than 40 illegal websites and applications. The government launched a self-exclusion tool in December 2025, allowing users to request blocking of their Brazilian taxpayer identification number (CPF) at authorized betting sites, with nearly 700 people having already utilized this mechanism.

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Brazil publishes decree requiring financial institutions to freeze illegal betting assets

On June 19, 2026, President Luiz Inácio Lula da Silva signed a decree requiring financial institutions to freeze funds originating from illegal betting operations in Brazil. Under Decree 13.033, the following is outlined: The Prizes and Betting Secretariat (SPA) and Federal Revenue Service will identify illegal operators and irregular operation, and notify financial institutions to freeze associated funds within 24 hours. The Central Bank will monitor compliance, with institutions reporting account balances to the SPA. Cases proceed to the National Secretariat of Public Security (Senasp) for administrative review, allowing defendants to submit appeals. Blocked funds may be used to reimburse bettors and settle outstanding taxes and fines, with remaining balances transferred to the FNSP following court decisions on definitive forfeiture. The decree stems from the Anti-Faction Law approved by Congress and incorporates asset-freezing provisions. The decree comes into effect upon immediately .
3253492 pc Jun 19, 2026 csoo United Kingdom Bank of England horizon scanning
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Bank of England Proposes Adjustments to Basel 3.1 Internal Model Approach for Market Risk

On June 19, 2026, the Prudential Regulation Authority (PRA) published Consultation Paper 9/26, proposing targeted adjustments to the Basel 3.1 internal model approach (IMA) for market risk. The consultation addresses calibration and operational issues identified since the PRA finalised its IMA rules in Policy Statement 1/26, which confirmed an implementation date of January 1, 2028. The PRA's proposals reflect evidence gathered from firms, data from the Basel Committee on Banking Supervision's (BCBS) Quantitative Impact Study, and increased clarity regarding implementation approaches in other major jurisdictions. The consultation applies to PRA-authorised banks, building societies, PRA-designated investment firms, and financial holding companies, particularly those with existing IMA approval or considering IMA adoption. The seven proposals include: extending the profit and loss attribution test (PLAT) monitoring period from one to three years, during which PLAT failures would not automatically trigger reallocation to the standardised approach; reducing verifiable price requirements for the risk factor eligibility test (RFET) from 24 to 16 for risk factors with liquidity horizons exceeding 20 days; introducing a new intermediate category of non-modellable risk factors (Type 1) that fail quantitative but pass qualitative tests, allowing these to remain in expected shortfall models with capital add-ons; recognising diversification between Advanced Standardised Approach (ASA) and IMA portfolios; simplifying collective investment undertakings (CIUs) treatment through a 90 percent look-through threshold; and making minor operational clarifications. The PRA estimates annual benefits to firms between £1.8 million and £60 million, primarily from increased IMA adoption and NMRF framework changes. The proposals maintain robust prudential standards while improving proportionality and operational effectiveness, supporting UK competitiveness in wholesale financial markets. The consultation closes on September 18, 2026. Responses should be submitted to CP9_26@bankofengland.co.uk or addressed to Darren Massey, Market and Counterparty Credit Risk Policy Team, Bank of England, Threadneedle Street, London EC2R 8AH.

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UK's Prudential Regulation Authority Consults on Adjustments to Basel 3.1 Internal Model Approach for Market Risk

On June 19, 2026, the Prudential Regulation Authority (PRA) published Consultation Paper 9/26 (CP9/26), proposing targeted adjustments to the Basel 3.1 internal model approach (IMA) for market risk. The consultation addresses calibration and operational issues identified since the PRA finalised its IMA rules in Policy Statement 1/26, which confirmed an implementation date of January 1, 2028. CP9/26 proposes the following changes: Extend the monitoring period for the profit and loss attribution test (PLAT) to three years. Adjust the Risk Factor Eligibility Test (RFET). Introduce targeted adjustments and operational simplifications to the NMRF framework. Reduce barriers to gradual IMA approval for individual firms. Implement operational simplifications to the treatment of collective investment undertakings (CIUs). Minor adjustments and clarifications to the IMA framework. Update reporting and disclosure requirements to align with the above proposals. The consultation applies to PRA-authorised banks, building societies, PRA-designated investment firms, and financial holding companies, particularly those with existing IMA approval or considering IMA adoption. The consultation closes on September 18, 2026. Responses should be submitted by email to CP9_26@bankofengland.co.uk .
3240504 pc Jun 19, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Consults on Penalty and Decision-Making Policy Updates

On June 15, 2026, the Financial Conduct Authority (FCA) opened a consultation on proposed changes to its Decision Procedure and Penalties Manual (DEPP), which sets out how the FCA makes enforcement decisions and calculates financial penalties. The FCA aims to update the DEPP to keep its policy current and consistent with how it operates in practice, improving transparency and consistency while helping it act faster, deter misconduct, and maintain confidence in UK markets. The FCA proposes several targeted updates to its penalty and decision-making policies. For market abuse cases involving individuals, the FCA proposes raising the minimum penalty from £100,000 to £150,000 to account for inflation. The FCA also proposes clarifying that it may increase penalties for deterrent effect, having regard to an individual's income and assets. For penalties involving individuals' relevant income, the FCA proposes clarifying how it treats deferred bonuses, pay, and shares, in line with recent Tribunal decisions. The FCA proposes raising serious financial hardship income and capital thresholds to reflect living costs and updating them over time. Additionally, the FCA proposes allowing more flexibility in who makes settlement decisions in some cases. The consultation also includes consequential amendments extending the FCA's penalty framework to cover cryptoasset market abuse and reflect new powers under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. The consultation applies to individuals subject to FCA enforcement action, including senior managers, directors, and employees of authorised firms; individuals involved in market abuse outside regulated firms; and legal, compliance, and enforcement professionals. The comment period closes on August 10, 2026. Responses can be submitted via the FCA's online response form, email to [email protected], or by post to Enforcement Law and Policy, FCA, 12 Endeavour Square, London E20 1JN. The FCA will review responses, publish feedback, and decide whether to make the proposed changes.

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2075 chars · nid 93361

Financial Conduct Authority Consults on Penalty and Decision-Making Policy Updates

On June 15, 2026, the Financial Conduct Authority (FCA) opened a consultation on proposed changes to its Decision Procedure and Penalties Manual (DEPP), which sets out how the FCA makes enforcement decisions and calculates financial penalties. The FCA aims to update the DEPP to keep its policy current and consistent with how it operates in practice, improving transparency and consistency while helping it act faster, deter misconduct, and maintain confidence in UK markets. The FCA proposes several targeted updates to its penalty and decision-making policies. For market abuse cases involving individuals, the FCA proposes raising the minimum penalty from £100,000 to £150,000 to account for inflation. The FCA also proposes clarifying that it may increase penalties for deterrent effect, having regard to an individual's income and assets. For penalties involving individuals' relevant income, the FCA proposes clarifying how it treats deferred bonuses, pay, and shares, in line with recent Tribunal decisions. The FCA proposes raising serious financial hardship income and capital thresholds to reflect living costs and updating them over time. Additionally, the FCA proposes allowing more flexibility in who makes settlement decisions in some cases. The consultation also includes consequential amendments extending the FCA's penalty framework to cover cryptoasset market abuse and reflect new powers under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. The consultation applies to individuals subject to FCA enforcement action, including senior managers, directors, and employees of authorised firms; individuals involved in market abuse outside regulated firms; and legal, compliance, and enforcement professionals. The comment period closes on August 10, 2026. Responses can be submitted via the FCA's online response form, email to [email protected], or by post to Enforcement Law and Policy, FCA, 12 Endeavour Square, London E20 1JN. The FCA will review responses, publish feedback, and decide whether to make the proposed changes.
3251533 pc Jun 19, 2026 csoo United Kingdom National Cyber Security Centre horizon scanning
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United Kingdom National Cyber Security Centre Issues Alert on Fortinet Firewall Targeting Campaign

On June 18, 2026, the National Cyber Security Centre (NCSC) issued an alert following a global campaign targeting Fortinet firewalls and VPN gateways, with indications of potential impact in the United Kingdom. A threat actor has leaked a database of credentials obtained through brute-force, dictionary, and credential stuffing attacks against internet-facing FortiGate and VPN portals. Credential stuffing involves attackers using passwords stolen from one web service to access accounts on other services, exploiting username and password reuse. Organisations using Fortinet edge devices with SSL VPN enabled should prioritise investigating whether they have been compromised. The NCSC recommends using Hudson Rock's FortiBleed Checker to assess potential exposure. If compromise is suspected, organisations should examine devices for common indicators of compromise, including unauthorised account creation and unexpected activity in log files. The NCSC advises isolating compromised devices from both the internet and internal networks, then performing a factory reset—as changing credentials alone may be insufficient if threat actors have established persistence. Organisations should preserve logs, configurations, and other artefacts before resetting devices for investigation purposes. The NCSC emphasises hardening re-commissioned systems by ensuring management interfaces are not exposed to the internet, updating to the latest version, removing out-of-support systems, changing all default and reused administrator passwords, and enforcing multi-factor authentication on all VPN and device management logins. UK organisations believing they have been compromised should report the incident and consider engaging an assured cyber incident response provider. The NCSC also recommends investigating other edge devices sharing credentials with compromised systems and monitoring firewall logs for suspicious activity to ensure onward compromise has not occurred within the network.

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UK's National Cyber Security Centre Issues Alert on Fortinet Firewall Targeting Campaign

On June 18, 2026, the National Cyber Security Centre (NCSC) issued an alert following a global campaign targeting Fortinet firewalls and VPN gateways, with indications of potential impact in the United Kingdom. A threat actor has leaked a database of credentials obtained through brute-force, dictionary, and credential stuffing attacks against internet-facing FortiGate and VPN portals. Credential stuffing involves attackers using passwords stolen from one web service to access accounts on other services, exploiting username and password reuse. Organisations using Fortinet edge devices with SSL VPN enabled should prioritise investigating whether they have been compromised. The NCSC advises firms to take the following actions: Using Hudson Rock's FortiBleed Checker to assess potential exposure. If compromise is suspected, organisations should examine devices for common indicators of compromise, including unauthorised account creation and unexpected activity in log files. Isolating compromised devices from both the internet and internal networks, then performing a factory reset—as changing credentials alone may be insufficient if threat actors have established persistence. Organisations should preserve logs, configurations, and other artefacts before resetting devices for investigation purposes. Emphasises hardening re-commissioned systems by ensuring management interfaces are not exposed to the internet, updating to the latest version, removing out-of-support systems, changing all default and reused administrator passwords, and enforcing multi-factor authentication on all VPN and device management logins. Recommends investigating other edge devices sharing credentials with compromised systems and monitoring firewall logs for suspicious activity to ensure onward compromise has not occurred within the network. UK organisations believing they have been compromised should report the incident and consider engaging an assured cyber incident response provider.
3252464 pc Jun 19, 2026 kgurnani Australia Australian Securities and Investments Comission horizon scanning
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Australian Securities and Investments Commission Bans Financial Planner and Cancels Licenses of Freedom Wealth Services

On June 16, 2026, the Australian Securities and Investments Commission (ASIC) banned Brett Anthony Newbound, a financial planner and sole director of Freedom Wealth Services Pty Ltd, from engaging in any credit or financial services activities for ten years. ASIC simultaneously cancelled the Australian financial services (AFS) licence and Australian credit licence (ACL) of Freedom Wealth Services Pty Ltd, effective from May 1, 2025. ASIC determined that Newbound engaged in conduct that breached the statutory requirements to be considered a fit and proper person to participate in the credit and financial services industries. Specifically, ASIC found that in three instances, Newbound relied on service agreements containing client signatures that ASIC determined had not been provided by the clients. Newbound also created, or caused to be created, file notes that ASIC found did not accurately reflect client interactions, in order to justify charging ongoing service fees. This conduct demonstrated a pattern of misrepresentation designed to support fee collection without proper client authorisation or documentation. Newbound's banning has been recorded on ASIC's banned and disqualified register effective from May 1, 2025. Both Newbound and Freedom Wealth Services Pty Ltd have appealed ASIC's decision to the Administrative Review Tribunal (ART). The pair also sought a stay and confidentiality orders from the ART, which the tribunal dismissed on June 16, 2026. A hearing date for the substantive appeal has not yet been scheduled. ASIC stated that its actions reflect its commitment to protecting consumers who engage financial service advisers and to enforcing standards required of those operating in the financial services industry.

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Australian Securities and Investments Commission Cancels Licenses of Freedom Wealth Services Pty Ltd

On June 19, 2026, the Australian Securities and Investments Commission (ASIC) cancelled the Australian financial services (AFS) licence and Australian credit licence (ACL) of Freedom Wealth Services Pty Ltd, effective from May 1, 2025. ASIC determined that the company's financial planner and sole director, Brett Anthony Newbound engaged in conduct that breached the statutory requirements to be considered a fit and proper person to participate in the credit and financial services industries. Specifically, ASIC found that in three instances, Newbound relied on service agreements containing client signatures that ASIC determined had not been provided by the clients. Newbound also created, or caused to be created, file notes that ASIC found did not accurately reflect client interactions, in order to justify charging ongoing service fees. This conduct demonstrated a pattern of misrepresentation designed to support fee collection without proper client authorisation or documentation. Freedom Wealth Services Pty Ltd have appealed ASIC's decision to the Administrative Review Tribunal (ART) and sought a stay and confidentiality orders from the ART, which the tribunal dismissed on June 16, 2026. A hearing date for the substantive appeal has not yet been scheduled. ASIC stated that its actions reflect its commitment to protecting consumers who engage financial service advisers and to enforcing standards required of those operating in the financial services industry.
3240667 pc Jun 19, 2026 kgurnani Australia Australian Cyber Security Centre horizon scanning
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Australian Cyber Security Centre Consults on Evolution of Essential Eight Framework

On June 15, 2026, the Australian Cyber Security Centre (ACSC) launched a consultation on the evolution of the Essential Eight cyber security framework. The ACSC is consulting with its Cyber Security Network partners on proposed changes that will introduce a new Essentials series, expanding the current framework to provide organisations with greater flexibility in implementing cyber security while maintaining a clear path to achieving strong cyber resilience. The new Essentials series will be grounded in the Information Security Manual (ISM) and will offer prioritised, threat-informed mitigations for contemporary technology environments. The guidance will be supported by practical tools and clear implementation guidance. Organisations already using the Essential Eight can expect strong alignment with their existing controls and investments, while new adopters will benefit from established best-practice guidance. The evolution of the current Essential Eight guidance will form the first chapter of the series—Essentials for enterprise IT—with additional chapters to follow. The ACSC is undertaking national consultation with government, industry, regulators, and organisations that currently use the Essential Eight. The consultation marks an important step in strengthening Australia's cyber resilience, ensuring guidance keeps pace with emerging threats and advances in defensive capabilities. Community feedback will play an important role in shaping the future development of the Essentials series. The consultation period runs until July 12, 2026. Organisations can submit feedback via the ACSC Cyber Security Partnership Program portal. Further information about the Partnership Program is available at cyber.gov.au/partnershipprogram.

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Australian Cyber Security Centre Consults on Evolution of Essential Eight Framework

On June 15, 2026, the Australian Cyber Security Centre (ACSC) launched a consultation on the evolution of the Essential Eight cyber security framework. The ACSC is consulting with its Cyber Security Network partners on proposed changes that will introduce a new Essentials series, expanding the current framework to provide organisations with greater flexibility in implementing cyber security while maintaining a clear path to achieving strong cyber resilience. The proposed new guidance will be grounded in Australian Signals Directorate's Information Security Manual and will provide prioritised, threat-informed mitigations for contemporary technology environments. It will also include practical tools and clearer implementation guidance. For organisations already using the Essential Eight, ASD says the new framework should remain strongly aligned with existing controls and investments. That means this is not positioned as a clean break from the Essential Eight, but as a modernisation and expansion of the existing framework. The consultation period runs until July 12, 2026. Organisations can submit feedback via the ACSC Cyber Security Partnership Program portal.
3252073 pc Jun 19, 2026 tojuri Norway Financial Supervisory Authority horizon scanning
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Norway's Financial Supervisory Authority Imposes Penalty on Capricorp Investments for Flagging Violation

On an unspecified date, Norway's Financial Supervisory Authority (Finanstilsynet) imposed a violation penalty of 100,000 Norwegian kroner on Capricorp Investments B.V. for breaching flagging obligations under Norwegian securities law. The violation concerned the company's failure to timely report a crossing of the five percent threshold in Soiltec ASA. Under Norwegian flagging requirements (flaggeplikt), investors must promptly notify the Financial Supervisory Authority and the relevant company when their shareholding crosses specified disclosure thresholds. Capricorp Investments B.V. failed to meet this notification deadline, triggering the enforcement action. The Financial Supervisory Authority enforces flagging obligations to ensure market transparency and enable investors and companies to identify significant changes in share ownership. Timely disclosure of threshold crossings allows market participants to assess potential shifts in corporate control and make informed investment decisions. The penalty reflects the authority's commitment to maintaining compliance with these transparency requirements. Capricorp Investments B.V. may have remedial or appeal options available under Norwegian administrative law procedures, though these are not detailed in the available source material. The decision demonstrates the Financial Supervisory Authority's active enforcement of flagging violations and signals heightened scrutiny of disclosure compliance among investment entities operating in Norwegian securities markets. REFERENCES: Financial Supervisory Authority (Finanstilsynet). "Flaggeplikt: Vedtak om overtredelsesgebyr - Capricorp Investments B.V." Available at: https://www.finanstilsynet.no/

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Norway's Financial Supervisory Authority Imposes NOK100,000 Penalty on Capricorp Investments for Reporting Failures

Norway's Financial Supervisory Authority (FSA) has imposed a penalty of NOK100,000 on Capricorp Investments B.V. for a breach of reporting obligations under the Securities Trading Act . The violation concerned the company's failure to timely report a crossing of the five percent threshold it obtained in another company. Under Norwegian reporting requirements, investors must promptly notify the FSA and the relevant company when their shareholding crosses specified disclosure thresholds. Capricorp Investments B.V. failed to meet this notification deadline, triggering the enforcement action.
3253114 gc Jun 19, 2026 apintea Ukraine Ministry Digital Transformation-news gamblingcompliance
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Ukraine's Cabinet of Ministers Restricts Military Personnel Access to Gambling During Martial Law

On June 17, 2024, Ukraine's Cabinet of Ministers adopted a resolution implementing a mechanism to restrict military personnel's access to gambling during the period of martial law. The Ministry of Defence collaborated with the Cabinet to develop the decision, which aims to protect military service members from gambling addiction risks and associated security threats. The restriction operates through automatic verification using state electronic registers. During registration or login to legal casinos, user data will be automatically checked against both the Register of Persons with Restricted Access to Gambling and a new Register of Military Personnel being implemented by the Ministry of Defence. If the system confirms the user is an active military service member, access to gambling will be blocked. Gambling operators will receive only notification that access restrictions apply, without disclosure of the specific grounds—including whether the restriction relates to military service or other factors—protecting personal data privacy. The data exchange between state resources occurs through the electronic interaction system "Trembita." PlayCity, Ukraine's gambling regulator, and the Ministry of Defence are currently undertaking technical preparations and register population to enable automatic verification. The resolution represents one component of Ukraine's broader player protection framework. PlayCity has also identified over 4,100 illegal gambling resources during its first year of operation, with blocking decisions now mandatory for internet service providers within 24 hours of detection. The regulator established an inter-agency working group including representatives from the National Security and Defence Council apparatus, National Bank of Ukraine, Ministry of Digital Transformation, National Commission for Communications Regulation, and other bodies to accelerate blocking procedures to within minutes. Additionally, PlayCity has blocked more than 700 social media pages for illegal gambling advertising and imposed 16 fines totalling approximately 80 million Ukrainian hryvnia for advertising violations.

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Ukraine's Cabinet of Ministers restricts military personnel access to gambling

On June 18, 2026, Ukraine's Ministry of Digital Transformation announced that the Cabinet of Ministers adopted a resolution implementing a mechanism to restrict military personnel's access to gambling during the period of martial law. The Ministry of Defence collaborated with the Cabinet to develop the decision, which aims to protect military service members from gambling addiction risks and associated security threats. The restriction operates through automatic verification using state electronic registers. During registration or login to legal casinos, user data will be automatically checked against both the Register of Persons with Restricted Access to Gambling and a new Register of Military Personnel being implemented by the Ministry of Defence. If the system confirms the user is an active military service member, access to gambling will be blocked. Gambling operators will receive only notification that access restrictions apply, without disclosure of the specific grounds—including whether the restriction relates to military service or other factors—protecting personal data privacy. PlayCity, Ukraine's gambling regulator, and the Ministry of Defence are currently undertaking technical preparations to enable automatic verification. The resolution represents one component of Ukraine's broader player protection framework. The regulator also established an inter-agency working group including representatives from the National Security and Defence Council apparatus, National Bank of Ukraine, Ministry of Digital Transformation, National Commission for Communications Regulation, and other bodies to accelerate website blocking procedures against illegal operators.
3253410 pc Jun 19, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Orders Saxo Bank to Amend Terms on Rate and Fee Changes

On June 19, 2026, Denmark's Financial Supervisory Authority (FSA) issued an order to Saxo Bank A/S requiring it to amend its general terms and conditions regarding changes to interest rates, fees, and other remuneration. The FSA investigated Saxo Bank's general terms and conditions and found that they permitted the bank to change interest rates, fees, and other remuneration to the customer's detriment without prior notice in certain circumstances. The FSA determined that these terms breached the Regulation on Good Practice for Financial Undertakings. Under applicable rules, a financial undertaking may only change rates, fees, and other remuneration to the customer's detriment without advance notice if the change results from external circumstances beyond the undertaking's control. The FSA concluded that the circumstances outlined in Saxo Bank's terms and conditions do not constitute external factors beyond the bank's control. Consequently, the FSA ordered Saxo Bank to bring its general terms and conditions for changing interest rates, fees, and other remuneration into compliance with regulatory requirements. The FSA's interpretation of Section 6, Subsection 4 of the relevant regulation is detailed in its advisory opinion of September 26, 2023, on the interpretation of that provision. The FSA noted that this decision concerns consumer matters and is not subject to enhanced confidentiality obligations, making the order publicly available in its entirety. **Reference:** Financial Supervisory Authority (FSA) – Order to Saxo Bank A/S (June 19, 2026)

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Denmark's Financial Supervisory Authority Issues Remedial Order to Saxo Bank for Consumer Protection Failures

On June 19, 2026, Denmark's Financial Supervisory Authority (FSA) issued an order to Saxo Bank A/S requiring it to amend its general terms and conditions regarding changes to interest rates, fees and other remuneration. The FSA investigated Saxo Bank's general terms and conditions and found that they permitted the bank to change interest rates, fees and other remuneration to the customer's detriment without prior notice in certain circumstances. The FSA determined that these terms breached the Regulation on Good Practice for Financial Undertakings. Under applicable rules, a financial undertaking may only change rates, fees and other remuneration to the customer's detriment without advance notice if the change results from external circumstances beyond the undertaking's control. The FSA concluded that the circumstances outlined in Saxo Bank's terms and conditions do not constitute external factors beyond the bank's control. Consequently, the FSA ordered Saxo Bank to bring its general terms and conditions for changing interest rates, fees and other remuneration into compliance with regulatory requirements.
3256303 pc Jun 19, 2026 arahman Russia State Duma - News financial services
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Russia's State Duma Adopts Cybercrime Prevention Measures Including Call Blocking and Child SIM Cards

Vyacheslav Volodin, chair of Russia's State Duma (lower house of the Federal Assembly), announced legislative measures adopted to protect citizens and their savings from cybercriminals. Speaking to Russia 24 television, Volodin said the State Duma has implemented new protections in response to evolving criminal technologies. Recent legislative measures include enabling citizens to self-impose restrictions on incoming international calls and introducing "children's SIM cards" that allow parents to notify mobile operators when a SIM card is used by a minor. Volodin said these measures create barriers to fraud. He noted that previous anti-cybercrime legislation has already yielded results, with cybercrime incidents declining for the first time in the previous year. Volodin highlighted that "dropper" schemes—where individuals distribute malware—have nearly ceased, according to law enforcement, particularly reducing involvement of teenagers in illegal activities. Volodin advised citizens to exercise caution by avoiding engagement with unknown callers and suggested pausing before responding to unfamiliar numbers. He warned of emerging threats, including deepfake technology using artificial intelligence to simulate the appearance and voice of known individuals, which could be used to manipulate victims. The State Duma chair indicated that further legislative amendments will be necessary to address evolving cybercriminal tactics and protect citizens' finances. Volodin committed to continuing legislative responses to maintain alignment with technological developments and emerging threats.

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Russia's State Duma Adopts Cybercrime Prevention Measures Including Call Blocking and Child SIM Cards

On June 19, 2026, Vyacheslav Volodin, chair of Russia's State Duma (lower house of the Federal Assembly), announced legislative measures adopted to protect citizens and their savings from cybercriminals. Speaking to Russia 24 television, Volodin said the State Duma has implemented new protections in response to evolving criminal technologies. Volodin said these measures create barriers to fraud. He noted that previous anti-cybercrime legislation has already yielded results, with cybercrime incidents declining for the first time in the previous year. Volodin highlighted that "dropper" schemes, where individuals distribute malware, have nearly ceased, according to law enforcement, particularly reducing the involvement of teenagers in illegal activities. Volodin advised citizens to exercise caution by avoiding contact with unknown callers and to pause before responding to unfamiliar numbers. He warned of emerging threats, including deepfake technology using artificial intelligence to simulate the appearance and voice of known individuals, which could be used to manipulate victims. The State Duma chair indicated that further legislative amendments will be necessary to address evolving cybercriminal tactics and protect citizens' finances. Volodin is committed to continuing legislative responses to maintain alignment with technological developments and emerging threats.
3249817 pc Jun 19, 2026 tojuri Belgium Central Bank horizon scanning
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Belgium's Central Bank Publishes Guidance on Fund Transfer and Crypto-Asset Information Requirements

On June 16, 2026, the National Bank of Belgium (NBB) published Circular NBB_2026_08, implementing European Banking Authority (EBA) Guidelines on information requirements for fund transfers and certain crypto-assets under Regulation (EU) 2023/1113, commonly known as the Travel Rule Guidelines. The circular addresses anti-money laundering and counter-terrorism financing (AML/CTF) obligations and applies to financial services groups, credit institutions, investment firms, payment institutions, and electronic money entities (EMEs) operating in Belgium. The guidance implements EBA/GL/2024/11, issued on July 4, 2024, which establishes harmonised standards for travel rule compliance across the European Union. The Travel Rule Guidelines require financial institutions to collect and transmit specific information about the originators and beneficiaries of fund transfers and certain crypto-asset transactions. These requirements aim to enhance transparency in payment flows and strengthen AML/CTF controls by ensuring that originator and beneficiary information accompanies transfers throughout the payment chain. The guidelines specify the data elements that must be included, the circumstances under which information must be transmitted, and the technical standards for implementation. The NBB's circular provides Belgian financial institutions with the framework for implementing these EBA guidelines at the national level. The guidance clarifies obligations for institutions handling fund transfers and crypto-asset transactions, ensuring consistent application of travel rule requirements across Belgian regulated entities. The circular includes detailed annexes setting out the specific information requirements and implementation standards applicable to covered institutions. Financial institutions subject to this circular should review their compliance frameworks and systems to ensure alignment with the travel rule requirements outlined in the guidance.

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National Bank of Belgium Adopts EBA Guidelines on Fund Transfer and Crypto-Asset Information Reporting Requirements

On June 16, 2026, the National Bank of Belgium (NBB) published Circular NBB_2026_08, which implements the European Banking Authority (EBA) Guidelines on information requirements for fund transfers and certain crypto-assets under Regulation (EU) 2023/1113 ( EBA/GL/2024/11 ). The circular confirms that the NBB is incorporating the guidelines into the exercise of its supervisory mandate regarding anti-money laundering and counter-terrorism financing (AML/CTF) obligations. The guidelines detail the requirements regarding the policies, procedures and internal control measures mandated by Regulation (EU) 2023/1113 and by Article 8(1) of the Act of September 18, 2017 , to ensure that the information required by Regulation (EU) 2023/1113 accompanies transfers of funds and crypto-assets involving payment service providers (PSPs) and crypto-asset service providers (CASPs). The NBB also draws attention to the requirements regarding policies and procedures for cross-border transfers of funds involving multiple intermediaries; these policies and procedures must describe how the required information is transmitted throughout the transfer chain to the PSP and to the next intermediary PSP in that chain. The guidelines entered into force on December 30, 2024.
3263103 pc Jun 19, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank Distributes Financial Action Task Force Terrorist Financing Risk Report

On July 2025, the Central Bank of the Russian Federation (Bank of Russia) issued an information letter to credit institutions and non-credit financial organizations regarding the Financial Action Task Force (FATF) report "Comprehensive Update on Terrorist Financing Risks." The FATF published this report in July 2025 to enhance understanding of terrorist financing (TF) risks among competent authorities, private sector organizations, and other stakeholders. In accordance with FATF Recommendation 1 on risk assessment and risk-based approaches, financial institutions must identify and assess risks related to money laundering, terrorist financing, and financing of weapons of mass destruction proliferation, and implement effective risk-based measures to mitigate these risks. The report provides information on factors influencing the nature of TF risks, current methods for attracting, moving, storing, and using funds or other assets for TF purposes, observed and anticipated trends in TF, and a list of TF risk indicators for identifying operations conducted for TF purposes. The Bank of Russia indicated that credit institutions and non-credit financial organizations may use the report when organizing and implementing internal controls for combating money laundering, terrorist financing, extremist activity financing, and weapons of mass destruction proliferation financing. The report is available on the FATF's official website. The Russian translation has been published on the Federal Financial Monitoring Service's official website in the "FATF Documents" section. The Bank of Russia's information letter will be published on its official website. The letter was prepared in coordination with the Federal Financial Monitoring Service and signed by First Deputy Chair Dmitry Tulin.

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Central Bank of Russia Issues Letter on FATF Report

On June 19, 2026, the Central Bank of Russia issued a letter to credit institutions and non-bank credit institutions on the Financial Action Task Force (FATF) Report "Comprehensive Update on Terrorist Financing Risks". Key points include: Firms are required to identify and assess the risks of money laundering, terrorism financing and the funding of proliferation weapons of mass destruction. Risk-based measures should be taken to mitigate these risks. The FATF report may be used by credit institutions and non-credit institution in organising and implementing internal controls to combat money laundering, terrorist financing and the financing of extremist activities.
3252102 pc Jun 19, 2026 tojuri Netherlands Dutch Authority for the Financial Markets financial services
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Netherlands' Authority for the Financial Markets Opens Licence Applications Under Revised Consumer Credit Directive

On June 18, 2026, the Dutch Authority for the Financial Markets (AFM) announced it is accepting licence and registration applications under the revised Consumer Credit Directive (CCDII), which enters into force on November 20, 2026. The AFM is processing applications in advance of the directive's implementation to enable timely assessment before the effective date. The CCDII expands the scope of regulated credit activities in the Netherlands. Previously exempted credit forms—including buy now, pay later services, deferred debit cards, and hire or lease agreements with purchase options—now fall within the scope of the Financial Markets Act (Wft). Credit providers and intermediaries must determine whether they require a licence or registration under the new rules. Large intermediaries in short-term buy now, pay later credit must assess their registration obligations under Article 2:81 Wft, while other intermediaries in newly regulated credit forms must determine whether they require a licence under Article 2:80 Wft. The AFM emphasises that applicants should verify their compliance obligations independently. The AFM has highlighted three key ongoing obligations for credit providers: proportionate responsible lending (with a presumption of proportionality for credit repayable within three months), age verification using reliable sources such as iDIN or itsme, and preventive management of consumers experiencing financial difficulties with referrals to debt advice services. The AFM plans to update its Consumer and Collection Procedures guidance to incorporate these new standards. Applicants should note that licence applications are submitted at their own cost and risk, and assessments may not fully reflect the final regulatory framework. Licences will not take effect until the Dutch implementation law enters into force. Further details on registration procedures for large intermediaries, including conditions and costs, will be published later in 2026.

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Dutch Authority for the Financial Markets Opens Licence Applications Under Revised Consumer Credit Directive

On June 18, 2026, the Dutch Authority for the Financial Markets (AFM) announced it is accepting licence and registration applications under the revised Consumer Credit Directive (CCD2), which enters into force on November 20, 2026. The AFM is processing applications in advance of the directive's implementation to enable timely assessment before the effective date. The CCD2 expands the scope of regulated credit activities in the Netherlands. Previously exempted credit forms, including buy now, pay later (BNPL) services, deferred debit cards and hire or lease agreements with purchase options, now fall within the scope of the Financial Supervision Act (Wft). Credit providers and intermediaries must determine whether they require a licence or registration under the new rules. Providers of deferred payment services, such as BNPL, cards with deferred debiting, and rental or lease agreements with an option to purchase, must determine whether they fall under the licensing requirement of Article 2:60 of the Wft. Large intermediaries in short-term BNPL credit must assess their registration obligations under Article 2:81 Wft, while other intermediaries in newly regulated credit forms must determine whether they require a licence under Article 2:80 Wft. The AFM emphasises that applicants should independently verify their compliance obligations. The AFM has highlighted three key ongoing obligations for credit providers: Responsible lending - the AFM believes that a proportional interpretation is appropriate if a repayment obligation applies per credit drawdown that lasts no longer than three months. Age verification - the Implementation Act introduces an obligation for credit providers to verify consumers' ages using reliable sources. Preventive management - the Implementation Act introduces new standards for the early detection of consumers with financial difficulties and referral to debt counselling services. Applicants should note that licence applications are submitted at their own cost and risk, and assessments may not fully reflect the final regulatory framework. Licences will not take effect until the Dutch Implementation Act enters into force. Further details on registration procedures for large intermediaries, including conditions and costs, will be published later in 2026.
3256533 pc Jun 19, 2026 rghosh Kyrgyzstan National Bank of the Kyrgyz Republic (NBKR) horizon scanning
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Kyrgyzstan's National Bank Revokes Payment Service Licenses from Mobile Wallet Company

On June 19, 2026, the National Bank of the Kyrgyz Republic (NBKR) revoked two payment service licenses held by Mobile Wallet Limited Liability Company following violations of Kyrgyzstan's laws. The Oversight Committee of the NBKR issued the decision on June 16, 2026, effective immediately. The revoked licenses were originally issued on May 29, 2015. License No. 3003290515 authorised the company to provide payment system services for receiving and transmitting payments and settlements for third parties through information technology and electronic means. License No. 2004290515 authorised the company to provide financial information services related to third-party payments and settlements, including processing, clearing, and related services to payment system participants. The NBKR determined that Mobile Wallet Limited Liability Company had breached Kyrgyzstan's legal requirements, necessitating the license revocation. This action removes the company's authorisation to operate as a payment service provider in the country's financial system. The revocation affects the company's ability to conduct payment processing, clearing, and related financial services operations. The NBKR's Oversight Committee maintains supervisory authority over payment service providers and enforces compliance with regulatory standards. This enforcement action reflects the NBKR's commitment to maintaining the integrity of Kyrgyzstan's payment systems and protecting the financial sector from non-compliant operators.

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National Bank of Kyrgyzstan Revokes Payment Service Licenses of Mobile Wallet Company

On June 19, 2026, the National Bank of the Kyrgyz Republic (NBKR) revoked two payment service licenses held by Mobile Wallet Limited Liability Company following violations of Kyrgyzstan's laws. The revoked licenses were originally issued on May 29, 2015. License No. 3003290515 authorised the company to provide payment system services for receiving and transmitting payments and settlements for third parties through information technology and electronic means. License No. 2004290515 authorised the company to provide financial information services related to third-party payments and settlements, including processing, clearing, and related services to payment system participants. The NBKR determined that Mobile Wallet Limited Liability Company had breached Kyrgyzstan's legal requirements, necessitating the license revocation. This action removes the company's authorisation to operate as a payment service provider in the country's financial system.
3251574 pc Jun 18, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Designates Hizballah-Aligned Officials and Expands Financial Network Sanctions

On June 18, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated Hizballah-aligned Lebanese officials and members of a Hizballah-associated business network overseen by Alaa Hassan Hamieh. The action expands upon OFAC's March 20, 2026 designations by targeting additional interlocutors in Lebanon, Syria, Iraq, and Oman who raise funds, execute contracts, and operate front companies to generate revenue for Hizballah. The designated Lebanese officials include Sleiman Antoine Frangie, leader of the Lebanese Marada Movement, who accepted financial support from Hizballah in exchange for supporting the group's efforts to target parliamentary seats of reformist and independent members of parliament. Mahmoud Qamati, Deputy Head of Hizballah's political council, coordinates cash smuggling from Iran for Hizballah and advocates for the group's interests in Lebanon. OFAC also designated multiple entities associated with Alaa Hamieh's business network, including Globe Technology Providers SARL (Globe SARL), Al-'Ahd Company for Trade and Investment, Al-Shafa Administrative Services Limited, Globe International SPC, and Tyke SAL. These entities facilitate revenue generation for Hizballah through contracts, equipment supply agreements, and insurance services across multiple jurisdictions. Treasury Secretary Scott Bessent said: "Hizballah must disarm for Lebanon to achieve a secure and prosperous future. Treasury will continue to target Hizballah's financial networks and hold accountable those who enable the group to undermine the Lebanese state and threaten prospects for lasting peace." The designations were made pursuant to Executive Order 13224, as amended. All property and interests in property of designated persons in the United States or in the possession or control of U.S. persons are blocked. Financial institutions and other persons engaging in transactions with designated entities risk exposure to sanctions, including potential secondary sanctions on foreign financial institutions. Individuals providing information about sanctions violations to the Financial Crimes Enforcement Network (FinCEN) whistleblower incentive program may be eligible for awards if information leads to successful enforcement actions resulting in monetary penalties exceeding $1,000,000.

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US Office of Foreign Assets Control Designates Hizballah-Aligned Officials and Expands Financial Network Sanctions

On June 18, 2026, the US Office of Foreign Assets Control (OFAC) designated Hizballah-aligned Lebanese officials and members of a Hizballah-associated business network overseen by Alaa Hassan Hamieh. According to OFAC , the new designations expand upon its March 2026 designations by targeting additional Hizballah interlocutors in Lebanon, Syria, Iraq and Oman who raise funds, execute contracts and operate front companies to generate revenue for Hizballah. The designations were made pursuant to Executive Order 13224 . They block all US-based property of these targets and generally prohibit US individuals and entities from engaging in transactions with them, unless expressly authorized by OFAC.
3251164 gc Jun 18, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Ministry of Finance Establishes Joint Liability for Banks in Illegal Betting Cases

On June 17, 2026, Brazil's Ministry of Finance published Decree MF No. 1.766, establishing joint liability for financial institutions, payment companies, and advertisers involved in facilitating transactions related to unauthorised fixed-odds betting operators. Minister Dario Durigan signed the decree, which regulates provisions of Complementary Law No. 224 and Decree No. 12.808, both from 2025. The decree imposes joint liability on financial institutions and payment arrangement providers for taxes owed by irregular betting operators after formal notification from the Ministry of Finance. Financial institutions will have 24 hours to block transactions and adopt restrictive measures following notification from the Secretariat of Prizes and Bets and the Special Secretariat of the Federal Revenue of Brazil. Failure to comply within this timeframe results in joint liability for outstanding taxes. Advertisers disseminating promotional material for unauthorised operators face immediate joint liability without requiring prior notification from the ministry. The notification to financial institutions will identify the unauthorised operator by company name and National Register of Legal Entities (CNPJ) registration number, detailing financial transactions identified in favour of the irregular operator and the financial institution holding the receiving account. Tax liability will be formalised through administrative tax procedures, with those held liable guaranteed due process and full defence rights under applicable tax legislation. The measure applies to both the operation of fixed-odds betting and receipt of net prizes arising from such bets. The decree is based on Article 87, sole paragraph, item II, of the Federal Constitution, alongside Article 6 of Complementary Law No. 224 and Article 17 of Decree No. 12.808. Financial institutions, payment companies, and advertisers must ensure compliance with blocking requirements and advertising restrictions to avoid joint tax liability exposure.

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Brazil establishes joint liability for advertisers, payment service providers, and financial institutions in unauthorised betting transactions

On June 18, 2026, Brazil's Ministry of Finance published an ordinance establishing joint liability for financial institutions, payment companies, and advertisers involved in facilitating transactions related to unauthorised fixed-odds betting operators. Ordinance No. 1766 which regulates provisions of Complementary Law No. 224 and Decree No. 12.808 imposes the following: Joint liability on financial institutions and payment service providers for taxes owed by unauthorised betting operators after formal notification from the Ministry of Finance. Financial institutions will have 24 hours to block transactions and adopt restrictive measures following notification from the Secretariat of Prizes and Bets and the Special Secretariat of the Federal Revenue of Brazil. Failure to comply within this timeframe results in joint liability for outstanding taxes. Advertisers disseminating promotional material for unauthorised operators face immediate joint liability without requiring prior notification from the ministry. The notification to financial institutions identifies the unauthorised operator by company name and National Register of Legal Entities (CNPJ) registration number, detailing financial transactions identified in favour of the unauthorised operator and the financial institution holding the receiving account. Tax liability will be formalised through administrative tax procedures. The measure applies to both the operation of fixed-odds betting and receipt of net prizes arising from such bets. Non-compliance with this ordinance results in joint tax liability exposure. The ordinance comes into effect immediately .
3250836 pc Jun 18, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australian Securities and Investments Commission Orders HSBC to Pay $35 Million Penalty for Scam Protection Failures

On June 26, 2026, the Federal Court ordered HSBC Bank Australia Limited (HSBC) to pay a $35 million penalty after the bank admitted to serious failures in protecting customers from scams. Justice Bennett found HSBC's contraventions to be serious and ordered the bank to publish adverse publicity on its website, app, and in letters to impacted customers. HSBC admitted to widespread and systemic failures under the ePayments Code, which the Australian Securities and Investments Commission (ASIC) administers. The bank failed to implement adequate scam controls on its internal payment rail, where the majority of customer losses occurred. HSBC took an average of 144 days to investigate customer scam reports, exceeding ePayments Code timelines, and did not properly apply rules determining whether customers or the bank should bear scam losses. Additionally, HSBC lacked adequate systems to help customers restore their banking access following scams. Justice Bennett found that customers experienced stress and frustration due to these failures, which were compounded by non-compliance with ePayments Code timelines. ASIC Chair Sarah Court said the outcome represents "one of the first of its kind globally" and sends "the strongest scam wake-up call yet to the banking industry." The case reinforces banks' core responsibility to protect customers from scams and demonstrates ASIC's enforcement priority targeting systemic compliance failures by large financial institutions resulting in widespread consumer harm. Following ASIC's investigation, HSBC established a large-scale remediation program that has paid approximately $21.5 million in compensation to date, with further payments expected before July 31, 2026. HSBC has also recovered and returned $6.5 million to customers. The remediation program assesses affected customers and compensates those not liable for losses under the ePayments Code, including compensation for lost earnings resulting from delays in accessing funds.

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Australia's Federal Court Orders HSBC to Pay A$35 Million Penalty for Scam Protection Failures

On June 18, 2026, the Federal Court ordered HSBC Bank Australia Limited (HSBC) to pay a A$35 million penalty after the bank admitted to serious failures in protecting customers from scams. Justice Bennett found HSBC's contraventions to be serious and ordered the bank to publish adverse publicity on its website, app, and in letters to impacted customers. HSBC admitted to widespread and systemic failures under the ePayments Code , administered by the Australian Securities and Investments Commission (ASIC). The bank failed to implement adequate scam controls on its internal payment rail, where the majority of customer losses occurred. HSBC took an average of 144 days to investigate customer scam reports, exceeding ePayments Code timelines, and did not properly apply rules determining whether customers or the bank should bear scam losses. Additionally, HSBC lacked adequate systems to help customers restore their banking access following scams. Justice Bennett found that customers experienced stress and frustration due to these failures, which were compounded by non-compliance with ePayments Code timelines. ASIC Chair Sarah Court said the outcome represents "one of the first of its kind globally" and sends "the strongest scam wake-up call yet to the banking industry." The case reinforces banks' core responsibility to protect customers from scams and demonstrates ASIC's enforcement priority targeting systemic compliance failures by large financial institutions resulting in widespread consumer harm. Following ASIC's investigation, HSBC established a large-scale remediation program that has paid approximately A$21.5 million in compensation to date, with further payments expected before July 31, 2026. HSBC has also recovered and returned $6.5 million to customers. The remediation program assesses affected customers and compensates those not liable for losses under the ePayments Code, including compensation for lost earnings resulting from delays in accessing funds.
3241696 pc Jun 18, 2026 kgurnani New Zealand New Zealand Gazette financial services
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New Zealand Takeovers Panel Issues Exemption Notice for Catalist Public Market Issuers

On June 16, 2026, the New Zealand Gazette published notice of secondary legislation made by the Takeovers Panel (TP). The Takeovers Code (Catalist Public Market Issuers) Exemption Notice 2026 was made on May 29, 2026, under Section 45 of the Takeovers Act 1993. The exemption notice provides relief from takeover code requirements for issuers listed on the Catalist public market. Catalist is Singapore Exchange's growth platform for emerging companies, and this exemption recognises the specific regulatory framework and characteristics of companies operating on that market. By exempting Catalist-listed issuers from certain takeover code provisions, the TP aims to reduce regulatory duplication and facilitate cross-border investment while maintaining appropriate investor protections within the New Zealand regulatory framework. The exemption applies to New Zealand entities with securities listed on Catalist, streamlining their compliance obligations and reducing the administrative burden of adhering to multiple overlapping regulatory regimes. This development reflects the TP's approach to accommodating international market structures and supporting New Zealand companies accessing offshore capital markets. The secondary legislation is accessible via the New Zealand legislation website at www.legislation.govt.nz.

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New Zealand Takeovers Panel Issues Exemption Notice for Catalist Public Market Issuers

On June 18, 2026, the New Zealand Financial Markets Authority issued the Financial Markets Conduct (Catalist Public Market) Exemption Notice 2026 under the Financial Markets Conduct Act 2013. The notice gives targeted exemptions for offers made through the Catalist Public Market, a licensed market operated by Catalist Markets Limited. Catalist is designed as a growth-market platform, so the exemptions are intended to make it easier and cheaper for smaller or growth-stage companies to raise capital. The notice comes into force on 21 June 2026 and is revoked at the close of 20 June 2031. The notice exempts certain issuers and holders of financial products from parts of the Financial Markets Conduct Act 2013, mainly the usual disclosure and governance requirements that would otherwise apply to regulated offers. It covers two main types of offers: Same-class offers: Offers of equity securities, debt securities, or managed investment products that are of the same class as products already quoted on the Catalist Public Market. Small offers through Catalist: Offers of equity or debt securities made through the Catalist Public Market, up to NZ$2 million in any 12-month period. The notice also says that offers made in reliance on it are not regulated offers under the Act. This means the usual regulated-offer requirements, such as preparing a full product disclosure statement, generally do not apply. For same-class offers, the notice includes a NZ$20 million fundraising limit in any 12-month period. The relevant financial products must also have been quoted on the Catalist Public Market for at least three months, and at least three public auctions must have been held. Issuers must also comply with Catalist’s alternative disclosure obligations and financial reporting obligations. Where required, they must give notice to Catalist Markets Limited confirming compliance and disclosing relevant material information. For offers of NZ$2 million or less, investors must receive a prescribed warning statement explaining that the investment carries risks, that the usual offer disclosure rules do not apply, and that investors may have fewer legal protections than under a standard regulated offer. The FMA says the exemptions are intended to reduce unnecessary compliance costs, support innovation and flexibility in New Zealand’s financial markets, help growth companies raise capital more easily, give investors access to a wider range of investment opportunities, and maintain investor protection through alternative disclosure, warnings, auction rules, and Catalist market oversight.
3251082 pc Jun 18, 2026 pdonofrio Argentina Ministry of Justice and Human Rights financial services
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Argentina's Ministry of Justice and Human Rights Suspends Open-Ended Investment Funds for Qualified Investors

On June 17, 2026, Argentina's Ministry of Justice and Human Rights implemented a temporary suspension of Open-Ended Investment Funds (Fondos Comunes de Inversión Abiertos, FCIA) for qualified investors with foreign investments, effective immediately upon publication in the Official Gazette (Boletín Oficial). The suspension is transitional in nature and stems from a pending evaluation of the fiscal costs associated with this category of investment fund. The measure applies to FCIA structures that permit qualified investors to allocate capital to overseas investments. The government is conducting a comprehensive fiscal impact assessment before determining whether to lift the suspension or implement permanent modifications to the regulatory framework governing these instruments. The suspension was formalized through Regulatory Resolution N°1153. This action reflects the government's broader effort to evaluate the budgetary implications of various investment fund structures and their cross-border capital flows. The temporary nature of the measure indicates the government intends to complete its fiscal review and communicate next steps to market participants within a defined timeframe, though no specific deadline for the evaluation has been announced. Market participants and qualified investors currently holding or seeking to establish FCIA structures with foreign investment exposure should monitor official communications from Argentina's financial regulatory authorities for updates on the suspension's duration and any subsequent regulatory changes. REFERENCES: Argentina Ministry of Justice and Human Rights. Fondos Comunes de Inversión Abiertos (FCIA) para Inversores Calificados con inversiones en el exterior. Suspensión transitoria. Regulatory Resolution N°1153. Available at: https://www.argentina.gob.ar

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Argentine National Securities Commission Issues Regulation on Open-Ended Mutual Funds for Qualified Investors with Investments Abroad

On June 18, 2026, the Argentine National Securities Commission (CNV) approved General Resolution No. 1153 , which introduces a temporary measure suspending the approval of specific open-ended mutual funds (FCIAs) tailored for qualified investors. According to a news release announcing the new resolution, the suspension is implemented to allow authorities time to complete a pending evaluation of the fiscal costs associated with these types of investment vehicles. Specifically, the resolution halts the approval of new FCIAs, constituted under Article 7 of the Mutual Funds Law , that plan to invest more than 25 percent of their net assets in instruments issued and traded abroad, while also suspending new share subscriptions for already existing funds of this kind. The resolution takes effect immediately .
3241543 pc Jun 18, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Attorney-General's Department Establishes Penalty Unit Amounts for Criminal Offences

On June 16, 2026, Australia's Attorney-General's Department brought into force the Crimes (Amount of a Penalty Unit) Instrument 2026 (F2026N00424), a notifiable instrument that establishes the monetary amounts applicable to penalty units under Australian criminal legislation. Penalty units serve as a standardised mechanism for expressing financial penalties across federal criminal offences, allowing penalty amounts to be adjusted periodically to account for inflation and economic changes. This instrument determines the specific dollar value of penalty units that courts and regulatory bodies apply when imposing financial penalties for criminal breaches. By establishing these amounts through a dedicated instrument, the legislation ensures consistency and transparency in penalty application across the federal criminal justice system. The instrument applies to all federal criminal offences that reference penalty units as part of their sentencing framework. This includes offences administered across multiple Commonwealth legislation and regulatory regimes. The standardised approach enables efficient updates to penalty amounts without requiring amendments to individual criminal statutes, streamlining the legislative process while maintaining proportionality in penalties across different offence categories. The Crimes (Amount of a Penalty Unit) Instrument 2026 is now in force and available in both Word and PDF formats via the Federal Register of Legislation. The instrument comprises five pages and provides the definitive penalty unit amounts applicable from June 16, 2026, onwards for all relevant Commonwealth criminal offences. REFERENCES: Federal Register of Legislation. Crimes (Amount of a Penalty Unit) Instrument 2026. https://www.legislation.gov.au/

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Australia's Attorney-General's Department Establishes Penalty Unit Amounts for Criminal Offences

On June 16, 2026, Australia's Attorney-General's Department brought into force the Crimes (Amount of a Penalty Unit) Instrument 2026 (F2026N00424), a notifiable instrument that establishes the monetary amounts applicable to penalty units under Australian criminal legislation. Penalty units serve as a standardised mechanism for expressing financial penalties across federal criminal offences, allowing penalty amounts to be adjusted periodically to account for inflation and economic changes. This instrument determines the specific dollar value of penalty units that courts and regulatory bodies apply when imposing financial penalties for criminal breaches. By establishing these amounts through a dedicated instrument, the legislation ensures consistency and transparency in penalty application across the federal criminal justice system. The instrument applies to all federal criminal offences that reference penalty units as part of their sentencing framework. This includes offences administered across multiple Commonwealth legislation and regulatory regimes. The standardised approach enables efficient updates to penalty amounts without requiring amendments to individual criminal statutes, streamlining the legislative process while maintaining proportionality in penalties across different offence categories.
3250717 pc Jun 18, 2026 pdonofrio US Track 2 Financial Crimes Enforcement Network horizon scanning
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Financial Crimes Enforcement Network Proposes Rule Implementing GENIUS Act Customer Identification Requirements

On June 18, 2026, the Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration, issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act directs that permitted payment stablecoin issuers be treated as financial institutions under the Bank Secrecy Act (BSA) and be required to maintain effective customer identification programs (CIP). The proposed rule seeks to establish an appropriately tailored regulatory regime that mitigates potential illicit finance risks while protecting the U.S. financial system and national security interests. The proposal addresses FinCEN's mandate to implement the GENIUS Act's requirements for permitted payment stablecoin issuers, which represent a new category of regulated entities within the anti-money laundering and counter-terrorism financing (AML/CTF) framework. By extending BSA obligations to stablecoin issuers, the rule aims to ensure these entities implement robust customer identification procedures consistent with existing financial institution standards. This development is significant as it represents the first comprehensive regulatory framework specifically tailored to permitted payment stablecoin issuers operating in the United States. The proposed rule applies to entities that meet the definition of permitted payment stablecoin issuers under the GENIUS Act and establishes baseline CIP requirements to prevent illicit use of stablecoins in the U.S. financial system. FinCEN welcomes public comment on the proposal, which will be published in the Federal Register. In a separate rulemaking, FinCEN proposed a rule to implement the GENIUS Act's directive to apply other anti-money laundering obligations for permitted payment stablecoin issuers. The comment period details and submission procedures will be available upon publication in the Federal Register.

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US Federal Financial Regulators Propose Rule to Implement GENIUS Act Customer Identification Program Requirements

On June 18, 2026, the US Federal Reserve Board (FRB), US Federal Deposit Insurance Corporation (FDIC), US Financial Crimes Enforcement Network (FinCEN), US Office of the Comptroller of the Currency (OCC) and US National Credit Union Administration (NCUA) jointly issued a proposed rule to implement provisions of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act related to its customer identification program requirements. The GENIUS Act directs permitted payment stablecoin issuers (PPSIs) to be treated as financial institutions under the Bank Secrecy Act (BSA), as well as requiring them to maintain effective customer identification programs. The proposed rule seeks to provide an appropriately tailored regime that mitigates potential illicit finance risks while protecting the US financial system and national security interests. Specific provisions of the proposed rule cover topics including but not limited to: Identity verification procedures. Records. Comparison with government lists. Customer notice. Reliance on other financial institutions. Exemptions. Interested parties may submit comments on the proposed rule until August 17, 2026 at this link .
3250014 pc Jun 18, 2026 pthandapani South Korea Financial Services Commission horizon scanning
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South Korea's Financial Services Commission Accelerates Artificial Intelligence Transformation in Financial Sector

On June 18, 2026, South Korea's Financial Services Commission (FSC) held a field meeting to advance artificial intelligence transformation (AX) across the financial sector. Vice Chairman Kwon Dae-young of the FSC chaired the meeting, which brought together financial holding companies, card issuers, fintech firms, related agencies, and research institutions to discuss domestic and international trends in financial AI adoption and identify future improvement areas. The FSC announced revised guidelines for artificial intelligence in the financial sector, establishing seven core principles for all financial companies using AI. These principles are: governance (management oversight and responsibility allocation); legality (compliance with relevant regulations); supplementary function (AI as a decision-support tool with final responsibility retained by employees); reliability (use of trustworthy data and models); financial stability (minimizing risks to financial system stability); good faith (prioritizing consumer interests); and security (establishing security standards and review systems). Vice Chairman Kwon emphasized that financial sector AI adoption should support three objectives: productive finance (accelerating service development through improved data analysis), inclusive finance (enhancing financial access through alternative credit assessment and AI agent customization), and trustworthy finance (detecting financial crimes and identifying potential risks). He highlighted the need for a new regulatory framework that prevents unfair competitive advantages, establishes clear responsibility standards with international alignment, and proactively manages AI-specific risks including concentration effects and cyber threats. The revised guidelines take effect on June 22, 2026, and apply to all financial companies regardless of industry or business type, as well as fintech firms whose AI applications affect financial transactions. The FSC will distribute complementary frameworks including an AI risk management framework from the Financial Supervisory Service and a security guidance document from the Financial Security Institute. A guidance desk will operate to address industry questions through the Financial AI Platform. The FSC plans to establish task forces in the second half of 2026 to examine regulatory improvements, risk management approaches for AI deployment, and pilot programs for AI agent testing.

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South Korean Financial Services Commission Announces Revised Financial Sector Artificial Intelligence Guidelines

The South Korean Financial Services Commission (FSC) has issued a press release announcing the revised Financial Sector Artificial Intelligence Guidelines to accelerate AI transformation (AX). The revised guidelines contain: New principles prescribing the establishment of robust governance, requiring executives to actively share roles and responsibilities in AI development and utilization. Regulations mandating legality and reliability, ensuring AI systems comply with relevant financial laws and utilize trustworthy data and models. Specific rules governing the role of AI as a supplementary tool, stipulating that final decisions and responsibilities must be carried out by human employees. Provisions outlining the necessity to prioritize financial stability, consumer interests, and security throughout the AI design and learning processes. Administrative measures announcing the distribution of the Financial Sector AI Risk Management Framework and the Financial Sector AI Security Guide to complement the guidelines. Directives to establish an AI help desk and launch a task force in the second half of the year to review system improvements and AI agent pilot programs.
3250099 pc Jun 18, 2026 pthandapani Hong Kong Hong Kong Monetary Authority horizon scanning
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Hong Kong Monetary Authority and HKEX Launch Digital Payment Pilot for Derivatives After-Hours Trading

On June 18, 2026, Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) announced a joint pilot project to explore a digital payment solution for the After-Hours Trading (AHT) session in the derivatives market. The initiative aims to enhance Hong Kong's capital market infrastructure and address growing market demand for AHT by leveraging e-HKD, a wholesale central bank digital currency (CBDC) operating on a 24/7 basis. The pilot project will explore the use of e-HKD for advance margin payments in the AHT session, enhancing risk management capabilities outside regular banking hours while maintaining existing operational workflows. Currently, Clearing Participants (CPs) must submit advance margin deposit requests to HKFE Clearing Corporation Limited (HKCC) by 3:00 p.m. for funds to be counted for the subsequent AHT session. The new arrangement will provide greater flexibility and efficiency than this existing process. HKEX is inviting CPs under HKCC to participate in Real-Value Trial Transactions on an optional basis. The pilot reflects strong market performance, with the Hong Kong derivatives market achieving an average daily volume of 1.66 million contracts in 2025, exceeding 1.78 million contracts in the first five months of 2026. Vanessa Lau, HKEX chief operating officer, said the collaboration aims to "provide a more flexible and timely payment option outside of regular business hours, and address longstanding operational pain points in the industry." Howard Lee, HKMA deputy chief executive, said the pilot "demonstrates a wholesale application of CBDC in a live market environment." The Real-Value Trial Transactions and any subsequent wider adoption remain subject to regulatory approval, market readiness, and other relevant considerations. Further details are available on a circular published by HKEX.

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Hong Kong Monetary Authority and HKEX Launch Digital Payment Pilot for Derivatives After-Hours Trading

On June 18, 2026, Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) announced a joint pilot project to explore a digital payment solution for the After-Hours Trading (AHT) session in the derivatives market. The initiative aims to enhance Hong Kong's capital market infrastructure and address growing market demand for AHT by leveraging e-HKD, a wholesale central bank digital currency (CBDC) operating on a 24/7 basis. T The pilot project will explore the use of e-HKD for advance margin payments in the AHT session, enhancing risk management capabilities outside regular banking hours while maintaining existing operational workflows. Currently, Clearing Participants (CPs) must submit advance margin deposit requests to HKFE Clearing Corporation Limited (HKCC) by 3:00 p.m. for funds to be counted for the subsequent AHT session. The new arrangement will provide greater flexibility and efficiency than this existing process. HKEX is inviting CPs under HKCC to participate in Real-Value Trial Transactions on an optional basis. The pilot reflects strong market performance, with the Hong Kong derivatives market achieving an average daily volume of 1.66m contracts in 2025, exceeding 1.78m contracts in the first five months of 2026. The Real-Value Trial Transactions and any subsequent wider adoption remain subject to regulatory approval, market readiness, and other relevant considerations.
3249451 pc Jun 18, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Issues Amendment Directions on Commercial Bank Deposit Interest Rates

On June 17, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Amendment Directions, 2026, temporarily modifying restrictions on interest rates for specific deposit categories. The amendment temporarily withdraws interest rate ceilings on fresh Foreign Currency Non-Resident (FCNR(B)) deposits with tenors of three to five years. It also removes restrictions on interest rates applicable to Non-Resident External (NRE) deposits of three years and above tenors, including deposits renewed upon maturity. These exemptions remain in effect from June 17, 2026, until September 30, 2026. For FCNR(B) deposits with tenors of three years and above up to and including five years, the RBI establishes a new ceiling rate of Overnight Alternative Reference Rate for the respective currency or swap plus 350 basis points. For deposits with tenors of one year to less than three years, the ceiling remains at Overnight Alternative Reference Rate plus 250 basis points. The amendment modifies the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Directions, 2025, issued on November 28, 2025. The RBI exercised its authority under Section 35A of the Banking Regulation Act, 1949, to issue these directions, which took effect immediately upon issuance. The temporary withdrawal applies only to fresh deposits mobilised by banks and deposits renewed upon maturity; transfers from Non-Resident Ordinary (NRO) accounts to NRE accounts do not qualify for the exemption. Commercial banks must ensure compliance with the revised interest rate parameters for affected deposit categories during the specified period.

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Reserve Bank of India Issues Amendment Directions on Commercial Bank Deposit Interest Rates

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Amendment Directions, 2026. The amended directions contain: Regulations prescribing the temporary withdrawal of the interest rate ceiling on fresh FCNR(B) deposits of 3-5 year tenors. Specific rules removing the restriction on interest rates on NRE deposits of 3 year and above tenors, including deposits that are renewed upon maturity, until September 30, 2026. Provisions outlining that interest rates on NRE and NRO deposits shall not be higher than those offered by the bank on comparable domestic rupee term deposits. Administrative amendments modifying the ceiling rate for foreign currency deposits of one to less than three years to the overnight alternative reference rate or swap plus 250 basis points, and for three to five years to the overnight alternative reference rate or swap plus 350 basis points. The amendments take immediate effect.
3250592 pc Jun 18, 2026 adavies European Union European Banking Authority financial services
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European Banking Authority Publishes Annual Assessment of Banks' Internal Capital Requirements Calculation Approaches

On June 18, 2026, the European Banking Authority (EBA) published its 2025 Reports on annual market and credit risk benchmarking exercises, assessing the consistency and reliability of banks' internal models across the European Union. The assessment highlights continued progress in modelling practices while identifying areas requiring supervisory attention as key regulatory reforms approach full implementation. For market risk, the EBA's benchmarking exercise covering 43 EU banks across 13 jurisdictions demonstrates tangible improvements in data quality and consistency. The assessment, presented in two dedicated reports covering the Internal Model Approach (IMA) and the Alternative Standardised Approach (ASA), shows reduced dispersion across asset classes and historically low variability in Value-at-Risk (VaR) metrics. However, higher dispersion persists in stressed VaR and Incremental Risk Charge calculations. The ASA continues strengthening as a more stable and comparable framework, with dispersion in the Sensitivities-Based Method declining to an average of 8 percent. Seven banks were flagged for further supervisory review. For credit risk, the benchmarking shows a stable overall picture with structural improvements linked to ongoing regulatory reforms. The share of Exposure at Default under the Internal Ratings Based approach has gradually declined in recent years, while the increase in approved material model changes across asset classes suggests implementation of the IRB roadmap is advancing. Over the 2015–2024 period, Probability of Default variability declined across several asset classes, while Loss Given Default variability remained broadly stable with a slight downward trend. The EBA's benchmarking exercises serve as key supervisory tools to assess consistency and comparability of internal models, supporting supervisory work and enhancing confidence in the regulatory framework. These exercises complement the EBA's broader roadmap to repair IRB models, a central pillar of the ongoing review of the IRB framework alongside Basel III reforms finalisation.

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1430 chars · nid 93330

European Banking Authority Publishes Annual Assessment of Banks' Internal Capital Requirements Calculation Approaches

On June 18, 2026, the European Banking Authority (EBA) published its 2025 Reports on annual market and credit risk benchmarking exercises, assessing the consistency and reliability of banks' internal models across the European Union. The assessment highlights continued progress in modelling practices while identifying areas requiring supervisory attention as key regulatory reforms approach full implementation. For market risk, the EBA's benchmarking exercise covering 43 EU banks across 13 jurisdictions demonstrates tangible improvements in data quality and consistency. The assessment, presented in two dedicated reports covering the Internal Model Approach (IMA) and the Alternative Standardised Approach (ASA), shows reduced dispersion across asset classes and historically low variability in Value-at-Risk (VaR) metrics. The ASA continues strengthening as a more stable and comparable framework, with dispersion in the Sensitivities-Based Method declining to an average of 8 percent. Seven banks were flagged for further supervisory review. For credit risk, the benchmarking shows a stable overall picture with structural improvements linked to ongoing regulatory reforms. The share of Exposure at Default under the Internal Ratings Based approach has gradually declined in recent years, while the increase in approved material model changes across asset classes suggests implementation of the IRB roadmap is advancing.
3250592 pc Jun 18, 2026 adavies European Union European Banking Authority financial services
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European Banking Authority Publishes Annual Assessment of Banks' Internal Capital Requirements Calculation Approaches

On June 18, 2026, the European Banking Authority (EBA) published its 2025 Reports on annual market and credit risk benchmarking exercises, assessing the consistency and reliability of banks' internal models across the European Union. The assessment highlights continued progress in modelling practices while identifying areas requiring supervisory attention as key regulatory reforms approach full implementation. For market risk, the EBA's benchmarking exercise covering 43 EU banks across 13 jurisdictions demonstrates tangible improvements in data quality and consistency. The assessment, presented in two dedicated reports covering the Internal Model Approach (IMA) and the Alternative Standardised Approach (ASA), shows reduced dispersion across asset classes and historically low variability in Value-at-Risk (VaR) metrics. However, higher dispersion persists in stressed VaR and Incremental Risk Charge calculations. The ASA continues strengthening as a more stable and comparable framework, with dispersion in the Sensitivities-Based Method declining to an average of 8 percent. Seven banks were flagged for further supervisory review. For credit risk, the benchmarking shows a stable overall picture with structural improvements linked to ongoing regulatory reforms. The share of Exposure at Default under the Internal Ratings Based approach has gradually declined in recent years, while the increase in approved material model changes across asset classes suggests implementation of the IRB roadmap is advancing. Over the 2015–2024 period, Probability of Default variability declined across several asset classes, while Loss Given Default variability remained broadly stable with a slight downward trend. The EBA's benchmarking exercises serve as key supervisory tools to assess consistency and comparability of internal models, supporting supervisory work and enhancing confidence in the regulatory framework. These exercises complement the EBA's broader roadmap to repair IRB models, a central pillar of the ongoing review of the IRB framework alongside Basel III reforms finalisation.

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The EBA publishes its annual assessment of banks’ internal approaches for capital requirements calculation | European Banking Authority

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3240105 pc Jun 18, 2026 kgurnani Australia Office of the Australian Information Commissioner horizon scanning
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Australian Privacy Commissioner Orders American Express Australia Limited to Compensate Complainant Following Privacy Interference

On June 15, 2026, the Office of the Australian Information Commissioner (OAIC) published its determination in the matter of a complainant and American Express Australia Limited (AMEX). Australian Privacy Commissioner Carly Kind found that AMEX interfered with the complainant's privacy under the Privacy Act 1988 (Cth) by failing to take reasonable steps to protect the complainant's personal information from unauthorised access, in breach of Australian Privacy Principle (APP) 11.1. The investigation explored insider security risk within the financial institution. The OAIC found that AMEX failed to adequately mitigate risks associated with employees seeking unauthorised access to personal information for improper purposes, including financial fraud, domestic and family violence, and corporate espionage. The financial services sector faces heightened risk due to the large volumes of personal information it stores. The OAIC published a summary report rather than the full determination, as both AMEX and the complainant provided sensitive information subject to confidentiality claims. Disclosure could harm individuals, present cyber security risks to AMEX, and undermine investigation processes. Under the determination, AMEX must pay the complainant specified amounts for economic loss, non-economic loss, and reimbursement of expenses incurred making the complaint. AMEX must issue a written apology signed by a senior representative, acknowledging the privacy interference. Additionally, AMEX must implement technical controls to restrict employee access to specific customer information, including protections for vulnerable or high-profile customers. AMEX must implement account-level and action-level access logging across relevant systems to create time-stamped entries when employees access or take action on customer records. The determination emphasises the critical role of information and communication technology access controls in protecting personal information from unauthorised employee access.

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Australian Privacy Commissioner Orders American Express Australia Limited to Compensate Complainant Following Privacy Interference

On June 15, 2026, the Office of the Australian Information Commissioner (OAIC) published its determination in the matter of a complainant and American Express Australia Limited (AMEX). Australian Privacy Commissioner Carly Kind found that AMEX interfered with the complainant's privacy under the Privacy Act 1988 by failing to take reasonable steps to protect the complainant's personal information from unauthorised access, in breach of Australian Privacy Principle (APP) 11.1 . The investigation explored insider security risk within the financial institution. The OAIC found that AMEX failed to adequately mitigate risks associated with employees seeking unauthorised access to personal information for improper purposes, including financial fraud, domestic and family violence, and corporate espionage. The financial services sector faces heightened risk due to the large volumes of personal information it stores. Under the determination, AMEX must pay the complainant specified amounts for economic loss, non-economic loss, and reimbursement of expenses incurred making the complaint. AMEX must issue a written apology signed by a senior representative, acknowledging the privacy interference. Additionally, AMEX must implement technical controls to restrict employee access to specific customer information, including protections for vulnerable or high-profile customers. AMEX must implement account-level and action-level access logging across relevant systems to create time-stamped entries when employees access or take action on customer records. The determination emphasises the critical role of information and communication technology access controls in protecting personal information from unauthorised employee access.
3260189 pc Jun 18, 2026 arahman North Macedonia Assembly of the Republic of North Macedonia – Materials (inc. draft laws) horizon scanning
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North Macedonia's Assembly Advances Draft Law on Electronic Governance and Digital Services

The Assembly of the Republic of North Macedonia is advancing legislative measures related to electronic governance and digital services. The assembly's materials indicate ongoing work on draft legislation designed to modernise the country's digital infrastructure and governance frameworks. The initiative reflects North Macedonia's broader commitment to enhancing digital transformation across government institutions and public services. Electronic governance frameworks are intended to improve administrative efficiency, reduce bureaucratic processes, and increase accessibility of government services to citizens and businesses. The draft law under consideration by the assembly addresses the implementation and regulation of digital services delivery mechanisms across public administration. This legislative development is significant for stakeholders operating within North Macedonia's public sector, including government agencies, local authorities, and service providers engaged in digital service delivery. The modernisation of electronic governance systems supports the country's alignment with contemporary standards for digital public administration and may facilitate compliance with regional digital governance initiatives. The assembly's advancement of this draft legislation indicates the government's prioritisation of digital transformation as a policy objective. Implementation of comprehensive electronic governance frameworks can enhance transparency, reduce administrative costs, and improve citizen engagement with government services. Further details regarding the specific provisions, implementation timeline, and expected effective date of the draft law are to be determined as the assembly progresses through its legislative procedures. Stakeholders should monitor the assembly's proceedings for updates on the draft law's progression through parliamentary stages and any public consultation periods that may be announced.

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North Macedonia's Assembly Publishes Draft Amendments to the Law on Payment Services and Payment Systems

On June 18, 2026, the North Macedonian Assembly published the Draft Law Amending and Supplementing the Law on Payment Services and Payment Systems. The primary goal of this Draft Law is to protect citizens as users of payment services by regulating the issue of banking fees and other charges related to the approval of credit, for maintaining transaction accounts and payments such as checking an account balance at an ATM are to be regulated by law, rather than being left to the internal policies of banks, which, in accordance with the Law on Payment Services and Payment Systems, regulate and publicly disclose them. A payment service provider shall perform the following services without a fee or commission: Opening, operating, maintaining, and closing a transaction account for natural and legal persons. Updating the personal data of payment service users. Change of daily limit. Mobile banking services. Issuing account statements. Checking the balance at an ATM.
3249900 gc Jun 18, 2026 apintea Sweden Regulator - news gamblingcompliance
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Sweden's Gambling Inspectorate Launches Consultation on Proposed Technical Requirements Regulations

On June 18, 2026, Spelinspektionen (Sweden's Gambling Inspectorate) launched a consultation on proposed new regulations governing technical requirements for gambling operations. The new regulations will consolidate and replace two existing regulations: SIFS 2022:3 concerning technical requirements and accreditation of bodies for inspection, testing, and certification of gambling activities, and LIFS 2018:10 concerning technical requirements for gaming machines and automated casino games. The proposed regulations aim to modernise and streamline Sweden's technical framework for gambling operators. The new rules will establish unified technical standards applicable across different gambling formats, including land-based gaming machines, automated casino games, and related certification and accreditation procedures. The consolidation of the two existing regulations into a single framework is intended to reduce regulatory complexity and create clearer compliance pathways for operators and certification bodies. The consultation period closes on August 10, 2026. Stakeholders, including gambling operators, certification bodies, and other interested parties, are invited to submit comments on the proposed regulations. Responses should be sent to registrator@spelinspektionen.se in Word format, with reference to docket number 25Si946. Spelinspektionen has published both the proposed regulations and a consequence analysis document to support the consultation process. REFERENCES: Spelinspektionen. "Remiss: Förslag på nya föreskrifter om tekniska krav." Published June 18, 2026. https://www.spelinspektionen.se/nyheter/remiss-forslag-pa-nya-foreskrifter-om-tekniska-krav/

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Swedish gambling regulator launches consultation on technical requirements

On June 18, 2026, Sweden's Gambling Inspectorate launched a consultation on proposed new regulations governing technical requirements for gambling operations. The new regulations will replace two existing regulations: SIFS 2022:3 concerning technical requirements and accreditation of bodies for inspection, testing, and certification of gambling activities , and LIFS 2018:10 concerning technical requirements for gaming machines and automated casino games . The proposed regulations aim to modernise and streamline Sweden's technical framework for gambling operators. The new rules will establish unified technical standards applicable across different gambling formats, including land-based gaming machines, automated casino games, and related certification and accreditation procedures. The consolidation of the two existing regulations into a single framework is intended to reduce regulatory complexity and create clearer compliance pathways for operators and certification bodies. The consultation period closes on August 10, 2026. Stakeholders, including gambling operators, certification bodies, and other interested parties, are invited to submit comments on the proposed regulations. Responses should be sent to registrator@spelinspektionen.se in Word format, with reference to number 25Si946. Spelinspektionen has published both the proposed regulations and a consequence analysis document to support the consultation process.
3249975 pc Jun 18, 2026 arahman Sweden Finansinspektionen financial services
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Sweden's Financial Supervisory Authority Publishes Prioritised Money Laundering and Terrorism Financing Risk Report

On June 18, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, published its third annual report on prioritised risks within money laundering, terrorism financing, and international sanctions. The report identifies a significant risk that the financial system is being exploited by criminals for money laundering and other criminal activities. The report highlights that the general risk level for money laundering and terrorism financing in Sweden has increased compared to five years prior. This escalation is attributed to several factors, including a rise in threats from organised crime and the increasing integration of criminal activity into legitimate societal structures. FI's assessment underscores the vulnerability of Sweden's financial system to abuse by criminal actors seeking to legitimise illicit proceeds. The publication of this report represents FI's ongoing commitment to identifying and communicating emerging financial crime risks to stakeholders within the Swedish financial sector. By publishing this assessment annually, FI provides financial institutions, competent authorities, and other relevant parties with critical intelligence on the evolving threat landscape. This information is intended to inform risk management strategies, compliance frameworks, and supervisory priorities across the financial services industry. The report serves as a foundational document for understanding the money laundering and terrorism financing environment in Sweden and supports coordinated efforts to mitigate financial crime risks. The report is available on FI's website.

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Sweden's Financial Supervisory Authority Publishes Prioritised Money Laundering and Terrorism Financing Risk Report

On June 18, 2026, Sweden's Financial Supervisory Authority (FI) published its third annual report on prioritised risks within money laundering, terrorism financing and international sanctions (referred to collectively as financial crime). The report identifies a significant risk that the financial system is being exploited by criminals for money laundering and other criminal activities. The report highlights that the general risk level for money laundering and terrorism financing in Sweden has increased compared to five years prior. Priority areas for 2026 include: The FI considers payment institutions, electronic money institutions and other firms offering fast, digital and international financial services to be exposed to heightened financial crime risks. The rapid development of digital financial services creates new opportunities for criminals, particularly where services are provided remotely and without a physical presence. The FI expects firms to adapt their risk management frameworks as products and services evolve. Banks remain a significant area of focus due to their vulnerability to criminal exploitation. The FI continues to be concerned about risks affecting small and medium-sized banks, as well as correspondent banking relationships, where banks provide services through intermediary institutions and must rely on those counterparties’ AML controls. Crypto-asset activities are considered high risk because they can facilitate money laundering, terrorist financing and sanctions evasion through anonymity and rapid cross-border transfers. The FI notes that crypto-assets remain important in criminal activities, including dark-web drug trafficking and the concealment of criminal proceeds. The FI assesses that companies and other legal entities continue to be widely used in money laundering schemes. Businesses can be utilised to process large cash flows, move funds between multiple corporate accounts and create complex transaction chains that are more difficult to detect and investigate than transactions involving personal accounts. The FI highlights that the ease with which companies can be established, dissolved and have their management changed reduces transparency and traceability, increasing the risk that legal entities are used in sophisticated and organised money laundering operations. Terrorist financing remains a major supervisory priority. Although Sweden's terror threat level was lowered from “high” to “elevated” in May 2025, the FI notes that the threat remains serious. The FI stresses that firms must maintain robust controls to identify and prevent terrorist financing regardless of whether the intended attack is planned in Sweden or abroad.
3247884 pc Jun 18, 2026 tojuri Netherlands Dutch Authority for the Financial Markets financial services
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Dutch Authority for the Financial Markets Publishes Supervisory Review and Evaluation Process Market Overview

On June 17, 2026, the Dutch Authority for the Financial Markets (AFM) published its Supervisory Review and Evaluation Process (SREP) Market Overview 2025, identifying significant gaps between policy frameworks and operational execution across the financial services sector. The AFM found that while many financial institutions have established robust policies and procedures covering compliance, regulatory adherence, and professional competence, the practical implementation of these frameworks remains insufficient. Internal controls are frequently not executed consistently or properly documented, and processes are not regularly evaluated. This creates a risk that policies exist in theory but fail to function effectively in practice. The AFM emphasises that daily application of policies is critical to their effectiveness. Information and communications technology (ICT) risk management presents a particular concern. As the sector becomes increasingly dependent on information technology systems, management of these risks lags behind. Key components including vulnerability identification, backup testing, and incident preparedness are inadequately implemented across many institutions. While organisations typically identify problems effectively, they allocate insufficient resources to prevention. The AFM notes this vulnerability is particularly concerning given rising cyber threats and emphasises the need for stronger governance and clear agreements with external IT service providers. The AFM also identified unclear allocation of roles and responsibilities across several areas, including best execution, sustainability, and third-party collaboration. Without explicit assignment of accountability and robust process controls, critical tasks risk being overlooked and customer interests may be compromised. The AFM expects market participants to use the SREP Market Overview to conduct critical self-assessments and implement necessary improvements. The full SREP Market Overview 2025 is available on the AFM website.

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Dutch Authority for the Financial Markets Publishes Supervisory Review and Evaluation Process Market Overview 2025

On June 17, 2026, the Dutch Authority for the Financial Markets (AFM) published its Supervisory Review and Evaluation Process (SREP) Market Overview 2025, identifying significant gaps between policy frameworks and operational execution across the financial services sector, including investment firms. The AFM found that although many financial institutions have robust policies and procedures in place to address compliance, regulatory adherence and professional competence, these frameworks are not being implemented effectively in practice. Internal controls are often not executed consistently or properly documented and processes are rarely evaluated. This creates a risk that policies exist in theory but fail to function effectively in practice. The AFM emphasises that policies must be applied daily to be effective. The AFM is particularly concerned about ICT risk management. As the sector becomes more dependent on IT systems, the management of these risks is falling behind. Key components, such as vulnerability identification, backup testing and incident preparedness are not properly implemented in many institutions. Although organisations usually identify problems effectively, they allocate insufficient resources to prevention. The AFM highlights that this vulnerability is of particular concern in light of the rising cyber threat landscape, and stresses the importance of stronger governance and clear agreements with external IT service providers. The AFM also identified an unclear allocation of roles and responsibilities across several areas, including best execution, sustainability and third-party collaboration. Without explicit accountability and robust process controls, critical tasks may be overlooked, compromising customer interests. The AFM expects market participants to use the SREP Market Overview to conduct critical self-assessments and implement any necessary improvements.
3253328 pc Jun 18, 2026 arahman Ukraine All News - NBU financial services
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Ukraine's National Bank Applies Enforcement Measures to Two Financial Companies

On June 18, 2026, the National Bank of Ukraine (NBU) applied enforcement measures to two financial companies: Limited Liability Company "Financial Company 'Royal Finance 1'" (registration number 43105522) and Limited Liability Company "Personal Ukrainian Leasing" (registration number 41802323). The NBU imposed enforcement measures requiring both companies to take corrective actions to eliminate violations identified during supervisory inspections and bring their operations into compliance with Ukrainian legislation requirements. Limited Liability Company "Financial Company 'Royal Finance 1'" received enforcement measures for failing to submit complete information, explanations, documents, and document copies requested by the NBU in accordance with its requirements. This violation breached paragraph 4 of part one of Article 43 of the Law of Ukraine "On Financial Services and Financial Companies" and paragraph 43 of chapter 3 of section II of the Regulations on Authorization of Financial Service Providers and Conditions for Conducting Financial Service Activities, approved by NBU Board Resolution number 199 from December 29, 2023. Limited Liability Company "Personal Ukrainian Leasing" received enforcement measures for failing to submit documents specified in paragraph 761 of chapter 69 of section X of the Authorization Regulations, related to an increase in its charter capital during 2025. The NBU's Supervisory Committee for Non-Banking Financial Services Markets adopted these decisions on June 15, 2026. Both companies must eliminate identified violations and ensure compliance with Ukrainian legislation by July 7, 2026, and July 13, 2026, respectively.

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National Bank of Ukraine Issues Remedial Action to Royal Finance 1 for Reporting Failures

On June 18, 2026, the National Bank of Ukraine (NBU) issued a remedial action order to Royal Finance 1 for violations under the Law of Ukraine "On Financial Service and Financial Companies" and the Regulation on the Authorisation of Financial Service Providers and the Conditions for Their Activities in the Provision of Financial Services. Royal Finance was found to have failed to submit the requested information, explanations, documents and copies of documents to the NBU. Royal Finance is obliged to take measures to eliminate the violations identified during supervision and bring its activities into compliance with the requirements of the legislation by July 7, 2026.
3248848 pc Jun 18, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Publishes Supervisory Assessment of Credit Institution Liquidity Frameworks

On June 16, 2026, the Malta Financial Services Authority (MFSA) issued a supervisory letter to chief executives of credit institutions communicating outcomes from its recent assessment of the Internal Liquidity Adequacy Assessment Process (ILAAP) framework across a sample of less significant institutions (LSIs). The assessment forms part of the MFSA's Compliance Outcomes-Based Supervision approach and identifies deficiencies in liquidity and funding risk management practices. The MFSA reviewed seven key areas: internal governance and oversight, risk appetite framework (RAF), internal audit coverage, risk management and internal controls, online deposit platforms (ODPs), liquidity contingency planning, and stress testing frameworks. The assessment revealed material weaknesses across multiple areas, with only 26 percent of reviewed areas found to be fully compliant, 34 percent partially compliant, and 40 percent non-compliant. Particularly concerning findings include: approximately 75 percent of institutions failed to escalate key ILAAP aspects to Board level; the RAF recorded the lowest compliance at 25 percent, with institutions relying predominantly on regulatory metrics rather than institution-specific risks; 50 percent of institutions lack formal liquidity contingency plans; 66 percent reported incorrect outflow rates for ODP deposits; and 75 percent of LSIs exhibit significant stress testing shortcomings, with only 25 percent conducting adequate intraday liquidity monitoring. The MFSA expects all credit institutions to address identified gaps through strengthened governance frameworks, enhanced internal controls, improved data quality and automation, comprehensive risk appetite frameworks capturing institution-specific liquidity risks, robust contingency funding assessments, and more rigorous stress testing incorporating reverse and alternative scenarios. The Authority will conduct follow-up assessments on a three-year cycle, with the next review scheduled for 2027, focusing on institutions' remediation of identified weaknesses.

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Malta Financial Services Authority Issues Dear CEO Letter on Supervisory Assessment of Credit Institution Liquidity Frameworks

On June 17, 2026, the Malta Financial Services Authority (MFSA) issued a Dear CEO Letter to credit institutions communicating outcomes from its recent assessment of the Internal Liquidity Adequacy Assessment Process (ILAAP) framework across a sample of less significant institutions (LSIs). The assessment forms part of the MFSA's Compliance Outcomes-Based Supervision approach and identifies deficiencies in liquidity and funding risk management practices. The MFSA reviewed seven key areas: Internal governance and oversight. Risk appetite framework (RAF). Internal audit coverage. Risk management and internal controls. Online deposit platforms (ODPs). Liquidity contingency planning. Stress testing frameworks. The assessment revealed significant weaknesses in several areas. Only 26 percent of the reviewed areas were found to be fully compliant, while 34 percent were partially compliant and 40 percent were non-compliant. Of particular concern are the following findings: Approximately 75 percent of institutions failed to escalate key ILAAP aspects to the board level. The RAF recorded the lowest level of compliance, at 25 percent, with institutions relying predominantly on regulatory metrics rather than institution-specific risks. 50 percent of institutions lack formal liquidity contingency plans. 75 percent of LSIs exhibit significant shortcomings in their stress testing, with only 25 percent conducting adequate intraday liquidity monitoring. The MFSA expects credit institutions to give due consideration to the findings outlined in the letter and, where relevant, to take timely and appropriate action to address any identified gaps, thereby ensuring ongoing compliance with the applicable regulatory framework and supervisory expectations. The MFSA expects all credit institutions to address these gaps by strengthening their governance frameworks, enhancing their internal controls, improving their data quality and automation, creating comprehensive risk appetite frameworks that capture institution-specific liquidity risks, conducting robust contingency funding assessments and carrying out more rigorous stress testing that incorporates reverse and alternative scenarios.
3246188 pc Jun 18, 2026 tojuri Malta Malta Financial Services Authority financial services
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Malta Financial Services Authority Launches Discussion Paper on Decentralised Finance

On June 17, 2026, the Malta Financial Services Authority (MFSA) published a Discussion Paper on Decentralised Finance (DeFi), initiating a public consultation process to gather stakeholder feedback on emerging DeFi technologies, governance models and regulatory considerations. The Discussion Paper builds on Malta's established position as one of the first jurisdictions to develop a comprehensive regulatory framework for crypto-assets. It explores how decentralised finance may shape the future of financial services and how regulatory approaches may evolve alongside technological innovation. The paper contributes to ongoing discussions on DeFi development within the European regulatory landscape, including considerations arising from the Markets in Crypto-Assets Regulation (MiCA). The Discussion Paper examines several emerging concepts and developments within the DeFi ecosystem, including the interaction between DeFi and MiCA; software-based organisational models and decentralised governance structures; the potential application of Segregated Cell Company structures within DeFi ecosystems; Guardian Agents as embedded risk management and market integrity mechanisms; and Account Abstraction and its implications for governance, compliance and user interaction. The paper also considers how innovation can be supported whilst addressing challenges relating to accountability, operational resilience, consumer protection and financial crime risks. The MFSA encourages industry participants, technology developers, academics, investors and other interested stakeholders to share their perspectives and practical experience. The consultation period closes on July 10, 2026, with responses to be submitted to [email protected]. Feedback received will support the MFSA's ongoing assessment of emerging developments and may inform future policy and regulatory considerations. The consultation aims to develop a balanced and future-focused approach that enables innovation to flourish while maintaining high standards of market integrity, investor protection and financial stability.

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Malta Financial Services Authority Launches Discussion Paper on Decentralised Finance

On June 17, 2026, the Malta Financial Services Authority (MFSA) published a Discussion Paper on Decentralised Finance (DeFi), initiating a public consultation process to gather stakeholder feedback on emerging DeFi technologies, governance models and regulatory considerations. The discussion paper builds on Malta's established position as one of the first jurisdictions to develop a comprehensive regulatory framework for crypto-assets. It explores how decentralised finance may shape the future of financial services and how regulatory approaches may evolve alongside technological innovation. The paper contributes to ongoing discussions on DeFi development within the European regulatory landscape, including considerations arising from the Markets in Crypto-Assets Regulation (MiCA). The discussion paper examines several emerging concepts and developments within the DeFi ecosystem, including The interaction between DeFi and MiCA. Software-based organisational models and decentralised governance structures. The potential application of Segregated Cell Company structures within DeFi ecosystems. Guardian agents as embedded risk management and market integrity mechanisms. Account abstraction and its implications for governance, compliance and user interaction. The paper also considers how innovation can be supported while addressing challenges relating to accountability, operational resilience, consumer protection and financial crime risks. The MFSA encourages industry participants, technology developers, academics, investors and other interested stakeholders to share their perspectives and practical experience by July 10, 2026, via email to spi_consultations@mfsa.mt . Feedback received will support the MFSA's ongoing assessment of emerging developments and may inform future policy and regulatory considerations.
3251746 pc Jun 18, 2026 rghosh Dubai Dubai International Financial Centre (DIFC) horizon scanning
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Dubai International Financial Centre Launches Consultation on Amended Data Protection Regulations

On June 18, 2026, the Dubai International Financial Centre (DIFC) launched a public consultation on proposed amendments to its Data Protection Regulations (DP Regulations). The amendments seek to strengthen the regulatory framework by enhancing requirements for systems processing personal data in an artificial intelligence (AI) native jurisdiction, while clarifying certification obligations and the role of the Autonomous Systems Officer (ASO). Jacques Visser, Chief Legal Officer at DIFC Authority, said the amendments aim to ensure the regulatory framework remains practical and responsive to evolving AI and data-driven technologies. The DP Regulations were last updated in 2023 to introduce safeguards for advanced, AI-enabled systems. The proposed amendments build on this foundation by enhancing Regulation 10 to strengthen expectations around safe, ethical, and privacy-by-design development. The consultation also introduces a new Regulation 11 empowering the Commissioner to recognise accreditation and certification frameworks. The amendments provide greater clarity on certification requirements and the ASO role, alongside other consequential updates to support robust and future-ready data protection governance. The consultation period runs for 30 days, with comments due by July 18, 2026. Stakeholders can access Consultation Paper No. 3 of 2026 for further details on the proposed amendments. Responses should be submitted through the DIFC's official consultation portal. The DIFC expects to publish feedback on responses following the consultation period's closure.

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Dubai International Financial Centre Launches Consultation on Amended Data Protection Regulations

On June 18, 2026, the Dubai International Financial Centre (DIFC) launched a public consultation on proposed amendments to its Data Protection Regulations (DP Regulations). The amendments seek to strengthen the regulatory framework by enhancing requirements for systems processing personal data in an artificial intelligence (AI) native jurisdiction, while clarifying certification obligations and the role of the Autonomous Systems Officer (ASO). The DP Regulations were last updated in 2023 to introduce safeguards for advanced, AI-enabled systems. The proposed amendments build on this foundation by enhancing Regulation 10 to strengthen expectations around safe, ethical, and privacy-by-design development.The amendments provide greater clarity on certification requirements and the ASO role, alongside other consequential updates to support robust and future-ready data protection governance. Key proposals and regulatory changes include: Embedding "safety" into AI systems: Updates to Regulation 10 introduce "Safety" as a fundamental base concept for responsible system design, establishing mandatory privacy-by-design and default measures for processing personal data in AI-native environments. Defining the ASO role: The framework provides detailed obligations and skills required for the Autonomous Systems Officer (ASO) role, paving the way for a first-of-its-kind ASO certification scheme. New commissioner powers (Regulation 11): A new regulation empowers the Commissioner to officially recognize and publish external accreditation and certification frameworks (such as the Global Cross Border Privacy Rules). The consultation period runs for 30 days, with comments due by July 18, 2026 .Responses should be submitted through the DIFC's official consultation portal. The DIFC expects to publish feedback on responses following the consultation period's closure.
3246890 pc Jun 18, 2026 tojuri Cyprus Overview - CySec horizon scanning
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Cyprus Securities and Exchange Commission Issues Guidance on Frontier Artificial Intelligence Cybersecurity Risks Under DORA

On June 17, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C786 addressing cybersecurity risks posed by frontier artificial intelligence (AI) models under the Digital Operational Resilience Act (DORA). The circular alerts regulated entities to the emerging threat of advanced AI systems capable of identifying and exploiting software vulnerabilities at unprecedented speed and scale, which may significantly accelerate cyber-attack sophistication, frequency, and scale against financial entities and their information and communications technology (ICT) third-party service providers. CySEC reminded all regulated entities falling within the scope of Regulation (EU) 2022/2554 that they must maintain robust ICT risk management frameworks capable of addressing evolving cyber-threats, including those arising from emerging AI technologies. The circular applies to Cyprus Investment Firms, central securities depositories, trading venues, crypto-asset providers, alternative investment fund managers, and UCITS management companies. CySEC expects regulated entities, proportionate to their size, nature, scale, and complexity, to assess whether their existing ICT risk management arrangements remain adequate and strengthen relevant controls where necessary. The circular identifies eight key areas for consideration: identification and vulnerability management; protection and prevention; detection capabilities; response and recovery; and governance and continuous improvement. Under DORA, regulated entities must protect ICT systems against unauthorised access and malicious activities, detect anomalous activities and ICT-related incidents, maintain robust business continuity and backup arrangements, conduct appropriate ICT testing and vulnerability assessments, and manage ICT third-party risks effectively. CySEC will continue monitoring frontier AI developments and their implications for operational resilience within the financial sector, engaging with regulated entities regarding their preparedness and implementation of ICT risk mitigation measures. Regulated entities should direct queries to CySEC at ict.oversight@cysec.gov.cy.

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Cyprus Securities and Exchange Commission Issues Circular on Frontier Artificial Intelligence Cybersecurity Risks Under DORA

On June 17, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C786, which addresses cybersecurity risks posed by frontier artificial intelligence (AI) models under the Digital Operational Resilience Act (DORA). The circular, addressed to Cyprus investment firms, crypto-asset providers, UCITS management companies and others, alerts regulated entities to the emerging threat of advanced AI systems capable of identifying and exploiting software vulnerabilities at unprecedented speed and scale, which may significantly accelerate cyber-attack sophistication, frequency and scale against financial entities and their ICT third-party service providers. CySEC reminded all regulated entities within the scope of DORA that they must maintain robust ICT risk management frameworks capable of addressing evolving cyber threats, including those arising from emerging AI technologies. CySEC expects regulated entities, proportionate to their size, nature, scale and complexity, to assess whether their existing ICT risk management arrangements remain adequate and strengthen relevant controls where necessary. The circular identifies five key areas for consideration: Identification and vulnerability management. Protection and prevention. Detection capabilities. Response and recovery. Governance and continuous improvement. The circular also sets out the requirements under DORA for regulated entities who must: Protect ICT systems against unauthorised access and malicious activities. Detect anomalous activities and ICT-related incidents. Maintain robust business continuity and backup arrangements. Conduct appropriate ICT testing and vulnerability assessments. Manage ICT third-party risks effectively. CySEC will continue to monitor frontier AI developments and their implications for operational resilience in the financial sector, engaging with regulated entities on their preparedness and implementation of ICT risk mitigation measures.
3243576 pc Jun 17, 2026 ataylor Connecticut CT Department of Banking - Consumer Credit Enforcement Orders financial services
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Connecticut Department of Banking Issues Consent Order Against FuturePay Holdings Inc.

On May 21, 2026, the Connecticut Department of Banking issued a Consent Order against FuturePay Holdings Inc., d/b/a FuturePay (NMLS # 2366387), resolving enforcement action initiated by the Banking Commissioner. The Commissioner alleged that FuturePay failed to submit audited financial statements for fiscal years ending December 31, 2023, and December 31, 2024, in violation of Section 36a-563 of the Connecticut General Statutes. This failure rendered the Commissioner unable to determine FuturePay's financial responsibility, constituting grounds for denial of license renewal under the Small Loan Lending and Related Activities statute (Part III of Chapter 668, Sections 36a-555 to 36a-573). On September 25, 2025, the Commissioner issued a Notice of Intent to Revoke and Refuse to Renew Small Loan License. FuturePay's small loan license, which had been active since November 21, 2022, expired on January 1, 2026. FuturePay did not request a hearing within the prescribed timeframe and instead agreed to resolve the matter by consent order without admitting or denying the allegations. The company represents that it has ceased conducting business as a small loan company in Connecticut. Under the Consent Order, FuturePay must submit a request on the Nationwide Multistate Licensing System and Registry (NMLS) to surrender its small loan license in Connecticut no later than the date of execution. The company must complete all surrender requirements within thirty days. If FuturePay fails to provide satisfactory evidence of compliance within forty days, its license will be summarily revoked without further notice or hearing opportunity. FuturePay waived its procedural rights, including the right to judicial review.

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FuturePay Holdings Inc. - Consent Order

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3247442 pc Jun 17, 2026 pdonofrio US Track 2 News Releases - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Clarifies Standards for Filing Decisions

On June 17, 2026, the Office of the Comptroller of the Currency (OCC) clarified the standards governing its decisions on filings submitted under 12 CFR 5.13. The OCC may approve, conditionally approve, or deny a filing, or return it as materially deficient if it lacks sufficient information for the OCC to make a determination under applicable statutory or regulatory criteria. The OCC emphasized that filings must contain all necessary information in the initial submission to enable proper evaluation. The OCC will return a materially deficient filing without a decision if it finds the submission incomplete. This includes failure to furnish required biographical and financial information for individuals, corporate background and financial reports for entities, or any information requested by the filing form. Additionally, the OCC may return a filing as materially deficient if responses to additional information requests do not sufficiently address the agency's concerns. For de novo charter applications, organizers must demonstrate that all products and services are defined with particularity, including operationalization plans, and must fully define associated governance, risk management, and compliance management infrastructure. The OCC approves filings when applicants favorably meet appropriate statutory, regulatory, and policy criteria. The OCC may condition approvals to ensure safe and sound operations consistent with OCC policy and applicable laws. The OCC denies filings when significant supervisory, Community Reinvestment Act (CRA), or compliance concerns exist, when approval would be inconsistent with law, regulation, or OCC policy, or when applicants fail to provide requested information. The OCC will notify denied applicants in writing of denial reasons and will make all denial decisions public to provide industry awareness of how decision criteria are applied. Applicants may submit subsequent applications following denial. Related guidance appears in OCC Bulletin 2026-27, "Filing Decision Process."

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US Office of the Comptroller of the Currency Clarifies Standards for Filing Decisions

On June 17, 2026, the US Office of the Comptroller of the Currency (OCC) clarified the standards governing its decisions on filings submitted under 12 Code of Federal Regulations (CFR) 5.13 . Specifically, the OCC clarified that it may approve, conditionally approve or deny a filing, or return it as materially deficient, if it lacks sufficient information for the OCC to make a determination under applicable statutory or regulatory criteria. The OCC also emphasized that filings must contain all necessary information in the initial submission to enable proper evaluation, and that it will return a materially deficient filing without a decision if it finds the submission incomplete. This includes: failure to furnish required biographical and financial information for individuals; corporate background and financial reports for entities; or any information requested by the filing form. Additionally, the OCC may return a filing as materially deficient if responses to additional information requests do not sufficiently address its concerns. For de novo charter applications, organizers must demonstrate that all products and services are defined with particularity, including operationalization plans, and must fully define associated governance, risk management and compliance management infrastructure.
3245344 gc Jun 17, 2026 prandeo Philippines PAGCOR (Regulator) gamblingcompliance
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Philippines Amusement and Gaming Corporation Orders Replacement of Gambling Advertisements with Problem Gambling Helpline Materials

On June 9, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) issued a memorandum directing all gaming operators and related stakeholders to replace existing gambling advertisements with materials promoting the newly launched 24/7 National Problem Gambling Helpline (NPGH). The directive, issued by the Gaming Licensing and Development Department (GLDD), applies to all licensees, suppliers, gaming system administrators, gaming venue operators, and other concerned entities. The replacement requirement covers all gaming-related advertisements displayed on billboards, wallscapes, digital displays, and other out-of-home advertising platforms currently carrying responsible gaming messages. PAGCOR Chairman and Chief Executive Alejandro H. Tengco said the initiative reflects the regulator's commitment to fostering a safer and more responsible gaming environment. The NPGH, launched on May 26, 2026 in partnership with the Seagulls Flock Organization Inc., operates as a 24/7 support platform staffed by trained para-counselors and mental health professionals providing confidential assistance and counseling for individuals struggling with gambling-related issues. All advertising replacements must be completed on or before July 15, 2026 and remain in place until September 15, 2026. PAGCOR clarified that NPGH advertisements will not require approval from the Ad Standards Council (ASC), although an Exemption Certificate will be issued by the council. All concerned parties must submit a status report on ad replacement using the prescribed reporting template to the GLDD on or before July 16, 2026. Failure to comply will be subject to regulatory sanctions and other penalties imposed by the ASC. This directive forms part of PAGCOR's broader responsible gaming initiatives, following the agency's July 2025 order for immediate removal of all billboards and out-of-home gambling advertisements.

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Philippine gambling regulator orders replacement of gambling advertisements with problem gambling helpline materials

On June 17, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) issued a memorandum directing all gaming operators and related stakeholders to replace existing gambling advertisements with materials promoting the newly launched 24/7 National Problem Gambling Helpline (NPGH). The directive, issued by the Gaming Licensing and Development Department (GLDD), applies to all licensees, suppliers, gaming system administrators, gaming venue operators, and other concerned entities. The replacement requirement covers all gaming-related advertisements displayed on billboards, wallscapes, digital displays, and other out-of-home advertising platforms currently carrying responsible gaming messages. PAGCOR Chairman and Chief Executive Alejandro H. Tengco said the initiative reflects the regulator's commitment to fostering a safer and more responsible gaming environment. The NPGH, launched on May 26, 2026, in partnership with the Seagulls Flock Organisation Inc., operates as a 24/7 support platform staffed by trained para-counsellors and mental health professionals providing confidential assistance and counselling for individuals struggling with gambling-related issues. All advertising replacements must be completed on or before July 15, 2026 and remain in place until September 15, 2026. PAGCOR clarified that NPGH advertisements will not require approval from the Ad Standards Council (ASC), although an Exemption Certificate will be issued by the council. All concerned parties must submit a status report on ad replacement using the prescribed reporting template to the GLDD on or before July 16, 2026. Failure to comply will be subject to regulatory sanctions and other penalties imposed by the ASC. This directive forms part of PAGCOR's broader responsible gaming initiatives, following the agency's July 2025 order for the immediate removal of all billboards and out-of-home gambling advertisements.
3246660 pc Jun 17, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Government Publishes Response to Trust Services Adoption Call for Views

On June 17, 2026, the Office for Digital Identities and Attributes and the Department for Science, Innovation and Technology published the government response to a call for views on the adoption of trust services in the United Kingdom. The call for views ran from August 4, 2025 to September 20, 2025 and sought input from organisations that provide trust services in the UK and those using or considering using such services. Trust services, including electronic signatures, are digital tools that enhance the security and reliability of online transactions by confirming the authenticity and integrity of electronic documents and transactions. The government launched this consultation to collect essential information about the UK trust service market to inform policy development. The government response indicates that the call for views has helped the government understand the sector and identify areas requiring further evidence. The consultation responses have informed government policy development in this area. If responses suggested government action was needed, the government indicated it would seek to gather information more widely, including from individuals. The response document provides the government's formal position following the six-week consultation period and outlines next steps for trust services policy in the UK. The full outcome and government response are available on the GOV.UK website.

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UK Government Publishes Response to Call for Evidence on Trust Services Adoption

On June 17, 2026, the Office for Digital Identities and Attributes and the Department for Science, Innovation and Technology published the government response to a call for views on the adoption of trust services in the United Kingdom. Trust services, including electronic signatures, are digital tools that enhance the security and reliability of online transactions by confirming the authenticity and integrity of electronic documents and transactions. The government launched this consultation to collect essential information about the UK trust service market to inform policy development. Responses from the Call for Evidence (CoE) highlighted key concerns for the sector; these included: Low levels of public-sector adoption. A lack of clarity and integration between the governance of trust services and digital verification services. Issues with international interoperability. The response noted that the government is committed to enabling the adoption of trust services,and will  consider what can be done to support this.
3247065 pc Jun 17, 2026 csoo United Kingdom Office of Financial Sanctions Implementation (OFSI) horizon scanning
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United Kingdom's Office of Financial Sanctions Implementation Issues Largest Penalty for Russia Sanctions Breaches

On June 17, 2026, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, imposed a £1,000,920.59 penalty against Sabre Global Technologies Limited (SGTL) for breaching UK financial sanctions against Russia. The penalty represents the largest fine issued by OFSI since Russia's 2022 illegal invasion of Ukraine and marks the first penalty issued by OFSI for a circumvention offence. SGTL, a travel technology firm, provided Russian carrier Ural Airlines access to its Global Distribution System service for seven months following Ural Airlines' designation by the UK in May 2022. After SGTL's UK bank payments were blocked due to sanctions concerns, the firm actively sought alternative payment routes to circumvent UK sanctions, including requesting test payments be routed through a non-UK bank account. OFSI assessed the case as "most serious" due to SGTL's active circumvention of sanctions, continued provision of services after potential breaches were identified, and direct undermining of the sanctions regime's purpose. OFSI found that SGTL lacked effective senior oversight of sanctions compliance and was unable to properly assess or mitigate sanctions risks at the time of the breaches. This penalty represents the third case resolved under transitional arrangements in OFSI's new settlement policy, introduced in February 2026. SGTL made a voluntary disclosure to OFSI, cooperated with the investigation, and undertook remediation to improve future compliance. The UK has sanctioned more than 3,300 individuals, businesses, and ships under the Russia sanctions regime. The penalty notice is available on the OFSI website.

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1657 chars · nid 93300

United Kingdom's Office of Financial Sanctions Implementation Issues Largest Penalty for Russia Sanctions Breaches

On June 17, 2026, the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, imposed a £1,000,920.59 penalty against Sabre Global Technologies Limited (SGTL) for breaching UK financial sanctions against Russia. The penalty represents the largest fine issued by OFSI since Russia's 2022 illegal invasion of Ukraine and marks the first penalty issued by OFSI for a circumvention offence. SGTL, a travel technology firm, provided Russian carrier Ural Airlines access to its Global Distribution System service for seven months following Ural Airlines' designation by the UK in May 2022. After SGTL's UK bank payments were blocked due to sanctions concerns, the firm actively sought alternative payment routes to circumvent UK sanctions, including requesting test payments be routed through a non-UK bank account. OFSI assessed the case as "most serious" due to SGTL's active circumvention of sanctions, continued provision of services after potential breaches were identified, and direct undermining of the sanctions regime's purpose. OFSI found that SGTL lacked effective senior oversight of sanctions compliance and was unable to properly assess or mitigate sanctions risks at the time of the breaches. This penalty represents the third case resolved under transitional arrangements in OFSI's new settlement policy, introduced in February 2026. SGTL made a voluntary disclosure to OFSI, cooperated with the investigation, and undertook remediation to improve future compliance. The UK has sanctioned more than 3,300 individuals, businesses, and ships under the Russia sanctions regime. The penalty notice is available on the OFSI website.
3247037 gc Jun 17, 2026 prandeo Netherlands News - Dutch Gambling Authority gamblingcompliance
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Netherlands Gambling Authority Imposes €3 Million Fine Against Chestoption for Illegal Gambling Offering

On an unspecified date, the Netherlands Gambling Authority (Kansspelautoriteit) imposed a €3,082,000 fine on Chestoption Sociedad de Responsibilidad Limitada for offering gambling services without the required licence. The Costa Rica-based operator offered gambling through multiple websites, including Vave.com, in English and advertised in Dutch, actively targeting Dutch players. The company had previously received a cease-and-desist order with penalty payments for the same conduct. The fine reflects multiple aggravating circumstances identified by the authority. The websites lacked age verification mechanisms, featured autoplay and turboplay functionality without appropriate safeguards, and accepted cryptocurrency payments. Critically, Chestoption implemented no measures to prevent participation from the Netherlands, despite the authority's prior enforcement action. The Netherlands Gambling Authority enforces compliance through multiple mechanisms beyond administrative fines. The authority collaborates intensively with third parties including payment service providers, hosting companies, banks, and major technology firms to combat illegal gambling offerings. This multi-stakeholder approach aims to disrupt the operational infrastructure supporting unlicensed operators. The fine represents the authority's continued commitment to protecting Dutch consumers and maintaining market integrity by targeting operators offering gambling services without proper licensing and consumer protections. The sanction decision is available for review on the authority's official records. REFERENCES: Kansspelautoriteit (2024) Boete van 3 miljoen voor Chestoption voor illegaal kansspelaanbod [Fine of 3 million for Chestoption for illegal gambling offering]. Available at: https://kansspelautoriteit.nl/

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Dutch gambling authority imposes €3m fine against Chestoption for illegal gambling offering

On June 17, 2026, the Dutch Gambling Authority (KSA) imposed a €3,082,000 fine on Chestoption Sociedad de Responsibilidad Limitada for offering gambling services without the required licence. The Costa Rica-based operator offered gambling through multiple websites, including Vave.com, in English and advertised in Dutch, actively targeting Dutch players. The company had previously received a cease-and-desist order with penalty payments for the same conduct. The fine reflects multiple aggravating circumstances identified by the authority. The websites lacked age verification mechanisms, featured autoplay and turboplay functionality without appropriate safeguards, and accepted cryptocurrency payments. Critically, Chestoption implemented no measures to prevent participation from the Netherlands, despite the authority's prior enforcement action. The KSA enforces compliance through multiple mechanisms beyond administrative fines. The authority collaborates intensively with third parties, including payment service providers, hosting companies, banks, and major technology firms, to combat illegal gambling offerings. This multi-stakeholder approach aims to disrupt the operational infrastructure supporting unlicensed operators. The fine represents the authority's continued commitment to protecting Dutch consumers and maintaining market integrity by targeting operators offering gambling services without proper licensing and consumer protections.
3250382 pc Jun 17, 2026 pdonofrio US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Publishes Proposed Update to Financial Reporting Taxonomy

On June 17, 2026, the U.S. Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) has published a proposed update to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy. The proposed update relates to a forthcoming Accounting Standards Update (ASU) on market-return cash balance plans under Compensation – Retirement Benefits – Defined Benefit Plans – Pension (Subtopic 715-30). The proposed taxonomy update will incorporate reference modifications, introduce new elements for ASU identification, and deprecate guidance that is no longer applicable. The update aims to ensure the Financial Reporting Taxonomy accurately reflects changes to accounting standards governing how entities measure benefit obligations for certain market-return cash balance plans. The taxonomy serves as the technical foundation for eXtensible Business Reporting Language (XBRL)-structured financial statements submitted to the SEC, enabling standardised data collection and analysis across filers, investors, and analysts. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to submit comments on the proposed update. The public comment period ends on August 10, 2026, with submissions directed to the FASB. The SEC emphasises that only annual compilations of the U.S. GAAP Financial Reporting Taxonomy specified on the Commission's website may be used in SEC XBRL submissions. The availability of the proposed taxonomy update for public comment does not indicate SEC approval of any regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. The final taxonomy version will be determined based on the effective date of the final ASU.

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1197 chars · nid 93327

US Securities and Exchange Commission Announces Proposed Update to Financial Reporting Taxonomy

On June 17, 2026, the US Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) has published a proposed update to the US Generally Accepted Accounting Principles (GAAP) financial reporting taxonomy. The proposed update relates to market-return cash balance plans under Subtopic 715-30 . The proposed update will incorporate reference modifications, introduce new elements for update identification and deprecate guidance that is no longer applicable. The update aims to ensure the financial reporting taxonomy accurately reflects changes to accounting standards governing how entities measure benefit obligations for certain market-return cash balance plans. The taxonomy serves as the technical foundation for eXtensible business reporting language (XBRL)-structured financial statements submitted to the SEC, enabling standardized data collection and analysis across filers, investors and analysts. The SEC staff encourages filers, investors, analysts, software service providers and other interested parties to submit comments on the proposed update. The public comment period ends on August 10, 2026 , with submissions directed to the FASB.
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