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50 of 2605 published with a draft · mirror synced Oct 24 03:00 UTC
3223439 pc Jun 09, 2026 adavies European Union European Central Bank horizon scanning
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European Central Bank Announces Main Milestones for Integrated Reporting Framework Roll-Out

On June 8, 2026, the European Central Bank (ECB) announced the Eurosystem's main implementation milestones for the Integrated Reporting Framework (IReF), a programme designed to harmonise statistical reporting requirements across euro area banks. The IReF will consolidate multiple statistical reporting requirements into a single standardised framework directly applicable to banks resident in the euro area, reducing the overall reporting burden on financial institutions over the long term. The ECB outlined three key milestones for IReF implementation. First, a public consultation on the draft IReF Regulation is scheduled for the second half of 2027 to shape the final legislative proposal. Second, a one-year pilot phase will commence in the second quarter of 2030, during which reporting agents will test their ability to fulfil new IReF data reporting requirements. This testing phase will support technical and operational preparations for both reporting agents and the Eurosystem, enabling structural problems to be resolved before official transmission begins. Third, official IReF data reporting will commence in the second quarter of 2031, followed by an initial one-year parallel reporting phase during which existing statistical data will continue to be reported alongside IReF data. The ECB emphasised that implementation timelines remain subject to adoption of the IReF Regulation, pending the outcome of the public consultation. The framework will rely on EU-based technology solutions and be implemented within a European cloud to strengthen Europe's digital sovereignty. The ECB is currently preparing a comprehensive implementation plan that will detail how individual national collection frameworks will evolve and clarify how residual country-specific requirements will be modelled consistently with IReF requirements. The Joint Bank Reporting Committee (JBRC) is coordinating broader integration of statistical, prudential, and resolution reporting across the EU, with preparatory work on a common data dictionary having begun in the fourth quarter of 2025. REFERENCES: European Central Bank. "ECB announces main milestones for roll-out of Integrated Reporting Framework." Press Release, June 8, 2026. https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260608~3d3f9b2b91.en.html

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European Central Bank Announces Milestones for Integrated Reporting Framework Roll-Out

On June 8, 2026, the European Central Bank (ECB) announced the Eurosystem's main implementation milestones for the Integrated Reporting Framework (IReF), a programme designed to harmonise statistical reporting requirements across euro area banks. The IReF will consolidate multiple statistical reporting requirements into a single standardised framework directly applicable to banks resident in the euro area, reducing the overall reporting burden on financial institutions over the long term. The ECB outlined three key milestones for IReF implementation. First, a public consultation on the draft IReF Regulation is scheduled for the second half of 2027 to shape the final legislative proposal. Second, a one-year pilot phase will commence in the second quarter of 2030, during which reporting agents will test their ability to fulfil new IReF data reporting requirements. This testing phase will support technical and operational preparations for both reporting agents and the Eurosystem, enabling structural problems to be resolved before official transmission begins. Third, official IReF data reporting will commence in the second quarter of 2031, followed by an initial one-year parallel reporting phase during which existing statistical data will continue to be reported alongside IReF data. The ECB emphasised that implementation timelines remain subject to adoption of the IReF Regulation, pending the outcome of the public consultation.
3221828 pc Jun 09, 2026 csoo Italy Financial Information Unit for Italy horizon scanning
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Italy's Financial Information Unit Publishes Guidance on Technology-Enabled Fraud, Money Muling, and Cybercrime

On June 8, 2026, Italy's Financial Information Unit (UIF) published a communication addressing significant growth in technology-enabled fraud, money muling, and cybercrime. The UIF noted that suspicious operation reports (SOS) related to these phenomena increased from approximately 9,000 in 2021 to more than 30,000 in 2025, with the upward trend continuing into 2026. Globally, financial losses from cyber-enabled fraud exceeded 400 billion dollars in 2025, while Italy recorded losses exceeding 269 million euros during the same period. The UIF identified that fraudulent schemes exploit digital channels, instant payment systems, virtual IBANs, and crypto-assets to facilitate transnational criminal activity. Victims often include vulnerable individuals unfamiliar with digital technologies, though perpetrators increasingly target financially sophisticated persons. The UIF observed complex fraud typologies including romance scams, job scams, investment scams, ransomware campaigns, and synthetic identity fraud. Criminals increasingly employ generative artificial intelligence, deepfakes, and non-custodial cryptocurrency wallets to obscure illicit fund flows. Money muling schemes involve recruiting conscious or unconscious participants to transfer illegally obtained funds through their accounts or payment instruments. Cybercrime encompasses digital intrusions, system compromises, and unauthorised access to credentials and cryptographic keys. The UIF emphasises that obligated entities must enhance detection quality and reporting timeliness, particularly before transaction execution to protect victims and support investigations. The UIF introduced three new phenomenon codes for suspicious operation reports: I01 for technology-enabled fraud and money laundering; I04 for money muling; and I05 for cybercrime. The previous I02 code for informatic fraud is no longer applicable. Obligated entities must ensure information sharing across departments and provide detailed, structured reporting calibrated to specific case circumstances rather than generic standardised templates.

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Italy's Financial Information Unit Publishes Guidance on Technology-Enabled Fraud, Money Muling, and Cybercrime

On June 8, 2026, Italy's Financial Information Unit (FIU) published a communication addressing significant growth in technology-enabled fraud, money muling, and cybercrime. The guidance highlights the following: The FIU identified that fraudulent schemes exploit digital channels, instant payment systems, virtual IBANs, and crypto-assets to facilitate transnational criminal activity. Victims often include vulnerable individuals unfamiliar with digital technologies, though perpetrators increasingly target financially sophisticated persons. The FIU observed complex fraud typologies including romance scams, job scams, investment scams, ransomware campaigns, and synthetic identity fraud. Criminals increasingly employ generative artificial intelligence, deepfakes, and non-custodial cryptocurrency wallets to obscure illicit fund flows. The FIU emphasised that obligated entities must enhance detection quality and reporting timeliness, particularly before transaction execution to protect victims and support investigations. The FIU emphasised that in cases involving activities that concern multiple entities subject to active cooperation obligations, it is important to ensure full information sharing, in accordance with the provisions of Article 39 of Legislative Decree 231/2007 . The guidance makes the following amendments to reporting procedures, replacing the framework outlining anomalous behaviors related to cyber fraud, issued in the FIU's communication of February 5, 2010 and  retiring the code for phenomenon I02—Cyber Fraud: The FIU provides three new “phenomenon” codes, which recipients should use when completing the report by selecting the one or ones most consistent with the characteristics of the observed transaction: I01 – Technology-facilitated fraud and scams : must be used in cases of suspected fraudulent conduct and related money laundering. I04 – Money mules : must be used in cases of suspicion regarding the recruitment of individuals, whether fully aware or not, to transfer illegally obtained funds, both in the absence of elements constituting a transaction attributable to phenomenon I01 and in conjunction with that phenomenon where the conditions for its application are met. I05 – Cybercrime : must be used in relation to suspicions of cybercrimes not falling under the scenarios described in phenomenon I01 and characterized by the alteration or abuse of computer systems and digital tools and, more generally, by sophisticated compromise techniques aimed at obtaining illicit economic gains. I01 – Technology-facilitated fraud and scams : must be used in cases of suspected fraudulent conduct and related money laundering. I04 – Money mules : must be used in cases of suspicion regarding the recruitment of individuals, whether fully aware or not, to transfer illegally obtained funds, both in the absence of elements constituting a transaction attributable to phenomenon I01 and in conjunction with that phenomenon where the conditions for its application are met. I05 – Cybercrime : must be used in relation to suspicions of cybercrimes not falling under the scenarios described in phenomenon I01 and characterized by the alteration or abuse of computer systems and digital tools and, more generally, by sophisticated compromise techniques aimed at obtaining illicit economic gains.
3222403 pc Jun 09, 2026 csoo Ireland Central Bank of Ireland horizon scanning
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Ireland's Central Bank Publishes Consultation on Money Market Fund Weekly Liquid Asset Guidance

On June 8, 2026, the Central Bank of Ireland launched a consultation on proposed guidance for money market fund (MMF) managers regarding weekly liquid asset (WLA) levels and enhanced supervisory engagement. The consultation follows the European Commission's May 11, 2026 report on the adequacy of the Money Market Funds Regulation (MMFR), which identified "market resilience levels" of WLA that enable EU-authorised MMFs to withstand future market stress events. The Central Bank proposes to issue guidance setting out its expectations for MMFs to align their liquidity risk frameworks with market resilience levels identified by the European Commission. For Variable Net Asset Value (VNAV) MMFs, the market resilience level is 20 percent WLA; for Public Debt Constant Net Asset Value (CNAV) and Low Volatility Net Asset Value (LVNAV) MMFs, it is 40 percent WLA. These levels are calibrated to enable MMFs to absorb severe redemption shocks without selling assets while maintaining daily liquid asset (DLA) levels. The guidance will be supported by increased supervisory scrutiny and engagement where an MMF's WLA falls below market resilience levels for a prolonged period. The Central Bank expects MMF managers to maintain robust liquidity risk management processes, including stress testing scenarios, and to notify the Central Bank where WLA falls below market resilience levels for more than 10 business days. As of September 2025, Irish-authorised MMFs held EUR 913.5 billion in assets under management, predominantly consisting of UCITS structures. The consultation period runs from June 8, 2026 to August 3, 2026. Stakeholders must submit responses electronically to fundspolicy@centralbank.ie by August 3, 2026. The Central Bank will subsequently publish a feedback statement addressing responses received.

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Ireland's Central Bank Consults on Money Market Fund Weekly Liquid Asset Guidance

On June 8, 2026, the Central Bank of Ireland launched a consultation on proposed guidance for money market fund (MMF) managers regarding weekly liquid asset (WLA) levels and enhanced supervisory engagement. The consultation follows the European Commission's May 11, 2026 report on the adequacy of the Money Market Funds Regulation (MMFR), which identified "market resilience levels" of WLA that enable EU-authorised MMFs to withstand future market stress events. The Central Bank proposes to issue guidance setting out its expectations for MMFs to align their liquidity risk frameworks with market resilience levels identified by the European Commission. The Consultation Paper is set out as follows: Section I: Guidance on liquidity risk management. The Central Bank expects MMFs to maintain sufficient liquidity in accordance with the market resilience levels of WLA of 20% for Variable Net Asset Value (VNAV) and 40% for Public Debt Constant Net Asset Value (CNAV) and Low Volatility Net Asset Value (LVNAV) MMFs. If WLA levels approach or fall below the identified market resilience levels the Central Bank of Ireland expects MMF managers to exercise enhanced vigilance. Where a MMF falls below the market resilience levels for a period exceeding 10 business days or where the MMF manager expects a prolonged and/ir substantial deviation, the MMF manager shall notify the Central Bank of Ireland. The Central Bank expects MMFs to maintain sufficient liquidity in accordance with the market resilience levels of WLA of 20% for Variable Net Asset Value (VNAV) and 40% for Public Debt Constant Net Asset Value (CNAV) and Low Volatility Net Asset Value (LVNAV) MMFs. If WLA levels approach or fall below the identified market resilience levels the Central Bank of Ireland expects MMF managers to exercise enhanced vigilance. Where a MMF falls below the market resilience levels for a period exceeding 10 business days or where the MMF manager expects a prolonged and/ir substantial deviation, the MMF manager shall notify the Central Bank of Ireland. Section II: Guidance on increased supervisory scrutiny and engagement. Where an MMF manager notifies the Central Bank of Ireland of an MMF falling below the market resilience level or where the Central Bank of Ireland identifies MMFs with liquidity levels below the market resilience levels for prolonged periods of time ,the Central Bank of Ireland will initiate increased supervisory scrutiny and engagement. At the onset of stressed market conditions affecting MMFs, the Central Bank of Ireland shall undertake enhanced supervisory engagement with MMF managers. In such conditions, the Central Bank of Ireland may also request more frequent data that could include key risk indicators, daily reporting and key data points such as:  NAV, net subscriptions, daily liquidity buffer, difference in bps between constant NAV and shadow NAV (when applicable). Where an MMF manager notifies the Central Bank of Ireland of an MMF falling below the market resilience level or where the Central Bank of Ireland identifies MMFs with liquidity levels below the market resilience levels for prolonged periods of time ,the Central Bank of Ireland will initiate increased supervisory scrutiny and engagement. At the onset of stressed market conditions affecting MMFs, the Central Bank of Ireland shall undertake enhanced supervisory engagement with MMF managers. In such conditions, the Central Bank of Ireland may also request more frequent data that could include key risk indicators, daily reporting and key data points such as:  NAV, net subscriptions, daily liquidity buffer, difference in bps between constant NAV and shadow NAV (when applicable). Appendix: Guidance on Money Market Fund Weekly Liquid Asset levels . The consultation closes on August 3, 2026 and responses can be sent by email to fundspolicy@centralbank.ie .
3225564 pc Jun 09, 2026 msolomon Croatia Law Gazette 2025 horizon scanning
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Croatia Enacts Law Implementing European Union Regulation on Over-the-Counter Derivatives

On June 9, 2026, the Croatian Parliament (Hrvatski sabor) enacted the Law on the Implementation of Regulation (EU) No. 648/2012 on Over-the-Counter Derivatives, Central Counterparties and Trade Repositories, published in the Official Gazette (Narodne novine) Issue 59/2026, Document Number 726. The law transposes European Union Regulation (EU) No. 648/2012 into Croatian legal framework, establishing requirements for over-the-counter (OTC) derivatives markets, central counterparty (CCP) operations, and trade repository functions. This implementation aligns Croatia's regulatory regime with EU standards governing derivative instruments traded outside regulated exchanges, the role of central counterparties in mitigating counterparty risk, and the reporting and transparency obligations for market participants using trade repositories. The enactment of this law ensures Croatia maintains compliance with EU financial services directives and strengthens the regulatory oversight of OTC derivatives markets within the country. The legislation applies to financial institutions, investment firms, and other market participants engaged in OTC derivative transactions, central counterparties operating within Croatia, and operators of trade repositories. This framework aims to enhance financial stability, reduce systemic risk, and improve market transparency across OTC derivatives trading activities. The law came into effect upon publication in the Official Gazette on June 9, 2026. **REFERENCES:** Official Gazette of the Republic of Croatia (Narodne novine), Issue 59/2026, Document 726: Law on the Implementation of Regulation (EU) No. 648/2012 on Over-the-Counter Derivatives, Central Counterparties and Trade Repositories

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Croatia Publishes Law Implementing European Union Regulation on Derivatives, Central Counterparties and Trade Repositories

On June 9, 2026, the Act on the implementation of Regulation (EU) No. 648/2012 on OTC derivatives, central counterparties and trade repositories, was published in the official gazette of the Republic of Croatia. The law transposes European Union Regulation (EU) No. 648/2012 into Croatian legal framework and establishes requirements for over-the-counter (OTC) derivatives markets, central counterparty (CCP) operations, and trade repository functions. This implementation aligns Croatia's regulatory regime with EU standards governing derivative instruments traded outside regulated exchanges, the role of central counterparties in mitigating counterparty risk, and the reporting and transparency obligations for market participants using trade repositories. The legislation applies to financial institutions and other market participants engaged in OTC derivative transactions, central counterparties operating within Croatia, and operators of trade repositories The law will come into force on June 17, 2026.
3224027 pc Jun 09, 2026 arahman Slovakia Cybersecurity Authority - News horizon scanning
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Slovakia's Cybersecurity Authority Launches Consultation on Cybersecurity Resilience Law

On an unspecified date, Slovakia's National Security Office (Národný bezpečnostný úrad — NBÚ) launched a public consultation on a draft law concerning cybersecurity resilience for products with digital elements. The proposed legislation aims to implement Regulation (EU) 2024/2847 of the European Parliament and of the Council, adopted on October 23, 2024, commonly known as the Cyber Resilience Act, into Slovak law. The Cyber Resilience Act introduces horizontal cybersecurity requirements applicable to a broad range of products with digital elements. Certain categories are exempt, including specific open-source products and sectors already subject to dedicated regulation, such as medical devices, aviation, and the automotive industry. The draft law establishes the NBÚ's role as the market surveillance authority for products with digital elements and defines the rights and obligations of economic operators. It also outlines market surveillance procedures conducted by inspectors and establishes enforcement sanctions. Slovakia has already implemented certain provisions of the regulation through Law No. 318/2025, which designated the NBÚ as the market surveillance authority and appointed the Office for Standardization, Metrology and Testing of the Slovak Republic as the notifying body for the regulation. The public consultation period runs until June 26, 2026. Stakeholders and interested parties are invited to submit comments during this timeframe to inform the final version of the legislation.

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Slovakia's Cybersecurity Authority Launches Consultation on Cybersecurity Resilience Law

On June 9, 2026, Slovakia's National Security Office launched a public consultation on a draft law concerning cybersecurity resilience for products with digital elements. The proposed legislation aims to implement Regulation (EU) 2024/2847 of the European Parliament and of the Council, adopted on October 23, 2024, commonly known as the Cyber Resilience Act, into Slovak law. The Cyber Resilience Act introduces horizontal cybersecurity requirements applicable to a broad range of products with digital elements. The draft law establishes the National Security Agency's role as the market surveillance authority for products with digital elements and defines the rights and obligations of economic operators. It also outlines market surveillance procedures conducted by inspectors and establishes enforcement sanctions. Slovakia has already implemented some of the requirements of the aforementioned regulation through Act No. 318/2025 Coll., which designated the National Security Agency as the market surveillance authority and the Office for Standardisation, Metrology and Testing of the Slovak Republic as the notifying authority for the aforementioned regulation. The public consultation period runs until June 26, 2026. Stakeholders and interested parties are invited to submit comments during this timeframe to inform the final version of the legislation.
3225943 gc Jun 09, 2026 gkaliraman France National Assembly gamblingcompliance
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France's National Assembly Introduces Bill to Regulate Sports Betting Advertising

On June 9, 2026, France's National Assembly introduced Proposition de loi n° 2899, legislation designed to regulate advertising for sports betting. The bill was deposited with the legislature during the 17th parliamentary term. The proposed law aims to establish a framework governing how sports betting operators may advertise their services and products. This legislative initiative addresses concerns around the proliferation of sports betting marketing, particularly regarding exposure to vulnerable populations and the need for consumer protection standards in the advertising sector. The bill has been referred to the Commission des lois (Legal Affairs Committee) for examination and deliberation. Amendments to the proposal can be submitted during the legislative process. The legislation is available in multiple formats, including PDF, HTML, and XML versions, alongside structured data formats for reference. The proposal represents France's continued effort to strengthen regulatory oversight of the sports betting industry, building on existing gambling regulations. As the bill progresses through parliamentary procedures, stakeholders in the sports betting sector and consumer protection advocates will have opportunities to engage with the legislative process through the amendment and committee review stages. Further developments will occur as the Commission des lois reviews the proposal and the National Assembly proceeds with debate and voting on the legislation. REFERENCES: Assemblée nationale. Proposition de loi n° 2899 visant à encadrer la publicité pour les paris sportifs. Available at: https://www.assemblee-nationale.fr/

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France's National Assembly introduces bill to regulate sports betting advertising

On June 9, 2026, France's National Assembly introduced Proposition de loi n° 2899, legislation designed to regulate advertising for sports betting. The proposed law aims to establish a framework governing how sports betting operators may advertise their services and products. This legislative initiative addresses concerns around the proliferation of sports betting marketing, particularly regarding exposure to vulnerable populations and the need for consumer protection standards in the advertising sector, with the urgency stemming particularly from the FIFA World Cup scheduled for June 2026. The bill has been referred to the Commission des lois (Legal Affairs Committee) for examination and deliberation. Amendments to the proposal can be submitted during the legislative process. The proposal represents France's continued effort to strengthen regulatory oversight of the sports betting industry, building on existing gambling regulations. The bill seeks to introduce amendments to Articles L. 320-12 and L. 324-9 of the Homeland Security Code. As the bill progresses through parliamentary procedures, stakeholders in the sports betting sector and consumer protection advocates will have opportunities to engage with the legislative process through the amendment and committee review stages. Further developments will occur as the Commission des lois reviews the proposal and the National Assembly proceeds with debate and voting on the legislation.
3224619 pc Jun 09, 2026 arahman Sweden Swedish Government Office horizon scanning
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Sweden's Government Office Establishes Coordination Council for International Sanctions Violation Enforcement

On June 9, 2026, the Swedish Government Office published a decree establishing a coordination council for measures against violations of international sanctions. The decree, registered as SFS 2026:982 in the Swedish Code of Statutes (Svensk författningssamling), creates a formal governance structure to address breaches of international sanctions regimes. The coordination council serves as a collaborative mechanism to enhance enforcement coordination among Swedish authorities responsible for monitoring and preventing sanctions violations. This institutional arrangement reflects Sweden's commitment to strengthening compliance with international sanctions frameworks and improving inter-agency cooperation in detecting, investigating, and prosecuting sanctions breaches. The council's establishment indicates a recognition of the need for streamlined communication and coordinated action across multiple government bodies involved in sanctions enforcement. The decree represents an administrative action to consolidate sanctions enforcement efforts within Sweden's regulatory architecture. By formalising a coordination structure, the government aims to improve the effectiveness of sanctions compliance monitoring and create clearer protocols for information sharing between relevant authorities. This development is particularly significant given the evolving international sanctions landscape and the importance of consistent enforcement mechanisms. The decree is now in effect as of its publication date. The full text of the regulation is available on the Swedish Code of Statutes website. REFERENCES: Swedish Government Office. Förordning om ett samverkansråd för åtgärder mot överträdelser av internationella sanktioner (SFS 2026:982). Published June 9, 2026. Available at: https://www.riksdagen.se/sv/dokument-och-lagar/dokument/svensk-forfattningssamling

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Sweden's Government Office Establishes Coordination Council for International Sanctions Violation Enforcement

On June 9, 2026, the Swedish government published the Regulation on a Consultative Council for Measures Against Violations of International Sanctions (SFS 2026:982). The regulation creates a formal governance structure to address breaches of international sanctions regimes. The coordination council serves as a collaborative mechanism to enhance enforcement coordination among Swedish authorities responsible for monitoring and preventing sanctions violations. This institutional arrangement reflects Sweden's commitment to strengthening compliance with international sanctions frameworks and improving inter-agency cooperation in detecting, investigating and prosecuting sanctions breaches. The Sanctions Cooperation Council's tasks include: Continuously identify, map and analyse the risks and methods of violating international sanctions. Create a common understanding of the respective authorities' tasks and responsibilities. Serve as a forum for consultation on individual cases. This regulation shall enter into force on July 15, 2026.
3226656 pc Jun 09, 2026 arahman Ukraine All News - NBU financial services
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Ukraine's National Bank Applies Enforcement Measure to Factoring Company for Documentation Failure

On June 9, 2026, the National Bank of Ukraine (NBU) applied an enforcement measure to Limited Liability Company "Factoring Company 'Mediana Invest'" (registration number 43990523). The NBU issued a requirement for the company to take corrective measures to eliminate violations identified during supervision and bring its operations into compliance with Ukrainian legislation requirements. The enforcement action was triggered by the company's failure to submit documents to the NBU as specified in Section 761 of Chapter 69 of the Regulation on Authorization of Financial Service Providers and Conditions for Conducting Financial Services Activities. This regulation was approved by the NBU Board Resolution dated December 29, 2023 (No. 199), as amended. The documentation requirement arose following the company's increase in statutory capital during 2025. The factoring company, classified as a non-bank financial institution, must eliminate identified violations and bring its activities into full compliance with Ukrainian legislation by July 6, 2026. The NBU's Supervisory Committee for Non-Bank Financial Services Markets adopted this decision on June 8, 2026. The enforcement measure represents part of the NBU's broader supervisory activities targeting non-bank financial institutions for regulatory compliance. REFERENCES: National Bank of Ukraine. "Do finansovoyi kompaniyi zastosovano zakhid vplyvu" [Enforcement Measure Applied to Financial Company]. Accessed June 9, 2026. https://www.nbu.ua/

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National Bank of Ukraine Orders Remedial Action to Mediana Invest for Reporting Failures

On June 9, 2026, the National Bank of Ukraine (NBU) applied an enforcement measure to Mediana Invest. The NBU issued a requirement for the company to take corrective measures to eliminate violations identified during supervision and bring its operations into compliance with Ukrainian legislation requirements. The enforcement action was triggered by the company's failure to submit documents to the NBU as specified in Section 761 of Chapter 69 of the Regulation on Authorisation of Financial Service Providers and Conditions for Conducting Financial Services Activities. Mediana Invest must eliminate identified violations and bring its activities into full compliance with Ukrainian legislation by July 6, 2026.
3221750 pc Jun 09, 2026 tojuri Netherlands Dutch Authority for the Financial Markets financial services
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Dutch Authority for the Financial Markets Imposes Fine on Bunq for Delayed Complaint Responses

On June 2, 2026, the Dutch Authority for the Financial Markets (AFM) imposed an administrative fine of €170,000 on bunq B.V. for failing to respond timely to seven customer complaints regarding online fraud. The AFM found that bunq exceeded the maximum response deadline in cases occurring between November 10, 2023 and December 12, 2023, and between April 23, 2024 and August 1, 2024. Payment service providers are required by law to provide substantive responses to all complaint points within 15 working days of receipt. Bunq failed to meet this obligation across the seven cases examined. The affected customers, many of whom lost tens of thousands of euros to online fraud, experienced prolonged uncertainty while awaiting bunq's responses. The AFM determined that bunq's conduct fell short of the service standards customers were entitled to expect, particularly given the sensitive nature of fraud-related complaints. The AFM noted that adequate and timely complaint handling is essential for maintaining confidence in the financial sector. AFM board member Jos Heuvelman said that customers must be able to rely on their concerns being taken seriously, especially when they have become victims of fraud. Bunq voluntarily compensated the affected customers in full or in part, despite the law not requiring such compensation in these cases. The AFM considered this remedial action when determining the penalty. The base fine for the violation was €500,000; however, the AFM reduced it to €200,000 and applied an additional 15 percent reduction due to bunq's acceptance of simplified settlement procedures, resulting in the final fine of €170,000. The case is now closed.

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Dutch Authority for the Financial Markets Imposes €170,000 Fine on Bunq B.V. for Delayed Complaint Responses

On June 2, 2026, the Dutch Authority for the Financial Markets (AFM) imposed an administrative fine of €170,000 on Bunq B.V. for failing to respond in a timely manner to seven customer complaints regarding online fraud. The AFM found that Bunq exceeded the maximum response deadline in cases that occurred between November 2023 and December 2023 and between April 2024 and August 2024. Payment service providers are required by law to provide substantive responses to all complaint points within 15 working days of receipt. Bunq failed to meet this obligation across the seven cases examined. The AFM determined that Bunq's conduct fell short of the service standards customers were entitled to expect, particularly given the sensitive nature of fraud-related complaints. Bunq voluntarily compensated the affected customers, despite the law not requiring such compensation in these cases. The AFM considered this remedial action when determining the penalty. The base fine for the violation was €500,000; however, the AFM reduced it to €200,000 and applied an additional 15 percent reduction due to Bunq's acceptance of simplified settlement procedures, resulting in the final fine of €170,000.
3220891 pc Jun 09, 2026 tojuri France Autorité des Marchés Financiers horizon scanning
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France's Financial Markets Authority Launches Consultation on Money Market Fund Liquidity Recommendation

On June 8, 2026, the Autorité des Marchés Financiers (AMF) launched a public consultation on a draft recommendation concerning the liquidity of money market funds (MMFs). The consultation follows work conducted at European and international levels following market tensions observed in March 2020 affecting MMFs, and recent publications by the European Commission on the application of the Money Market Fund Regulation (MMFR). The AMF's draft recommendation pursues two objectives: implementing recommendations from European bodies including the European Securities and Markets Authority (ESMA) and the European Systemic Risk Board (ESRB), and international bodies including the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) to strengthen MMF resilience, particularly regarding liquidity risk management; and fostering convergence among major European jurisdictions hosting MMFs, including the United Kingdom, amid evolving international regulatory frameworks. The draft recommendation establishes market resilience levels based on European Commission guidance published on May 11, 2026. These levels set minimum weekly liquid asset thresholds at 20 percent for variable net asset value MMFs (against a regulatory minimum of 15 percent) and 40 percent for constant net asset value public debt and low-volatility MMFs (against a regulatory minimum of 30 percent). When an MMF's weekly liquid assets fall below these thresholds for 10 business days or longer, or when a prolonged or significant shortfall is anticipated, management companies must notify the AMF with relevant explanations and justification, including stress test results where applicable. The AMF will implement enhanced monitoring and proportionate engagement with affected managers based on risk assessment. The consultation period closes on August 3, 2026. Responses should be submitted to directiondelacommunication@amf-france.org.

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France's Financial Markets Authority Launches Consultation on Money Market Fund Liquidity Recommendation

On June 8, 2026, the French Financial Markets Authority (AMF) launched a public consultation on a draft recommendation concerning the liquidity of money market funds (MMFs). The AMF's draft recommendation pursues two objectives: To implement recommendations from European bodies, including the European Securities and Markets Authority and the European Systemic Risk Board, and international bodies, including the Financial Stability Board and the International Organisation of Securities Commissions, to strengthen MMF resilience, particularly regarding liquidity risk management. To promote convergence among the main European jurisdictions that host MMFs, including the United Kingdom, amid evolving international regulatory frameworks. The draft recommendation establishes market resilience levels based on the European Commission report published on May 11, 2026. The draft recommendations recall that the market resilience levels identified by the European Commission are set at: 20 percent of weekly liquid assets for variable net asset value MMFs, compared to a regulatory minimum of 15 percent provided for by the Money Market Fund Regulation (MMFR). 40 percent of weekly liquid assets for MMFs with a constant net asset value of government debt and low volatility net asset value, against a regulatory minimum of 30 percent provided for by the MMFR. The draft recommendations also aim to clarify the applicable expectations when the weekly liquid asset levels of a money market fund fall persistently below the market resilience levels, which is that the AMF expects asset management companies to implement enhanced vigilance in monitoring the liquidity risk of the money market funds concerned, notably through rapid escalation and strengthened internal decision-making processes. Interested parties are encouraged to provide responses by August 3, 2026 to directiondelacommunication@amf-france.org .
3221034 pc Jun 09, 2026 adavies European Union European Banking Authority financial services
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European Banking Authority Launches Discussion Paper on Pillar 3 Data Hub for Small Banks

On June 8, 2026, the European Banking Authority (EBA) published a Discussion Paper proposing a simplified process for small and non-complex institutions (SNCIs) implementing the Pillar 3 Data Hub (P3DH). The proposal aims to reduce operational burden by allowing the EBA to collect supervisory reporting data and calculate and publish Pillar 3 disclosures on behalf of SNCIs, rather than requiring institutions to manage their own disclosure processes. The P3DH is a centralised platform on the EBA website providing access to Pillar 3 information under the Capital Requirements Regulation (CRR) disclosure framework. The platform went live for large and other institutions on January 26, 2026. The Discussion Paper outlines the proposed methodology for calculating Pillar 3 disclosures for SNCIs and details the expected timeline for first publication of information to these institutions. By providing a single access point to standardised Pillar 3 information, the P3DH is expected to improve transparency, comparability, and accessibility of data for institutions and supervisors. Under Article 434(4) of the CRR, the EBA is mandated to prepare and publish Pillar 3 disclosures for SNCIs based on supervisory reporting data submitted to competent authorities. The EBA also published an updated P3DH frequently asked questions document and related information technology solutions for large and other institutions, clarifying procedures for nominating contact persons to receive notifications upon publication of Pillar 3 information. The consultation period closes on July 20, 2026. The EBA will hold a public hearing on July 1, 2026, from 15:00 to 16:30 Central European Summer Time. Registration closes on June 26, 2026, at 16:00 Central European Summer Time. Responses can be submitted via the dedicated EU Survey portal. The feedback received will inform finalisation and implementation of the SNCIs process and calculation methodology.

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European Banking Authority Launches Discussion Paper on Pillar 3 Data Hub for Small and Non-Complex Financial Institutions

On June 8, 2026, the European Banking Authority (EBA) published a Discussion Paper proposing a simplified process for small and non-complex institutions (SNCIs) implementing the Pillar 3 Data Hub (P3DH). The P3DH is a centralised platform on the EBA’s website that facilitates the access to Pillar 3 information by all users. The proposal aims to reduce operational burden by allowing the EBA to collect supervisory reporting data and calculate and publish Pillar 3 disclosures on behalf of SNCIs, rather than requiring institutions to manage their own disclosure processes. The platform went live for large and other institutions on January 26, 2026. The Discussion Paper outlines the proposed methodology for calculating Pillar 3 disclosures for SNCIs and details the expected timeline for first publication of information to these institutions. By providing a single access point to standardised Pillar 3 information, the P3DH is expected to improve transparency, comparability, and accessibility of data for institutions and supervisors. The EBA is seeking feedback on its discussion paper by July 20, 2026, which may be submitted via this link .
3221439 pc Jun 08, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Settles Enforcement Action Against Amscot Corporation and Ian Mackenchie

On June 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order approving a Stipulation and Consent Agreement with Amscot Corporation, doing business as Amscot Financial, and Ian Mackenchie, resolving compliance violations identified during an examination of the money services business. Amscot Corporation holds a Part II Money Services Business license (FT20700107) in Florida and is subject to regulation under Chapter 560, Florida Statutes. The OFR's examination (No. 128141) identified four categories of violations: failure to timely report a change in bank account within 30 days, in violation of Rule 69V-560.201(2), Florida Administrative Code, and Section 560.126(2), Florida Statutes; submission of inaccurate information to the Check Cashing Database in 56 of 211 transactions, in violation of Rule 69V-560.704(5), Florida Administrative Code, and Section 560.310(2)(d), Florida Statutes; failure to maintain copies of acceptable personal identification in 4 of 217 cases, in violation of Rule 69V-560.704(4)(c), Florida Administrative Code, and Section 560.310(2)(b), Florida Statutes; and failure to endorse payment instruments in 6 of 211 cases, in violation of Rule 69V-560.704(2)(a), Florida Administrative Code, and Section 560.309(2), Florida Statutes. Under the settlement agreement, Amscot Corporation and Mackenchie agreed to pay an administrative fine of $11,625 and to cease and desist from future violations of Chapter 560, Florida Statutes, and its implementing rules. The respondents waived their rights to an administrative hearing, separately stated findings of fact and conclusions of law, and any right to appeal the Final Order. The settlement resolves the matter without further litigation.

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Florida Office of Financial Regulation Fines AmScot Corporation $11,625 for Customer Identification and Regulatory Reporting Violations

On June 8, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with AmScot Corporation (AmScot), a licensed money services business. A state examination found that AmScot violated Chapter 560, Florida Statutes , by failing to report a bank account change on time and committed multiple errors in its transaction records, identification practices, and payment instrument handling. The OFR identified the following violations: Failure to timely report bank account change: The company did not report a change in its bank account within 30 days of the change. Inaccurate Check Cashing Database (CCDB) submissions: In 56 out of 211 transactions, the company submitted inaccurate information to the CCDB. Missing customer identification: In 4 out of 217 cases, the company failed to maintain a copy of acceptable personal identification presented by the customer. Failure to endorse payment instruments: In 6 out of 211 cases, the company failed to properly endorse payment instruments. The OFR imposed an administrative fine of $11,625 against AmScot. AmScot also agreed to future compliance.
3220919 pc Jun 08, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Publishes Updated Proposals for United Kingdom Money Market Fund Regulation Reforms

On June 8, 2026, the Financial Conduct Authority (FCA) published updated proposals for reforming the United Kingdom Money Market Funds Regulation (MMFR), following the Government's announcement on May 15, 2026, that it will lay legislation to replace the current rules. The FCA's updated proposals reflect further analysis conducted jointly with the Bank of England, including data from the Bank's system-wide exploratory scenario exercise. The exercise explored how the UK financial system would respond to market shocks and indicated that outflows from Money Market Funds (MMFs) may be somewhat lower than in previous stress episodes, reflecting changes in market structure and improved liquidity management capabilities. The FCA originally consulted on proposals in CP23/28 to strengthen MMF resilience, including significant increases to minimum liquid asset requirements and delinking stable net asset value (NAV) MMFs from liquidity fee and redemption gate requirements. While respondents broadly supported most proposals, a significant majority raised concerns about the proposed liquidity level increases. The FCA's updated approach retains current minimum weekly liquid assets (WLA) requirements in rules but sets out supervisory expectations in guidance that stable NAV MMFs hold 40 percent WLA and variable NAV MMFs hold 20 percent WLA to meet resilience requirements. The FCA will retain current daily liquid assets (DLA) requirements and does not plan new DLA guidance. The FCA intends to introduce delinking and enhanced Know Your Customer requirements on investor concentration and correlated withdrawal risk. The Government expects to introduce legislation repealing the MMFR by the end of 2026. The FCA plans to issue new MMF rules to this timescale and publish interim final guidance on WLA levels before then. A full policy statement will provide detailed analysis of the updated proposals and underlying modelling.

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UK's Financial Conduct Authority Publishes Updated Proposals for Money Market Fund Regulation Reforms

On June 8, 2026, the Financial Conduct Authority (FCA) published updated proposals for reforming the United Kingdom Money Market Funds Regulation (MMFR), following the Government's announcement on May 15, 2026, that it will lay legislation to replace the current rules. In December 2023, the FCA consulted on proposals to strengthen the resilience of UK‑domiciled MMFs in CP23/28, ' Updating the regime for Money Market Funds ’, key proposals included: A significant increase in the minimum liquid asset requirement for all MMFs, raising daily liquid assets (DLA) and weekly liquid assets (WLA) levels to 15% and 50% of their assets respectively. The removal of the regulatory link between liquidity levels in MMFs that have the ability to offer subscriptions and redemptions at a constant net asset value (NAV) (so-called ‘stable NAV MMFs’) and the need for the manager to consider or impose tools such as liquidity fees or redemption gates, known as ‘delinking’. The FCA has now updated its plans based on consultation feedback, to: Introduce, through a new rule, a requirement that all MMFs hold sufficient liquidity for adequate resilience. Intention to retain in rules the current minimum WLA requirements as set out in UK MMFR. Intention to set out in guidance strong supervisory expectation that stable NAV MMFs will need to hold 40% WLA and variable NAV MMFs will need to hold 20% WLA in order to meet the new resilience requirement. Plans to retain the current minimum DLA requirements and do not plan new guidance on DLA levels. Intention to introduce in large part the other measures set out in the CP, including delinking and enhanced Know Your Customer requirements on investor concentration and the risk of correlated withdrawal. These updated proposals remain subject to final consideration and sign-off within the FCA.The Government has set out its expectation that legislation for the repeal of the MMFR will be introduced by the end of 2026.  The FCA plans to make the new MMF rules to this timescale.
3227409 pc Jun 08, 2026 ggallwey Brazil Central Bank of Brazil financial services
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Brazil's Central Bank Publishes Version 6.00 of National Financial System Security Manual

On June 8, 2026, the Central Bank of Brazil published version 6.00 of the Manual de Segurança do Sistema Financeiro Nacional (National Financial System Security Manual). The updated manual is available on the Central Bank's website at https://www.bcb.gov.br/estabilidadefinanceira/comunicacaodados. The most significant change in version 6.00 is the introduction of a second volume dedicated to Pix security. This new volume consolidates security content previously published separately in the Manual de Segurança do Pix (Pix Security Manual). The manual now comprises two volumes addressing security requirements across Brazil's financial system and its instant payment infrastructure. Most provisions of the updated manual take effect immediately upon publication. However, specific requirements have staggered implementation timelines. Alterations to section 2.1 of volume II will be required in the testing environment from June 23, 2026, and in the production environment from July 23, 2026. Participants that do not comply with new requirements established in section 5.1 of volume II have until July 8, 2026 to implement changes in the testing environment and until September 6, 2026 to implement changes in the production environment. Financial institutions and other system participants requiring clarification on volume I should contact the Central Bank's Information Technology Service Centre at telephone (61) 3414 2156 or email suporte.ti@bcb.gov.br. For questions regarding volume II, participants should contact the Pix Information Technology Service Centre at telephone (61) 3414 5100 or email suporte.pix@bcb.gov.br.

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Brazil's Central Bank Publishes Version 6.00 of National Financial System Security Manual

On June 8, 2026, the Central Bank of Brazil published version 6.00 of the National Financial System Security Manual. The most significant change in version 6.00 is the introduction of a second volume dedicated to Pix security. This new volume consolidates security content previously published separately in the Pix Security Manual. The manual now comprises two volumes addressing security requirements across Brazil's financial system and its instant payment infrastructure. The communication consolidates Pix security requirements into a dedicated volume, and establishes implementation timelines for updated security controls applicable to financial institutions and Pix participants. Most provisions of the updated manual take effect immediately upon publication. However, specific requirements have staggered implementation timelines. Alterations to section 2.1 of volume II will be required in the testing environment from June 23, 2026, and in the production environment from July 23, 2026. Participants that do not comply with new requirements established in section 5.1 of volume II have until July 8, 2026 to implement changes in the testing environment and until September 6, 2026 to implement changes in the production environment. The updated manual is available on the Central Bank's website .
3218358 pc Jun 08, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Amends Export of Goods and Services Foreign Exchange Regulations

On June 5, 2026, the Reserve Bank of India (RBI) published the Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026, amending the principal regulations originally issued on January 12, 2016. The amendment modifies Regulation 9 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, reducing the repatriation period for export proceeds from fifteen months to nine months. This change applies to both sub-regulation (1) and sub-regulation (2), clause (a) of the principal regulations. The shortened timeframe requires exporters of goods and services to repatriate foreign exchange earnings within nine months rather than the previously mandated fifteen-month period. This amendment aligns with the RBI's regulatory framework governing foreign exchange management and export compliance, bringing India's export repatriation requirements into closer alignment with international standards and streamlining foreign exchange procedures for exporters. The regulations come into force from their publication in the Official Gazette. The amendment is issued under the powers conferred by Section 7, Section 8, and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999. This represents the eighth amendment to the principal regulations since their initial publication, following previous amendments issued in June 2017, December 2019, March 2020, January 2021, September 2021, June 2025, and November 2025. **Reference:** Reserve Bank of India, Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026, Notification No. FEMA 23(R)/(8)/2026-RB, June 5, 2026. Available at: https://www.rbi.org.in/

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Reserve Bank of India Amends Export of Goods and Services Foreign Exchange Regulations

The Reserve Bank of India (RBI) has issued the Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026, amending the principal Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. The amendments shorten the permitted period within which export value of goods/software/ services to be realised from 15 to 9 months. The amendment takes immediate effect.
3218273 pc Jun 08, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Invites Comments on Draft Interest Rate on Deposits Amendment Directions

On June 5, 2026, the Reserve Bank of India (RBI) released six draft Amendment Directions to provide greater flexibility to banks for pricing their Rupee bulk deposits while ensuring uniformity in disclosure of interest rates on deposits. The draft directions apply to commercial banks, small finance banks, regional rural banks, payment banks, local area banks, and urban co-operative banks. The RBI's initiative aims to modernise deposit pricing frameworks across the banking sector by allowing institutions greater discretion in setting interest rates on bulk deposits while maintaining consistent disclosure standards. This approach balances competitive flexibility with transparency requirements, enabling banks to respond more dynamically to market conditions while protecting depositor interests through standardised information provision. The amendment directions represent a significant regulatory update affecting multiple categories of deposit-taking institutions across India's financial system, from traditional commercial banks to specialised banking entities such as payment banks and regional rural banks. Regulated entities and members of the public or other stakeholders may submit comments and feedback on the draft Amendment Directions by June 20, 2026. Submissions can be made through the "Connect 2 Regulate" section on the RBI website by following the corresponding hyperlink provided against each document, or by email with the subject line "Feedback on [full name of the draft Amendment Directions (including the type of Regulated Entity)]". The RBI will review all submissions received during the consultation period before finalising the amendment directions.

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Reserve Bank of India Invites Comments on Draft Interest Rate on Deposits Amendment Directions for Commercial Banks

The Reserve Bank of India (RBI) is seeking feedback on the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Amendment Directions, 2026, modifying the framework for interest rates on domestic and non-resident Rupee deposits. The amendment directions prescribe: Disclosed schedule compliance: Requiring that interest rates paid on deposits strictly adhere to a schedule of interest rates disclosed in advance on the bank's website prior to the commencement of the business day. Domestic bulk deposits pricing: Permitting banks the freedom to offer differential interest rates on domestic Rupee bulk deposits by aligning the pricing with the differential run-off rates applicable to deposits or unsecured wholesale funding from retail or non-retail customers under the Liquidity Coverage Ratio (LCR) framework. Non-resident bulk deposits pricing: Granting banks the same operational freedom to offer differential interest rates on Rupee deposits of non-residents by factoring in the specific LCR run-off rates for retail and non-retail funding. Framework alignment: Mandating that the LCR considerations for both domestic and non-resident bulk deposits must reference the standards specified in the Reserve Bank of India (Commercial Banks – Asset Liability Management) Directions, 2025. Feedback may be submitted via the RBI's Connect2Regulate platform by June 20, 2026.
3220092 gc Jun 08, 2026 apintea Malta Financial Intelligence Analysis Unit gamblingcompliance
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Malta's Financial Intelligence Analysis Unit Launches Consultation on Anti-Money Laundering Legislative Amendments

On June 8, 2026, Malta's Financial Intelligence Analysis Unit (FIAU) launched a consultation on proposed legislative amendments to transpose and implement the European Union's anti-money laundering and counter-terrorism financing package. The AML Package, comprising Directive (EU) 2024/1640, Regulation (EU) 2024/1620, and Regulation (EU) 2024/1624, will become applicable from July 10, 2027. The FIAU is proposing significant amendments to four key legislative instruments: the Prevention of Money Laundering Act, the Prevention of Money Laundering and Funding of Terrorism Regulations, the Centralised Bank Account Register Regulations, and the Use of Cash (Restriction) Regulations. These amendments will substantially reshape Malta's anti-money laundering framework and the FIAU's operational structure. The proposed changes include establishing a Board of Governors to oversee the FIAU, creating dedicated intelligence analysis, supervisory, and administrative enforcement functions, and implementing new powers for transaction opposition and account suspension. The amendments also enhance transparency and accountability in the FIAU's operations through mechanisms including a fundamental rights officer and regular feedback to obliged entities. The consultation encompasses provisions for direct access to financial and administrative data, enhanced supervisory coordination through anti-money laundering and counter-terrorism financing supervisory colleges, and strengthened administrative enforcement procedures. The FIAU is also proposing the establishment of a centralised automated account register enabling timely identification of account holders and beneficial owners. Interested parties must submit feedback and suggestions by July 31, 2026, via email to consultations@fiaumalta.org. Following the consultation period, the FIAU will finalise its proposals for submission to the government for legislative enactment, with implementation targeted for July 10, 2027, aligning with the EU AML Package's application date.

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Malta's Financial Intelligence Analysis Unit Launches Consultation on Anti-Money Laundering Legislative Amendments

On June 8, 2026, Malta's Financial Intelligence Analysis Unit (FIAU) launched a consultation on proposed legislative amendments to transpose and implement the European Union's anti-money laundering and counter-terrorism financing package. The AML Package, comprising Directive (EU) 2024/1640, Regulation (EU) 2024/1620, and Regulation (EU) 2024/1624, will become applicable from July 10, 2027. The FIAU is proposing significant amendments to four key legislative instruments: the Prevention of Money Laundering Act, the Prevention of Money Laundering and Funding of Terrorism Regulations, the Centralised Bank Account Register Regulations, and the Use of Cash (Restriction) Regulations. These amendments will substantially reshape Malta's anti-money laundering framework and the FIAU's operational structure. The proposed changes include establishing a Board of Governors to oversee the FIAU, creating dedicated intelligence analysis, supervisory, and administrative enforcement functions, and implementing new powers for transaction opposition and account suspension. The amendments also enhance transparency and accountability in the FIAU's operations through mechanisms including a fundamental rights officer and regular feedback to obliged entities. The consultation encompasses provisions for direct access to financial and administrative data, enhanced supervisory coordination through anti-money laundering and counter-terrorism financing supervisory colleges, and strengthened administrative enforcement procedures. The FIAU is also proposing the establishment of a centralised automated account register enabling timely identification of account holders and beneficial owners. Interested parties must submit feedback and suggestions by July 31, 2026, via email to consultations@fiaumalta.org. Following the consultation period, the FIAU will finalise its proposals for submission to the government for legislative enactment, with implementation targeted for July 10, 2027, aligning with the EU AML Package's application date.
3220144 gc Jun 08, 2026 apintea Malta Financial Intelligence Analysis Unit gamblingcompliance
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Malta's Financial Intelligence Analysis Unit Launches Consultation on Anti-Money Laundering Package Amendments

On June 8, 2026, the Financial Intelligence Analysis Unit (FIAU) launched a consultation exercise on proposed amendments to various legislative instruments as part of Malta's efforts to transpose and implement the European Union's anti-money laundering package. The consultation covers amendments to the Prevention of Money Laundering Act, the Prevention of Money Laundering and Funding of Terrorism Regulations, the Centralised Bank Account Register Regulations, and the Use of Cash (Restriction) Regulations. These amendments form part of Malta's broader compliance framework to align with EU anti-money laundering and counter-terrorism financing (AML/CTF) requirements. The proposed changes aim to strengthen Malta's AML/CTF regime by updating existing legislative instruments to reflect evolving regulatory standards and international best practices. The consultation is open to all subject persons, including financial institutions, designated non-financial businesses and professions, and other relevant stakeholders operating within Malta's financial system. Subject persons are invited to submit their feedback on the proposed amendments by July 31, 2026, via email to [email protected]. The FIAU will review all submissions received during the consultation period and use this feedback to refine the proposed amendments before finalising the legislative changes. The consultation document containing full details of the proposed amendments is available for download on the FIAU's website. This consultation represents a significant step in Malta's ongoing implementation of the EU's AML Package, ensuring the country maintains robust safeguards against money laundering and terrorism financing. REFERENCES: Financial Intelligence Analysis Unit. "AML Package- Related Consultation Exercise." Accessed June 8, 2026. https://www.fiau.org.mt/

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Malta's Financial Intelligence Analysis Unit consults on AML package

On June 8, 2026, the Financial Intelligence Analysis Unit (FIAU) launched a consultation exercise on proposed amendments to various legislative instruments as part of Malta's efforts to transpose and implement the European Union's anti-money laundering package. The consultation covers, among others, amendments to the Prevention of Money Laundering Act and the Prevention of Money Laundering and Funding of Terrorism Regulations . These amendments form part of Malta's broader compliance framework to align with EU anti-money laundering and counter-terrorism financing (AML/CTF) requirements. Subject persons are invited to submit their feedback on the proposed amendments by July 31, 2026, via email to consultations@fiaumalta.org .
3218275 pc Jun 08, 2026 pthandapani India Reserve Bank of India financial services
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India's Reserve Bank Imposes Monetary Penalty on Canara Bank for Know Your Customer Non-Compliance

On June 5, 2026, the Reserve Bank of India (RBI) imposed a monetary penalty of ₹41.80 lakh on Canara Bank for non-compliance with RBI directions on Know Your Customer (KYC) and Unclaimed Deposits/Inoperative Accounts in banks. The RBI exercised its enforcement powers under Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949. The penalty followed a Statutory Inspection for Supervisory Evaluation (ISE 2025) conducted by the RBI with reference to the bank's financial position as of March 31, 2025. Following supervisory findings of non-compliance, the RBI issued a notice to Canara Bank requesting it to show cause why a penalty should not be imposed. After considering the bank's reply, additional submissions, and oral submissions during a personal hearing, the RBI sustained two primary charges: the bank failed to upload KYC records of certain customers onto the Central KYC Records Registry (CKYCR) within the prescribed timeline, and the bank incorrectly classified certain accounts as inoperative despite the last customer-induced transaction occurring less than one year prior. The RBI emphasised that this action addresses deficiencies in regulatory compliance and does not pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The penalty is imposed without prejudice to any other enforcement action the RBI may initiate against Canara Bank. This enforcement action underscores the RBI's continued focus on ensuring banks maintain robust KYC procedures and accurate account classification practices in compliance with regulatory requirements.

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Reserve Bank of India Fines Canara Bank INR4.18m for KYC and Operational Failures

The Reserve Bank of India (RBI) has imposed a fine of INR4.18m (US$43,750) on Canara Bank (Canara) for KYC and operational failures in breach of the RBI's directions on Know-Your-Customer (KYC) and Unclaimed Deposits . The RBI found, based on an inspection of Canara's financial position as of March 31, 2025, that it had: Failed to upload KYC records of certain customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline. Classified certain accounts as inoperative, despite the last customer induced transaction being less than one year old in such accounts. This amounted to a breach of the directions.
3220672 pc Jun 08, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Announces International Organization of Securities Commissions Final Report on Collective Investment Scheme Valuation

On June 8, 2026, Japan's Financial Services Agency announced the publication of a final report by the International Organization of Securities Commissions (IOSCO) titled "Recommendations on Valuing Collective Investment Schemes (CIS)." IOSCO released this report on June 1, 2026. The final report updates and consolidates two previous IOSCO publications: the "Principles for the Valuation of Hedge Fund Portfolios" (2007) and the "Principles for the Valuation of Collective Investment Schemes" (2013). The update reflects recent developments in valuation best practices for CIS and the increased investment in low-liquidity and illiquid assets, including private assets. The report addresses evolving market conditions and provides contemporary guidance for securities regulators and market participants involved in collective investment scheme valuations. IOSCO developed the final report following a public consultation period. The organization published a consultation document in November 2025 and incorporated feedback received during that period into the final recommendations. The report establishes updated principles and recommendations for valuing various types of collective investment schemes in contemporary markets, reflecting industry evolution and regulatory experience since the previous guidance was issued over a decade ago. The final report and accompanying press release are available on the IOSCO website. Japan's Financial Services Agency's International Affairs Division oversees coordination with IOSCO and related international standard-setting bodies on securities regulation matters.

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Japan's FSA Announces IOSCO Final Report Publication on Collective Investment Scheme Valuation

On June 8, 2026, Japan's Financial Services Agency announced the publication of a final report by the International Organization of Securities Commissions (IOSCO) titled Recommendations on Valuing Collective Investment Schemes (CIS). The final report updates and consolidates two previous IOSCO publications: the Principles for the Valuation of Hedge Fund Portfolios (2007) and the Principles for the Valuation of Collective Investment Schemes (2013) . The update reflects recent developments in valuation best practices for CIS and the increased investment in low-liquidity and illiquid assets, including private assets. The report addresses evolving market conditions and provides contemporary guidance for securities regulators and market participants involved in collective investment scheme valuations. The report establishes updated principles and recommendations for valuing various types of collective investment schemes in contemporary markets, reflecting industry evolution and regulatory experience since the previous guidance was issued over a decade ago.
3220670 pc Jun 08, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Proposes Amendments to Supervisory Guidelines for Regional Financial Institutions

On June 8, 2026, Japan's Financial Services Agency (FSA) published proposed amendments to multiple supervisory guidelines and capital adequacy regulations for consultation. The amendments address supervisory frameworks for small and regional financial institutions, major banks, cooperative financial institutions, and fishery cooperative credit operations. The FSA is proposing revisions to five key supervisory guidelines and capital adequacy regulations. The amendments are grounded in the Regional Financial Strength Enhancement Plan, published in December 2025, and aim to strengthen customer service delivery in regional areas while enhancing early warning systems for financial institutions. The FSA is also implementing Basel Agreement provisions that permit a 100 percent risk weight to be applied to certain equity investments meeting specific criteria, requiring corresponding updates to capital adequacy regulations under the Banking Act. The proposed amendments cover supervisory guidance on maintaining and securing customer services in regional markets, revisions to early warning frameworks, and technical adjustments to capital adequacy calculations for banks and bank holding companies. Similar amendments will be applied to regulations governing other financial institution types. The public comment period closes on July 8, 2026, at 3:00pm Japan Standard Time. Stakeholders may submit written comments by mail to the FSA's Banking Supervision Division II or electronically via the e-Gov website. Comments should include the respondent's name, occupation or business type, contact information, and supporting rationale. The FSA will not provide individual responses to comments but may disclose submissions if requested, subject to redactions for personal information and proprietary business interests. REFERENCES: Financial Services Agency. "Publication of Proposed Amendments to Comprehensive Supervisory Guidelines for Small and Regional Financial Institutions." June 8, 2026. https://www.fsa.go.jp/

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Japan's FSA Launches Consultation on Supervisory Guidelines for Regional Financial Institutions

On June 8, 2026, the Financial Services Agency of Japan (FSA) published proposed partial revisions to five sets of comprehensive supervisory guidelines and associated capital adequacy ratio notifications for public consultation. The revisions implement measures set out in the FSA's "Regional Financial Strength Enhancement Plan" published in December 2025 and introduce amendments to capital adequacy regulations to align with Basel Accord provisions on investment risk weights. Proposed amendments have been made to: Comprehensive Supervisory Guidelines for Small and Medium-Sized and Regional Financial Institutions Comprehensive Supervisory Guidelines for Major Banks, etc. Comprehensive Supervisory Guidelines for System Financial Institutions Comprehensive Supervisory Guidelines for Credit Businesses in Fisheries Cooperative Systems Notification Concerning Capital Adequacy Ratio Regulations (Pillar 1 and Pillar 3) - applicable to banks, bank holding companies and other business types ( Attachments 5–9 ) The key proposed changes are as follows: The supervisory guidelines are revised to strengthen expectations around the promotion of initiatives by regional and other financial institutions to maintain and secure customer services in their regions, reflecting the FSA's policy focus on regional financial resilience. The guidelines are also revised in relation to the early warning system, updating the supervisory framework used to identify and engage with financial institutions showing early signs of financial deterioration. The capital adequacy ratio notifications are amended to introduce a framework permitting a 100% risk weight to be applied to investments meeting certain requirements, in accordance with the provisions of the Basel Accords, with amendments applied consistently across notifications covering banks, bank holding companies and other regulated business types. Stakeholders are invited to submit comments by 15:00 on Wednesday, July 8, 2026, either by post or via the e-Gov online portal. Submissions must include the respondent's name, occupation or industry, and contact details.
3219912 pc Jun 08, 2026 tojuri Hungary Hungarian National Bank horizon scanning
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Hungary's National Bank Updates Complaint Handling Rules for Financial Services Providers

On June 8, 2026, the Hungarian National Bank (MNB) updated its regulation governing how financial services providers handle customer complaints. The revised regulation expands the scope of institutions subject to complaint handling rules and introduces new digital communication options for consumers. The updated regulation now applies to a broader range of market participants, including payment service providers, electronic money institutions, voucher issuers, credit intermediaries, and postal clearing centres offering financial or supplementary financial services. Previously, the rules applied only to traditional financial institutions. The MNB also established expectations for crypto-asset service providers, requiring them to inform consumers of dispute resolution options in responses that reject complaints and to provide evidence of delivery to customers. A significant change allows customers who submit complaints verbally to request that institutions respond via electronic channels rather than postal mail, enabling faster and more cost-effective resolution. Financial institutions must now list all available complaint submission channels in their complaint handling procedures, including mobile applications, customer portals, and other digital tools, in addition to mandatory communication channels. Institutions may remove fax contact details from their procedures if they are not legally required to accept complaints via fax and no longer use fax equipment. The regulation clarifies responsibility for complaints against dependent intermediaries and pension fund member organisations, with their principal institutions bearing responsibility except for insurance intermediaries acting as multiple agents. The MNB also introduced a requirement that all financial institutions operating websites must fulfil consumer disclosure obligations on those websites, extending this obligation beyond institutions legally required to maintain websites. The regulation is effective immediately upon publication.

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Hungarian National Bank Updates Complaint Handling Rules for Financial Services Providers

On June 8, 2026, the Hungarian National Bank (MNB) updated its regulation governing how financial services providers handle customer complaints. The revised regulation expands the scope of institutions subject to complaint handling rules and introduces new digital communication options for consumers. The updated regulation now applies to a broader range of market participants, including payment service providers, electronic money institutions, voucher issuers, credit intermediaries and postal clearing centres offering financial or supplementary financial services. Previously, the rules applied only to traditional financial institutions. The MNB also established expectations for crypto-asset service providers, requiring them to inform consumers of dispute resolution options in responses to rejected complaints and to provide evidence of delivery to customers. A significant change allows customers who submit complaints verbally to request that institutions respond via electronic channels rather than by postal mail, enabling faster, more cost-effective resolution. Financial institutions must now list all available complaint submission channels in their complaint handling procedures, including mobile applications, customer portals and other digital tools, in addition to mandatory communication channels. The MNB has also introduced a requirement that all financial institutions operating websites must fulfil consumer disclosure obligations on those websites, extending this obligation beyond institutions legally required to maintain websites. The regulation enters into effect on July 25, 2026, 45 days after its publication in the official gazette.
3223160 pc Jun 08, 2026 arahman Russia Bank of Russia financial services
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Bank of Russia Expands Payment System Capabilities for Financial Market Settlements

On June 8, 2026, the Bank of Russia implemented a new mechanism within its payment system to enable banks and the Federal Treasury to complete financial market transaction settlements without interruption. The new functionality applies to deposits and repurchase agreements (repo) concluded on the Moscow Exchange and Saint Petersburg Currency Exchange, which are cleared by the National Settlement Depository (NSD). Previously, repo transaction settlements following clearing were conducted by the NSD, requiring market participants to transfer portions of funds from their correspondent accounts held at the Bank of Russia. Under the new arrangement, settlement completion for clearing outcomes now occurs directly within the Bank of Russia's payment system. The expanded payment system capabilities allow banks and the Federal Treasury to manage liquidity more efficiently, increase flexibility in managing monetary resources, reduce operational costs, and minimise the risk of settlement delays and incomplete transactions. By eliminating the need to transfer funds between the Bank of Russia's correspondent accounts and the NSD for repo settlements, participants gain greater control over their cash management and can optimise their liquidity positioning in real time. This development streamlines the settlement infrastructure for financial market transactions in Russia, particularly for repo operations and deposit transactions processed through major Russian exchanges. The change represents an operational improvement designed to enhance the efficiency and reliability of Russia's financial market infrastructure. REFERENCES: Bank of Russia. "Expanded Capabilities of the Bank of Russia Payment System." June 8, 2026. Available at: https://www.cbr.ru/

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Central Bank of Russia Expands Payment System Capabilities

On June 8, 2026, the Central Bank of Russia (CBR) implemented a new mechanism within its payment system to enable banks and the Federal Treasury to complete financial market transaction settlements without interruption. Clearing settlements can now be completed directly in the CBR's payment system. Previously, similar settlements for repo transactions were handled by the National Settlement Depository, requiring participants to transfer a portion of funds from their correspondent accounts with the CBR. This new service will enable banks and the Federal Treasury to effectively utilise liquidity, increase the flexibility of managing their cash resources, reduce operating costs and minimise the likelihood of delays and unfinished settlements.
3221871 pc Jun 08, 2026 arahman Denmark Financial Supervisory Authority financial services
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Denmark's Financial Supervisory Authority Publishes Guidance on Managing ESG-Related Credit Risk

On June 8, 2026, Denmark's Financial Supervisory Authority (Finanstilsynet) published a report addressing credit risk management practices related to environmental, social, and governance (ESG) factors. The report follows inspections conducted in 2025 of Denmark's largest banks, which revealed gaps in how these institutions identify, analyse, and manage ESG-related credit risks. The Financial Supervisory Authority identified several key areas requiring improvement across the banking sector. Institutions must identify material ESG-related credit risks by assessing both physical risks (such as extreme weather events) and transition risks (such as regulatory changes), tailored to each customer's industry and creditworthiness. Portfolio analyses must incorporate stress-testing scenarios beyond mild cases, with scenario selection anchored in management oversight. ESG-related credit risks must be integrated into credit policies and operational procedures, supported by relevant data collection and analysis. When assessing individual customers, institutions should distinguish ESG-related credit risks from broader sustainability considerations, focusing only on factors affecting creditworthiness and loss risk. The Financial Supervisory Authority emphasised that staff must possess adequate knowledge to identify, analyse, and communicate ESG-related credit risks, which can be strengthened through targeted internal training. Institutions require effective controls across first and second lines of defence to ensure quality and operational implementation of ESG risk assessments. The guidance applies to all institutions managing ESG-related credit risks, though the inspections specifically examined Denmark's largest banks. The Financial Supervisory Authority's oversight approach is risk-based, prioritising protection of depositors' interests, confidence in financial institutions, and financial stability. Individual inspection reports have been published separately. The full report is available on the Financial Supervisory Authority's website.

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Denmark's Financial Supervisory Authority Publishes Results of Thematic Review on ESG-Related Credit Risk

On June 8, 2026, Denmark's Financial Supervisory Authority (Finanstilsynet) published the results of a thematic review addressing credit risk management practices related to environmental, social, and governance (ESG) factors. The report follows inspections conducted in 2025 of Denmark's largest banks, which revealed gaps in how these institutions identify, analyse and manage ESG-related credit risks. The Financial Supervisory Authority identified several key areas requiring improvement across the banking sector. Institutions must identify material ESG-related credit risks by assessing both physical risks (such as extreme weather events) and transition risks (such as regulatory changes), tailored to each customer's industry and creditworthiness. Portfolio analyses must incorporate stress-testing scenarios beyond mild cases, with scenario selection anchored in management oversight. ESG-related credit risks must be integrated into credit policies and operational procedures, supported by relevant data collection and analysis. When assessing individual customers, institutions should distinguish ESG-related credit risks from broader sustainability considerations, focusing only on factors affecting creditworthiness and loss risk. The Financial Supervisory Authority emphasised that staff must possess adequate knowledge to identify, analyse and communicate ESG-related credit risks, which can be strengthened through targeted internal training. Institutions require effective controls across first and second lines of defence to ensure quality and operational implementation of ESG risk assessments. The Financial Supervisory Authority's oversight approach is risk-based, prioritising protection of depositors' interests, confidence in financial institutions, and financial stability. Individual inspection reports have been published separately.
3216621 pc Jun 05, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury's Financial Crimes Enforcement Network Issues Advisory on Detecting Unlawful Employment Activity

On June 5, 2026, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory urging financial institutions to detect and report illicit activity related to the unlawful employment of non-work-authorized populations. The Advisory, issued jointly with the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration in coordination with the Internal Revenue Service, supports Executive Order 14406, Restoring Integrity to America's Financial System. The Advisory highlights how employers can gain unfair advantages over legitimate U.S. businesses by hiring, concealing, and exploiting non-work-authorized workers, which can depress wages, facilitate identity theft, and divert tax revenue from government benefit programs. Schemes to pay unlawful workers often rely on access to the U.S. financial system. Unlawfully obtained wages can facilitate financing of transnational criminal organizations designated as Foreign Terrorist Organizations and their criminal enterprises, including drug trafficking and human trafficking. In 2025, financial institutions reported over $2.5 billion in suspicious activity associated with payroll tax fraud schemes. FinCEN's analysis identifies complicit labor brokers who establish shell companies or unregistered money services businesses to launder funds and distribute payments to unlawful alien workers through cash couriers, checks, or peer-to-peer platforms without withholding payroll taxes. The Advisory encourages banks to apply risk-based customer due diligence procedures when an Individual Taxpayer Identification Number (ITIN) is presented in lieu of a Social Security number or valid employment authorization document. FinCEN provides 18 red flag indicators to help financial institutions detect suspicious activity. Financial institutions should use the key term "FINANCIALINTEGRITY-2026-A002" in Suspicious Activity Report field 2 to indicate connections to this Advisory. FinCEN also encourages reporting tips or complaints about employers knowingly employing unauthorized workers to Immigration and Customs Enforcement's Tip Form or by calling (866) 347-2423.

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US Financial Crimes Enforcement Network Issues Advisory on Detecting Unlawful Employment Activity

On June 5, 2026, the US Financial Crimes Enforcement Network (FinCEN) issued an advisory urging financial institutions to detect and report illicit activity related to the unlawful employment of non-work-authorized workers. The advisory, issued jointly with other federal financial regulators, is designed to support Executive Order 14406 ("Restoring Integrity to America's Financial System"). The advisory highlights how employers can gain unfair advantages over legitimate US businesses by hiring, concealing and exploiting non-work-authorized workers, which can depress wages, facilitate identity theft and divert tax revenue from government benefit programs. According to FinCEN , unlawfully obtained wages can facilitate the financing of transnational criminal organizations (TCOs), foreign terrorist organizations (FTOs) and their broader criminal enterprises, including drug and human trafficking. The FinCEN news release states that, in 2025, financial institutions reported over US$2.5bn in suspicious activity associated with payroll tax fraud schemes. FinCEN analysis further identified complicit labor brokers who established shell companies or unregistered money services businesses (MSBs) to launder funds and distribute payments to unlawful workers through cash couriers, checks or peer-to-peer platforms without withholding payroll taxes. The advisory encourages financial institutions to apply risk-based customer due diligence procedures when an Individual Taxpayer Identification number (ITIN) is presented in lieu of a Social Security number (SSN) or valid employment authorization document. FinCEN provides 18 red flag indicators to help financial institutions detect such suspicious activity.
3216683 pc Jun 05, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Designates Iranian LPG Smuggling and Shadow Banking Networks

On June 5, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated a network of individuals, entities, and vessels involved in smuggling hundreds of millions of dollars' worth of Iranian-origin liquid petroleum gas (LPG), falsely marketed as Omani LPG, to end users in South and East Asia. The network operated front companies in the United Arab Emirates and China, utilised foreign bank accounts, and deployed Iran's shadow fleet to transport millions of barrels of Iranian LPG while concealing its Iranian origin and evading U.S. sanctions. The designations target two primary schemes. First, OFAC designated Afghan national Sarbaz Abdul Zada and Turkish national Mohammad Shakol Mihandoust, who operate UAE-based front companies including Butani Trading LLC, Dundlod Trading FZE, and ADH Energy FZE. These entities shipped tens of thousands of metric tons of Iranian LPG worth tens of millions of dollars to South Asia, particularly Bangladesh. OFAC also designated six vessels used to transport Iranian LPG, including the LPG SEVAN, MD 23, GLENDALE, AMIR GAS, GAS LAGOON, MILE, and GAZ GMS. Second, OFAC designated Iranian exchange house Mehrdad Geramian Nik and Partners Company and its leadership for facilitating hundreds of millions of dollars in foreign currency transactions on behalf of sanctioned Iranian banks, including Bank Tejarat, Bank Mellat, and Bank Pasargad. The exchange house held tens of millions of dollars in foreign currency on behalf of sanctioned Iranian bank customers as of early 2026. These designations advance Treasury's Economic Fury campaign, which aims to restrict Iran's access to revenue used for weapons development and support of terrorist proxies. All property and interests in property of designated persons in the United States or controlled by U.S. persons are blocked. U.S. persons are prohibited from engaging in transactions involving blocked persons unless authorised by OFAC or exempt. Violations may result in civil or criminal penalties. Non-U.S. persons are also prohibited from causing U.S. persons to violate sanctions or engaging in conduct that evades U.S. sanctions.

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US Office of Foreign Assets Control Designates Iranian LPG Smuggling and Shadow Banking Networks

On June 5, 2026, the US Office of Foreign Assets Control (OFAC) designated a network of individuals, entities and vessels involved in smuggling hundreds of millions of dollars' worth of Iranian-origin liquid petroleum gas (LPG) to end users in South and East Asia. According to OFAC , the network operated front companies in the United Arab Emirates (UAE) and China, utilized foreign bank accounts and deployed Iran's shadow fleet to transport millions of barrels of Iranian LPG while concealing its Iranian origin and evading US sanctions. The designations target two primary schemes. First, OFAC designated Afghan national Sarbaz Abdul Zada and Turkish national Mohammad Shakol Mihandoust, who operate UAE-based front companies including Butani Trading LLC, Dundlod Trading FZE and ADH Energy FZE. Second, OFAC designated Iranian exchange house Mehrdad Geramian Nik and Partners Company and its leadership for facilitating hundreds of millions of dollars in foreign currency transactions on behalf of sanctioned Iranian banks, including Bank Tejarat, Bank Mellat and Bank Pasargad. The designations 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.
3215481 pc Jun 05, 2026 pthandapani Vietnam The State Bank Of Vietnam horizon scanning
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Vietnam's State Bank Seeks Broad Feedback on Proposed Amendments to Banking and Anti-Money Laundering Legislation

On June 4, 2026, the State Bank of Vietnam (SBV) opened a public consultation on a draft law amending and supplementing provisions of three key pieces of legislation: the Law on the State Bank of Vietnam (Law No. 46/2010/QH12), the Law on Prevention and Combating of Money Laundering (Law No. 14/2022/QH15), and the Law on Credit Institutions (Law No. 32/2024/QH15). The consultation seeks broad input from relevant organisations, individuals, and media outlets on the proposed amendments. The SBV has made available supporting documentation including a draft law, explanatory memorandum with comparative analysis, legislative impact assessment report, and regulatory impact analysis. The consultation materials are available on the SBV's official website, which also provides a dedicated comments section for stakeholders to submit feedback. This consultation represents a significant step in Vietnam's ongoing efforts to strengthen its banking regulatory framework and enhance anti-money laundering compliance mechanisms. The amendments are expected to address evolving regulatory requirements and align domestic legislation with international standards. The proposed changes will impact credit institutions, financial organisations, and other entities operating within Vietnam's banking and financial services sector. Stakeholders wishing to contribute to this consultation should submit their comments through the SBV's online platform. The consultation remains open to allow sufficient time for comprehensive feedback from all interested parties before the SBV proceeds with finalising the legislative proposals for submission to the National Assembly.

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State Bank of Vietnam Seeks Broad Feedback on Proposed Amendments to Banking and Anti-Money Laundering Legislation

The State Bank of Vietnam is seeking feedback on a draft Law amending and supplementing several articles of the Law on the State Bank of Vietnam (No. 46/2010/QH12), the Law on Anti-Money Laundering (No. 14/2022/QH15), and the Law on Credit Institutions (No. 32/2024/QH15). The draft law prescribes: State Bank of Vietnam (SBV) and foreign exchange regulations introducing a strict principle that all transactions, payments, listings, advertisements, and pricing within Vietnam's territory must not be conducted using foreign exchange, except in cases explicitly permitted by the SBV. The amendments also formally assign the SBV the responsibility of compiling, tracking, forecasting, and analyzing Vietnam's international balance of payments and international investment position. Expansion of Anti-Money Laundering (AML) scope adding "crypto asset services" to the statutory list of reporting entities subject to the nation's AML regulations. Suspicious transaction reporting for crypto assets detailing 15 specific suspicious indicators for the crypto asset sector (Article 33a). These indicators include splitting transactions to evade reporting thresholds, executing rapid deposits and withdrawals immediately after account creation, transferring assets to providers in high-risk jurisdictions, using transaction mixing services to hide asset origins, and interacting with unregistered platforms or those linked to illicit activities. Know Your Customer (KYC) and record-keeping provisions updating the documentation required for customer identification and requiring reporting entities to verify the legal status, ownership structure, and ultimate beneficial owners of organizational clients using independent sources. Furthermore, the draft mandates an extended record-keeping period of at least 10 years for transaction histories, originator and beneficiary information, login device histories, and IP addresses. Amendments for credit institutions amending Article 114 of the Law on Credit Institutions to add acting as a collateral management agent for privately placed corporate bonds to the list of permitted activities. Inter-ministerial AML responsibilities updating the inspection, supervision, and risk assessment responsibilities of various ministries—including the Ministry of Finance, Ministry of Construction, Ministry of Justice, and Ministry of Information and Communications—over the reporting entities within their respective sectors. The SBC has not stated a preferred method of feedback or deadline for feedback submission.
3213689 pc Jun 05, 2026 kgurnani Australia Reserve Bank of Australia horizon scanning
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Reserve Bank of Australia Approves RITS Assessment and Launches Payments System Regulation Review

On June 4, 2026, the Reserve Bank of Australia (RBA) Payments System Board met to discuss several key developments affecting Australia's payments infrastructure and regulation. The Board approved the RBA's full assessment of the Reserve Bank Information and Transfer System (RITS), Australia's real-time gross settlement system, against the Principles for Financial Market Infrastructures. The RBA will publish this assessment in the coming weeks. Additionally, the Board discussed a comprehensive Review of Payments System Regulation, which will examine issues stakeholders have raised regarding competition, efficiency, and financial safety in the payments system. The RBA will commence a public consultation by the end of June 2026 to seek stakeholder views on potential regulatory interventions and their prioritisation. The Board also addressed cryptographic security across the payments system. Members agreed to broaden the RBA's focus beyond card payments to system-wide cryptographic issues, recognising emerging risks from advances in classical and quantum computing. The Board endorsed consulting on strengthening cryptographic practices as part of the Review of Payments System Regulation and reaffirmed expectations that industry maintains strong momentum in cryptographic uplift efforts to meet the December 2030 target for mitigating quantum computing risks. Following the March 31, 2026 publication of the Conclusions Paper on merchant card payment costs and surcharging, the RBA amended RBA Standards no 1, 2 and 3, registered on the Federal Register of Legislation on April 14, 2026. Australian Payments Plus announced that a zero-surcharge limit will apply to eftpos transactions from October 1, 2026. The Board also discussed initial findings from focus groups examining how the current payments system meets Australians' needs and expectations around digital money. Findings indicated Australians were largely indifferent to a retail central bank digital currency (CBDC). The external vendor will publish a comprehensive report later in 2026, which will inform the RBA's updated assessment of the public policy case for retail CBDC, to be published in 2026/27.

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Reserve Bank of Australia Approves RITS Assessment and Launches Payments System Regulation Review

On June 4, 2026, Australian Payments Plus (AP+) has confirmed that a zero-surcharge limit will apply to all Electronic Funds Transfer at Point of Sale (eftpos) transactions from October 1 2026, meaning merchants will no longer be able to impose a surcharge on payments made through the eftpos network. This aligns eftpos with the broader card surcharging reforms being implemented by the Reserve Bank of Australia (RBA) on interchange fees, pricing transparency, and reporting obligations across credit, debit and prepaid card schemes, also due to come into force on October 1.
3214443 pc Jun 05, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australian Securities and Investments Commission Proposes Withdrawing Financial Reporting Relief for Uncontactable Members

On June 2026, the Australian Securities and Investments Commission (ASIC) launched a consultation on its proposal to withdraw ASIC Corporations (Uncontactable Members) Instrument 2016/187 before it expires on October 1, 2026. ASIC assessed that the instrument is no longer being used due to changes in the Corporations Act 2001 (Corporations Act). Sections 110JA and 110F (4A) of the Corporations Act now provide similar relief where a member is uncontactable, making the instrument redundant. The relief previously provided exemptions to companies, registered schemes, disclosing entities, and notified foreign passport funds from obligations to provide annual reports to members who could not be contacted. ASIC notes that entities not covered by the relief provisions in the Corporations Act may need to apply to ASIC for individual relief aligned with Regulatory Guide 43: Financial reporting and audit relief (RG 43) if the proposal to withdraw the instrument proceeds. This change affects financial services entities that currently rely on the instrument to manage reporting obligations for uncontactable members. The withdrawal would streamline regulatory relief by consolidating provisions into the primary legislation, reducing the need for separate instruments. Stakeholders can submit feedback to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time on Friday, July 17, 2026. ASIC will consider all submissions before determining whether to proceed with the withdrawal of the instrument.

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Australian Securities and Investments Commission Proposes Withdrawing Financial Reporting Relief for Uncontactable Members

On June 5 2026, the Australian Securities and Investments Commission (ASIC) launched a consultation on its proposal to withdraw ASIC Corporations (Uncontactable Members) Instrument 2016/187 before it expires on October 1, 2026. ASIC assessed that the instrument is no longer being used due to changes in the Corporations Act 2001 (Corporations Act) , through the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 . ASIC notes that entities not covered by the relief provisions in the Corporations Act may need to apply to ASIC for individual relief aligned with Regulatory Guide 43: Financial reporting and audit relief (RG 43) if the proposal to withdraw the instrument proceeds. This change affects financial services entities that currently rely on the instrument to manage reporting obligations for uncontactable members. The withdrawal would streamline regulatory relief by consolidating provisions into the primary legislation, reducing the need for separate instruments. Stakeholders can submit feedback to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time on Friday, July 17, 2026.
3212075 pc Jun 05, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Autorité des Marchés Financiers Publishes 2025 Annual Report

On June 4, 2026, the Autorité des Marchés Financiers (AMF) published its 2025 Annual Report, outlining the regulator's strategic priorities and operational performance. Marie-Anne Barbat-Layani, AMF Chair, presented the report against a backdrop of geopolitical uncertainty and economic volatility, reaffirming the AMF's commitment to its core mission: regulating finance and reinforcing confidence in French and European financial markets. The AMF identified three principal priorities for 2025 and early 2026. First, it focused on creating conditions for a more secure and resilient financial centre, addressing vulnerabilities identified in its 2025 risk map, including those linked to private finance expansion and emerging cyber risks associated with artificial intelligence (AI) models. The AMF committed to publishing a statement on cyber resilience and implementing protective measures in the coming months. Second, the AMF prioritised promoting European capital markets development and enhancing Paris's financial centre attractiveness, including launching a consultation on assets eligible for Undertakings for Collective Investment in Transferable Securities (UCITS). Third, it advanced a framework for innovative finance, positioning Paris at the forefront of financial asset tokenisation and reviewing applications under the European Markets in Crypto-Assets Regulation (MiCA) as its transitional period approaches. The AMF emphasised retail investor protection through financial education campaigns, with a third-phase initiative launching in autumn 2026 centred on the message that "investing is not a game." The regulator also prioritised women's participation in investing. Barbat-Layani called for rapid adoption of the Labaronne bill to provide the AMF with enhanced legal tools for swifter, more forceful action. In 2025, the AMF handled 16,934 requests through Epargne Info Service, processed 2,772 mediation cases, approved 486 financial operations, and monitored 13,659 collective investment undertakings with assets totalling €2,298 billion. The authority opened 36 investigations, conducted 59 inspections, and approved 18 settlement agreements totalling €4.38 million.

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French Financial Markets Authority Publishes 2025 Annual Report

On June 4, 2026, the French Financial Markets Authority (AMF) published its 2025 Annual Report outlining the regulator's strategic priorities and operational performance. The AMF’s report reaffirms its commitment to its core mission: regulating finance and reinforcing confidence in French and European financial markets. The AMF identified three principal priorities for 2025 and early 2026: Creating conditions for an even more secure and resilient financial centre, by addressing vulnerabilities identified in its 2025 risk map, including those linked to private finance expansion and emerging cyber risks associated with artificial intelligence (AI) models. Promoting the development of European capital markets and the attractiveness of the Paris financial centre, including launching a consultation on assets eligible for undertakings for collective investment in transferable securities (UCITS). Developing a framework conducive to innovative finance by focusing on the tokenisation of financial assets and opening up perspectives in terms of financing and market liquidity. These principal priorities align with the AMF’s six strategic orientations: a demanding regulator for a leading European financial centre, strong international action, protection of retail investors, promotion of a more sustainable finance, support for innovation and being an attractive, efficient authority serving the general interest. The report also presents the AMF's activities over the past year regarding transactions and financial disclosures involving listed companies, investment services providers, savings products, market infrastructures, market surveillance and enforcement actions.
3213319 pc Jun 05, 2026 kgurnani Australia The Treasury horizon scanning
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Australian Treasury Responds to Senate Report on Digital Assets Market Regulation Bill

On June 4, 2026, the Australian Treasury published its response to the Senate Economics Legislation Committee's report on the Digital Assets (Market Regulation) Bill 2023. The government tabled this response on March 31, 2026, addressing four recommendations made by the committee. The government's response indicates varied levels of support across the committee's recommendations. It supports one recommendation in full, notes two recommendations without committing to full support, and supports one recommendation in principle. This mixed response suggests the government is considering the committee's feedback while maintaining discretion on implementation of certain proposals. The Digital Assets (Market Regulation) Bill 2023 represents a significant regulatory development for Australia's cryptocurrency and digital asset sector, establishing a comprehensive market regulation framework for these emerging asset classes. The Senate Economics Legislation Committee's inquiry examined the bill's provisions and their potential impact on market participants, consumers, and the broader financial system. The government's response demonstrates engagement with parliamentary scrutiny of the legislation, though the specific nature of each recommendation and the government's reasoning for its position on each remains detailed in the full response document. The Treasury's response provides the government's formal position on the committee's findings and recommendations, which may inform further legislative development or implementation of the Digital Assets (Market Regulation) Bill 2023. Stakeholders in the digital assets sector should monitor any subsequent legislative amendments or regulatory guidance that may follow from this response.

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Australian Treasury Responds to Senate Report on Digital Assets Market Regulation Bill

On June 4, 2026, the Australian Treasury published its response to the Senate Economics Legislation Committee's report on the Digital Assets (Market Regulation) Bill 2023. The government tabled this response on March 31, 2026, addressing four recommendations made by the committee. The government's response indicates varied levels of support across the committee's recommendations. It supports one recommendation in full, notes two recommendations without committing to full support, and supports one recommendation in principle. This mixed response suggests the government is considering the committee's feedback while maintaining discretion on implementation of certain proposals. The Digital Assets (Market Regulation) Bill 2023 represents a significant regulatory development for Australia's cryptocurrency and digital asset sector, establishing a comprehensive market regulation framework for these emerging asset classes. The Senate Economics Legislation Committee's inquiry examined the bill's provisions and their potential impact on market participants, consumers, and the broader financial system. The government's response demonstrates engagement with parliamentary scrutiny of the legislation, though the specific nature of each recommendation and the government's reasoning for its position on each remains detailed in the full response document. The Treasury's response provides the government's formal position on the committee's findings and recommendations, which may inform further legislative development or implementation of the Digital Assets (Market Regulation) Bill 2023. Stakeholders in the digital assets sector should monitor any subsequent legislative amendments or regulatory guidance that may follow from this response.
3215655 pc Jun 05, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Calls on Market Participants to Strengthen Cybersecurity Against Artificial Intelligence Threats

On June 4, 2026, the Autorité des Marchés Financiers (AMF) issued guidance calling on financial market participants to strengthen their cybersecurity arrangements in response to rapidly evolving threats associated with artificial intelligence (AI). The AMF identified operational resilience and cyber risk mitigation as strategic priorities in its 2026 action plan, emphasising that recent advances in AI models—whether specialised or applicable to cybersecurity and cyberattack purposes—are likely to accelerate vulnerability identification, facilitate exploitation, and contribute to the industrialisation of malicious campaigns. The AMF's guidance applies to portfolio management companies, crypto-asset service providers, crowdfunding service providers, and market infrastructures under its supervision. These entities must comply with Regulation (EU) 2022/2554, known as the Digital Operational Resilience Act (DORA), which has applied since January 17, 2025. DORA requires financial sector participants to identify critical processes and systems, implement cybersecurity risk mitigation strategies, establish robust cyber incident management frameworks, conduct digital operational resilience testing, and manage third-party risks. The AMF recommends that regulated entities adopt recognised best practices, including maintaining robust inventories of critical systems and data, protecting data confidentiality through cryptographic mechanisms, applying security patches promptly, frequently backing up systems, training staff on threats, deploying cybersecurity event detection mechanisms, regularly testing incident response procedures, conducting technical security audits, incorporating AI-related risks into cybersecurity scenarios, and conducting cyber crisis management exercises. The AMF will conduct awareness-raising initiatives throughout the second half of 2026, including an educational webinar scheduled for July 1. From July onwards, it will survey participants on measures addressing AI-related risks and publish results in autumn. The Authority will continue inspections of regulated entities' cybersecurity arrangements, assessing data protection, incident management quality, and measures addressing AI-related threats.

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French Financial Markets Authority Calls on Market Participants to Strengthen Cybersecurity Against Artificial Intelligence Threats

On June 4, 2026, the French Financial Markets Authority (AMF) issued guidance calling on financial market participants to strengthen their cybersecurity arrangements in response to rapidly evolving threats posed by artificial intelligence (AI). The AMF identified operational resilience and cyber risk mitigation as strategic priorities in its 2026 action plan, emphasising that recent advances in AI models are likely to accelerate vulnerability identification, facilitate exploitation and contribute to the industrialisation of malicious campaigns. The AMF's guidance applies to portfolio management companies, crypto-asset service providers, crowdfunding service providers and market infrastructures under its supervision. These entities must comply with Regulation (EU) 2022/2554 (DORA). DORA requires financial sector participants to identify critical processes and systems, implement cybersecurity risk mitigation strategies, establish robust cyber incident management frameworks, conduct digital operational resilience testing and manage third-party risks. The AMF reiterates that cybersecurity is a major issue for investor protection, the continuity of financial services and, more broadly, the proper functioning of financial markets. The senior management of regulated entities must therefore ensure that cyber risks are identified, monitored at the appropriate level, tested regularly and integrated into internal control and risk management arrangements. The AMF sets out its recommendations and best practices, which include: Maintaining a robust inventory of critical systems, data and service providers, and ensuring that access is appropriately controlled. Protecting data confidentiality, in particular through cryptographic mechanisms adapted to the current threat landscape. Frequently backing up systems and data, and testing the proper functioning of recovery procedures. Training staff on common threats. Regularly testing incident response procedures and conducting cyber crisis management exercises. Incorporating AI-related risks into cybersecurity scenarios. The AMF will continue to carry out inspections of the cybersecurity arrangements of regulated entities within its remit. These inspections will assess the protection of client data, the quality of arrangements for preventing, detecting, managing and remediating cyber incidents and, more specifically, the measures implemented to address the evolving threat posed by the capabilities of artificial intelligence.
3211094 pc Jun 05, 2026 kgurnani New Zealand Media Archives - New Zealand Banking Association financial services
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New Zealand Reserve Bank Permits Licensed Deposit-Takers to Use Word "Bank" in Names

On June 4, 2026, the Reserve Bank of New Zealand (RBNZ) announced it will permit all licensed deposit-takers to use the word "bank" in their names from late 2028. This decision loosens restrictions on usage of the terms "bank," "banker," and "banking" that have previously been tightly controlled. The RBNZ made this decision following consultation conducted in 2025, during which it received 12 submissions on the matter. The change will take effect when the Deposit Takers Act 2023 (DTA) comes into force on December 1, 2028. Previously, only entities meeting specific regulatory criteria could use these terms, creating barriers for other licensed deposit-takers seeking to use such language in their corporate names. The industry has responded positively to the RBNZ's decision, with representatives including Daniel McGrath of the New Zealand Banking Association welcoming the regulatory shift. This change reflects a broader regulatory approach to harmonise naming conventions across the deposit-taking sector and reduce competitive disadvantages faced by non-bank deposit-takers in the market. The decision recognises that licensed deposit-takers meeting prudential requirements should have greater flexibility in how they present themselves to consumers and the market. The implementation date of late 2028 provides the industry with sufficient time to prepare for the transition and update corporate documentation and branding as necessary. Licensed deposit-takers seeking to adopt "bank" terminology in their names should prepare for implementation ahead of the December 1, 2028 effective date of the DTA.

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New Zealand Reserve Bank Permits Licensed Deposit-Takers to Use Word "Bank" in Names

On June 4, 2026, the Reserve Bank of New Zealand (RBNZ) announced it will permit all licensed deposit-takers to use the word "bank" in their names from December 1, 2028. This decision loosens restrictions on usage of the terms "bank," "banker," and "banking" that have previously been tightly controlled. The RBNZ made this decision following consultation conducted in 2025, during which it received 12 submissions on the matter. Previously, only entities meeting specific regulatory criteria could use these terms, creating barriers for other licensed deposit-takers seeking to use such language in their corporate names. This change reflects a broader regulatory approach to harmonise naming conventions across the deposit-taking sector and reduce competitive disadvantages faced by non-bank deposit-takers in the market. The decision recognises that licensed deposit-takers meeting prudential requirements should have greater flexibility in how they present themselves to consumers and the market. Overseas banks that do not maintain a physical presence in New Zealand will continue to be able to use restricted banking terminology where authorised under the DTA.
3217495 pc Jun 05, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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Ukraine's National Bank of Ukraine Applies Enforcement Measures to One Bank and Nine Non-Bank Financial Institutions

On June 5, 2026, the National Bank of Ukraine (NBU) applied enforcement measures to one bank and nine non-bank financial institutions for violations of anti-money laundering and counter-terrorism financing (AML/CTF) legislation and currency regulations during May 2026. The NBU imposed fines and written warnings across multiple institutions for failures in financial monitoring obligations. Joint-Stock Company "Bank Avangard" received a fine of 2,000,000 Ukrainian hryvnia (UAH) for inadequate implementation of risk-based approaches, insufficient detection of reportable financial transactions, and improper analysis of customer transactions for suspicious indicators. The bank also received written warnings for deficiencies in internal AML/CTF documentation and currency reporting errors. Limited Liability Company "FK Kontraktovyy Dim" and Limited Liability Company "Swift Harant" each received fines of 135,150,000 UAH for failures in primary financial monitoring organisation and implementation, including inadequate risk-based approaches, insufficient client due diligence, and incomplete responses to NBU information requests. Private Joint-Stock Company "SK VUSU" received a fine of 40,705,622.60 UAH for similar violations. Limited Liability Company "1 Bezpechne Ahentstvo Neobkhidnykh Kredytiv" received a fine of 6,131,744 UAH for inadequate client verification procedures and failure to maintain politically exposed persons (PEP) status updates. Currency-related violations resulted in additional fines. Limited Liability Company "FK A Finance" received 800,000 UAH for improper foreign exchange transaction procedures and inadequate video surveillance systems. Limited Liability Company "FK MBK" received 799,000 UAH for incomplete information provision to the NBU and deficient client due diligence. Limited Liability Company "Lombard No. 1" received 200,000 UAH, while Limited Liability Company "FK Alians Kapital Hrup" and Limited Liability Company "FK Alfa-Invest Hrup" received 100,000 UAH and written warnings respectively for foreign exchange operation procedure violations.

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National Bank of Ukraine Issues UAH2m Fine to Bank Vangard for AML Violations

On June 5, 2026, the National Bank of Ukraine issued a UAH2m (approximately €38,700) fine to Bank Vangard for violations under the Law of Ukraine "On Prevention and Counteraction to the Legalisation of Proceeds of Crime, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction" . The bank was found to have failed to: Apply a risk-based approach to its activities. Ensure the detection of a financial transaction subject to financial monitoring before it is initiated. Ensure proper analysis of the client's financial transactions to identify indicators of suspicious activity. A written warning was issued due to the absence of internal documents on AML/CTF issues and the lack of procedures to ensure effective risk management. The bank was also found to have failed to provide the National Bank with information on currency transactions with errors under the Law of Ukraine "On Currency and Currency Transactions" , and therefore a warning was issued.
3214869 pc Jun 05, 2026 tojuri Netherlands News and Media financial services
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Netherlands' Personal Data Protection Authority Establishes Enhanced Supervision Process Description

On June 4, 2026, the Autoriteit Persoonsgegevens (AP), the Netherlands' personal data protection authority, established a formal process description for enhanced supervision. The AP identified a need for supervisory oversight that is more intensive than standard system supervision in its regulatory practice. Enhanced supervision is a supervisory instrument designed to enable the AP to redirect organisations in a timely manner and encourage improved compliance with the General Data Protection Regulation (GDPR). The AP intends to use this approach to prevent the need for enforcement action and financial penalties. Enhanced supervision forms part of the AP's supervisory powers but does not involve the use of enforcement powers. The AP may implement enhanced supervision when an enforcement process is either undesirable or not feasible, but the organisation in question still requires encouragement to achieve better GDPR compliance. The process description outlines what enhanced supervision entails, the circumstances in which the AP will deploy the instrument, and the procedural steps involved. The AP drew on practical experience gained from previous enhanced supervision implementations, including a case involving the municipality of Eindhoven. In that instance, the AP successfully concluded the enhanced supervision after the municipality achieved sufficient improvement in its overall compliance level with privacy legislation and regulations. The process description is now available for public consultation and provides detailed guidance for organisations and stakeholders on how enhanced supervision will operate. This formalisation of the enhanced supervision framework represents the AP's commitment to balancing preventative oversight with enforcement action in its regulatory approach to data protection compliance across the Netherlands.

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Netherlands' Personal Data Protection Authority Establishes Enhanced Supervision Process Description

On June 4, 2026, the Dutch Data Protection Authority (AP) established a formal process description for enhanced supervision. The AP identified a need for more intensive supervisory oversight than standard system supervision in its regulatory practice. Enhanced supervision is a supervisory instrument designed to enable the AP to redirect organisations promptly and encourage improved compliance with the General Data Protection Regulation (GDPR). The AP intends to use this approach to prevent the need for enforcement action and financial penalties. Enhanced supervision forms part of the AP's supervisory powers but does not involve the use of enforcement powers. The AP may implement enhanced supervision when an enforcement process is either undesirable or not feasible, but the organisation in question still requires encouragement to achieve better GDPR compliance. The process description outlines what enhanced supervision entails, the circumstances in which the AP will deploy the instrument and the procedural steps involved.
3217607 pc Jun 05, 2026 arahman
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337 chars · nid 93022

Central Bank of Turkey Revokes Licence of Parolapara Electronic Money and Payment Services for Conduct of Business Violations

On June 5, 2026, the Central Bank of Turkey revoked the licence of Parolapara Electronic Money and Payment Services for conduct of business violations. The central bank foud that Parolapara breached Articles 16(1), 19, and 21 of the Law on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions .
3213792 pc Jun 05, 2026 tojuri Luxembourg News and Media - Commission de Surveillance du Secteur Financier financial services
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Luxembourg's Financial Services Regulator Publishes Feedback Report on Valuation Framework for Less Liquid and Illiquid Assets

On June 4, 2026, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial services regulator, published a feedback report on its thematic review of valuation frameworks for less liquid and illiquid assets. The review examined valuation practices of investment fund managers (IFMs) managing alternative investment funds (AIFs) investing in asset classes such as private equity, real estate, infrastructure, private debt, and fund of funds. The CSSF also examined ancillary valuation aspects related to undertakings for collective investment in transferable securities (UCITS) investments in unlisted securities or listed securities that are not actively traded. The thematic review was launched in late 2023 through a dedicated questionnaire, with work conducted throughout 2024 and 2025. The CSSF conducted significant supervisory work both off-site and on-site to examine valuation risks within the asset management sector, prompted by successive crisis episodes, geopolitical and economic uncertainties, and the substantial increase in assets under management of AIFs investing in less liquid and illiquid assets. The feedback report provides IFMs with guidance on implementing and maintaining robust valuation policies, procedures, and controls for the AIFs and UCITS they manage. It sets out observations and recommendations aimed at harmonising and enhancing valuation practices across the industry. All IFMs are expected to conduct benchmarking exercises against the observations and recommendations outlined in the report and implement necessary corrective measures where applicable. The CSSF identified valuation risk as a key supervisory priority for 2026, citing the growth of AIFs investing in less liquid and illiquid assets, increasing retail investor participation in these funds, and current geopolitical uncertainties. The feedback report is available on the CSSF website and applies to investment companies in risk capital (SICARs), investment fund managers, specialised investment funds (SIFs), and UCITS. REFERENCES: Commission de Surveillance du Secteur Financier. (2026, June 4). Communication on the CSSF Feedback Report – Thematic review – Valuation framework for less liquid and illiquid assets. Retrieved from https://www.cssf.lu/

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Luxembourg's Commission de Surveillance du Secteur Financier Publishes Feedback Report on Valuation Framework for Less Liquid and Illiquid Assets

On June 4, 2026, Luxembourg's Commission de Surveillance du Secteur Financier (CSSF) published a feedback report on its thematic review of valuation frameworks for less liquid and illiquid assets. The review examined valuation practices of investment fund managers (IFMs) managing alternative investment funds (AIFs) investing in asset classes such as private equity, real estate, infrastructure, private debt and fund of funds. The CSSF also examined ancillary valuation aspects related to undertakings for collective investment in transferable securities (UCITS) investments in unlisted securities or listed securities that are not actively traded. The feedback report provides IFMs with guidance on implementing and maintaining robust valuation policies, procedures and controls for the AIFs and UCITS they manage. It sets out observations and recommendations to harmonise and enhance valuation practices across the industry. All IFMs are expected to conduct benchmarking exercises against the observations and recommendations outlined in the report and implement necessary corrective measures where applicable. The CSSF identified valuation risk as a key supervisory priority for 2026, citing the growth of AIFs investing in less liquid and illiquid assets, increasing retail investor participation in these funds, and current geopolitical uncertainties.
3217485 pc Jun 05, 2026 arahman Armenia Ministry of High-Tech Industry - News horizon scanning
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Armenia's Ministry of High-Tech Industry Addresses Cybersecurity and Digital Infrastructure Protection at RISE 2026

On June 5, 2026, Armenia's Ministry of High-Tech Industry held a panel discussion titled "Cybersecurity as a National Priority" during the RISE Powered by Silicon Mountains 2026 conference. Gevorg Mantashyan, first deputy minister of high-tech industry, led discussions with government and private sector experts on current digital security challenges, legal framework development, and critical infrastructure resilience. The ministry outlined its cybersecurity initiatives, emphasizing the importance of reliable state digital infrastructure, secure identification systems, and data protection. Mantashyan highlighted that human capital development and clear regulatory standards are essential components for sector growth. The ministry is implementing educational and awareness programmes targeting schoolchildren and students, alongside hackathons to identify and develop qualified specialists. Mantashyan underscored the significance of the recently adopted Cybersecurity Law, noting that sector regulation had been discussed for many years. While future amendments and improvements are already under consideration, the current priority is ensuring adopted regulations are fully implemented and enforced. The ministry will assess implementation effectiveness before advancing to subsequent reform phases and introducing additional solutions. Regarding cloud technology adoption, Mantashyan emphasized ongoing collaboration with the private sector and professional communities. He stressed that technology selection and deployment must follow cost-effectiveness, security, and long-term sustainability principles. Mantashyan noted that cybersecurity is now a shared responsibility requiring close cooperation between the state, private sector, and professional communities to address contemporary threats.

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Armenia's Ministry of High-Tech Industry Addresses Cybersecurity and Digital Infrastructure Protection

On June 5, 2026, Armenia's Ministry of High-Tech Industry held a panel discussion titled "Cybersecurity as a National Priority" during the RISE Powered by Silicon Mountains 2026 conference. Gevorg Mantashyan, first deputy minister of high-tech industry, led discussions with government and private sector experts on current digital security challenges, legal framework development, and critical infrastructure resilience. The ministry outlined its cybersecurity initiatives, emphasising the importance of reliable state digital infrastructure, secure identification systems and data protection. Mantashyan highlighted that human capital development and clear regulatory standards are essential components for sector growth. Mantashyan underscored the significance of the recently adopted Cybersecurity Law, noting that sector regulation had been discussed for many years. Although future amendments and improvements are already under consideration, the current priority is ensuring adopted regulations are fully implemented and enforced. The ministry will assess implementation effectiveness before advancing to subsequent reform phases and introducing additional solutions. Regarding cloud technology adoption, Mantashyan emphasised ongoing collaboration with the private sector and professional communities. He stressed that technology selection and deployment must follow cost-effectiveness, security and long-term sustainability principles. Mantashyan noted that cybersecurity is now a shared responsibility requiring close cooperation between the state, private sector and professional communities to address contemporary threats.
3213437 pc Jun 05, 2026 tojuri Malta Malta Financial Services Authority horizon scanning
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Malta Financial Services Authority Issues Dear CEO Letter on Artificial Intelligence - Governance, Risk and Prudential Expectations

The Malta Financial Services Authority (MFSA) has issued a Dear CEO Letter on Artificial Intelligence (AI) - Governance, Risk and Prudential Expectations. The MFSA aims to ensure that the adoption of artificial intelligence within the financial sector develops in a manner consistent with sound prudential principles, effective governance and the overarching objectives of financial regulation. The MFSA, through the letter, intends to achieve three key outcomes: Ensure that licence holders recognise AI as a prudentially relevant risk area, rather than solely as an operational or technological enhancement. Firms are expected to assess how AI may impact their risk profile, decision-making process and overall resilience. Firms are expected to assess how AI may impact their risk profile, decision-making process and overall resilience. Prompt a structured internal assessment within firms, particularly at the board and senior management levels. Firms should critically evaluate their current and anticipated use of AI, identify any gaps in governance, oversight or controls, and take appropriate remedial actions. Firms should critically evaluate their current and anticipated use of AI, identify any gaps in governance, oversight or controls, and take appropriate remedial actions. Promote greater consistency and preparedness across the market. The MFSA confirms that it will take its expectations into account in the course of its ongoing supervisory activities, and licence holders should be in a position to demonstrate that AI-related risks have been appropriately considered and that governance and control frameworks are commensurate with both current and anticipated levels of AI integration. Firms that fail to adequately address the risks associated with AI may be subject to increased supervisory scrutiny and, where necessary, further supervisory intervention. The CEO letter also details the findings of the MFSA’s cross-sectoral assessment to better understand the extent of AI adoption within the Maltese financial services sector. The MFSA observed that a significant proportion of firms: Do not yet have a formal or board-approved AI strategy. Rely primarily on externally provided tools, particularly generative AI solutions. Have limited internal expertise and governance structures in place to oversee AI deployment. The Dear CEO letter should serve as a basis for firms to evaluate the adequacy of their existing governance, risk management and control frameworks and to take timely action where gaps are identified.
3212840 pc Jun 05, 2026 arahman Russia Bank of Russia horizon scanning
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Central Bank of Russia Publishes Amendments to Regulation No. 706-PP

On February 5, 2026, the Central Bank of Russia (CBR) published amendments to Regulation No. 706-PP "On Standards for the Issue of Securities". Key points include: If one prospectus covers multiple securities issues (or additional issues), or multiple bond programmes from the same issuer, and the issuer applies to register several of these at the same time, only the number of document copies required for a single securities issue needs to be submitted to the registering organisation. When an issuer submits amended documents to the CBR, only those documents to which changes have been made shall be submitted. The documents shall be submitted together with a cover letter and a list of the documents being submitted. If a report on the results of the issue of securities is submitted to the CBR before the end of the placement period, such a report shall be left by the CBR without consideration. These amendments shall enter into force ten days after their official publication, but no earlier than March 1, 2026.
3213941 pc Jun 05, 2026 kgurnani Australia Australian Prudential Regulatory Authority financial services
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Australian Prudential Regulatory Authority Finalises New Internal Ratings-Based Accreditation Pathway for Banks

On June 4, 2026, the Australian Prudential Regulatory Authority (APRA) finalised a new, more accessible pathway for banks to become accredited to use the internal ratings-based (IRB) approach to calculate credit risk-weighted assets. The IRB approach allows banks to better match capital to their actual risk, potentially reducing capital requirements and enabling more competitive pricing. Currently, the vast majority of Australian banks use the standardised approach to calculate risk-weighted assets, which determines the amount of regulatory capital they need to hold for credit risk. APRA has approved six of the largest banks—the four major banks, Macquarie Bank, and ING Bank Australia—to use the IRB approach. The new pathway aims to make IRB accreditation more attainable for medium-sized banks by making the accreditation process more flexible and transparent. APRA said the changes have the potential to boost competition while still supporting financial safety by incentivising banks to invest in advanced risk management capabilities. The revised pathway delivers on APRA's commitment to review and streamline the IRB accreditation process, responding to Action 2 of the Council of Financial Regulators' Review of Small and Medium-sized Banks. APRA published a letter to industry confirming its intention to proceed with the new pathway, which includes APRA's response to submissions received during consultation. Medium-sized banks seeking IRB accreditation should review APRA's guidance on the new pathway. APRA supervises institutions holding $9.8 trillion in assets for Australian depositors, policyholders, and superannuation fund members across banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most superannuation industry members.

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Australian Prudential Regulatory Authority Finalises New Internal Ratings-Based Accreditation Pathway for Banks

On June 4, 2026, the Australian Prudential Regulatory Authority (APRA) finalised a new, more accessible pathway for banks to become accredited to use the internal ratings-based (IRB) approach to calculate credit risk-weighted assets. The IRB approach allows banks to better match capital to their actual risk, potentially reducing capital requirements and enabling more competitive pricing. Currently, the vast majority of Australian banks use the standardised approach to calculate risk-weighted assets, which determines the amount of regulatory capital they need to hold for credit risk. The new pathway aims to make IRB accreditation more attainable for medium-sized banks by making the accreditation process more flexible and transparent. APRA said the changes have the potential to boost competition while still supporting financial safety by incentivising banks to invest in advanced risk management capabilities. The revised pathway delivers on APRA's commitment to review and streamline the IRB accreditation process, responding to Action 2 of the Council of Financial Regulators' Review of Small and Medium-sized Banks. Banks should note the following caveats of this new pathway: Authorised Desposit-taking Institutions  (ADIs) cannot adopt the IRB approach without approval of the APRA. Approved IRB banks must used internally generated estimates of key credit risk parameters, which are fed into APRA-prescribed risk-weight formulas to calculate risk-weighted assets (RWAs) and capital requirements. Boards and senior management must approve rating systems and methodologies; understand model outputs and limitations; receive regular reporting on rating migrations, default rates and model performance; and review material changes to rating systems. Banks must maintain an independent credit risk control unit. APRA has approved six of the largest banks—the four major banks, Macquarie Bank, and ING Bank Australia—to use the IRB approach. APRA has also published Prudential Standard APS 113 Capital Adequacy: Internal Ratings-based Approach to Credit Risk and a Prudential Practice Guide to supplement the announcement.
3213577 pc Jun 05, 2026 tojuri Switzerland Swiss Financial Market Supervisory Authority FINMA horizon scanning
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Switzerland's Financial Market Supervisory Authority Publishes Supplementary Anti-Money Laundering Risk Analysis Guidance

On June 4, 2026, the Swiss Financial Market Supervisory Authority (FINMA) published a supplementary supervisory notice updating its anti-money laundering risk analysis guidance. The update supplements FINMA's supervisory notice 05/2023 with additional observations and experiences for both banks and financial institutions regulated under the Financial Institutions Act (FINIG-Institute). FINMA reviewed money laundering risk analyses from over 30 banks initially examined in spring 2023, alongside analyses from numerous additional banks and FINIG-Institutes. The authority identified progress in how institutions define their risk tolerance and structure their risk analyses. FINIG-Institutes have begun applying aspects of the 2023 guidance appropriately, though the methodological principles for creating risk analyses apply equally to both banks and FINIG-Institutes, with depth of detail varying based on institutional risk profiles. However, FINMA identified further improvement opportunities for both categories of institution. Deficiencies included missing or inadequate explicit exclusions of specific countries, customer segments, services, and products that do not align with institutional business models. Additionally, institutions demonstrated incorrect application of methodological principles underlying risk analysis creation. FINMA emphasises that anti-money laundering risk analysis serves as a central strategic instrument for financial institutions, establishing the foundation for risk management. It defines risk tolerance and establishes binding parameters for structuring, organising, and continuously managing anti-money laundering frameworks, ensuring resources, processes, and controls are risk-oriented and regulatory requirements are effectively met. The supplementary notice 04/2026 is available in German, French, Italian, and English, and applies to all supervised financial institutions under Article 25(2) of FINMA's anti-money laundering ordinance.

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Swiss Financial Market Supervisory Authority Publishes Supplementary Anti-Money Laundering Risk Analysis Guidance

On June 4, 2026, the Swiss Financial Market Supervisory Authority (FINMA) published Supplementary FINMA Guidance 04/2026, updating its anti-money laundering risk analysis guidance. The update supplements FINMA's Guidance 05/2023 concerning the money laundering risk analysis pursuant to Article 25(2) AMLO-FINMA, with additional observations and experiences and clarifies Guidance 05/2023 with regard to banks and institutions licensed under the Financial Institutions Act (FinIA institutions). FINMA reviewed money laundering risk analyses from more than 30 banks initially examined in Spring 2023, alongside analyses from numerous additional banks and FINIG-Institutes. FINMA identified further room for improvement at both banks and FinIA institutions, so that risk analysis can serve as an even more effective key control and management tool for combating money laundering. The supplementary guidance presents the findings obtained since the release of Guidance 05/2023 and is based on the observations set out in said guidance, focusing on: Money laundering risk tolerance, detailing: The definition of risk tolerance. The ‘exception to policy’ process. The key risk indicators. The definition of risk tolerance. The ‘exception to policy’ process. The key risk indicators. Money laundering risk analysis, detailing: The money laundering risks to be considered. The implementation of the requirements according to Article 13(2bis) of the FINMA Money Laundering Ordinance (AMLO-FINMA) The monitoring of compliance with the business strategy and risk policy. The money laundering risks to be considered. The implementation of the requirements according to Article 13(2bis) of the FINMA Money Laundering Ordinance (AMLO-FINMA) The monitoring of compliance with the business strategy and risk policy. FINMA emphasises that anti-money laundering risk analysis serves as a central strategic instrument for financial institutions, establishing the foundation for risk management. It defines risk tolerance and establishes binding parameters for structuring, organising and continuously managing anti-money laundering frameworks, ensuring resources, processes and controls are risk-oriented, and regulatory requirements are effectively met. The observations and findings set out in the guidance may be applied by analogy to FinIA institutions and must be implemented taking into account an institution’s actual risk exposure.
3215046 pc Jun 05, 2026 adavies Ireland Government Publications Office horizon scanning
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Ireland's Government Publications Office Implements European Union Restrictive Measures Concerning Russia Regulations

On May 27, 2026, Ireland's Minister for Finance, Simon Harris, made Statutory Instrument (S.I.) No. 228/2026, which implements European Union (EU) restrictive measures concerning Russia into Irish law. The regulation gives effect to Council Regulation (EU) No. 2024/1485 of May 27, 2024, and Council Regulation (EU) 2024/2642 of October 8, 2024, as amended by subsequent European implementing regulations and acts. The regulations establish criminal offences for contravention of specified provisions within both council regulations. Persons who breach the regulations face penalties on summary conviction of a class A fine or imprisonment for up to 12 months, or both. On conviction on indictment, penalties increase to fines not exceeding €500,000 or imprisonment for up to three years, or both. The regulations also empower competent authorities in Ireland to issue written directions for administration and enforcement purposes; failure to comply with such directions within specified timeframes constitutes an offence attracting a class A fine or imprisonment for up to six months on summary conviction. Directors, managers, and officers of body corporates may be held personally liable for offences committed with their consent, connivance, or attributable to their neglect. The regulations extend to acts committed outside Ireland by Irish citizens, with prosecutions requiring Director of Public Prosecutions consent. The regulations revoke the previous European Union (Restrictive Measures concerning Russia) (No. 4) Regulations 2026 (S.I. No. 174 of 2026). The notice of this statutory instrument's making was published in Iris Oifigiúil on June 2, 2026. The regulations apply to all persons and entities subject to Irish jurisdiction. REFERENCES: Government Publications Office, Ireland. S.I. No. 228/2026 - European Union (Restrictive Measures concerning Russia) (No. 5) Regulations 2026. Available at: https://www.irishstatutebook.ie/

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Irish Government Office Implements European Union Restrictive Measures Concerning Russia

On June 2, 2026, the Irish government published Statutory Instrument (S.I.) No. 228/2026, which implements European Union (EU) restrictive measures concerning Russia into Irish law. The regulation gives effect to Council Regulation (EU) 2024/1485 and Council Regulation (EU) 2024/2642 , as amended by subsequent European implementing regulations and acts. The SI enters into force immediately. Additionally, SI No. 174/2026 has been revoked.
3213629 pc Jun 05, 2026 adavies European Union Official Gazette horizon scanning
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European Commission Issues June Infringement Decisions Against Member States for Non-Compliance with EU Law

On June 3, 2026, the European Commission (EC) announced its regular package of infringement decisions targeting Member States that have failed to comply with their obligations under EU law. The package encompasses enforcement actions across ten policy areas, including environment, internal market, migration and home affairs, justice, energy and climate, taxation, mobility and transport, financial services, jobs and social rights, and anti-fraud. The Commission initiated enforcement procedures through letters of formal notice, reasoned opinions, and referrals to the Court of Justice of the European Union (CJEU). Key actions include: sending a reasoned opinion to Spain for failing to correctly transpose the Seveso III Directive (Directive 2012/18/EU) on industrial accident prevention; issuing an additional reasoned opinion to Austria regarding insufficient transposition of the Aarhus Convention on environmental access to justice; and referring Ireland to the CJEU for non-compliance with the Environmental Impact Assessment Directive regarding peat cutting projects. In the financial services sector, the Commission sent a letter of formal notice to France for failing to adopt implementing measures on penalties under the Instant Payments Regulation (Regulation (EU) 2024/886). Additional enforcement actions targeted multiple Member States for incomplete transposition of directives governing energy efficiency, renewable energy permitting, emissions trading systems, and sustainable aviation fuels. The Commission closed 59 cases where Member States resolved identified compliance issues. Member States receiving letters of formal notice or reasoned opinions have two months to respond and address shortcomings. Failure to comply may result in referral to the CJEU with requests for financial sanctions. The EC maintains an interactive infringement decisions register providing case histories and enforcement activity tracking.

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European Commission Issues June Infringement Decisions Against Member States for Non-Compliance with EU Law

On June 4, 2026, the European Commission (EC) announced its regular package of infringement decisions targeting Member States that have failed to comply with their obligations under EU law. The package encompasses enforcement actions across ten policy areas, including environment, internal market, migration and home affairs, justice, energy and climate, taxation, mobility and transport, financial services, jobs and social rights, and anti-fraud. On the financial services front, the Commission announced the following enforcement actions: A formal notice to Spain for failing to comply with Council Regulation (EU) No 1024/2013 (Single Supervisory Mechanism Regulation – SSMR), Directive 2013/36/EU (Capital Requirements Directive – CRD) and Articles 49 and 63 of the Treaty on the Functioning of the European Union (TFEU). A formal notice to France for failing to adopt and notify the Commission of implementing measures on penalties applicable to infringements of the requirements of Regulation (EU) 2024/886 (Instant Payments Regulation – IPR). A formal notice to Poland and Romania for failing to transpose the amendments to the CRD introduced by Regulation (EU) 2023/1114 (Markets in Crypto-Assets – MiCA). A resonated opinion to Spain for failing to adopt and notify the Commission of measures transposing into national law the amendments to Directive 98/26/EC (Settlement Finality Directive – SFD) and Directive (EU) 2015/2366 (2nd Payment Services Directive – PSD2) which were introduced by the IPR.
3213810 pc Jun 04, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Treasury Department Designates Cuban Officials and Entities Under Cuba Sanctions Program

On June 4, 2026, the Office of Foreign Assets Control (OFAC), a division of the U.S. Department of the Treasury, added five individuals and five entities to its Specially Designated Nationals and Blocked Persons List (SDN List) under the Cuba sanctions program established by Executive Order 14404. The designated individuals include Miguel Diaz-Canel Bermudez, identified as Cuba's head of state, along with Alejandro Castro Espin, Lis Cuesta Peraza, Raul Alejandro Castro Calis, and Manuel Anido Cuesta. The designated entities comprise government and state-affiliated organizations: the Ministry of the Revolutionary Armed Forces of Cuba (MINFAR), the Committees for the Defense of the Revolution (CDR), the Cuban Institute of Friendship with the Peoples (ICAP), Amistur Cuba SA (a travel agency), and Minera La Victoria SA (a mining company). OFAC simultaneously issued a new Cuba-related Frequently Asked Question, FAQ 1258, to provide guidance on the sanctions designation. The designations expand OFAC's enforcement of U.S. sanctions against Cuba, which prohibit U.S. persons and entities from engaging in transactions with designated individuals and organizations. Any assets held within U.S. jurisdiction or controlled by U.S. persons are blocked. Financial institutions, travel companies, and other entities conducting international business must screen their customers and counterparties against the SDN List to ensure compliance. The updated SDN List is available on OFAC's website. Entities subject to U.S. jurisdiction should review the designations immediately and implement screening procedures to identify any existing relationships with the newly designated parties. OFAC provides detailed information on sanctions compliance requirements and licensing procedures for authorized transactions on its official website.

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US Office of Foreign Assets Control Designates Cuban Officials and Entities Under Cuba Sanctions Program

On June 4, 2026, the US Office of Foreign Assets Control (OFAC) added five individuals and five entities to its Specially Designated Nationals (SDN) list under the Cuba sanctions program recently established by Executive Order 14404 . The designated individuals include Miguel Diaz-Canel Bermudez, identified as Cuba's head of state, along with Alejandro Castro Espin, Lis Cuesta Peraza, Raul Alejandro Castro Calis and Manuel Anido Cuesta. The designated entities comprise government and state-affiliated organizations: the Ministry of the Revolutionary Armed Forces of Cuba (MINFAR), the Committees for the Defense of the Revolution (CDR), the Cuban Institute of Friendship with the Peoples (ICAP), Amistur Cuba SA (a travel agency) and Minera La Victoria SA (a mining company). Additionally, OFAC issued a new Cuba-related frequently asked question (FAQ) document, FAQ 1258 , to provide guidance on the new sanctions designations. The designations 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.
3212654 pc Jun 04, 2026 adavies European Union Finance News - EU Commission financial services
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European Commission Adopts Temporary Adjustments to Basel III Market Risk Rules for EU Banks

On June 4, 2026, the European Commission adopted targeted, time-limited amendments to the EU's implementation of the Fundamental Review of the Trading Book (FRTB), the new market risk capital framework for banks established under the Basel III banking standards set by the Basel Committee on Banking Supervision (BCBS). The measures will apply for three years from January 1, 2027. The FRTB strengthens risk measurement in banks' trading activities and ensures capital requirements more accurately reflect actual market risks. While the EU fully implemented all other Basel III standards since January 1, 2025, delays in FRTB implementation by major jurisdictions have created competitive distortions for EU banks operating in global financial markets. The Commission previously postponed the market risk rules for two years under the Capital Requirements Regulation (CRR), exhausting the full deferral period available. The delegated act introduces a multiplier to temporarily offset capital impacts for EU banks adversely affected by FRTB implementation, addressing concerns raised by the Savings and Investments Union (SIU), which emphasises safeguarding EU banks' competitiveness—particularly those active in global capital markets—against third-country institutions. The Commission drafted the delegated act following public consultation and technical assessment to ensure smooth, coherent FRTB implementation in the EU while allowing continued monitoring of global implementation developments. The delegated act will now undergo review by the European Parliament and the Council, with a three-month scrutiny period extendable by a further three months. If no objection is raised, the measures will enter into application on January 1, 2027, for a period of three years. Maria Luis Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, said the measures "help preserve a level playing field in global financial markets while maintaining our commitment to the Basel standards" and provide "the necessary time to monitor developments in other major jurisdictions."

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European Commission Adopts Temporary Adjustments to Basel III Market Risk Rules for EU Banks

On June 4, 2026, the European Commission announced that it had adopted targeted, time-limited amendments to the EU's implementation of the Fundamental Review of the Trading Book (FRTB), the new market risk capital framework for banks established under the Basel III banking standards set by the Basel Committee on Banking Supervision (BCBS). The FRTB strengthens risk measurement in banks' trading activities and ensures capital requirements more accurately reflect actual market risks. While the EU fully implemented all other Basel III standards since January 1, 2025, delays in FRTB implementation by major jurisdictions have created competitive distortions for EU banks operating in global financial markets. The draft delegated act introduces a multiplier to temporarily offset capital impacts for EU banks adversely affected by FRTB implementation, addressing concerns raised by the Savings and Investments Union (SIU), which emphasises safeguarding EU banks' competitiveness, particularly those active in global capital markets, against third-country institutions. The delegated act is currently undergoing review by the European Parliament and the Council, with a three-month scrutiny period extendable by a further three months. If no objection is raised, the measures will enter into application on January 1, 2027, for a period of three years.
3212770 pc Jun 04, 2026 adavies United Kingdom Parliament of the United Kingdom horizon scanning
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Scotland's Ministers Bring Digital Assets Act Provisions Into Force on July 1, 2026

On June 2, 2026, the Scottish Ministers made the Digital Assets (Scotland) Act 2026 (Commencement) Regulations 2026, which appoint July 1, 2026 as the date for key provisions of the Digital Assets (Scotland) Act 2026 to come into force. The regulations were laid before the Scottish Parliament on June 4, 2026. The commencement regulations bring into force sections 1 through 6 of the Digital Assets (Scotland) Act 2026, which establish the foundational legal framework for digital assets in Scotland. These provisions define the meaning of digital assets, establish their nature in Scots law, create a presumption of ownership, set out rules for acquisition of ownership, define the meaning of control, and specify that these provisions remain subject to other enactments. The Digital Assets (Scotland) Act 2026 received Royal Assent on April 16, 2026, with sections 7, 8, 9, and 10 coming into force the following day. The regulations ensure that the core definitional and ownership provisions of the act take effect on July 1, 2026, providing legal certainty for digital asset holders and establishing Scotland's regulatory framework for this emerging asset class. The July 1, 2026 commencement date marks the effective date for these foundational provisions. Stakeholders including financial institutions, digital asset operators, and legal practitioners should ensure compliance with the new framework from this date forward. REFERENCES: Digital Assets (Scotland) Act 2026 (Commencement) Regulations 2026, Scottish Statutory Instruments 2026 No. 197

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236 chars · nid 92969

UK Government Publishes the Digital Assets (Scotland) Act 2026 (Commencement) Regulations 2026

On June 4, 2026, the UK government published the Digital Assets (Scotland) Act 2026 (Commencement) Regulations 2026. The regulations provide that the remaining provisions of the Digital Assets (Scotland) Act 2026 apply on July 1, 2026.
3206008 pc Jun 04, 2026 adavies United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom Financial Conduct Authority Launches UK Payments Initiative Scheme for Open Banking

On June 2, 2026, the Financial Conduct Authority (FCA) announced the launch of the UK Payments Initiative (UKPI), an industry-led scheme representing a significant advancement for open banking and commercial variable recurring payments (cVRP) in the United Kingdom. The UKPI scheme will enable consumers to exercise greater choice regarding how and when they pay for recurring goods and services, fostering increased competition, innovation, and economic growth within the payments sector. The FCA anticipates that the launch of the first scheme by UKPI will catalyse the emergence of additional commercial open banking initiatives. To support this development, the FCA is backing industry efforts to establish an independent standards-setting body to strengthen the next phase of open banking. Subject to forthcoming legislation that will grant the FCA new regulatory powers, the authority intends to consult on a long-term regulatory framework for open banking by the end of December 2026. The FCA has also published its regulatory roadmap for open finance, building on the data-sharing foundations established through open banking. This roadmap aims to provide consumers and businesses with enhanced control over their financial data, enabling them to secure more competitive financial products and services. The announcement reflects the FCA's commitment to fostering a competitive open banking ecosystem while establishing appropriate regulatory safeguards. Market participants and stakeholders should monitor the FCA's consultation on the long-term regulatory framework, expected by the end of 2026, and track developments regarding the independent standards-setting body to understand how these initiatives will shape the regulatory landscape for open banking and open finance going forward.

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993 chars · nid 92967

UK's Financial Conduct Authority Launches Payments Initiative Scheme for Open Banking

On June 2, 2026, the Financial Conduct Authority (FCA) announced the launch of the UK Payments Initiative (UKPI), an industry-led scheme representing a significant advancement for open banking and commercial variable recurring payments (cVRP) in the United Kingdom. The UKPI scheme will enable consumers to exercise greater choice regarding how and when they pay for recurring goods and services, fostering increased competition, innovation, and economic growth within the payments sector. The FCA anticipates that the launch of the first scheme by UKPI will catalyse the emergence of additional commercial open banking initiatives. To support this development, the FCA is backing industry efforts to establish an independent standards-setting body to strengthen the next phase of open banking. Subject to forthcoming legislation that will grant the FCA new regulatory powers, the authority intends to consult on a long-term regulatory framework for open banking by the end of December 2026.
3212473 gc Jun 04, 2026 gkaliraman United Kingdom UK Gambling Commission gamblingcompliance
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113 chars · nid 51425

AI powered content marketing sweep to protect children

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3212473 gc Jun 04, 2026 gkaliraman United Kingdom UK Gambling Commission gamblingcompliance
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113 chars · nid 51424

AI powered content marketing sweep to protect children

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