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3185220 pc May 26, 2026 arahman Finland Financial Supervisory Authority horizon scanning
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Finland's Financial Supervisory Authority Recommends Stronger Fraud Prevention Practices for Instant Payment Services

On May 26, 2026, Finland's Financial Supervisory Authority (FSA) published a thematic assessment of instant payment services offered by banks, finding that while rapid transfer services generally function well, significant gaps exist in customer communications and fraud prevention measures. The FSA's assessment examined nine banks' instant and standard transfer services for retail customers, focusing on service availability, safety limits management, payee verification services, and fraud monitoring. The assessment found that instant transfers are available in nearly all euro-denominated payment accounts and key channels such as online and mobile banking, with payment execution within the required ten-second timeframe generally meeting high standards. However, the FSA identified deficiencies in security practices, particularly regarding customer communications about instant transfers and fraud prevention. The FSA recommends several measures to strengthen payment security. Banks should actively communicate the importance of safety limits and ensure transfer limit options are equally comprehensive for both instant and standard transfers. The FSA further recommends that new customers be required to set their own safety limits upon service activation. Regarding payee verification services—mandatory across the eurozone since October 2025—the FSA found inconsistent implementation, particularly in how banks present information when payee details do not match. Banks must provide clear warnings that payment acceptance could result in funds transferring to incorrect recipients. The FSA also recommends enhanced real-time fraud monitoring using risk-based automatic blocking of suspicious transactions and real-time blocking of credential usage in critical situations, with particular attention to security during authentication application deployment on new devices. The FSA will monitor banks' implementation of these recommendations, which complement guidance provided in its 2025 online payment security thematic assessment.

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Finland's Financial Supervisory Authority Recommends Stronger Fraud Prevention Practices for Instant Payment Services

On May 26, 2026, Finland's Financial Supervisory Authority (FSA) published a thematic assessment of instant payment services offered by banks, finding that although rapid transfer services generally function well, significant gaps exist in customer communications and fraud prevention measures. The FSA's assessment examined nine banks' instant and standard transfer services for retail customers, focusing on service availability, safety limits management, payee verification services and fraud monitoring. The assessment found that instant transfers are available in nearly all euro-denominated payment accounts and key channels such as online and mobile banking, with payment execution within the required ten-second timeframe generally meeting high standards. However, the FSA identified deficiencies in security practices, particularly regarding customer communications about instant transfers and fraud prevention. The FSA recommends several measures to strengthen payment security. Banks should actively communicate the importance of safety limits and ensure transfer limit options are equally comprehensive for both instant and standard transfers. The FSA further recommends that new customers be required to set their own safety limits upon service activation. Regarding payee verification services, mandatory across the eurozone since October 2025, the FSA found inconsistent implementation, particularly in how banks present information when payee details do not match. Banks must provide clear warnings that accepting payments may result in funds being transferred to the wrong recipients. The FSA also recommends enhanced real-time fraud monitoring using risk-based automatic blocking of suspicious transactions and real-time blocking of credential usage in critical situations, with particular attention to security during authentication application deployment on new devices. The FSA will monitor banks' implementation of these recommendations, which complement guidance provided in its 2025 online payment security thematic assessment.
3184976 pc May 26, 2026 csoo United Kingdom Competition and Markets Authority horizon scanning
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United Kingdom Government Announces Sanctions Targeting Russian Cryptocurrency Networks and Illicit Finance Infrastructure

On May 26, 2026, the United Kingdom Foreign, Commonwealth & Development Office announced a new package of sanctions targeting cryptocurrency exchanges and illicit finance networks used by Russia to evade existing restrictions and fund its war in Ukraine. The sanctions package includes 18 designations directly targeting Russia's financial infrastructure and key individuals linked to the A7 network, a Kremlin-backed system designed to bypass Western sanctions and finance military procurement. The A7 network claimed to have moved more than $90 billion in the previous year, equivalent to roughly half of Russia's yearly military expenditure. The UK's action targets a Kyrgyz bank suspected of facilitating payments for the network and a major global cryptocurrency exchange believed to have channelled over $1.5 billion to the Kremlin. The package also targets three Georgian companies operating Russia-focused exchanges seeking to evade sanctions. These sanctions came into force immediately upon announcement. Foreign Secretary Yvette Cooper said the UK is "moving faster and further than ever before to clamp down on these routes and adapt its approach to stay ahead of Russian evasion tactics." The UK has now sanctioned over 3,300 individuals, businesses, and ships, with Russia's war economy losing over $450 billion due to international sanctions—equivalent to four years of funding for Putin's illegal war. The announcement reflects the UK's commitment to disrupting Russia's evolving financial evasion networks and supporting Ukraine for as long as necessary. The full list of Russia sanctions designations is available on the UK Sanctions List.

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UK Government Announces New Sanctions Package Targeting Russian Cryptocurrency Networks and Illicit Finance Infrastructure

On May 26, 2026, the United Kingdom Foreign, Commonwealth & Development Office announced a new package of sanctions targeting cryptocurrency exchanges and illicit finance networks used by Russia to evade existing restrictions and fund its war in Ukraine. The sanctions package includes 18 designations directly targeting Russia's financial infrastructure and key individuals linked to the A7 network, a Kremlin-backed system designed to bypass Western sanctions and finance military procurement: 1. Entities and individuals involved in supporting the Russian financial sector: EXMO EXCHANGE LIMITED ARVIX LIMITED LIABILITY COMPANY RAPIRA GROUP LLC ALISTERA LIMITED SOOTY LTD AIFORY LLC BITPAPA IC FZC LLC OPEN JOINT STOCK COMPANY “EURASIAN SAVINGS BANK” LIMITED LIABILITY COMPANY “DIAMOND ESTATE” TRACE ROAD LIMITED LIABILITY COMPANY Igor Olegovich GORIN Irina Rafaelyevna AKOPYAN Sergey MENDELEEV 2. Entities and individuals involved in making available funds, economic resources, goods or technology to individuals and entities in the Russian financial sector: NUEVA CRYPTOLOGIA SOCIEDAD POR ACCIONES SIMPLIFICADA DE CAPITAL VARIABLE (S.A.S. DE C.V.) HUOBI GLOBAL S.A. Liran COHEN 3. Entities involved in carrying on business of economic significance to the Government of Russia OPEN JOINT STOCK COMPANY “STATE BROKERAGE COMPANY” OPEN JOINT STOCK COMPANY “VIRTUAL ASSET ISSUER”
3184941 gc May 26, 2026 prandeo Romania National Office for Games of Chance gamblingcompliance
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Romania's National Office for Games of Chance Issues Decision on Unlicensed Gambling Website Blacklist

On May 18, 2026, Romania's National Office for Games of Chance (Oficiul National pentru Jocuri de Noroc, ONJN) issued Decision No. 267, which adds unlicensed gambling websites to the country's blacklist of prohibited online gaming platforms. The decision forms part of ONJN's ongoing enforcement framework to prevent unauthorised remote gambling operations within Romania. Under Romanian gambling legislation, specifically Article 22(6) of Emergency Ordinance No. 77/2009 on the organisation and exploitation of games of chance, individuals physically located in Romania are prohibited from participating in remote gambling activities that lack ONJN authorisation. Violations of this provision constitute an administrative offence subject to fines ranging from 5,000 to 10,000 Romanian lei. Decision No. 267 includes two annexes detailing the specific websites being blacklisted. ONJN maintains a comprehensive blacklist of unlicensed gambling sites, updated regularly through formal decisions. The blacklist is enforced through DNS server blocking mechanisms, preventing Romanian users from accessing these platforms. Licensed operators offering remote gambling services are required to deny access to players using Romanian internet protocol addresses and to remit any existing player account balances in accordance with applicable regulations. The decision reflects ONJN's commitment to protecting consumers and maintaining market integrity by restricting access to unlicensed gambling operators. Only operators holding valid ONJN licences—classified as Class I or Class II licensed operators—are authorised to provide remote gambling services to Romanian players. ONJN continues to issue regular blacklist decisions to address emerging unlicensed platforms and maintain enforcement of remote gambling restrictions.

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Romanian gambling regulator orders blacklisting of unlicensed gambling websites

On May 26, 2026, Romania’s National Office for Gambling (ONJN) Supervisory Committee adopted Decision No. 267 approving the inclusion of additional unlicensed gambling websites on the national blacklist. The decision targets remote gambling platforms that were found to be operating in Romania without the required organisation licence and operating authorisation issued by Romanian authorities. The action followed findings by the General Directorate for Gambling Informatization and Monitoring, which identified operators offering remote gambling services in Romania without complying with licensing requirements or declaring and paying applicable licence and authorisation fees under Government Emergency Ordinance No. 77/2009. According to the decision, the identified websites were conducting activities that fall within the scope of regulated remote gambling without obtaining approval from Romanian authorities. The decision requires authorised electronic communications providers to restrict access to the blacklisted gambling websites and redirect traffic to a designated IP address. Telecommunications and electronic communications providers listed by the National Authority for Management and Regulation in Communications (ANCOM) are required to implement these measures within 15 days of notification. The ONJN further specified that the decision would take effect immediately upon communication and outlined procedures allowing affected parties to submit a preliminary complaint within 30 days or challenge the decision before the Bucharest Court of Appeal. The General Directorate for Gambling Informatization and Monitoring must notify communications providers within 48 hours either by direct communication or publication on the ONJN website. The decision forms part of Romania’s ongoing enforcement efforts against unlicensed gambling operators and reinforces the regulator’s use of website blocking measures to restrict access to unauthorised gambling services.
3184884 pc May 26, 2026 arahman Russia Документы ленты ПРАЙМ horizon scanning
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Russia's Ministry of Finance Establishes Customs Inspection Procedures and Controls

On May 26, 2026, Russia's Ministry of Finance (Минфин России) published Order No. 51n, issued on April 21, 2026, establishing procedures for conducting customs control in the form of customs inspection with measures ensuring proper customs control implementation. The order regulates the conduct of customs inspections by customs authorities and establishes standardised procedures for customs officials. It defines the sequence of actions that customs officers must follow, specifies timeframes for completing required procedures, and establishes rules for documenting inspection results. The regulation aims to create uniform standards across Russian customs operations, ensuring consistency in how inspections are conducted and recorded. The order applies to all customs authorities operating within Russia's customs system and affects importers, exporters, and other parties subject to customs control procedures. The order enters into force 180 days after its official publication. This implementation period allows customs authorities and affected parties time to prepare for compliance with the new procedures. The delayed effective date enables customs officials to receive necessary training on the new inspection protocols and allows businesses to adjust their customs compliance procedures accordingly. Stakeholders requiring detailed information on the specific inspection procedures, documentation requirements, and timelines should consult the full text of Order No. 51n once it becomes effective. REFERENCES: Приказ Минфина России от 21 апреля 2026 г. № 51н "Об утверждении Порядка проведения таможенного контроля в форме таможенного осмотра с применением мер, обеспечивающих проведение таможенного контроля"

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The procedure for conducting customs control in the form of customs inspection has been determined | Information of the Ministry of Finance of the Russian Federation and the Federal Tax Service of the Russian Federation: GARANT

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3194638 pc May 26, 2026 msolomon Moldova Banca Națională a Moldovei - Newsfeed horizon scanning
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Moldova's National Bank Amends COREP Reporting Instructions on Credit Valuation Adjustment Risk

On May 21, 2026, the National Bank of Moldova (BNM) adopted Decision No. 120/2026 amending the Instructions on the presentation of COREP reports by banks for supervisory purposes. COREP (Common Reporting) is the standardised framework through which banks submit regulatory capital and risk data to supervisory authorities. The amendment specifically addresses the treatment of credit valuation adjustment (CVA) risk, which represents the risk of loss arising from changes in the creditworthiness of counterparties in derivative transactions. The decision modifies the existing Instructions approved through BNM Executive Committee Decision No. 117/2018. CVA risk has become increasingly material for banks engaged in derivative activities, particularly following international regulatory developments under Basel III standards. The amendment ensures that BNM's reporting requirements align with evolving prudential standards and reflect current best practices in measuring and reporting counterparty credit risk exposure. The amendment applies to all licensed banks operating in Moldova that are required to submit COREP reports to BNM. Banks must incorporate the revised CVA risk treatment into their regulatory reporting frameworks. The decision becomes effective on January 1, 2027, providing banks with a transition period to implement the necessary changes to their reporting systems and processes. The full text of Decision No. 120/2026 was published in the Official Monitor of the Republic of Moldova (No. 221, Article 392) on May 26, 2026.

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Moldova Publishes Decision No. 120/2026 Amending the Instruction on the Submission by Banks of COREP Reports for Supervisory Purposes

On May 26, 2026, the "Decision No. 120/2026 Amending the Instruction on the Submission by Banks of COREP Reports for Supervisory Purposes" was published in the official gazette of the Republic of Moldova. This Decision amends the existing instructions on COREP reports, the standardised framework through which banks submit regulatory capital and risk data to supervisory authorities. The amendment specifically addresses the treatment of credit valuation adjustment (CVA) risk, which represents the risk of loss arising from changes in the creditworthiness of counterparties in derivative transactions. The amendment ensures that BNM's reporting requirements align with evolving prudential standards and reflect current best practices in measuring and reporting counterparty credit risk exposure. The amendment applies to all licensed banks operating in Moldova that are required to submit COREP reports to the National Bank of Moldova. Banks must incorporate the revised CVA risk treatment into their regulatory reporting frameworks. The decision becomes effective on January 1, 2027, providing banks with a transition period to implement the necessary changes to their reporting systems and processes.
3182157 pc May 26, 2026 kgurnani Australia The Treasury horizon scanning
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Australia's Treasury Opens Consultation on Financial Institutions Supervisory Levies for 2026–27

On May 24, 2026, Australia's Treasury opened a consultation on proposed financial institutions supervisory levies for the 2026–27 financial year. The Australian Prudential Regulation Authority (APRA) collects these levies to recover its operational costs and specific costs incurred by Commonwealth agencies, including the Australian Taxation Office and Treasury. The consultation seeks stakeholder views on the proposed levy structure for the upcoming financial year. APRA uses supervisory levies to fund its regulatory activities across the financial services sector, including prudential supervision of banks, insurers, superannuation funds, and other regulated entities. The levies represent a key mechanism through which APRA recovers the costs of its supervisory functions and related Commonwealth agency expenses. Treasury prepared this consultation paper in conjunction with APRA to ensure comprehensive stakeholder engagement on the proposed levies. Interested parties must submit responses through the Treasury's consultation website. The Treasury recommends that respondents review the supporting discussion paper and submission guidelines before preparing their responses. Submissions should be prepared in Word (DOCX or RTF) format, with PDF files accepted as an alternative. The consultation closes on June 14, 2026. For further information or technical assistance with submissions, stakeholders can contact the Treasury at supervisorylevies@treasury.gov.au.

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Australia's Treasury Opens Consultation on Financial Institutions Supervisory Levies for 2026–27

On May 24, 2026, Australia's Treasury opened a consultation on proposed financial institutions supervisory levies for FY 2026–27, which are intended to recover the costs of financial system regulation and supervision. The paper explains how levy funding will be collected from APRA-regulated industries and how those costs are allocated across different sectors. The document applies to authorised deposit-taking institutions (ADIs) and other insurers and superannuation entities. Key themes in the consultation paper include: Breakdown of the levy structure into several components, including: a restricted levy component, an unrestricted levy component, and specific sector-based supervisory levies. Provision of regulatory costs for 2026–27, proposed levy rates, minimum levy amounts, maximum levy caps, and the methodology used to determine each entity’s contribution. Outline of proposed levy increases and decreases across sectors compared with the previous year, reflecting changes in supervisory intensity, shifts in regulatory priorities, inflation and staffing costs, and changes in the number or size of regulated entities. Detailed estimates of APRA departmental expenditure, costs attributed to each industry segment, costs of enforcing prudential standards, and recoverable expenses from related government functions. Detailed estimates of projected revenue recovery, sector-by-sector levy allocations, statutory caps, rates applied to levy metrics, and estimated costs, attributable to restricted and unrestricted components. The government is inviting submissions from industry stakeholders on the proposed levy settings by June 14 on the Treasury website .
3181215 gc May 26, 2026 gkaliraman Asia IAG – Inside Asian Gaming gamblingcompliance
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Philippines Gaming Regulator PAGCOR Sets July 31 Deadline for Online B2B Supplier Accreditation Compliance

On May 21, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) issued a memorandum establishing July 31, 2026, as the final deadline for business-to-business (B2B) providers to the domestic online gaming industry to complete all accreditation requirements under its new regulatory framework. The memo, issued by PAGCOR's I-Gaming Licensing and Regulation Group's Electronic Gaming Licensing Department, addresses uncertainty that had mounted among gaming suppliers and operators following previous extensions to application deadlines. PAGCOR established a two-month interim window beginning May 31, 2026, during which contracted B2B providers with submitted accreditation applications may continue existing operations and provision of services to Gaming System Administrators (GSAs). The regulator specified four mandatory accreditation requirements that must be completed by July 31: payment of a non-refundable application fee; submission of documentary requirements including a probity check report; satisfactory results from an ocular inspection of the applicant's facility and testing of its electronic gaming systems and online gaming platforms; and posting of a corresponding performance cash deposit. Any B2B provider failing to comply with accreditation requirements by July 31 will have its electronic gaming systems, online gaming platforms, games, and gaming equipment decommissioned effective August 1, 2026. The same decommissioning consequences apply to providers who submit applications on time but fail to meet expected compliance requirements. PAGCOR's framework also creates regulatory incentives for GSAs, which face sanctions if they engage with non-compliant B2B providers, effectively creating a two-sided compliance structure that reshapes commercial relationships within the supply chain. The memorandum addresses both supplier and operator concerns regarding interim operating status and non-compliance consequences. GSAs are increasingly requiring B2B partners to demonstrate accreditation compliance before entering into new agreements, representing a significant shift in supply chain management practices within the Philippine online gaming market.

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PAGCOR clarifies online B2B accreditation pathway as firm 31 July deadline set for supplier compliance

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3203545 pc May 26, 2026 msolomon Germany Official Gazette horizon scanning
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Germany's Federal Financial Supervisory Authority Issues Crypto-Assets Notification Regulation

On May 26, 2026, Germany's Official Gazette published the Regulation on Notifications and Submission of Documents under the Crypto-Markets Supervision Act (Kryptomärkteanzeigenverordnung — KMAnzV), which the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) issued on May 20, 2026. The KMAnzV establishes procedural requirements for notifications and document submissions required under Germany's crypto-markets regulatory framework. The regulation sets out the formal processes and administrative procedures that market participants must follow when notifying the BaFin of activities subject to crypto-markets supervision. This includes specifying which documents must be submitted, in what format, and according to what timeline. The regulation classifies as a new supervisory rule under the regulatory classification system (FNA: 7610-25-3). The regulation applies to crypto-asset service providers and other entities operating in Germany's crypto-markets sector that are subject to notification obligations under the Crypto-Markets Supervision Act. The KMAnzV came into effect on May 26, 2026, upon publication in the Official Gazette. Market participants must ensure compliance with the notification and documentation requirements established by the regulation. The full text of the regulation is available as a PDF document (528KB, accessible format) on the Official Gazette website, with a verification hash value provided to confirm document integrity (MD5: efdd42e54cb7e9b0a813f4eecee75ee5). REFERENCES: Bundesgesetzblatt Teil I, Verordnung über die Anzeigen und die Vorlage von Unterlagen nach dem Kryptomärkteaufsichtsgesetz (Kryptomärkteanzeigenverordnung — KMAnzV), BGBl. 2026 I Nr. 153 vom 26.05.2026

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Germany Publishes Cryptocurrency Markets Notification Regulation

On May 26, 2026, the Cryptocurrency Markets Notification Regulation was published in the German federal gazette. The regulation details the notifications and documentation submission requirements that must be submitted to the Federal Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank, in line with the Crypto Markets Supervision Act. The notifications requirements within the regulation include the following: Notifications must be submitted electronically at the request of BaFin and the Deutsche Bundesbank, and they shall each provide information on their websites regarding the electronic submission channels. When notifying BaFin and the Deutsche Bundesbank on the commencement and termination of the provision of cross-border services, the notification must be accompanied by information regarding the company for which the activity is performed, the start and end dates of the activity, the nature of the activity, and the time commitment required for the activity. When notifying BaFin and the Deutsche Bundesbank on the relocation of the branch or headquarters, this must include information regarding the acquisition, change in the amount, or disposal of a holding, the company in which the holding is held, and the percentage of ownership. The intention of institutions to merge must be reported by the participating institutions as soon as it can be assumed, based on the negotiations conducted, that the merger will take place. The failure of merger negotiations must be reported immediately. The regulation enters into force on July 1, 2026.
3179235 pc May 26, 2026 csoo Italy Bank of Italy horizon scanning
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Italy's Bank of Italy Publishes Guidance on Reporting Aggregate Costs and Losses from Serious ICT Incidents

On May 22, 2026, the Bank of Italy (Banca d'Italia) published a communication regarding the reporting of estimates of aggregate annual costs and losses caused by serious information and communication technology (ICT) incidents. The communication establishes requirements for financial institutions and other regulated entities operating in Italy to report data on the financial impact of significant ICT-related incidents. This reporting obligation forms part of Italy's broader regulatory framework for operational resilience and cybersecurity oversight, ensuring that the Bank of Italy maintains visibility over the systemic risks posed by ICT disruptions across the financial sector. The guidance applies to entities subject to the Bank of Italy's supervision, including credit institutions and other financial service providers. By requiring standardised reporting of aggregate costs and losses, the Bank of Italy aims to identify patterns, assess the severity of ICT incidents, and inform its supervisory approach to operational risk management. For reporting due in 2026, entities must submit their estimates by June 30, 2026. This deadline applies specifically to the 2026 reporting cycle. The Bank of Italy's communication includes detailed requirements for calculating and aggregating costs and losses resulting from serious ICT incidents connected to information technology systems. Entities should review the attached guidance document to ensure compliance with the specified reporting format and methodology. The submission should be made to the Bank of Italy through its designated channels, with further details available in the accompanying communication document published on May 22, 2026.

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Bank of Italy Postpones Deadline for 2026 Reporting of Aggregate Costs and Losses from Serious ICT Incidents

On May 22, 2026, the Bank of Italy published an announcement postponing the reporting of estimates of aggregate annual costs and losses caused by serious information and communication technology (ICT) incidents for 2026. Pursuant to Regulation (EU) 2022/2554 (DORA), the financial entities referred to in Article 2 of the same regulation are required to report to the Bank of Italy all serious ICT incidents. Pursuant to Article 10 of the DORA Regulation, all intermediaries directly supervised by the Bank of Italy are required to submit annually, by May 31 , estimates of the aggregate annual costs and losses caused by serious ICT incidents, in accordance with the joint guidelines published by the European Supervisory Authorities (JC/GL/2024/34). For reporting due in 2026, entities must submit their estimates by June 30, 2026. This deadline applies specifically to the 2026 reporting cycle. Reports must be submitted through the Bank of Italy's INFOSTAT platform.
3200737 gc May 26, 2026 gkaliraman Philippines EGLD (PAGCOR) - Annoucements gamblingcompliance
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Philippines Gaming Authority Updates Regulatory Frameworks for Gaming Affiliates, Venue Operations, and System Administrators

On May 26, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) Electronic Gaming Licensing Department issued a memorandum implementing amendments to three regulatory frameworks, following approval by PAGCOR's Board of Directors on May 21, 2026. The amendments address inconsistencies and provide clarity across existing regulatory policies for electronic gaming operations. The first amendment updates the Regulatory Framework for the Accreditation of Gaming Affiliates and Support Service Providers (Revision 1). Key changes include defining BSP-Supervised Financial Institutions (BSFI) as entities licensed and supervised by the Bangko Sentral ng Pilipinas (BSP), including banks, digital banks, non-bank financial institutions, and electronic money institutions. The amendment clarifies that all B2B providers must comply with Anti-Money Laundering Council (AMLC) rules as supervised by PAGCOR's Anti-Money Laundering Supervision and Enforcement Department (PASED), with non-compliance subject to prescribed penalties. For BSFI-accredited support service providers, the BSP will report any non-compliance to PASED. The amendment also removes requirements for Personal Disclosure Statements (PDS) and modifies documentary submission procedures, effective May 31 each year through the Electronic Submission of Annual Documentary Requirements system. The second amendment updates the Regulatory Framework for Fees and Rates on Gaming Venue Operations (Revision 5), introducing a processing fee for gaming venue relocation, expansion, or reduction within the same building, compound, or complex. The third amendment updates the Regulatory Framework for the Accreditation of Gaming System Administrators (Revision 0), with modifications to marketing and promotional guidelines for online gaming platforms. All amendments take effect five days after publication on PAGCOR's regulatory website and apply to gaming system administrators, gaming venue operators, integrated resort licensees, gaming affiliates, support service providers, and applicants.

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Philippines' PAGCOR updates gambling regulatory frameworks

On May 26, 2026, the Philippine Amusement and Gaming Corporation's (PAGCOR) Electronic Gaming Licensing Department (EGLD) issued a memorandum implementing amendments to three regulatory frameworks, following approval by PAGCOR's Board of Directors on May 21, 2026. The amendments address inconsistencies and provide clarity across existing regulatory policies for electronic gaming operations. The first amendment updates the Regulatory Framework for the Accreditation of Gaming Affiliates and Support Service Providers Rev. No. 1 . Key changes include defining BSP-Supervised Financial Institutions (BSFI) as entities licensed and supervised by the Bangko Sentral ng Pilipinas (BSP), including banks, digital banks, non-bank financial institutions, and electronic money institutions. The amendment clarifies that all B2B providers must comply with Anti-Money Laundering Council (AMLC) rules as supervised by PAGCOR's Anti-Money Laundering Supervision and Enforcement Department (PASED), with non-compliance subject to prescribed penalties. For BSFI-accredited support service providers, the BSP will report any non-compliance to PASED. The amendment also modifies documentary submission procedures, effective May 31 each year through the Electronic Submission of Annual Documentary Requirements system. The second amendment updates the Regulatory Framework for Fees and Rates on Gaming Venue Operations Rev. No. 5 , introducing a PHP50,000 (US$800) processing fee for gaming venue relocation, expansion, or reduction within the same building, compound, or complex. The third amendment updates the Regulatory Framework for the Accreditation of Gaming System Administrators Rev. No. 0 , with modifications to marketing and promotional guidelines for online gaming platforms. All amendments take effect five days after publication on PAGCOR's regulatory website and apply to gaming system administrators, gaming venue operators, integrated resort licensees, gaming affiliates, support service providers, and applicants.
3187326 pc May 26, 2026 rghosh Ghana Bank of Ghana – Central Bank - Latest News horizon scanning
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Bank of Ghana Suspends Proposed 0.75 Percent Wallet-To-Bank Transfer Fee Pending Further Consultation

On May 26, 2026, the Bank of Ghana announced the suspension of a proposed 0.75 percent fee on wallet-to-bank transfers pending further consultation with stakeholders. The central bank had previously proposed implementing this fee as part of its regulatory framework governing digital financial services and mobile money transactions. The suspension reflects the Bank of Ghana's commitment to engaging with industry participants and consumers before implementing significant changes to the payments ecosystem. The proposed fee would have applied to transfers between mobile money wallets and bank accounts, affecting financial service providers, banks, and end-users reliant on digital payment channels. The central bank indicated it would conduct additional consultation to assess the impact of the fee on financial inclusion, payment system efficiency, and consumer behaviour. This engagement is intended to gather feedback from commercial banks, mobile money operators, fintech companies, and consumer representatives to inform the final policy decision. The Bank of Ghana will resume consideration of the wallet-to-bank transfer fee following the consultation period. Stakeholders requiring further information on the proposed fee or wishing to submit comments should monitor the Bank of Ghana's official communications for details on the consultation process timeline and submission procedures. The central bank is expected to publish its findings and final policy determination following the completion of stakeholder engagement.

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Bank of Ghana Suspends Proposed 0.75 Percent Wallet-To-Bank Transfer Fee Pending Further Consultation

On May 26, 2026, the Bank of Ghana announced the suspension of a proposed 0.75 percent fee on wallet-to-bank transfers pending further consultation with stakeholders. The central bank had previously proposed implementing this fee as part of its regulatory framework governing digital financial services and mobile money transactions. The suspension reflects the Bank of Ghana's commitment to engaging with industry participants and consumers before implementing significant changes to the payments ecosystem. The proposed fee would have applied to transfers between mobile money wallets and bank accounts, affecting financial service providers, banks, and end-users reliant on digital payment channels. The central bank indicated it would conduct additional consultation to assess the impact of the fee on financial inclusion, payment system efficiency, and consumer behaviour. This engagement is intended to gather feedback from commercial banks, mobile money operators, fintech companies, and consumer representatives to inform the final policy decision. The Bank of Ghana will resume consideration of the wallet-to-bank transfer fee following the consultation period. Stakeholders requiring further information on the proposed fee or wishing to submit comments should monitor the Bank of Ghana's official communications for details on the consultation process timeline and submission procedures. The central bank is expected to publish its findings and final policy determination following the completion of stakeholder engagement.
3186283 pc May 26, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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Ukraine's National Bank Applies Written Warning to Financial Company for Regulatory Violations

On May 26, 2026, the National Bank of Ukraine (NBU) applied a written warning to LLC "TSYKL FINANS" (registration number 43453613) for identified deficiencies in its operations that resulted in violations of NBU regulatory requirements. The NBU found that LLC "TSYKL FINANS" violated requirements under three key regulations: the Rules for Compilation and Submission of Reports by Non-Bank Financial Services Market Participants to the National Bank of Ukraine, approved by NBU Board Resolution No. 123 of November 25, 2021 (as amended); the Regulations on Authorization of Financial Service Providers and Conditions for Conducting Financial Service Activities, approved by NBU Board Resolution No. 199 of December 29, 2023 (as amended); and the Regulations on Requirements for Corporate Governance Systems and Internal Control Systems of Financial Companies, approved by NBU Board Resolution No. 185 of December 27, 2024 (as amended). The Committee on Supervision and Regulation of Non-Bank Financial Services Markets adopted the decision to apply this enforcement measure on May 25, 2026. LLC "TSYKL FINANS" is required to remedy the violations and deficiencies identified in the warning within specified timeframes. The NBU's administrative acts take effect upon notification to the relevant institutions through methods established under Ukrainian law, including postal or email delivery to the institution's registered address. REFERENCES: National Bank of Ukraine. "Do finansovoyi ustanovy zastosovano zakhid vplyvu" [Enforcement Measure Applied to Financial Institution]. May 26, 2026. https://www.bank.gov.ua/

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National Bank of Ukraine Issues Warning to Cycle Finance for Conduct of Business Violations

On May 26, 2026, the National Bank of Ukraine (NBU) announced the issuance of a written warning to Cycle Finance for shortcomings identified in its activities that led to multiple violations of the NBU's legal acts. The following legislation was violated: Rules for the preparation and submission of reports by participants in the non-banking financial services market to the National Bank . Regulations on the authorisation of financial service providers and the conditions for their provision of financial services . Regulations on requirements for the corporate governance system and internal control system of a financial company . Cycle Finance is obliged to eliminate the violations and shortcomings in its activities within specified time limits.
3186282 pc May 26, 2026 arahman Ukraine National Bank of Ukraine (NBU) horizon scanning
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Ukraine's National Bank Revokes Financial Company Licence for Inspection Refusal

On May 26, 2026, the National Bank of Ukraine (NBU) revoked the financial services licence held by limited liability company "City Fin Alliance" (registration number 42309535). The NBU's Committee on Supervision and Regulation of Non-Bank Financial Services Markets approved the revocation decision on May 25, 2026. The licence revocation follows the company's refusal to cooperate with a scheduled inspection conducted by the NBU in April 2026. During the inspection attempt, the NBU established that the company failed to provide an authorised representative on the first day of the inspection, preventing the inspection from proceeding. This refusal to permit inspection constitutes grounds for enforcement action under Ukraine's Law on Financial Services and Financial Companies and the NBU's Regulation on Corrective Measures, Early Intervention Measures, and Enforcement Measures in the Non-Bank Financial Services Markets, approved by NBU Board Resolution No. 183 of December 25, 2023. The revoked licence authorised City Fin Alliance to provide factoring services and credit financing in funds and banking metals. Following licence revocation, the company loses the right to conduct financial services activities. However, the revocation does not release the company from fulfilling its existing contractual obligations to clients regarding previously provided financial services. Under Article 56 of Ukraine's Law on the National Bank of Ukraine, administrative acts adopted by the NBU take effect upon notification through methods established by Ukraine's Law on Administrative Procedure. The notification date is the date the decision is sent by post.

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National Bank of Ukraine Revokes City Fin Alliance's Licence for Inspection Failure

On May 26, 2026, the National Bank of Ukraine (NBU) announced the revocation of City Fin Alliance's licence for the activity of a financial company, particularly the provision of factoring, funds and bank metals on credit. The NBU attempted to conduct a scheduled inspection but was refused due to the absence of a person authorised to represent the financial company's interests. This made it impossible to conduct the inspection. Therefore, City Fin violated the Law of Ukraine on Financial Services and Financial Companies and the Regulation on the Application by the NBU of Corrective Measures, Early Intervention Measures and Influence Measures in the Sphere of State Regulation of Activities in the Non-Banking Financial Services Markets .
3186280 pc May 26, 2026 arahman
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National Bank of Ukraine Consults on Third-Party Risk Management Requirements in the Payments Market

On May 26, 2026, the National Bank of Ukraine (NBU) launched a consultation on the Resolution on Amendments to Certain Regulatory Acts of the NBU Regarding the Authorisation and Management System for Financial Payment Service Providers Regarding Third-Party Risk Management. The draft establishes requirements for: Creation of effective third-party risk management mechanisms, taking into account the principle of proportionality. Assessment of third-party risk at all stages of the lifecycle of relations. Verification of third-party providers before entering into a critical contract with them, and the appropriate level of documentation that the payment service provider must obtain. Refusal in certain cases to establish a relationship with the third-party provider. Management of continuity of payment services, taking into account third-party risk. Comments and feedback is welcome up until June 10, 2026.
3192230 pc May 26, 2026 arahman Ukraine Ukraine Parliament - Legislation financial services
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Ukraine Parliament Establishes Temporary Special Commission on Investor Rights Protection

On May 26, 2026, Ukraine's Parliament adopted Resolution No. 4879-IX establishing a Temporary Special Commission on Investor Rights Protection. The commission comprises 15 parliamentary deputies and operates under Article 89 of Ukraine's Constitution, Article 23 of the Law on Temporary Investigative and Special Commissions, and Article 85 of Parliament's Rules of Procedure. The commission's primary objectives include preparing and submitting legislative initiatives to Parliament regarding investor rights protection, ensuring equal protection for all investment subjects regardless of ownership form, and promoting effective investment in Ukraine's economy. The commission will also identify priority areas for improving investment legislation, protect investor and business rights, and coordinate parliamentary cooperation with business associations and relevant structures to create favourable conditions for attracting investment and supporting international economic cooperation and integration. Halyna Yanchenko, a deputy from the Servant of the People party, was elected chair of the commission, with Larisa Bilozir from the Trust parliamentary group serving as deputy chair. The 13 additional members represent various parliamentary factions and groups, including the Servant of the People party, Voice party, European Solidarity party, Fatherland party, Platform for Life and Peace group, Ukraine's Revival group, and Future party group. The Apparatus of Ukraine's Parliament will provide material, technical, personnel, information, and organisational support for the commission's activities. The commission's mandate runs for one year from its establishment, with May 26, 2027, marking the end of its operational period. Parliament must hear the commission's report on completed work at a plenary session no later than six months from the commission's formation. REFERENCES: https://zakon.rada.gov.ua/go/4879-20

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Ukraine's Parliament Publishes Resolution on the Protection of Investors' Rights

On May 26, 2026, Ukraine's parliament adopted Resolution No. 4879-IX establishing a Temporary Special Commission on Investor Rights Protection. The main tasks of the Temporary Special Commission include: Preparing and submitting legislation regarding the rights of investors to the Ukrainian parliament. Determining the priority areas for improving legislation regarding the creation of conditions for investment activities. Implementing parliamentary cooperation with business associations and specialised structures to promote the creation of unhindered conditions for attracting investment. Ensuring the protection of investors' rights. This resolution comes into effect on May 26, 2026.
3182508 pc May 26, 2026 arahman Russia Bank of Russia horizon scanning
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I appreciate you providing the source material, but I must note that the content you've shared appears to be severely corrupted or improperly encoded text. The Cyrillic characters are fragmented and interspersed with spacing issues that make it impossible to extract coherent meaning or identify specific regulatory content, dates, or actionable information. To generate an accurate Horizon Scanning update, I would need: 1. **Properly formatted source material** — either the original document link, a clean text version, or a PDF 2. **Clarity on the specific announcement** — what regulatory change, decree, or institutional action is being communicated 3. **Key details** — effective dates, scope of application, affected entities, and implementation requirements **What I can confirm from metadata:** - Jurisdiction: Russia - Authority: Bank of Russia - Domain: Regulatory/Institutional **Next steps:** Please provide either: - A direct link to the Bank of Russia's official announcement or regulation - A clean, properly encoded version of the source text - A summary of the key regulatory development you'd like me to cover Once I have legible source material, I will generate a complete Horizon Scanning update following all specified formatting and content requirements.

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Central Bank of Russia Publishes Amendments to Instruction No.208-I and No.800-P

On March 26, 2026, the Central Bank of Russia published the amendments to the Bank of Russia Instruction of May 24, 2022, No.208-I and Bank of Russia Regulation of June 29, 2022, No.800-P. Key points include: A management company of a unit investment fund intended exclusively for qualified investors must submit an application to the Central Bank of Russia to register changes under Article 17 of the Federal Law “On Investment Funds”, using the form specified in Annex 5. The following documents must be attached to the application: The trust management rules of the fund for qualified investors. Minutes of the meeting or postal vote held to adopt resolutions by the general meeting of unit holders of a closed-end fund for qualified investors. A document containing information on the compliance by the management company. The trust management rules of the fund for qualified investors. Minutes of the meeting or postal vote held to adopt resolutions by the general meeting of unit holders of a closed-end fund for qualified investors. A document containing information on the compliance by the management company. A notice of the winding up of a unit investment fund must be submitted to the Central Bank of Russia no later than three working days from the date of approval by the fund's specialised depository or the provisional administration carrying out the winding up of the fund. These amendments come into effect ten days after their official publication.
3181819 pc May 25, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Implements Amendments to Comprehensive Supervisory Guidelines for Financial Instruments Business Operators

On May 25, 2026, Japan's Financial Services Agency (FSA) published the results of a public consultation on proposed amendments to the Comprehensive Supervisory Guidelines for Financial Instruments Business Operators (金融商品取引業者等向けの総合的な監督指針). The FSA opened the consultation period from March 25, 2026 to April 24, 2026, seeking public feedback on the proposed amendments. The consultation received no substantive comments from respondents. The FSA received two submissions unrelated to the consultation, which it said it would consider for future financial administration purposes. The amendments follow revisions made by the Japan Securities Dealers Association (日本証券業協会) to its self-regulatory rules governing investment solicitation, customer management, and related matters for association members. The FSA's amendments align its supervisory guidance with these self-regulatory rule changes to ensure consistency across the regulatory framework for financial instruments business operators. The amended Comprehensive Supervisory Guidelines apply effective immediately from May 25, 2026. The FSA published a marked-up version showing the changes between the previous and revised text alongside the announcement. The amendments affect financial instruments business operators and securities firms subject to FSA supervision. The changes reinforce regulatory expectations regarding investment solicitation practices and customer management procedures in line with industry self-regulatory standards. Inquiries regarding the amendments can be directed to the FSA's Securities Division within the Supervision Bureau.

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Japan's FSA Amends the Comprehensive Supervisory Guidelines for Financial Instruments Business Operators

On May 25, 2026, Japan's Financial Services Agency (FSA) published the results of a public consultation on proposed amendments to the Comprehensive Supervisory Guidelines for Financial Instruments Business Operators . The FSA opened the consultation period from March 25, 2026 to April 24, 2026, seeking public feedback on the proposed amendments. The consultation received no substantive comments from respondents. The amendments follow revisions made by the Japan Securities Dealers Association to its self-regulatory rules governing investment solicitation, customer management, and related matters for association members. The FSA's amendments align its supervisory guidance with these self-regulatory rule changes to ensure consistency across the regulatory framework for financial instruments business operators. The amended Comprehensive Supervisory Guidelines apply effective immediately from May 25, 2026. The FSA published a marked-up version showing the changes between the previous and revised text alongside the announcement. The amendments affect financial instruments business operators and securities firms subject to FSA supervision. The changes reinforce regulatory expectations regarding investment solicitation practices and customer management procedures in line with industry self-regulatory standards. Inquiries regarding the amendments can be directed to the FSA's Securities Division within the Supervision Bureau.
3182025 pc May 25, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of Russian Federation Opens Public Consultations on Multiple Regulatory Amendments

The Central Bank of Russian Federation (CBR) has opened public consultations on nine draft regulatory directives covering payments systems, risk management, capital requirements, and digital ruble operations. The consultations form part of the CBR's 2026 regulatory agenda and invite stakeholder feedback through designated email addresses and submission deadlines. The draft directives address several key areas. One directive proposes amendments to the CBR's Payment System Regulation (Regulation No. 876-P from December 3, 2025), with comments due by June 8, 2026. Another addresses amendments to banking order procedures (Regulation No. 2945-U from December 24, 2012), with a June 7, 2026 deadline. A third directive concerns the repeal and non-application of certain CBR and Financial Market Service regulations, also due June 7, 2026. Additional directives cover capital requirements for trading platform organisers (comments due June 4, 2026); amendments to qualified investor recognition procedures (Regulation No. 850-P from January 13, 2025, comments due June 20, 2026); and amendments to Regulation No. 6884-U from October 1, 2024 (comments due June 9, 2026). The CBR has also opened consultations on procedures for tax authority communications with the digital ruble platform operator regarding suspended transactions and debt collection (comments due May 31, 2026), and amendments to banking account procedures for Federal Treasury territorial bodies (Regulation No. 813-P from January 9, 2023, comments due May 28, 2026). A final directive addresses payment service fees within the CBR's payment system (Regulation No. 638-P from March 28, 2018, comments due May 26, 2026). Stakeholders including credit institutions, payment system operators, trading platforms, and qualified investors should review relevant directives and submit comments by specified deadlines to designated CBR email addresses. All draft directives include explanatory notes available on the CBR website.

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Central Bank of Russia Consults on Draft Directive Repealing Act of the Federal Service for Financial Markets

On May 25, 2026, the Central Bank of Russia launched a consultation on the Draft Bank of Russia Directive "On the Recognition of Certain Regulatory Acts of the Bank of Russia as Invalid and the Non-Application of Certain Regulatory Legal Acts of the Federal Service for Financial Markets". The following legislation is proposed to be repealed: Bank of Russia Directive No.3627-U "On the Conditions and Procedure for the Accreditation of Organisations Conducting the Certification of Financial Market Specialists". Bank of Russia Directive No.3858-U "On the Approval of the Programme of Qualification Examinations for the Certification of Individuals in the Field of Clearing Activities and in the Field of Organised Trading". Bank of Russia Directive No.4005-U "On the Approval of the Programme for the Basic Qualification Examination for Financial Market Specialists". Bank of Russia Directive "On the Approval of the Programme for Qualification Examinations for the Certification of Individuals in the Sphere of Brokerage Activities, Dealer Activities, Securities Management Activities and Forex Dealer Activities". Comments and feedback are welcome up until June 7, 2026 and can be sent via email to stakhovskiyaa@cbr.ru .
3182020 pc May 25, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of Russian Federation Opens Public Consultation on Multiple Regulatory Amendments

The Central Bank of Russian Federation (CBR) has opened public consultations on nine draft regulatory directives covering payments systems, risk management, capital requirements, and digital ruble operations. The consultations are part of the CBR's 2026 regulatory agenda and invite stakeholder feedback through designated email addresses and deadlines. Key draft directives under consultation include amendments to the CBR's Regulation on the Payment System of the Central Bank of Russia (comments due June 8, 2026); requirements for risk management and capital systems in credit organisations and banking groups; amendments to banking order procedures; requirements for own funds of trading organisers; and qualified investor recognition criteria and registry procedures. Additional drafts address digital ruble platform operations, including procedures for tax authority communication regarding suspended accounts and digital ruble balances, and amendments to regulations governing treasury account management by the CBR and credit organisations. The CBR has also published a draft directive on payment service fees within its payment system and amendments to Regulation 813-P concerning treasury account operations. Each consultation includes explanatory notes and summary tables of previously submitted comments where applicable. The CBR provides a recommended format for submitting comments and conducts regulatory impact assessments for all proposed measures. Stakeholders, including credit institutions, payment system operators, qualified investors, and trading organisers, should submit comments by the specified deadlines to the designated CBR email addresses. Comments received will inform the CBR's final regulatory decisions. All draft directives and supporting documentation are available on the CBR website at www.cbr.ru, with additional information available through the Federal Portal of Draft Regulatory Legal Acts at regulation.gov.ru.

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Central Bank of Russia Consults on Amendments to Regulation No.876-P

On May 25, 2026, the Central Bank of Russia (CBR) launched a consultation on the Draft Bank of Russia Instruction "On Amendments to Bank of Russia Regulation No.876-P of December 3, 2025 "On the Bank of Russia's Payment System". Key proposals include: A bank recognised as a systemically important credit institution after the entry into force of these amendments shall be obliged to use the CBR's payment system to ensure that its customers are able to make payments. Banks shall be obliged to use the Treasury Payment System to provide their individual customers with the ability to make payments to a single treasury account. When using the CBR payment system to transfer cash deposited by an individual at an ATM to their bank account at another participating bank, the following transaction limits apply: RUB25,000 per day. RUB200,000 per month. RUB25,000 per day. RUB200,000 per month. Before processing the transfer, the bank must verify the transaction and provide the payer's bank with information on the recipient, whether the account can receive funds and the authorised amount available for the transfer. Comments and feedback are welcome up until June 8, 2026 and can be sent via email to SVC_DNPS_PSBR_OM@cbr.ru.
3182023 pc May 25, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank of Russian Federation Publishes Draft Regulatory Acts for Public Consultation

The Central Bank of Russian Federation (CBR) published multiple draft regulatory acts for public consultation on its official website. The CBR invites stakeholders to submit comments and recommendations on proposed amendments to existing regulations and new directives across banking, payments, and financial market operations. The draft acts under consultation include amendments to the CBR's Payment System Regulation (Position No. 876-P from December 3, 2025); modifications to banking order procedures (Instruction No. 2945-U from December 24, 2012); requirements for own funds of trading organisers; requirements for risk management and capital systems in credit organisations and banking groups; qualified investor recognition procedures and registry maintenance; amendments to Position No. 850-P from January 13, 2025; amendments to Instruction No. 6884-U from October 1, 2024; procedures for digital ruble platform operators regarding tax authority communications; and amendments to Position No. 813-P from January 9, 2023, concerning treasury account management. Additionally, the CBR proposes amendments to Position No. 638-P from March 28, 2018, addressing payment service fees within the CBR's payment system. The consultation deadlines vary across the draft acts, ranging from May 26, 2026 to June 20, 2026. Stakeholders must submit comments via designated email addresses specific to each proposal. The CBR has published explanatory notes and summary tables of previously received comments for certain draft acts. All draft acts are available on the CBR's official website, with submissions also accepted through the Federal Portal of Draft Regulatory Legal Acts (regulation.gov.ru). The CBR will conduct corruption risk assessments on all proposed regulations as part of its regulatory impact evaluation process.

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Central Bank of Russia Consults on Amendments to Instruction No.2945-U

On May 25, 2026, the Central Bank of Russia (CBR) launched a consultation on the Draft Bank of Russia Instruction "On Amendments to the Bank of Russia Instruction No.2945-U of December 24, 2012 "On the Procedure for Drawing Up and Using a Bank Order". A bank order shall be defined as an instruction to transfer funds and may be used by the CBR or a bank in the following cases: When carrying out transactions on a bank account or a deposit account in the currency of the Russian Federation and in foreign currency opened with the bank, drawing up the bank order, if the payer or payee of the funds is the bank, drawing up the bank order. When a bank carries out transactions between bank accounts and deposit accounts in the currency of the Russian Federation of clients who are natural persons, provided that the bank accounts and deposit accounts of the payer and the recipient of the funds are held at the bank drawing up the bank order. When the bank carries out conversion transactions on bank accounts and deposit accounts of a single client, opened at the bank, drawing up the bank order. When a bank carries out transactions involving the use of payment cards on customers' bank accounts opened with the bank, drawing up a bank order where the basis for drawing up the bank order is the register of transactions involving the use of payment cards or an electronic log. Comments and feedback are welcome up until June 7, 2026 and can be sent via email to SVC_DNPS_ORNPS@cbr.ru .
3181812 pc May 25, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Publishes Additional Capital Ratio Regulation Guidance Questions and Answers

On May 25, 2026, Japan's Financial Services Agency (FSA) published additional questions and answers addressing capital ratio regulations. The FSA expanded its existing Capital Ratio Regulation Q&A guidance to include two new areas of clarification for financial institutions. The additions address the credit risk reduction effects associated with corporate value pledges and the treatment of exposures covered by insurance underwritten by Japan Export-Import Bank (JBIC). These clarifications provide financial institutions with regulatory guidance on how to account for these specific risk mitigation techniques when calculating their capital ratios under Japanese prudential standards. The updated Q&A guidance represents the FSA's ongoing effort to provide clarity on the application of capital ratio regulations to financial institutions operating in Japan. By addressing specific scenarios and risk mitigation approaches, the FSA aims to ensure consistent interpretation and implementation of capital adequacy requirements across the financial sector. The additions reflect evolving market practices and the need for regulatory guidance on emerging collateral and insurance arrangements used by financial institutions. Financial institutions subject to capital ratio regulations should review the updated guidance to ensure their capital calculations and risk management frameworks align with the FSA's clarifications. The full text of the amended Q&A, including only the newly updated sections, is available on the FSA website. For further information, financial institutions may contact the FSA's Comprehensive Policy Bureau, Risk Analysis and Oversight Division, Soundness Standards Office.

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Japan's FSA Publishes Additional Capital Ratio Regulation Guidance Questions and Answers

On May 25, 2026, Japan's Financial Services Agency (FSA) published additional questions and answers addressing capital ratio regulations. The FSA expanded its existing Capital Ratio Regulation Q&A guidance to include  clarifications related to credit risk exposure and and mitigation techniques for financial institutions. The additions address the credit risk reduction effects associated with corporate value pledges and the treatment of exposures covered by insurance underwritten by Japan Export-Import Bank (JBIC). These clarifications provide financial institutions with regulatory guidance on how to account for these specific risk mitigation techniques when calculating their capital ratios under Japanese prudential standards. Financial institutions subject to capital ratio regulations should review the updated guidance to ensure their capital calculations and risk management frameworks align with the FSA's clarifications. The full text of the amended Q&A, including only the newly updated sections, is available on the FSA website.
3179061 pc May 22, 2026 ataylor Argentina Ministry of Justice and Human Rights financial services
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Argentina's Ministry of Justice and Human Rights Clarifies Check Payment Operations in Capital Markets

On May 22, 2026, Argentina's Ministry of Justice and Human Rights issued General Resolution N° 1141 (RG N° 1141), providing operational clarifications regarding check payment procedures within the capital markets sector. The resolution maintains the existing daily payment limit for obligated subjects registered with the National Securities Commission (Comisión Nacional de Valores — CNV) of two checks per client, regardless of check type (physical or electronic). This limit applies to all check-based transactions conducted within capital markets operations. RG N° 1141 builds upon General Resolution N° 1139, which introduced adjustments aligned with anti-money laundering prevention standards applicable to CNV-registered agents. The new resolution incorporates operational clarifications designed to ensure proper traceability of transactions and preserve market transparency and integrity. The Ministry clarified that check deposits intended for capital markets operations remain unrestricted in quantity, and CNV regulations impose no limitations on the number of endorsements permitted for such checks. These measures do not modify existing tax regulations. The clarifications address operational procedures within Argentina's capital markets framework, affecting all entities registered with the CNV that conduct transactions involving check payments. The resolution reinforces compliance with anti-money laundering standards while maintaining operational flexibility for legitimate capital markets activities. REFERENCES: General Resolution N° 1141, Argentina Ministry of Justice and Human Rights: https://www.argentina.gob.ar

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Argentine National Securities Commission Issues General Resolution No. 1141: Daily Limit on the Use of Checks

On May 22, 2026, the Argentine National Securities Commission (CNV) issued General Resolution No. 1141, which incorporates operational details aimed at safeguarding the proper traceability of operations and preserving the transparency and integrity of the market. Resolution No. 1141 provides that regulated entities cannot make more than two fund payments per day and per client using either physical or electronic checks. Further, checks issued to pay clients must be made payable to the client or bear the "not to order" clause and be "crossed" for deposit into an account if that option is available. When receipts or payments to and from customers are made using electronic checks, no limitations regarding the number of endorsements shall apply, and traceability must be ensured for both the receipt and delivery of the instrument. The resolution takes effect on May 23, 2026.
3178811 pc May 22, 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 Robinhood Money

On May 22, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order resolving an enforcement action against Robinhood Money, LLC, a money transmitter licensed under Chapter 560, Florida Statutes. The OFR approved a Stipulation and Consent Agreement settling violations identified during examination number 129045, which the OFR initiated following an Administrative Complaint issued on March 10, 2026. Under the agreement, Robinhood Money consented to findings that it failed to timely report the opening of three bank accounts used to conduct money services business activity, in violation of Section 560.126(2), Florida Statutes, and failed to report the addition of control persons to the licensee, in violation of Section 560.126(3), Florida Statutes. Robinhood Money neither admitted nor denied these findings but agreed to resolve the matter without further litigation. As part of the settlement, Robinhood Money agreed to pay an administrative fine of $4,500 to the OFR and to comply with all provisions of Chapter 560, Florida Statutes and corresponding rules. The company, led by President Deepak Rao, waived its rights to an administrative hearing, separately stated findings and conclusions of law, and any right to appeal the Final Order. The OFR noted that failure to comply with the agreement's terms may result in issuance of an emergency cease and desist order. Each party bears its own costs and attorney fees incurred in the matter. REFERENCES: Florida Office of Financial Regulation. (2026). Final Order and Stipulation and Consent Agreement. Case Number 132872. State of Florida Office of Financial Regulation.

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Florida Office of Financial Regulation Fines Robinhood Money $4,500 for Reporting Violations

On May 22, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Robinhood Money, LLC (Robinhood), a licensed money transmitter, for violating Chapter 560, Florida Statutes . The enforcement action relates to late reporting of bank account openings and failure to report the addition of a control person. The primary findings of the OFR were: Failure to timely report bank account openings: The company did not report the opening of three bank accounts used for money services business activity within the required timeframe. Failure to report addition of a control person: The company failed to report the addition of a control person (e.g., an executive or board member) as required. The OFR imposed an administrative fine of $4,500 against Robinhood Money. The company also agreed to future compliance.
3178822 pc May 22, 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 Essential Financial Investments Corp

On May 22, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order resolving an enforcement action against Essential Financial Investments Corp, Carmen Carboni, Wilson Jaykosz, and Dancar Business Corp through a Stipulation and Consent Agreement. The OFR conducted examination number 119074 to assess the respondents' compliance with Chapter 560, Florida Statutes, which governs money services businesses. Essential Financial Investments Corp held a Part II Money Services Business licence (number FT230000130) in Florida, with Jaykosz serving as president and chief executive and Carboni serving as chief financial officer. Dancar Business Corp owned 100 percent of Essential Financial. The settlement resolved five compliance violations. The respondents failed to timely submit annual financial audit reports in violation of Section 560.209(2), Florida Statutes and Rule 69V-560.606(2), Florida Administrative Code. They also failed to report changes in financial information within 30 days of the change, contrary to Section 560.126(2), Florida Statutes. Additionally, the respondents failed to create and maintain complete customer files on all customers who cashed corporate payment instruments, failed to timely and accurately enter transactions into the check cashing database, and failed to timely file their Security Device Calculation Form in violation of Rule 69V-560.402, Florida Administrative Code. Under the settlement terms, the respondents agreed to pay an administrative fine of $23,600 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, a Notice of Rights, and the right to appeal the Final Order. Non-compliance with the agreement may result in an emergency cease and desist order.

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Florida Office of Financial Regulation Fines Essential Financial Investments $23,600 for Regulatory Reporting Violations

On May 22, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with Essential Financial Investments Corp. (Essential Financial), a licensed money services business. The agreement resolves violations identified during an examination under Chapter 560, Florida Statutes , including failures related to financial audit reports, customer recordkeeping, and other compliance obligations. Key findings of the OFR include: Late financial audit reports: Essential Financial failed to timely submit annual financial audit reports as required. Failure to report financial information changes: Essential Financial did not update financial information within 30 days of a change. Incomplete customer files for corporate payment instruments: Essential Financial failed to create and maintain complete customer files for all customers cashing corporate payment instruments. Check cashing database violations: Essential Financial failed to timely and accurately enter transactions into the check cashing database (CCDB). Late security device calculation form: Essential Financial failed to timely file its Security Device Calculation Form. The OFR imposed an administrative fine of $23,600 against the money services business. Essential Financial also agreed to future compliance.
3178820 pc May 22, 2026 ataylor Florida Florida Office of Financial Regulation - Division of Administrative Hearings horizon scanning
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Florida Office of Financial Regulation Issues Final Order Against GalaxyOne Prime LLC for Money Services Violations

On May 22, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against GalaxyOne Prime LLC, a Part II Money Services Business licensed under Florida Statutes Chapter 560. The OFR approved a Stipulation and Consent Agreement resolving compliance violations identified during an examination covering January 1, 2023, through December 31, 2024. GalaxyOne Prime LLC, a wholly owned subsidiary of Galaxy Digital LP, violated multiple regulatory requirements. The company failed to timely report its entity name change from Galaxy Digital Prime Services, LLC to GalaxyOne Prime LLC, submitting the notification 55 days late. Additionally, it failed to report the closure of two bank accounts at Signature Bank (708 days late) and one account at Silvergate Bank (744 days late), violating Rule 69V-560.201(2), Florida Administrative Code, and section 560.126(2), Florida Statutes. The company also failed to disclose that Peter Wisniewski was Chief Executive Officer in its initial and amended license applications, and reported the appointment of Jason Urban as Chief Executive Officer 85 days late on February 28, 2023, violating Rule 69V-560.201(3), Florida Administrative Code, and section 560.126(3), Florida Statutes. GalaxyOne Prime LLC submitted its first quarter 2023 quarterly report 86 days late and failed to submit Financial Audit Reports for 2022 and 2023 within the required 120-day timeframe, with the 2022 report submitted 61 days late and the 2023 report 87 days late, violating Rule 69V-560.602(1), Florida Administrative Code, and section 560.118(2), Florida Statutes. Under the settlement agreement, GalaxyOne Prime LLC must pay an administrative fine of $15,375.00 and cease all future violations of Chapter 560, Florida Statutes, and related rules. The company must remit payment by wire, cashier's check, or money order to the OFR, referencing Case Number 132007.

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Florida Office of Financial Regulation Fines GalaxyOne Prime $15,375 for Regulatory Reporting Violations

On May 22, 2026, the Florida Office of Financial Regulation (OFR) issued a final order approving a stipulation and consent agreement with GalaxyOne Prime LLC, a licensed money services business, for violating Chapter 560, Florida Statutes . The enforcement action relates to late reporting of business changes and additional reporting failures. Key findings of the OFR include: Late reporting of business name and bank account changes: GalaxyOne was 55 days late reporting a name change  It also failed to timely report the closing of two bank accounts at Signature Bank (708 days late) and one at Silvergate Bank (744 days late). Failure to disclose CEO and late CEO appointment reporting: GalaxyOne's initial license application did not disclose its CEO at the time, and they were never fingerprinted. Later, the appointment of a new CEO was reported 85 days late. Late and inaccurate quarterly reports: GalaxyOne's first quarter 2023 quarterly report was filed more than 45 days after the quarter ended. Late Financial Audit Reports (FARs): GalaxyOne's 2022 FAR was filed 61 days late, and its 2023 FAR was filed 87 days late. The OFR imposed an administrative fine of $15,375 against GalaxyOne Prime. The company also agreed to future compliance.
3180272 pc May 22, 2026 ataylor US Track 1 Federal Deposit Insurance Corporation financial services
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Federal Deposit Insurance Corporation Proposes Bank Secrecy Act and Sanctions Compliance Standards for Payment Stablecoin Issuers

On May 22, 2026, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking establishing Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC-supervised permitted payment stablecoin issuers (PPSIs). The proposed rule implements requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The FDIC serves as the primary federal payment stablecoin regulator for PPSIs that are subsidiaries of insured State nonmember banks and State savings associations approved by the FDIC to issue payment stablecoins. The proposed rule requires PPSIs to comply with applicable anti-money laundering and counter-terrorism financing (AML/CTF) regulations, economic sanctions programs, and reporting requirements established by the Department of Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The rule establishes supervision and enforcement provisions for PPSI AML/CTF programs, aligning them with FinCEN requirements. These standards apply to all FDIC-supervised financial institutions. The proposed rule addresses compliance obligations for payment stablecoin issuers operating under federal oversight, ensuring consistency with existing anti-money laundering and sanctions frameworks. This development reflects the regulatory framework established by the GENIUS Act to govern stablecoin issuance by FDIC-supervised institutions. The FDIC will accept comments on the proposed rule for 60 days following publication in the Federal Register. Interested parties, including financial institutions, stablecoin issuers, and compliance professionals, should submit responses during this period to inform the final rulemaking. REFERENCES: Federal Deposit Insurance Corporation. Notice of Proposed Rulemaking to Establish Bank Secrecy Act and Sanctions Compliance Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers. May 22, 2026. Available at: https://www.fdic.gov/news/news-releases/2026/pr26058.html

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US Federal Deposit Insurance Corporation Proposes Bank Secrecy Act and Sanctions Compliance Rules for Payment Stablecoin Issuers

On May 22, 2026, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking that would establish Bank Secrecy Act (BSA) and sanctions compliance standards for FDIC‑supervised permitted payment stablecoin issuers (PPSIs), as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Specifically, the proposed rule would require FDIC-supervised PPSIs to comply with applicable regulations regarding anti-money laundering/countering the financing of terrorism (AML/CFT) and economic sanctions programs, and reporting requirements, including requirements established by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control. ​The proposed rule would also establish and align supervision and enforcement provisions for PPSI AML/CFT programs with FinCEN requirements. Key provisions of the proposed rule include: BSA and sanctions compliance obligations: PPSIs would be required to comply with all applicable AML/CFT regulations, economic sanctions programs, and reporting requirements under 31 CFR Chapters V and X (OFAC and FinCEN), as well as customer identification program (CIP) requirements to be jointly proposed by FinCEN and the primary federal payment stablecoin regulators. AML/CFT supervision and enforcement framework: The rule would define key terms such as “AML/CFT enforcement action” (e.g., cease‑and‑desist orders, civil money penalties) and “significant AML/CFT supervisory action” (formal determinations identifying deficiencies requiring remediation). A PPSI with an effective AML/CFT program generally would not face enforcement or significant supervisory action for program deficiencies, except in cases of significant or systemic failure to implement an effective program. FinCEN consultation requirement: Before initiating an AML/CFT enforcement action or significant supervisory action, the FDIC would be required to provide FinCEN with at least 30 days’ notice (unless a shorter period is necessary to address unsafe conditions) and share relevant AML/CFT information, such as draft examination reports and workpapers. The FDIC would consider FinCEN’s input on the effectiveness of the PPSI’s AML/CFT program. Disclosure of supervisory information to FinCEN: The FDIC proposes two options to permit PPSIs to share non‑public supervisory information with FinCEN without waiving applicable privileges (e.g., bank examination privilege, attorney‑client privilege). Both options would authorize disclosure on behalf of the FDIC and limit use of the information to FinCEN’s Director. Comments are due 60 days after publication in the Federal Register.
3163874 pc May 22, 2026 msolomon Estonia Money Laundering Data Bureau financial services
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Estonia's Money Laundering Data Bureau Partially Suspends BB Trade Estonia Operating Licence

On May 18, 2026, Estonia's Money Laundering Data Bureau (Rahapesu Andmebüroo) partially suspended the operating licence of BB Trade Estonia OÜ, which operates under the Zondacrypto brand. The Money Laundering Data Bureau issued a decision prohibiting BB Trade Estonia OÜ from accepting additional funds—including fiat currency and cryptocurrency—from existing clients and from establishing client relationships with new clients. The partial suspension applies to operating licence number FVT000209. The suspension does not prevent the company from returning or paying out funds to existing clients. In the same decision, the Money Laundering Data Bureau ordered BB Trade Estonia OÜ to bring its operations into compliance with the conditions attached to its operating licence. The company has 30 days to achieve compliance. If BB Trade Estonia OÜ fails to comply within this period, the Money Laundering Data Bureau is required by law to revoke the operating licence entirely. The Money Laundering Data Bureau issued the order under Section 75(1)(4) of the Money Laundering and Terrorism Financing Prevention Act and Section 43 of the General Part of the Economic Activities Code. The decision was made to address anti-money laundering and counter-terrorism financing concerns. Clients of BB Trade Estonia OÜ who are unable to recover their funds may contact the police in their country of residence for assistance. REFERENCES: Money Laundering Data Bureau (Rahapesu Andmebüroo). "Rahapesu Andmebüroo peatas osaliselt BB Trade Estonia OÜ (Zondacrypto) tegevusloa kehtivuse." May 18, 2026. Available at: https://www.rahapesuandmeburoo.ee/

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Estonia's Money Laundering Data Bureau Partially Suspends BB Trade Estonia Operating Licence

On May 18, 2026, Estonia's Money Laundering Data Bureau (Rahapesu Andmebüroo) partially suspended the operating licence of BB Trade Estonia OÜ, which operates under the Zondacrypto brand. The Money Laundering Data Bureau issued a decision prohibiting BB Trade Estonia OÜ from accepting additional funds—including fiat currency and cryptocurrency—from existing clients and from establishing client relationships with new clients. The partial suspension applies to operating licence number FVT000209. The suspension does not prevent the company from returning or paying out funds to existing clients. In the same decision, the Money Laundering Data Bureau ordered BB Trade Estonia OÜ to bring its operations into compliance with the conditions attached to its operating licence. The company has 30 days to achieve compliance. If BB Trade Estonia OÜ fails to comply within this period, the Money Laundering Data Bureau is required by law to revoke the operating licence entirely. The Money Laundering Data Bureau issued the order under Section 75(1)(4) of the Money Laundering and Terrorism Financing Prevention Act and Section 43 of the General Part of the Economic Activities Code. The decision was made to address anti-money laundering and counter-terrorism financing concerns. Clients of BB Trade Estonia OÜ who are unable to recover their funds may contact the police in their country of residence for assistance. REFERENCES: Money Laundering Data Bureau (Rahapesu Andmebüroo). "Rahapesu Andmebüroo peatas osaliselt BB Trade Estonia OÜ (Zondacrypto) tegevusloa kehtivuse." May 18, 2026. Available at: https://www.rahapesuandmeburoo.ee/
3172693 pc May 22, 2026 pthandapani Vietnam The State Bank Of Vietnam financial services
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Vietnam's State Bank Publishes Circular Amending Cheque Operations and Supply Regulations

On May 19, 2026, the State Bank of Vietnam (SBV) published Circular No. 20/2026/TT-NHNN, which amends and supplements provisions of Circular No. 22/2015/TT-NHNN governing cheque operations and supply activities. The circular modifies existing regulations on cheque provision and usage within Vietnam's banking system. This update forms part of a broader regulatory package released by the SBV on May 19, 2026, which included multiple circulars addressing administrative procedure simplification, decentralisation, and streamlining across various banking and financial sectors. The SBV simultaneously issued related circulars addressing payment service intermediaries, non-cash payment services, credit information procedures, microfinance institutions, and banking sandbox mechanisms, reflecting the central bank's commitment to modernising and simplifying banking operations. The amendments to cheque regulations reflect ongoing efforts to adapt Vietnam's payment infrastructure to contemporary banking practices. Cheques remain a payment instrument within Vietnam's financial system, and the regulatory updates ensure that operational frameworks remain current and aligned with banking sector developments. The circular became effective upon publication on May 19, 2026. Financial institutions and other entities engaged in cheque issuance, distribution, and processing must ensure compliance with the amended provisions. The State Bank of Vietnam's website provides access to the full text of Circular No. 20/2026/TT-NHNN and related regulatory documents.

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State Bank of Vietnam Publishes Circular Amending Cheque Operations and Supply Regulations

The State Bank of Vietnam (SBV) has released a press release announcing the issuance of Circular No. 20/2026/TT-NHNN, which amends and supplements Circular No. 22/2015/TT-NHNN regulating the provision and use of cheques. The circular prescribes: Online submission and data utilization adding regulations that allow cheque-providing organizations to submit applications online via the National Public Service Portal, and permitting the exploitation of existing information from specialized databases to replace certain application components in line with administrative reform and mandatory data-sharing rules. Administrative processing and result delivery amending the timelines and methods for returning the results of administrative procedures and online applications to align with e-transaction laws and the single-window mechanism at the National Public Service Portal. Terminology updates and transitional provisions updating specific terminology to ensure consistency with current legal frameworks, and introducing transitional clauses for cheque-providing organizations to adapt their operations. The circular comes into effect on July 4, 2026, to allow sufficient time for organizations to amend their internal procedures and for the SBV to update the relevant administrative IT systems.
3164784 pc May 22, 2026 pthandapani Vietnam The State Bank Of Vietnam horizon scanning
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Vietnam's State Bank Amends Safety Ratio Requirements for Banking Operations

On May 15, 2026, the State Bank of Vietnam (SBV) issued Circular 08/2026/TT-NHNN, which amends and supplements point (a) of clause 4, Article 20 of Circular 22/2019/TT-NHNN. Circular 22/2019/TT-NHNN establishes limits and safety ratios for banking operations conducted by credit institutions and foreign bank branches operating in Vietnam. Circular 08/2026/TT-NHNN modifies specific provisions governing safety ratios and prudential requirements that credit institutions and foreign bank branches must maintain during their operations. The amendment targets point (a) of clause 4, Article 20 of the earlier circular, which sets out safety ratio thresholds designed to ensure financial stability and protect depositors within Vietnam's banking system. The SBV introduced this amendment to refine and strengthen the regulatory framework governing banking safety standards. The modification applies to all credit institutions and foreign bank branches conducting business in Vietnam, including state-owned commercial banks, joint-stock commercial banks, wholly foreign-owned banks, joint-venture banks, policy banks, cooperative banks, and non-bank financial institutions. The amendment ensures these entities maintain adequate capital buffers and liquidity positions to withstand financial stress and operational challenges. Credit institutions and foreign bank branches must ensure compliance with the revised safety ratio requirements outlined in Circular 08/2026/TT-NHNN. The SBV will enforce these requirements through its ongoing supervisory activities and regulatory oversight of the banking sector.

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State Bank of Vietnam Amends Safety Ratio Requirements for Banks

The State Bank of Vietnam (SBV) has issued Circular No. 08/2026/TT-NHNN, which amends and supplements point a, clause 4, Article 20 of Circular No. 22/2019/TT-NHNN regarding the limits and prudential ratios in the operations of banks and foreign bank branches. The circular prescribes: Calculation of deposits amending point a, clause 4, Article 20 to redefine the calculation of deposits from domestic and foreign organizations (including other credit institutions and foreign bank branches) by explicitly excluding certain items. Specific exclusions stipulating that the excluded items are: (i) margin deposits and specialized capital deposits of customers; (ii) demand deposits of the State Treasury; and (iii) 80 percent of the balance of term deposits of the State Treasury. Repeal of previous regulation repealing the regulation at clause 1, Article 1 of Circular No. 26/2022/TT-NHNN, which previously amended Circular No. 22/2019/TT-NHNN. The circular comes into effect on May 15, 2026.
3172697 pc May 22, 2026 pthandapani Vietnam The State Bank Of Vietnam financial services
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Vietnam's State Bank Issues Circular Amending Bank Card Organization Code Management Regulations

On May 19, 2026, the State Bank of Vietnam (SBV) issued Circular No. 12/2026/TT-NHNN, which amends and supplements certain provisions of Decision No. 38/2007/QĐ-NHNN issued by the Governor of the State Bank of Vietnam. The original decision established regulations governing the issuance, use, and management of organization codes for bank card issuers in Vietnam. Circular No. 12/2026/TT-NHNN modifies the existing framework for bank card organization code management, which forms part of Vietnam's broader payment systems infrastructure. The organization code system is essential for identifying and regulating entities authorized to issue payment cards within the Vietnamese financial system. This circular represents an update to the regulatory framework that governs how financial institutions and payment service providers manage and utilize these identification codes. The SBV announced this regulatory change through an official press release dated May 20, 2026. The circular is one of several regulatory amendments the SBV issued on May 19, 2026, reflecting broader efforts to streamline administrative procedures and update payment system regulations. Related circulars issued on the same date address microfinance institutions, credit information procedures, payment intermediary services, and cashless payment services, indicating a comprehensive regulatory modernization effort by the central bank. Financial institutions and entities involved in card issuance and payment processing should review the amended provisions to ensure compliance with the updated requirements. The specific effective date and detailed implementation requirements are contained within the full text of Circular No. 12/2026/TT-NHNN.

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State Bank of Vietnam Issues Circular Amending Bank Card Organization Code Management Regulations

The State Bank of Vietnam (SBV) has released a press release announcing the issuance of Circular No. 12/2026/TT-NHNN, which amends and supplements Decision No. 38/2007/QD-NHNN regarding the issuance, use, and management of bank card issuer identification numbers (BINs). The circular prescribes: BIN issuance procedure amendments reducing the administrative processing time for granting a bank card issuer identification number (BIN) at the SBV Payment Department from five working days to three working days upon the receipt of a complete and valid application. This reduction aims to save businesses time and resources, thereby increasing operational efficiency and market competitiveness. Administrative updates and alignment adjusting the names of SBV units to align with their functions, tasks, and organizational structure as prescribed in Decree No. 26/2025/ND-CP. Regulatory repeals and simplification mandate repealing clauses 2 and 5 of Article 1 of Circular No. 26/2019/TT-NHNN, and emphasizing that these amendments are an urgent implementation of Party and Government directives to cut, decentralize, and simplify administrative procedures within the SBV's management scope. The circular comes into effect on July 4, 2026.
3172685 pc May 22, 2026 pthandapani Vietnam The State Bank Of Vietnam financial services
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Vietnam's State Bank Issues Circular Amending Cashless Payment Service Regulations

On May 19, 2026, the State Bank of Vietnam (SBV) issued Circular No. 21/2026/TT-NHNN, which amends and supplements Article 15 of Circular No. 15/2024/TT-NHNN regarding the provision of cashless payment services. The circular modifies existing regulations governing non-cash payment service delivery within Vietnam's financial system. This amendment represents part of the SBV's broader regulatory framework for payment systems and reflects the central bank's ongoing efforts to refine operational standards for payment service providers. The specific amendments to Article 15 of the 2024 circular address aspects of cashless payment service provision, though detailed provisions of the amendments are not specified in the available source material. This regulatory update is applicable to all entities engaged in providing cashless payment services in Vietnam, including credit institutions, payment service providers, and other authorised payment intermediaries. The amendment is significant as it demonstrates the SBV's commitment to updating payment infrastructure regulations in response to evolving market conditions and operational requirements. The circular became effective on May 19, 2026. Financial institutions and payment service providers operating in Vietnam should review the amended provisions to ensure compliance with the updated regulatory requirements. The SBV has published this circular as part of its regular regulatory updates to the payment services sector.

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State Bank of Vietnam Issues Circular Amending Cashless Payment Service Regulations

The State Bank of Vietnam (SBV) has released a press release announcing the issuance of Circular No. 21/2026/TT-NHNN, which amends and supplements Article 15 of Circular No. 15/2024/TT-NHNN regulating the provision of non-cash payment services. The circular prescribes: Approval procedure amendments reducing the internal consultation time required for coordinating the approval of payment services not via customers' payment accounts by public postal service providers, cutting the total administrative processing time from 60 working days to 40 working days. Extension procedure amendments decreasing the internal consultation time for extending the written approval for these payment services, effectively reducing the total processing time for extensions from 30 working days to 20 working days. Administrative simplification noting that these changes are necessary to implement the directives of the Party and the Government regarding the reduction, decentralization, and simplification of administrative procedures and business conditions within the SBV's management scope. The circular comes into effect from May 19, 2026
3172684 pc May 22, 2026 pthandapani Vietnam The State Bank Of Vietnam financial services
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Vietnam's State Bank Amends Payment Intermediary Service Regulations

On May 19, 2026, the State Bank of Vietnam (SBV) issued Circular 22/2026/TT-NHNN, which amends and supplements provisions of Circular 40/2024/TT-NHNN governing payment intermediary service activities. The circular modifies existing regulations on payment intermediary service provision, forming part of a broader regulatory update issued by the SBV on May 19, 2026. This amendment aligns with Vietnam's administrative reform agenda, which focuses on streamlining, decentralising, and simplifying administrative procedures across the financial sector. The SBV simultaneously issued multiple related circulars on the same date, including amendments to regulations governing non-cash payment services (Circular 21/2026/TT-NHNN), cheque issuance and usage (Circular 20/2026/TT-NHNN), and controlled experimentation mechanisms in banking (Circular 19/2026/TT-NHNN). Additional circulars addressed microfinance institutions (Circular 14/2026/TT-NHNN), credit information procedures (Circular 11/2026/TT-NHNN), cooperative credit institutions (Circular 15/2026/TT-NHNN), and bank card issuance codes (Circular 12/2026/TT-NHNN). Payment intermediary service providers and financial institutions offering payment services should review the amended provisions to ensure compliance with the updated regulatory framework. The circular represents the SBV's continued effort to modernise payment system regulations and reduce administrative burden on market participants through procedural simplification and decentralisation of implementation responsibilities.

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State Bank of Vietnam Amends Payment Intermediary Service Regulations

The State Bank of Vietnam (SBV) has released a press release announcing the issuance of Circular No. 22/2026/TT-NHNN, which amends and supplements Circular No. 40/2024/TT-NHNN regulating the provision of intermediary payment services. The circular prescribes: Licensing procedure amendments revising the process for issuing intermediary payment service licenses by allowing the Director of the Payment Department to return applications if the organization fails to resubmit on time or fails to meet requirements, and reducing the internal consultation time required for processing licenses. Re-issuance of licenses decentralizing authority to the regional SBV branch to receive applications for license re-issuance in cases where the original license is lost, torn, burned, or destroyed, while also reducing the internal consultation time for re-issuing an expired license. Modification of licenses decentralizing authority to the regional SBV branch to process requests for amending or supplementing a license when an organization changes its head office location, and shortening the internal consultation time for resolving other license modifications. Regional branch responsibilities adding regulations regarding the responsibilities of regional SBV branches in receiving and resolving administrative procedures for organizations headquartered within their respective territories, as assigned by the SBV Governor. The circular comes into effect from May 19, 2026.
3168578 pc May 22, 2026 pthandapani Hong Kong HKSAR Government financial services
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Hong Kong Government Gazetted Inland Revenue Amendment Bill Implementing Crypto-Asset Reporting Framework

On May 20, 2026, the Hong Kong Special Administrative Region (HKSAR) Government announced that the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026 will be gazetted on May 22, 2026, and introduced into the Legislative Council for first reading on June 3, 2026. The bill aims to implement the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD) in Hong Kong. The OECD published CARF in 2023 to provide for the automatic exchange of tax information on crypto-asset transactions with relevant jurisdictions on an annual basis. The amended CRS incorporates new digital financial products and enhanced requirements regarding reporting and due diligence. Christopher Hui, Secretary for Financial Services and the Treasury, said the amendments are necessary to fulfil Hong Kong's international obligations and combat cross-border tax evasion, maintaining the territory's reputation as an international financial and commercial centre. Under the proposed framework, crypto-asset service providers with reporting nexus with Hong Kong will be required to register with the Inland Revenue Department (IRD) and fulfil requirements including due diligence, return filing, and record keeping. CARF will be implemented in 2027, with automatic exchange of tax information on crypto-asset transactions commencing in 2028, subject to implementation progress in relevant jurisdictions. The amended CRS will also be implemented in 2028. The Government conducted a public consultation between December 2025 and February 2026, during which stakeholders from professional bodies and the financial and crypto-asset sectors generally supported the legislative proposals. The IRD will issue relevant guidance and provide technical support to assist the industry in adapting to the new requirements.

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Hong Kong Government Announces Inland Revenue Amendment Bill Implementing Crypto-Asset Reporting Framework

The Government of the Hong Kong Special Administrative Region has announced the Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026. The bill proposes: Implementation of international standards adopting the Crypto-Asset Reporting Framework (CARF) and the latest amendments to the Common Reporting Standard (CRS) developed by the Organisation for Economic Co-operation and Development (OECD) to facilitate the annual automatic exchange of tax information and combat cross-border tax evasion. Obligations for service providers requiring crypto-asset service providers with a reporting nexus in Hong Kong to register with the Inland Revenue Department (IRD) and fulfill specific requirements regarding due diligence, return filing, and record keeping. Timeline and data exchange stipulating that the CARF will be implemented next year, with the automatic exchange of tax information on crypto-asset transactions and the amended CRS slated to commence in 2028 alongside suitable partner jurisdictions on a reciprocal, secure, and confidential basis. Industry guidance and support stating that the IRD will issue relevant guidance and provide technical support to assist the financial and crypto-asset sectors in adapting to the new regulatory requirements. The bill will be gazetted on May 22, 2026, and introduced into the Legislative Council for its first reading on June 3, 2026.
3171459 pc May 22, 2026 pthandapani South Korea Financial Services Commission horizon scanning
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South Korea's Financial Services Commission Strengthens Securities Company Liquidity Management Requirements

On May 18, 2026, South Korea's Financial Services Commission (FSC) announced amendments to the Financial Investment Business Regulations and its Enforcement Rules to enhance liquidity risk management across the securities industry. The FSC is expanding liquidity ratio regulations currently applied only to comprehensive financial investment business operators (10 companies) and derivative-linked securities issuers (13 companies) to all 49 securities companies. Currently, other securities firms face only indirect regulation through management evaluation assessments. The expansion aims to strengthen liquidity risk management capabilities across the entire securities sector, including smaller firms. The FSC is introducing a new "adjusted liquidity ratio" that better reflects crisis scenarios. The current liquidity ratio (liquid assets divided by liquid liabilities) does not account for price volatility risks or contingent liabilities such as debt guarantees. The revised calculation applies haircuts (discounts) to liquid assets ranging from zero percent for government bonds and highly-rated securities to 30 percent for synthetic exchange-traded funds, reflecting potential fire-sale losses during market stress. The denominator now includes contingent liabilities, with debt guarantee obligations calculated based on securities credit ratings and historical fulfillment rates. The FSC is also refining how securitised assets are classified by their actual liquidity characteristics. Open-ended funds like exchange-traded funds will be measured by redemption periods, while closed-end funds like real estate funds will use remaining maturity. Collateralised securities transactions will now reflect differentiated outflow rates based on collateral quality, creating incentives for firms to use higher-quality collateral. The FSC is conducting a 40-day public notice period from May 21, 2026 to June 30, 2026. Stakeholders may submit comments to ncw1122@korea.kr. The amendments take effect January 1, 2027.

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South Korean Financial Services Commission Seeks Feedback Proposed Amendments to the Financial Investment Services and Capital Markets Act

The South Korean Financial Services Commission (FSC) is seeking feedback on its proposed amendments to the Financial Investment Services and Capital Markets Act (FSCMA) and its Enforcement Decree to strengthen liquidity management for securities companies. The amendment prescribes: Expansion of liquidity ratio regulations stipulating that the liquidity ratio regulation (current assets divided by current liabilities), currently applicable only to comprehensive financial investment businesses and derivative-linked securities issuers, will be expanded to all 49 securities companies. Refinement of liquidity ratio calculation introducing a 'new adjusted liquidity ratio' that applies discount rates ('haircuts') to liquid assets considering price volatility risks during crises (e.g., 0% for government bonds, 15% for stocks and open-end funds, 30% for synthetic ETFs) and includes contingent liabilities, such as debt guarantees and loan/investment commitments, in the calculation of current liabilities. Realization of calculation standards stipulating that the liquidity period for collective investment securities (funds) will be determined based on their actual nature (e.g., redemption period for open-end funds, residual maturity for closed-end funds), and revising the treatment of assets provided as collateral in securities-backed transactions (like repurchase agreements and securities lending) to reflect their actual risks by applying differentiated outflow rates when calculating current liabilities. Additional risk management measures stating that the FSC is also pursuing revisions to strengthen risk values for real estate net capital ratio (NCR) and establish total investment limits for securities companies, while considering the introduction of differentiated capital regulations for comprehensive financial investment businesses. Feedback may be submitted via email to ncw1122@korea.kr or by post by June 30, 2026.
3169947 pc May 22, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Issues Revised Draft Amendment Directions on Loan Recovery Conduct

On May 20, 2026, the Reserve Bank of India (RBI) issued revised draft Amendment Directions governing the conduct of regulated entities in the recovery of loans and engagement of recovery agents. This follows an initial consultation period that closed on February 12, 2026, during which the RBI received substantial feedback from stakeholders on the original draft Amendment Directions. The revised directions incorporate significant changes based on stakeholder feedback, particularly regarding technology-enabled recovery mechanisms. Stakeholders had submitted feedback requesting regulatory enablement for lenders to deploy technology-based mechanisms that restrict or disable certain functionalities of financed mobile devices—such as mobile phones and tablets—to recover loan dues from borrowers in cases of default. The RBI has amended the draft directions to address these concerns and other key provisions raised during the initial consultation. The revised draft Amendment Directions apply to multiple categories of regulated entities, including commercial banks, small finance banks, local area banks, regional rural banks, urban co-operative banks, rural co-operative banks, all-India financial institutions, non-banking financial companies, and housing finance companies. Each entity category has its own corresponding amendment direction under the Responsible Business Conduct framework. Regulated entities and members of the public are invited to submit comments and feedback on the revised draft Amendment Directions by May 31, 2026. Submissions can be made through the RBI's "Connect 2 Regulate" section on its website or by email with the subject line specifying the full name of the relevant draft Amendment Directions and regulated entity type.

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Reserve Bank of India Seeks Feedback on Revised Draft Amendment Directions on Loan Recovery Conduct for Commercial Banks

The Reserve Bank of India (RBI) has released the draft Reserve Bank of India (Commercial Banks - Responsible Business Conduct) Amendment Directions, 2026 for feedback. The draft amendment directions prescribe: Policy and due diligence framework mandating that banks implement a comprehensive policy on the collection and recovery of loan dues (including triggers, an escalation matrix, and compensation provisions for borrowers), and requiring thorough due diligence for the engagement of recovery agencies, ensuring that all recovery agents undergo certification by the Indian Institute of Banking and Finance (IIBF). Transparency and notification stipulating that banks must publish an up-to-date list of empanelled recovery agencies on their websites and branches, notify borrowers or guarantors with full details at least one day before a recovery agent's first in-person visit via SMS or email (or three days prior via letter), and immediately inform them of any changes or terminations involving recovery agencies. Fair treatment and conduct rules prohibiting the use of harsh recovery practices such as abusive language, intimidation, public humiliation, or contacting borrowers outside the hours of 08:00 and 19:00, while requiring banks to document and record all calls made for recovery purposes and retain these records for six months. Technology-based recovery tools establishing strict conditions for deploying technology to restrict a mobile device's functionality as a recovery tool—allowing it only for devices financed by the loan, requiring explicit contractual consent, employing a graduated approach that preserves essential functions (like internet, incoming calls, and emergency SOS), and mandating the reversal of restrictions within one hour of the default being cured, backed by a penalty of ₹250 per hour for delays. Possession of security, compliance, and grievance redressal requiring banks to ensure possession clauses are legally valid and explicitly communicated at the time of contract execution, mandating the establishment of a dedicated mechanism for the redressal of recovery-related grievances, and stipulating adherence to guidelines issued by the Telecom Regulatory Authority of India (TRAI) such as the Telecom Commercial Communications Customer Preference Regulations (TCCCPR). Feedback may be submitted via the RBI's Connect2Regulate platform by May 31, 2026.
3176510 pc May 22, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Updates Money Market Fund Stress Testing Parameters for 2026

On May 21, 2026, the Autorité des Marchés Financiers (AMF) updated its position DOC-2018-05 to align with the European Securities and Markets Authority's (ESMA) guidelines on stress test scenario parameters under Article 28 of the Money Market Funds Regulation (MMFR). Under Article 28 of Regulation (EU) 2017/1131, money market fund managers must assess the impact of stress testing scenarios on their funds. Managers of funds with assets exceeding 100 million euros submit quarterly stress test reports to their competent authority, which forwards results to ESMA; other money market funds report annually. ESMA published updated guidelines on March 26, 2026 (ESMA50-481369926-30848), reflecting market conditions calibrated at the end of 2025. This represents the sixth reassessment of stress test parameters since the MMFR came into force in 2020. The updated guidelines provide methodological clarifications on macro-systemic shock scenarios, requiring asset management companies to include both market shock and liquidity impact when evaluating stress tests, while prohibiting simulation of increased redemptions from money market funds. Under the "apply or explain" procedure, the guidelines become applicable within two months of publication, effective May 26, 2026. However, because money market fund reporting occurs quarterly, fund managers must apply the updated stress scenario parameters from June 30, 2026 onwards. The AMF emphasises the importance of using updated parameters for submissions due from June 30, 2026. Market participants who anticipated the parameter update for earlier submissions must correct and resubmit using the previous parameters. REFERENCES: - Regulation (EU) 2017/1131 on money market funds - ESMA Guidelines on stress test scenarios under the MMF Regulation (ESMA50-481369926-30848) - AMF Position DOC-2018-05

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French Financial Markets Authority Complies with Updated ESMA Guidelines on Money Market Fund Stress Testing

On May 21, 2026, the French Financial Markets Authority (AMF) updated its position DOC-2018-05 to align with the European Securities and Markets Authority's (ESMA) guidelines on stress test scenario parameters under Article 28 of the Money Market Funds Regulation (MMF) ( ESMA50-481369926-30848 ). Under Article 28 of Regulation (EU) 2017/1131 , money market fund managers must assess the impact of stress testing scenarios on their funds. Managers of funds with assets exceeding €100m are required to submit quarterly stress test reports to their competent authority, which forwards results to ESMA; other money market funds report annually. The updated guidelines provide methodological clarifications on macro-systemic shock scenarios, requiring asset management companies to include both market shock and liquidity impact when evaluating stress tests, while prohibiting simulation of increased redemptions from money market funds. The guidelines become applicable from May 26, 2026. However, as money market fund reporting occurs quarterly, fund managers must apply the updated stress scenario parameters from June 30, 2026, onwards. The AMF emphasises the importance of using updated parameters for submissions due on or after June 30, 2026.
3176432 pc May 22, 2026 pthandapani Singapore Monetary Authority of Singapore financial services
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Singapore's Monetary Authority Updates Large Exposures Framework for Locally-Incorporated Banks

On May 22, 2026, the Monetary Authority of Singapore (MAS) issued an amendment to Notice 656, which sets out rules for measuring and limiting locally-incorporated banks' exposures to single counterparty groups. The amendment takes effect on July 1, 2026. Notice 656 applies to all full banks and wholesale banks incorporated in Singapore. It establishes limits on exposures to a single counterparty group and specifies which types of exposures must be included in or excluded from those limits. The notice also sets out the basis for computing exposures, eligible credit risk mitigation techniques, and the approach for aggregating exposures across counterparty groups. The May 2026 amendment represents the latest in a series of updates to the framework. Previous amendments were issued on May 3, 2024, June 14, 2021, September 21, 2020, and December 13, 2019. The regulatory framework was originally developed to align with the "Supervisory framework for measuring and controlling large exposures" published by the Basel Committee on Banking Supervision. MAS conducted a public consultation on proposed revisions between January 3, 2018 and February 12, 2018, publishing its response on August 31, 2018. Locally-incorporated banks must ensure compliance with the updated exposure limits and computation methodologies outlined in the amended notice. The framework is issued pursuant to sections 29(1) and 65(2) of the Banking Act (Cap. 19). Banks should review the amended notice and implement any necessary changes to their exposure measurement and reporting processes ahead of the July 1, 2026 effective date. A reporting template is available to support compliance with the notice's requirements.

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Monetary Authority of Singapore Updates Large Exposures Framework for Locally-Incorporated Banks

The Monetary Authority of Singapore (MAS) has released the MAS Notice 656 (Amendment) 2026, which modifies the existing framework regarding the exposures of locally incorporated banks to single counterparty groups. The amendment notice prescribes: Exempt exposures to MDBs adding a new exemption for exposures to qualifying multilateral development banks (MDBs), thus excluding them from the calculation of the large exposures limit. Refined scope for related corporations amending the criteria for exempt exposures to related corporations, specifically narrowing the exemption for exposures to parent financial holding companies to those that are banks or are part of a group subject to equivalent minimum prudential standards and supervision. The amendment also refines the exemption for exposures to subsidiaries, limiting it to subsidiaries that are banks, merchant banks in Singapore, or foreign securities firms/financial institutions subject to equivalent prudential standards, provided the residual maturity does not exceed one year. Furthermore, it updates the rules for exposures to subsidiaries of the bank's holding company, ensuring they meet similar stringent criteria. Updated definitions and clearing activities introducing a new definition for "CCP trade exposures" and updating the treatment of exposures related to clearing activities in Table C-2, clarifying that the exposure value for CCP trade exposures (excluding initial margin) is calculated using the prescribed exposure measurement approaches. Clarifications on subsidiary funds and covered bonds clarifying that exposures of a subsidiary arising from assets held in the subsidiary's funds for the benefit of a third party are excluded from the Group level exposure aggregate, and refining the definition of a "cover pool" for covered bonds to emphasize its purpose in securing liabilities to bondholders, enforcement rights, and third-party service providers. The amendments will take effect on July 1, 2026.
3172513 pc May 22, 2026 tojuri Belgium Central Bank horizon scanning
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Belgium's Central Bank Publishes European Banking Authority Guidance on Retail Customer Diversification Methods

On May 19, 2026, the National Bank of Belgium (NBB) published guidance from the European Banking Authority (EBA) on proportionate methods for diversifying retail customer bases under Article 123(1) of Regulation (EU) No 575/2013 (EBA/GL/2026/02). The guidance, originally issued by the EBA on February 13, 2026, addresses how credit institutions should implement proportionate diversification strategies for their retail customer portfolios. Article 123(1) of the Capital Requirements Regulation (CRR) establishes requirements for credit institutions to diversify their retail exposures to mitigate concentration risk. The EBA guidance provides credit institutions with practical methodologies to ensure their diversification approaches are proportionate to their business models, risk profiles, and operational capacity. The guidance applies to all credit institutions operating in Belgium and across the European Union that are subject to CRR requirements. It is particularly relevant for institutions managing significant retail customer concentrations or those seeking to enhance their risk management frameworks around customer diversification. The NBB's publication of this EBA guidance reinforces its supervisory expectations for credit institutions under its oversight and ensures consistent implementation across the EU banking sector. Credit institutions should review the guidance to assess their current diversification practices and implement any necessary adjustments to align with the EBA's recommended proportionate methodologies. The guidance is effective immediately upon publication. **Reference:** National Bank of Belgium, "NBB_2026_07 / Orientations de l'ABE du 13 février 2026 sur les méthodes de diversification proportionnées de la clientèle de détail," May 19, 2026.

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National Bank of Belgium Adopts EBA Guidelines on Retail Customer Diversification Methods

On May 19, 2026, the National Bank of Belgium (NBB) published a circular confirming its implementation of the European Banking Authority’s (EBA) guidelines on proportionate methods for diversifying retail customer bases under Article 123(1) of Regulation (EU) No. 575/2013 ( EBA/GL/2026/02 ). The circular outlines the NBB's approach for less significant institutions. Meanwhile, significant institutions that are subject to direct supervision by the European Central Bank (ECB) are recommended to follow the circular, unless the ECB publishes guidance on the matter. The guidelines address how credit institutions should implement proportionate diversification strategies for their retail customer portfolios. Article 123(1) of the Capital Requirements Regulation (CRR) sets out how retail exposures should be treated under the standardised approach to credit risk. The EBA guidance provides credit institutions with practical methodologies to ensure their diversification approaches are proportionate to their business models, risk profiles and operational capacity. The circular and guidelines apply to all credit institutions, financial companies and mixed financial companies designated under Belgian law that are subject to CRR requirements. Institutions should review the guidance to assess their current diversification practices and make any necessary adjustments to align with the EBA's recommended proportionate methodologies. The guidelines apply from May 19, 2026.
3175403 pc May 22, 2026 pthandapani Singapore Monetary Authority of Singapore horizon scanning
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Singapore's Monetary Authority Revokes Major Payment Institution Licence of Bsquared Technology

On May 20, 2026, the Monetary Authority of Singapore (MAS) revoked the Major Payment Institution Licence of Bsquared Technology Pte Ltd (BSQ) effective May 14, 2026. BSQ is no longer permitted to provide digital payment token services in Singapore under the Payment Services Act 2019 (PS Act) from the same date. MAS licensed BSQ on January 1, 2025 to carry on digital payment token services. During an onsite inspection in 2025, MAS identified serious breaches of regulatory requirements. These included significant weaknesses in BSQ's risk management practices and conflict of interest policies, and failure to comply with MAS' Guidelines on Outsourcing in its arrangements with related entities. MAS also found that BSQ had provided false or misleading information to MAS on multiple occasions, from its licence application through the inspection period. BSQ's licensed activities were limited, and the entity has informed MAS that no outstanding customers' monies or assets are held by it. BSQ must submit a closure certificate issued by its auditors under section 22(7) of the PS Act to confirm that all moneys received from customers have been received by the intended recipients and adequate provision has been made to meet any unforeseen liabilities relating to the regulated activities. MAS said it takes a serious view of BSQ's breaches and is reviewing the responsibilities of key officers. The revocation demonstrates MAS' enforcement stance: entities that breach regulatory requirements or provide inaccurate information to MAS will face consequences. REFERENCES: Monetary Authority of Singapore. "MAS Revokes the Major Payment Institution Licence of Bsquared Technology Pte Ltd." May 20, 2026. https://www.mas.gov.sg/

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Monetary Authority of Singapore Revokes Licence of Bsquared Technology Pte Ltd Due to Multiple Regulatory Failures

The Monetary Authority of Singapore (MAS) has revoked the licence of Bsquared Technology Pte Ltd (Bsquare) due to multiple failures in breach of the Payment Services Act. The MAS found based on an inspection of Bsquared in 2025 that it had significant weaknesses in it’s risk management practices and conflict of interest policies, as well as failing to meet MAS’ Guidelines on Outsourcing in its arrangements with related entities. The MAS also found that Bsquared provided information to MAS that was false or misleading in material particulars on multiple occasions, from the time of its licence application up to and including during MAS’ inspection.
3239381 pc May 22, 2026 rghosh Japan Bank of Japan financial services
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Japan's Financial Services Agency and Bank of Japan Issue Short-Term Measures for Frontier Artificial Intelligence

On May 22, 2026, the Financial Services Agency (FSA) and Bank of Japan (BOJ) jointly issued a request to financial institutions regarding short-term measures in response to changes in the threat posed by frontier artificial intelligence (AI). The request addresses the evolving risks associated with frontier AI technologies and establishes guidance for financial institutions to implement protective measures. Frontier AI refers to advanced artificial intelligence systems that represent the cutting edge of AI development and capability. The joint issuance reflects the FSA and BOJ's commitment to ensuring financial system stability and resilience in the face of emerging technological risks. Financial institutions operating in Japan are the primary audience for this guidance, which requires them to evaluate their exposure to frontier AI-related threats and adopt appropriate safeguards. The measures are framed as short-term actions, indicating that financial institutions should prioritise their implementation while longer-term regulatory frameworks may be developed. This initiative demonstrates the regulators' proactive approach to managing risks posed by rapidly advancing AI technologies before they become widespread in financial services operations. The FSA and BOJ have made a provisional English translation of the request available. Financial institutions should review the guidance and implement the recommended measures accordingly. For further information, inquiries can be directed to the FSA's Office of Policy Coordination for IT Risk, Cybersecurity and Economic Security at +81-(0)3-3506-6000 (extensions 2217 or 3850), or to the BOJ's Computer System Risk and Business Continuity Group at +81-(0)3-3279-1111 (extension 6444 or 5579).

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Japan's FSA and Bank of Japan Issue Short-Term Measures for Frontier Artificial Intelligence

On May 22, 2026, the Financial Services Agency (FSA) and Bank of Japan (BOJ) jointly issued a request to financial institutions regarding short-term measures in response to changes in the threat posed by frontier artificial intelligence (AI). The request addresses the evolving risks associated with frontier AI technologies and establishes guidance for financial institutions to implement protective measures. Frontier AI. The Financial Services Agency directed financial institutions to implement the following nine short-term measures, with the direct involvement of senior management including chief executive officers, chief information officers, and chief information security officers, within a general timeframe of approximately one month: Management prioritisation: Top executives must treat frontier artificial intelligence threats as a company-wide priority, ensuring close coordination across business, risk management, information technology, cybersecurity, and finance functions, with senior management directly involved in formulating response strategies and monitoring implementation. Identification of priority services and systems: Financial institutions must adopt a risk-based approach to identify priority services and information technology systems, allocating resources in a focused manner. Externally accessible systems supporting critical services such as internet banking must be prioritised, with roles and responsibilities between users and service providers clearly defined. Resolution of technical debt: Financial institutions must review software and network configurations for identified priority systems, reduce technical debt by closing unnecessary network ports, removing redundant privileged accounts, applying outstanding patches, and upgrading systems running on end-of-support products. Securing patching personnel: Financial institutions must review project plans and consider allocating additional personnel including from other information technology teams, and must confirm that vendors responsible for patching have secured sufficient capacity to handle an increasing volume of vulnerabilities, including for triage activities conducted jointly with vendors. Verification of vendor maintenance contracts: Financial institutions must confirm that patching activities are covered under existing maintenance contracts with clearly defined roles and responsibilities, that contracts permit timely patching including during nights and holidays, and that vendors can meet service level agreements and service level objectives even where vulnerabilities arise simultaneously across multiple institutions. Contingency processes for prioritisation and risk acceptance in the event of vendor resource constraints must be established. Risk-based approach to patching: Financial institutions must assess the potential impact of vulnerabilities on their own services and systems, including the likelihood of exploitation, and prioritise remediation accordingly. The Agency noted that even low-scoring vulnerabilities are increasingly being exploited and that exploit code may emerge immediately after vulnerability or patch disclosure. Strengthening defences beyond patching: Where patching is difficult or timelines cannot be shortened, financial institutions must strengthen multi-layered defences including virtual patching through cloud-based web application firewalls, bot mitigation measures, network segmentation, multi-factor authentication for privileged accounts, and endpoint detection and response capabilities. Preparation for service disruption: Top executives must plan for scenarios in which priority services and systems are disrupted by cyberattacks, assess the effectiveness of business continuity plans and emergency communication frameworks, and establish internal criteria and procedures for the proactive suspension of services in the event of heightened cyber risk, including for systems operated under joint arrangements or provided by cloud service providers. Maintaining external collaboration: Financial institutions must actively collect information from sources including Financials ISAC Japan, industry groups, and regulatory authorities, and share practices within mutual-assistance communities to contribute to the resilience of the financial sector as a whole.
3205797 pc May 22, 2026 arahman Russia The central Bank of Russian Federation horizon scanning
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Russia's Central Bank Establishes Credit Rating Levels for Structured Finance Bonds

On May 22, 2026, the Board of Directors of the Central Bank of the Russian Federation adopted a decision establishing credit rating levels for secured bonds issued by specialized finance companies in accordance with Instruction 7043-U issued on April 11, 2025. The decision sets minimum credit rating requirements for secured bonds issued by specialized finance companies (excluding those issuing structured bonds) and for senior tranches of bonds where multiple issuances share the same collateral but have different payment priorities. The Central Bank designated two acceptable credit rating levels: "ААА(ru.sf)" on the national rating scale for the structured finance sector established by AKRA (Joint-Stock Company), or "ruААА.sf" on the national rating scale for structured finance instruments established by Expert RA (Joint-Stock Company). The decision specifies which credit rating types from each agency qualify for compliance. AKRA ratings must cover secured bonds backed by rights or claims under credit agreements, loan agreements, or other obligations of small and medium-sized enterprises, assigned using the national structured finance sector rating scale. Expert RA ratings must cover secured bonds backed by rights or claims under credit agreements or loan agreements with small and medium-sized enterprises, as well as bonds secured by rights or claims under credit agreements with individuals backed by vehicle collateral, assigned using the national rating scale for structured finance instruments. The decision became effective upon publication on the Central Bank's official website on June 1, 2026.

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Central Bank of Russia Establishes Credit Rating Levels for Structured Finance Bonds

On May 22, 2026, the Board of Directors of the Central Bank of Russia adopted a decision establishing credit rating levels for secured bonds issued by specialised finance companies in accordance with Instruction 7043-U issued on April 11, 2025. The decision sets minimum credit rating requirements for secured bonds issued by specialised finance companies (excluding structured bonds) and for senior tranches of bonds that share the same collateral but have different payment priorities. The central bank designated two acceptable credit rating levels: "ААА(ru.sf)" on the national rating scale for the structured finance sector established by AKRA (Joint-Stock Company); or "ruААА.sf" on the national rating scale for structured finance instruments established by Expert RA (Joint-Stock Company). The decision specifies which credit rating types from each agency qualify for compliance. AKRA ratings must cover secured bonds backed by rights or claims under credit agreements, loan agreements or other obligations of small and medium-sized enterprises, assigned using the national structured finance sector rating scale. Expert RA ratings must cover secured bonds backed by rights or claims under credit agreements or loan agreements with small and medium-sized enterprises, as well as bonds secured by rights or claims under credit agreements with individuals backed by vehicle collateral, assigned using the national rating scale for structured finance instruments. This decision shall apply from the date of its publication on the official website of the Central Bank of Russia.
3243731 pc May 22, 2026 arahman Slovakia AML Regulator-Ministry of the Interior horizon scanning
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Slovakia's Financial Intelligence Unit Imposes Fine on TWINS INVEST for Anti-Money Laundering Violations

On May 22, 2026, Slovakia's Financial Intelligence Unit (Finančná spravodajská jednotka), operating under the Ministry of the Interior's Police Force Presidium, issued an administrative decision imposing a fine of EUR 15,000 against TWINS INVEST, s.r.o. (registration number 46 462 040), based in Bratislava-Petrzalka. The decision was rendered under the Anti-Money Laundering and Counter-Terrorism Financing Act (Act No. 297/2008 Z.z.). The Financial Intelligence Unit (FIU) identified multiple breaches of anti-money laundering obligations during the control period from January 1, 2021 to February 28, 2024. TWINS INVEST failed to develop and implement an adequate internal compliance program addressing money laundering and terrorism financing risks as required by law. The entity did not properly conduct customer due diligence procedures, including failure to obtain complete identification information such as national identification numbers, dates of birth, and state citizenship. The FIU documented 239 transactions involving occasional business dealings outside established business relationships, with transaction values reaching EUR 15,000 or more, where the entity failed to verify customer identity, conduct beneficial ownership checks, and assess whether customers were politically exposed or sanctioned persons. Additionally, TWINS INVEST did not implement enhanced due diligence measures proportionate to the money laundering and terrorism financing risks presented by these transactions, particularly those involving precious metals. The fine must be paid within 15 days of the decision becoming final to the State Treasury account IBAN SK27 8180 0000 0070 0017 9874. The FIU will publish the operative part of this decision on its website for five years as a public sanction. The decision became final on May 22, 2026.

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Slovakia's Financial Intelligence Unit Imposes Fine of €15,000 on TWINS INVEST for Anti-Money Laundering Violations

On May 22, 2026, Slovakia's Financial Intelligence Unit (Finančná spravodajská jednotka), operating under the Ministry of the Interior's Police Force Presidium, issued an administrative decision imposing a fine of €15,000 against TWINS INVEST. The decision was rendered under the Anti-Money Laundering and Counter-Terrorism Financing Act (Act No. 297/2008). TWINS INVEST was found to have failed to develop and implement an adequate internal compliance programme addressing money laundering and terrorism financing risks as required by law. The entity did not properly conduct customer due diligence procedures, including failure to obtain complete identification information such as national identification numbers, dates of birth and state citizenship. The FIU documented 239 transactions involving occasional business dealings outside established business relationships, with transaction values exceeding €15,000, in which the entity failed to verify customer identity, conduct beneficial ownership checks and assess whether customers were politically exposed or sanctioned persons.
3175658 pc May 22, 2026 rghosh Japan Official Gazette financial services
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I appreciate you providing this material, but I must note that the content you've shared is a **table of contents from Japan's Official Gazette (官報) dated May 22, 2026** — it contains only headings, section numbers, and administrative references rather than substantive regulatory or policy content. The document lists various categories of announcements (ordinances, rules, notices, personnel changes, court matters, etc.) but does not include the actual text, details, or substance of any specific regulation, decree, appointment, or institutional change. **To generate a meaningful Horizon Scanning update, I would need:** - The full text of a specific regulation, ordinance, or administrative action - Details of a personnel appointment or institutional change - The substantive content of a consultation, decree, or legislative amendment - Effective dates, implementation timelines, or other material information **What I can see from this table of contents includes references to:** - Amendments to foreign exchange trading regulations - Updates to financial settlement laws (資金決済に関する法律) - Changes to financial instruments trading regulations - Amendments to fund transfer business rules - Various other administrative and financial service-related updates If you can provide the **full text or substantive details** of any specific item from this gazette (for example, the full text of the foreign exchange trading amendment, the financial settlement law changes, or any other specific regulation), I will generate a complete Horizon Scanning update following all required formatting and style guidelines. Please share the source material for the specific development you'd like me to cover.

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Japan Updates Foreign Exchange Compliance Standards

On May 22, 2026, the Ministry of Finance and the Ministry of Economy, Trade and Industry jointly issued a ministerial ordinance amending the compliance standards applicable to foreign exchange transaction handling businesses. The amendment is technical in nature, updating a statutory cross-reference within Article 2, Item 1(f) of the existing ordinance. The reference to "Article 2, Paragraph 19" of the Payment Services Act is replaced with "Article 2, Paragraph 22," reflecting the renumbering of provisions that followed the partial amendment to the Payment Services Act (Act No. 66 of Reiwa 7). The ordinance takes effect on June 1, 2026, coinciding with the entry into force of the amended Payment Services Act. Businesses operating as foreign exchange transaction handlers should verify that their internal compliance documentation, policy references, and any regulatory filings citing the former paragraph number are updated accordingly. While the amendment does not alter substantive obligations, reliance on the superseded cross-reference in compliance frameworks or contractual arrangements may create technical inaccuracies that warrant correction ahead of the June deadline.
3178994 pc May 22, 2026 arahman Sweden News - Government horizon scanning
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Sweden's Government Proposes New Law Strengthening Critical Infrastructure Resilience

On May 22, 2026, the Swedish Government announced a proposed new law designed to strengthen the resilience of critical service providers across multiple sectors. The legislation implements the European Union's Directive on the Resilience of Critical Entities (CER Directive), which aims to ensure uninterrupted provision of essential services throughout the EU. The proposed law applies to both public and private operators across eleven designated sectors: energy, transport, banking, financial market infrastructure, healthcare, drinking water, wastewater, digital infrastructure, public administration, space, and food production and distribution. Critical operators identified under the new law must implement measures to increase their resilience—their capacity to prevent, resist, and limit the consequences of disruptions to essential services. These operators will be required to report certain incidents that affect or could affect the provision of critical services. The legislation includes provisions for supervision and enforcement mechanisms against operators failing to comply with its requirements. The law also proposes amendments to the Security Protection Act (säkerhetsskyddslagen) to enable higher administrative penalties for non-compliant private operators. These enforcement mechanisms aim to ensure operators meet the new regulatory standards, thereby strengthening protection of critical infrastructure and essential services. The proposed law and related amendments are scheduled to enter into force on January 1, 2027. The Swedish Government submitted the proposal as a legislative referral (lagrådsremiss) for consultation. The CER Directive itself was adopted by the EU on December 14, 2022, and establishes obligations designed to enhance the resilience of critical entities across member states. REFERENCES: Swedish Government Press Release: "Ny lag för att stärka motståndskraften i samhällsviktiga tjänster och högre sanktionsavgifter enligt säkerhetsskyddslagen" (May 22, 2026). Available at: Regeringen.se EU Directive 2022/2557 on the Resilience of Critical Entities. Available at: EUR-Lex

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Sweden's Government Proposes New Law Strengthening Critical Infrastructure Resilience

On May 22, 2026, the Swedish government announced a proposed new law designed to strengthen the resilience of critical service providers across multiple sectors. The legislation implements the European Union's Directive on the Resilience of Critical Entities (CER Directive), which aims to ensure uninterrupted provision of essential services throughout the EU. The proposed law applies to both public and private operators across 11 designated sectors: energy, transport, banking, financial market infrastructure, healthcare, drinking water, wastewater, digital infrastructure, public administration, space, and food production and distribution. Critical operators identified under the new law must implement measures to increase their resilience, their capacity to prevent, resist and limit the consequences of disruptions to essential services. These operators will be required to report certain incidents that affect or could affect the provision of critical services. The legislation includes provisions for supervision and enforcement mechanisms against operators failing to comply with its requirements. The law also proposes amendments to the Security Protection Act to enable higher administrative penalties for non-compliant private operators. These enforcement mechanisms aim to ensure operators meet the new regulatory standards, thereby strengthening protection of critical infrastructure and essential services. The proposed law and related amendments are scheduled to enter into force on January 1, 2027. The Swedish government submitted the proposal as a legislative referral for consultation.
3174252 pc May 21, 2026 pdonofrio New York Department of Financial Services financial services
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New York Department of Financial Services Issues Cybersecurity Guidance for Regulated Entities

On May 21, 2026, the New York State Department of Financial Services (DFS) Acting Superintendent Kaitlin Asrow issued guidance identifying cybersecurity measures that DFS-regulated entities should consider adopting when facing a heightened threat environment. The guidance addresses scenarios such as geopolitical events that increase cyberattack risk or technological developments that materially change cybersecurity risks, including the release of frontier artificial intelligence (AI) models. The guidance provides a framework of best practices across three areas: reducing the attack surface, improving threat detection and readiness, and strengthening resilience and response. Acting Superintendent Asrow said the guidance "gives our regulated entities actionable steps that can be taken when the threat environment intensifies," emphasising that each entity should assess its unique circumstances and operations to identify which steps are warranted. New York State Acting Chief Cyber Officer Michaela Lee noted that as frontier AI models rapidly evolve, the guidance provides "a blueprint to strengthen financial resilience, reinforcing New York's national leadership in innovation and security." The guidance does not establish new legal requirements. Rather, it identifies best practices regulated entities should consider implementing to the extent not already required by the existing cybersecurity regulation, 23 NYCRR Part 500. DFS-regulated entities should review the guidance and assess their current cybersecurity posture against the recommended best practices. The full guidance is available on the DFS website, with additional cybersecurity resources accessible through the Department's Cybersecurity Resource Center.

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New York Department of Financial Services Issues Cybersecurity Guidance for Regulated Entities

On May 21, 2026, the New York State Department of Financial Services (DFS) issued guidance identifying cybersecurity measures that DFS-regulated entities should consider adopting when facing a heightened threat environment. The guidance addresses scenarios such as geopolitical events that increase cyberattack risk or technological developments that materially change cybersecurity risks, including the release of frontier artificial intelligence (AI) models. The guidance also provides a framework of best practices across three areas: reducing attack surface, improving threat detection and readiness and strengthening resilience and response. Acting DFS Superintendent Kaitlin Asrow said the guidance "gives our regulated entities actionable steps that can be taken when the threat environment intensifies", emphasising that each entity should assess its unique circumstances and operations to identify which steps are warranted. The guidance does not establish new legal requirements. Rather, it identifies best practices regulated entities should consider implementing to the extent not already required by the DFS' existing cybersecurity regulation: 23 NYCRR Part 500 . DFS-regulated entities are encouraged to review the guidance and assess their current cybersecurity posture against the recommended best practices.
3174239 pc May 21, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Adds Nine Individuals to Specially Designated Nationals List

On May 21, 2026, the Office of Foreign Assets Control (OFAC), a bureau of the U.S. Department of the Treasury, updated its Specially Designated Nationals (SDN) List with counter-terrorism designations. OFAC added nine individuals to the SDN List and made updates to two existing entries. OFAC designated nine individuals as specially designated global terrorists (SDGT) pursuant to Executive Order 13224, as amended by Executive Order 13886. Eight of the newly designated individuals—Ibrahim Al-Moussawi, Ahmad Asaad Baalbaki, Hassan Nizammeddine Fadlallah, Abdel-Mottaleb Mohamed Fanich, Samir 'Adnan Hamadi, Hussein Al-Hajj Hassan, Khattar Nasser Eldin, and Ali Ahmad Safawi—are linked to Hizballah and are subject to secondary sanctions pursuant to the Hizballah Financial Sanctions Regulations. All eight are Lebanese nationals. Mohammad Reza Raouf Sheibani, an Iranian national with ties to Lebanon, was also designated as SDGT and linked to Hizballah; Sheibani carries additional program tags related to Iran's Islamic Revolutionary Guard Corps (IRGC). OFAC also updated two existing SDN List entries. The entry for Ayadi Chafiq Bin Muhammad was modified to include additional identifying information, including nationality (Tunisia) and alternative nationality (Ireland), and was linked to Al Qa'ida. The entry for Lajnat Al Daawa Al Islamiyya (Islamic Call Committee), a Kuwait-based charity or nonprofit organization established in 1986, was similarly updated with additional identifying information and linked to Al Qa'ida. Entities and individuals subject to OFAC sanctions are prohibited from engaging in transactions with U.S. persons and entities. Financial institutions and other parties must block assets and report transactions involving designated individuals and organisations.

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US Office of Foreign Assets Control Sanctions Hizballah-Aligned Officials

On May 21, 2026, the US Office of Foreign Assets Control (OFAC) sanctioned nine individuals in Lebanon linked to Hizballah for obstructing peace processes and impeding the disarmament of the terrorist group, according to a news release . The action targeted two distinct networks: one comprising political representatives involved in advancing Hizballah's agenda and opposing its disarmament, and another consisting of security and political partners responsible for coordinating military operations and sharing intelligence. Hizballah is designated as a Foreign Terrorist Organization (FTO) by the US Department of State, with OFAC sanctioning the individuals pursuant to Executive Order 13224 , which targets terrorists and their supporters. The new sanctions 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.
3174168 pc May 21, 2026 pdonofrio US Track 2 News Releases - Office of the Comptroller of the Currency (OCC) financial services
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Office of the Comptroller of the Currency Announces Enforcement Actions for May 2026

On May 21, 2026, the Office of the Comptroller of the Currency (OCC) announced enforcement actions taken during May 2026 against banks and individuals affiliated with financial institutions. The OCC uses enforcement actions to require boards of directors and management to take timely corrective action against deficient practices or violations identified during supervision. The OCC issued a Consent Order against Community Federal Savings Bank in Woodhaven, New York, for deficiencies in its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The violations included breaches of 12 CFR 21.21 (BSA/AML program violation), 12 CFR 163.180(d) (suspicious activity reporting violation), and 31 CFR 1010.520(b)(3) (information sharing requirement under the USA PATRIOT Act). The OCC also issued an Order of Prohibition against Dyemond Williams, a former Associate at JP Morgan Chase Bank in Columbus, Ohio, for making or assisting others in making unauthorized withdrawals from customer accounts, resulting in losses of at least $38,500 to the bank. Orders of Prohibition prevent individuals from participating in the affairs of any bank or other institution as defined in 12 USC 1818(e)(7). The OCC terminated five enforcement actions during May 2026 after determining that the institutions had demonstrated compliance with all articles of their respective enforcement actions or that certain articles had become outdated or irrelevant to current circumstances. These terminations involved Axiom Bank in Maitland, Florida; Cenlar Federal Savings Bank in Ewing, New Jersey; Lincoln FSB of Nebraska; The First National Bank of Waverly in Ohio; and The First National Bank of Williamson in West Virginia. All OCC public enforcement actions taken since August 1989 are available through the searchable enforcement actions database at https://apps.occ.gov/EASearch.

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US Office of the Comptroller of the Currency Announces Consent Order Against Community Federal Savings Bank for BSA/AML Deficiencies

On May 21, 2026, the US Office of the Comptroller of the Currency (OCC) announced a consent order against Community Federal Savings Bank for deficiencies in its Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. The violations included breaches of 12 CFR 21.21 (BSA/AML program violation), 12 CFR 163.180(d) (suspicious activity reporting violation) and 31 CFR 1010.520(b)(3) (information sharing requirement violation). As part of the consent order, Community Federal Savings Bank is directed to make internal changes to its BSA/AML program, suspicious activity reporting and information sharing protocols, as well as maintaining a compliance committee, among other remedial actions.
3200738 gc May 21, 2026 gkaliraman Philippines EGLD (PAGCOR) - Annoucements gamblingcompliance
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Philippines' PAGCOR Extends Minimum Guaranteed Fee Implementation for Gaming System Administrators

On May 21, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) announced an extension to the implementation of the Minimum Guaranteed Fee (MGF) for Gaming System Administrators (GSAs). PAGCOR's Board of Directors approved deferring the MGF implementation until June 30, 2026, providing GSAs additional time to stabilize operations and recover from sustained market contraction while aligning with prescribed financial thresholds. The amended MGF schedule establishes two tranches. The first tranche, effective July 1, 2026 through December 31, 2026, sets minimum gross gaming revenues (GGR) and corresponding MGF amounts differentiated by GSA category. GSAs with electronic casino games must achieve minimum monthly GGR of PHP30,000,000 with an MGF of PHP9,000,000, while GSAs without electronic casino games require minimum monthly GGR of PHP15,000,000 with an MGF of PHP3,000,000. The second tranche, effective January 1, 2027 onwards, increases these thresholds: GSAs with electronic casino games must achieve minimum monthly GGR of PHP35,000,000 with an MGF of PHP10,500,000, while GSAs without electronic casino games require minimum monthly GGR of PHP20,000,000 with an MGF of PHP4,000,000. PAGCOR's extension balances regulatory objectives with the operational viability of licensed operators. Gaming System Administrators, gaming affiliates, support service providers, and all applicants and concerned entities must comply with the amended schedule. The memorandum was issued by PAGCOR's Officer-in-Charge and applies to all entities operating under PAGCOR's Electronic Gaming Licensing Department.

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Philippines' PAGCOR further extends the implementation of the minimum fee

On May 21, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) announced an extension to the implementation of the Minimum Guaranteed Fee (MGF) for Gaming System Administrators (GSAs). PAGCOR's Board of Directors approved deferring the MGF implementation until June 30, 2026, providing GSAs additional time to stabilise operations and recover from sustained market contraction while aligning with prescribed financial thresholds. The following fee, payable by the Gaming System Administrators (GSAs), will be imposed in two tranches as follows: 1st Tranche (from July 1, 2026 to December 31, 2026) : GSAs with electronic casino games, with a minimum monthly GGR of PHP30m ($499,000), will be subject to a MGF of PHP9m ($150,000). GSAs without electronic casino games, with a minimum monthly GGR of PHP15m ($250,000), will be subject to a MGF of PHP3m ($50,000). 2nd Tranche (January 1, 2027 onwards) : GSAs with electronic casino games, with a minimum monthly GGR of PHP35m ($581,000), will be subject to a MGF of PHP10.5m ($175,000). GSAs without electronic casino games, with a minimum monthly GGR of PHP20m ($332,000), will be subject to a MGF of PHP4m ($66,500). This is the second time PAGCOR has deferred the implementation of the fee, previously extending the implementation date from April 1 to June 1, 2026. PAGCOR's extension balances regulatory objectives with the operational viability of licensed operators. Gaming System Administrators, gaming affiliates, support service providers, and all applicants and concerned entities must comply with the amended schedule. The memorandum was issued by PAGCOR's Officer-in-Charge and applies to all entities operating under PAGCOR's Electronic Gaming Licensing Department.
3185052 gc May 21, 2026 gkaliraman Philippines EGLD (PAGCOR) - Annoucements gamblingcompliance
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Philippine Amusement and Gaming Corporation Establishes Accreditation Deadline for Business-to-Business Providers

On May 21, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) Board of Directors approved transition guidelines requiring contracted Business-to-Business (B2B) providers to complete accreditation by July 31, 2026. The memorandum, issued by the Electronic Gaming Licensing Department, applies to all gaming system administrators, integrated resort licensees, gaming affiliates, support service providers, and applicants. B2B providers that submit accreditation applications on or before May 31, 2026, may continue operating during an interim period until July 31, 2026, while their applications are under review. To secure accreditation, these entities must complete several requirements by the July 31 deadline: payment of a non-refundable application fee; submission of documentary requirements including probity check reports; satisfactory results from ocular inspection of facilities and testing of electronic gaming systems (EGS) and online gaming platforms (OGP); and posting of corresponding performance cash deposits. Failure to meet these requirements will result in decommissioning of the provider's EGS, OGP, games, and gaming equipment effective August 7, 2026. B2B providers that do not submit applications by May 31, 2026, will be prohibited from providing services to all gaming system administrators, and requests for evaluation of gaming systems will be returned without action. These companies may only resume operations after securing required accreditation. Gaming system administrators found using services from non-compliant B2B providers will face appropriate regulatory sanctions. The deadline for application submission is May 31, 2026, with all accreditation requirements to be completed by July 31, 2026.

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Philippines' PAGCOR establishes accreditation deadline for B2B providers

On May 21, 2026, the Philippine Amusement and Gaming Corporation (PAGCOR) published a memorandum for compliance with the application for accreditation of contracted B2B providers. The memorandum, issued by the Electronic Gaming Licensing Department, applies to all gaming system administrators, integrated resort licensees, gaming affiliates, support service providers, and applicants. B2B providers that submit accreditation applications on or before May 31, 2026, may continue operating during an interim period until July 31, 2026, while their applications are under review. To secure accreditation, these entities must complete several requirements by the July 31 deadline: Payment of a non-refundable application fee. Submission of documentary requirements including probity check reports. Satisfactory results from ocular inspection of facilities and testing of electronic gaming systems (EGS) and online gaming platforms (OGP). Posting of corresponding performance cash deposits. Failure to meet the aforementioned requirements will result in decommissioning of the provider's EGS, OGP, games, and gaming equipment effective August 1, 2026. B2B providers that do not submit applications by May 31, 2026, will be prohibited from providing services to all gaming system administrators, and requests for evaluation of gaming systems will be returned without action. These companies may only resume operations after securing required accreditation. Gaming system administrators found using services from non-compliant B2B providers will face appropriate regulatory sanctions. The deadline for application submission is May 31, 2026, with all accreditation requirements to be completed by July 31, 2026.
3174951 gc May 21, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Prize and Betting Secretariat Permits Document Reuse for Know Your Customer Processes

On May 21, 2026, Brazil's Prize and Betting Secretariat (SPA-MF) published guidance in its Frequently Asked Questions (FAQ) formalizing its position on the reuse of documents for know your customer (KYC) processes on betting platforms. The secretariat confirmed that electronic verification methods may replace the capture and storage of physical document images while maintaining KYC security standards. According to FAQ number 136, betting operators may fulfill biometric identity verification requirements through two approaches. First, operators may use a database in which identity confirmation through submission of a digital copy of the document has been previously carried out using KYC procedures guaranteeing authenticity. Second, operators may consult highly trusted government databases—such as those maintained by the Superior Electoral Court (TSE) or the National Traffic Department (SENATRAN)—to verify the bettor's identity through captured biometrics, with storage of auditable proof of verification. Both approaches must satisfy four non-negotiable conditions: facial recognition of the bettor is mandatory; the operator remains obligated to maintain bettors' information and documents in its databases; the process must be auditable; and personal data must be protected. These procedures must result in confirmation of data authenticity from a primary source, fulfilling regulatory requirements to guarantee bettor identity in line with security and modernization principles adopted in other regulated sectors in Brazil. The secretariat's guidance permits betting operators to streamline onboarding processes without requesting repeated document submissions from bettors, provided operators employ equally secure digital methods. Operators must maintain comprehensive records demonstrating verification compliance and implement robust data protection measures. The clarification represents an evolution in Brazil's approach to digital identity verification within the regulated betting sector.

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Brazil publishes guidance regarding Know Your Customer processes

On May 21, 2026, Brazil's Prize and Betting Secretariat (SPA-MF) published guidance in its Frequently Asked Questions (FAQ) formalizing its position on the reuse of documents for know your customer (KYC) processes on betting platforms. The SPA confirmed that electronic verification methods may replace the capture and storage of physical document images while maintaining KYC security standards. According to FAQ number 136, betting operators may fulfill biometric identity verification requirements through two approaches: First, operators may use a database in which identity confirmation through submission of a digital copy of the document has been previously carried out using KYC procedures guaranteeing authenticity. Second, operators may consult highly trusted government databases—such as those maintained by the Superior Electoral Court (TSE) or the National Traffic Department (SENATRAN)—to verify the bettor's identity through captured biometrics, with storage of auditable proof of verification. Both approaches must satisfy four non-negotiable conditions: Facial recognition of the bettor is mandatory. The operator remains obligated to maintain bettors' information and documents in its databases. The process must be auditable. Personal data must be protected. This guidance comes into effect immediately .
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