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2980215 pc Mar 18, 2026 csoo United Kingdom Bank of England horizon scanning
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United Kingdom's Prudential Regulation Authority Finalises Operational Resilience Reporting Requirements for Incidents and Third-Party Arrangements

On 18 March 2026, the Prudential Regulation Authority (PRA) published Policy Statement 7/26 (PS7/26), finalising requirements for operational incident reporting and material third-party (MTP) arrangement notifications. The policy follows consultation paper CP17/24 and addresses rising operational resilience threats to financial institutions and their increasing reliance on external service providers. The final policy establishes standardised reporting requirements for operational incidents affecting UK banks, building societies, PRA-designated investment firms, overseas bank branches, UK Solvency II insurers, the Society of Lloyd's and its managing agents, and UK credit unions with assets exceeding £50 million. Firms must report incidents posing risks to financial stability, firm safety and soundness, or policyholder protection. The PRA consolidated three proposed separate reports (initial, intermediate, and final) into a single report updated across phases, reducing compliance burden. Initial reports must be submitted within 24 hours of determining an incident meets reporting thresholds, with intermediate updates required for significant changes and final reports due within 30 working days of incident resolution. For MTP arrangements, firms must notify the PRA upon entering or significantly changing arrangements through FCA Connect, a unified submission platform developed jointly with the Financial Conduct Authority (FCA). Annual MTP registers must be submitted via FCA RegData. The PRA excluded credit unions with less than £50 million in assets and third-country branches from notification requirements to reduce disproportionate burden. The policy incorporates feedback from 35 consultation responses, with the PRA making significant changes to reduce costs while maintaining supervisory oversight. Key amendments include reducing data fields in reporting templates, separating notification and register templates, and providing enhanced guidance on threshold interpretation and MTP identification in updated supervisory statements. The implementation date for all requirements is 18 March 2027.

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United Kingdom's Prudential Regulation Authority Finalises Operational Resilience Reporting Requirements for Incidents and Third-Party Arrangements

On 18 March 2026, the Prudential Regulation Authority (PRA) published Policy Statement 7/26 (PS7/26), finalising requirements for operational incident reporting and material third-party (MTP) arrangement notifications. The policy follows consultation paper CP17/24 and addresses rising operational resilience threats to financial institutions and their increasing reliance on external service providers. The final policy establishes standardised reporting requirements for operational incidents affecting UK banks, building societies, PRA-designated investment firms, overseas bank branches, UK Solvency II insurers, the Society of Lloyd's and its managing agents, and UK credit unions with assets exceeding £50 million. Firms must report incidents posing risks to financial stability, firm safety and soundness, or policyholder protection. The PRA consolidated three proposed separate reports (initial, intermediate, and final) into a single report updated across phases, reducing compliance burden. Initial reports must be submitted within 24 hours of determining an incident meets reporting thresholds, with intermediate updates required for significant changes and final reports due within 30 working days of incident resolution. For MTP arrangements, firms must notify the PRA upon entering or significantly changing arrangements through FCA Connect, a unified submission platform developed jointly with the Financial Conduct Authority (FCA). Annual MTP registers must be submitted via FCA RegData. The PRA excluded credit unions with less than £50 million in assets and third-country branches from notification requirements to reduce disproportionate burden. The policy incorporates feedback from 35 consultation responses, with the PRA making significant changes to reduce costs while maintaining supervisory oversight. Key amendments include reducing data fields in reporting templates, separating notification and register templates, and providing enhanced guidance on threshold interpretation and MTP identification in updated supervisory statements. The implementation date for all requirements is 18 March 2027.
2975843 gc Mar 18, 2026 zbirnbaum Alberta Alberta - AGLC - Bulletins gamblingcompliance
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Alberta Gaming, Liquor and Cannabis Commission Prohibits Betting on Political Events

On March 17, 2026, the Alberta Gaming, Liquor and Cannabis Commission (AGLC) amended the Standards and Requirements for Internet Gaming (SRIG) to prohibit iGaming suppliers from offering betting on political events. The amendment adds Subsection 4.6.5(p) to Section 4.6 of the SRIG, which governs Sports and Event Betting standards. The new provision specifically prohibits betting on political events, including elections, by-elections, and leadership contests. The amendment became effective on March 17, 2026. iGaming suppliers operating in Alberta must update their Standards and Requirements for Internet Gaming documentation to reflect the new prohibition and ensure all affected staff are notified of the requirement. The AGLC notes that the policy amendment is part of its ongoing commitment to reviewing policies to meet stakeholder needs while maintaining an effective regulatory environment. Suppliers with questions or concerns regarding the amendment should contact the AGLC's iGaming Compliance Branch at igamingcompliance@aglc.ca.

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Alberta Gaming, Liquor and Cannabis Commission Prohibits Betting on Political Events

On March 17, 2026, the Alberta Gaming, Liquor and Cannabis Commission (AGLC) amended the Standards and Requirements for Internet Gaming (SRIG) to prohibit iGaming suppliers from offering betting on political events. The amendment adds Subsection 4.6.5(p) to Section 4.6 of the SRIG, which governs Sports and Event Betting standards. The new provision specifically prohibits betting on political events, including elections, by-elections, and leadership contests. The amendment became effective on March 17, 2026. iGaming suppliers operating in Alberta must update their Standards and Requirements for Internet Gaming documentation to reflect the new prohibition and ensure all affected staff are notified of the requirement. The AGLC notes that the policy amendment is part of its ongoing commitment to reviewing policies to meet stakeholder needs while maintaining an effective regulatory environment. Suppliers with questions or concerns regarding the amendment should contact the AGLC's iGaming Compliance Branch at igamingcompliance@aglc.ca.
2979630 gc Mar 18, 2026 prandeo Netherlands News - Dutch Gambling Authority gamblingcompliance
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Netherlands Gambling Authority Publishes Guidance on Untargeted Advertising Prohibition

On the date of publication, the Kansspelautoriteit (KSA), the Netherlands gambling regulator, published new guidance on the prohibition of untargeted advertising for online gambling operators. The guidance provides licensed remote gambling operators with detailed explanations and practical tools to comply with statutory requirements governing online advertising, with the objective of better protecting vulnerable groups from gambling advertising. Since the introduction of the untargeted advertising prohibition, online gambling operators may only advertise via the internet and media services on request, subject to strict conditions. In practice, these conditions have generated questions among licence holders. The KSA's new guidance clarifies how these conditions should be interpreted and applied. The guidance addresses advertising via external platforms and third parties, providing a genuine opportunity for consumers to refuse advertising, and the manner in which operators must document and substantiate their efforts and measurement results. The underlying principle is that advertising for online gambling should not reach vulnerable persons. In some cases, this may require an operator to refrain from advertising on a particular platform. The guidance includes practical guidelines and an extensive question-and-answer section based on practical inquiries and signals from regulatory supervision. The KSA aims to contribute to careful and consistent compliance with the untargeted advertising prohibition within the online gambling market. REFERENCES: Kansspelautoriteit (KSA) – Leidraad ongerichte reclame (Guidance on Untargeted Advertising)

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Dutch Gambling Authority publishes guidance on untargeted advertising prohibition

On March 18, 2026, the Netherlands Gambling Authority (KSA) published new guidance on the prohibition of untargeted advertising for online gambling operators. The guidance provides further clarification and practical tools for licence holders to comply with legal requirements governing online advertising, to strengthen the protection of vulnerable groups from exposure to gambling advertising. Following the introduction of the ban, online gambling operators are only permitted to advertise via the internet and on-demand media services under strict conditions. The KSA noted that these conditions have raised practical questions among operators, prompting the issuance of additional guidance. The document clarifies how the conditions should be interpreted and applied in practice, including in relation to advertising via external platforms and third parties, ensuring that users are given a genuine opportunity to refuse advertising, and the requirement for operators to document and substantiate their compliance efforts and measurement outcomes. The KSA emphasised that the core principle of the framework is that gambling advertising must not reach vulnerable persons. In certain cases, this may require operators to refrain from advertising on specific platforms where this objective cannot be ensured. The guidance also includes practical examples and a detailed Q&A section based on supervisory experience and industry queries, with the aim of promoting consistent compliance across the online gambling market.
2979509 pc Mar 18, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom's Financial Conduct Authority Publishes Finalised Guidance on Material Third Party Reporting

In March 2026, the Financial Conduct Authority (FCA) published finalised guidance (FG26/4) setting out expectations for how firms should comply with requirements for material third party arrangements. The guidance applies to enhanced scope Senior Managers and Certification Regime (SMCR) firms, banks, designated investment firms, building societies, Solvency II firms, CASS large firms, UK Recognised Investment Exchanges (RIEs), authorised electronic money institutions, authorised payment institutions, and consolidated tape providers. The FCA expanded the scope of third party notifications to cover both material outsourcing and material non-outsourcing arrangements, collectively referred to as "material third party arrangements." This reflects the increasing importance of non-outsourcing third party arrangements that help deliver and support firms' activities, services and processes. A material third party arrangement is defined as one where disruption or failure could cause intolerable harm to clients, pose risks to UK financial system soundness, stability, resilience, confidence or integrity, or cast serious doubt on a firm's ability to satisfy threshold conditions or meet regulatory obligations. The guidance provides factors firms should consider when assessing materiality, including direct connection to regulated activities, business complexity, impact on business continuity and operational resilience, ability to substitute providers, and data protection obligations. Examples of typically material arrangements include data centre services, cloud hosting, cybersecurity services, and payment settlement services. Firms must notify the FCA of new material third party arrangements or significant changes at an early stage, before becoming contractually committed. Additionally, firms must maintain and submit an annual register of material third party arrangements. The FCA, Prudential Regulation Authority (PRA), and Bank of England use a single standardised notification and register template, submitted through FCA Connect. Firms have 90 calendar days to submit annual registers when the submission window opens, with data reflecting positions as of 31 December of the previous year.

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UK's Financial Conduct Authority Publishes Finalised Guidance on Material Third Party Reporting

On March 18, 2026, the Financial Conduct Authority (FCA) published its finalised guidance (FG26/4)  on material third party reporting. This guidance supports the FCA’s final rules on operational incident and third party reporting (PS26/2) , and provides clarity on the following areas: Identifying material third parties. Making material third party notifications to the FCA. Material third party register required under the FCA’s Supervision handbook (SUP) 16.33 . Filling in the notification and register template. Submitting a material third party notification and register.
2979511 pc Mar 18, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Finalises Rules on Operational Incident and Material Third Party Reporting

On 26 February 2026, the Financial Conduct Authority (FCA) published Policy Statement PS26/2, finalising rules on operational incident reporting and material third party arrangement reporting following consultation on Consultation Paper 24/28. The FCA, Prudential Regulation Authority (PRA), and Bank of England have established a unified regulatory framework for both policies. For operational incident reporting, firms must notify regulators of incidents meeting defined thresholds: causing intolerable consumer harm, posing risks to safety and soundness of firms or market participants, or threatening market stability and confidence in the UK financial system. The framework divides firms into two tiers: standard reporting (approximately 90 percent of FCA solo-regulated firms) requires submission of a single short form with 10 questions, while enhanced reporting applies to systemically important firms and requires more detailed information submitted across initial, intermediate, and final phases. Payment service providers (PSPs) retain their existing 4-hour reporting deadline for initial submissions. The FCA has subsumed existing PSP and registered credit rating agency (CRA) incident reporting regimes into this single framework, eliminating duplication. For material third party arrangements, firms must notify the FCA of new arrangements or significant changes and submit an annual register. The FCA defines material third party arrangements as those whose disruption could cause intolerable consumer harm, threaten UK financial system stability, or cast serious doubt on the firm's ability to meet regulatory obligations. Most firms need only report intragroup arrangements involving external third party dependencies. Third country branches remain in scope for annual register submissions but are excluded from notification requirements for non-outsourcing arrangements. The new rules come into force on 18 March 2027, providing firms 12 months for preparation. The FCA will conduct a two-year post-implementation review. Accompanying finalised guidance documents FG26/3 and FG26/4 provide additional detail on compliance requirements.

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UK’s Financial Conduct Authority Issues Policy Statement on Operational Incident and Third-Party Reporting

On March 18, 2026, the Financial Conduct Authority (FCA) issued its policy statement (PS26/2) on operational incident and third-party reporting. This policy statement creates a unified regulatory regime for operational incident and third-party reporting to the FCA, Prudential Regulatory Authority (PRA) and Bank of England (BoE). PS26/2 confirms the following: Operational incident reporting Defines what an operational incident is. Sets out the thresholds for when firms must report an incident. Introduces a standardised reporting process so all firms make a single submission regardless of the regulator(s). Sets out how firms will submit standard or enhanced incident reports. Third-party reporting Defines what a material third-party arrangement is. Requires firms to notify the FCA of any new, or any significant changes to material third-party arrangements. Requires firms to maintain a register for their material third-party arrangements, for submission to the FCA annually. The final rules in PS26/2 will apply from March 18, 2027. The operational incident reporting rules apply to all firms with a Part 4A permission, payment service providers, UK recognised investment exchanges (RIEs), registered trade repositories and registered credit rating agencies. The third-party reporting rules apply to enhanced scope Senior Managers & Certification Regime (SM&CR) firm, banks, designated investment firms, building societies, Solvency II firms, Client Assets Sourcebook (CASS) large firms, UK RIEs, authorised electronic money institutions and authorised payment institutions.
2972613 pc Mar 18, 2026 msolomon Poland Polish Financial Supervision Authority - KNF financial services
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Poland's Financial Supervision Authority Imposes 21.1 Million Zloty Fine on Santander Bank Polska

On March 4, 2026, Poland's Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF) issued a decision imposing financial penalties totalling 21,100,000 Polish zloty (PLN) on Santander Bank Polska SA, a Warsaw-based bank operating under Article 70(2) of the Act on Trading in Financial Instruments. The KNF identified multiple serious violations spanning professional conduct standards and client protection requirements. The violations included: cooperation with unauthorised third parties in client servicing between January 2017 and February 2021; execution of transactions for clients in negative target groups or where financial instruments were inadequate between January 2021 and June 2022; failure to disclose complete cost information for currency risk hedging transactions between October 2018 and November 2019; implementation of a remuneration system for Treasury Services Department employees that incentivised sales over client interests between January 2021 and December 2022; execution of "Interest Rate Not Exceeding" (ONWN) orders without proper classification as financial derivatives between January 2021 and April 2023; deficient internal control systems regarding legal compliance between January 2017 and October 2018; ineffective compliance function oversight between October 2018 and July 2022; and failure to retain and archive electronic correspondence regarding structured deposits between February 2022 and July 2022. The KNF emphasised that these violations breached fundamental standards for professional and diligent business conduct under the Act on Trading in Financial Instruments and Banking Law (Prawo bankowe), as well as requirements under Delegated Regulation (EU) 2017/565 implementing Markets in Financial Instruments Directive (MiFID II). The decision is not final and may be subject to appeal.

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Poland's Financial Supervision Authority Imposes 21.1 Million Zloty Fine on Santander Bank Polska

On March 4, 2026, Poland's Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF) issued a decision imposing financial penalties totalling 21,100,000 Polish zloty (PLN) on Santander Bank Polska SA, a Warsaw-based bank operating under Article 70(2) of the Act on Trading in Financial Instruments. The KNF identified multiple serious violations spanning professional conduct standards and client protection requirements. The violations included: cooperation with unauthorised third parties in client servicing between January 2017 and February 2021; execution of transactions for clients in negative target groups or where financial instruments were inadequate between January 2021 and June 2022; failure to disclose complete cost information for currency risk hedging transactions between October 2018 and November 2019; implementation of a remuneration system for Treasury Services Department employees that incentivised sales over client interests between January 2021 and December 2022; execution of "Interest Rate Not Exceeding" (ONWN) orders without proper classification as financial derivatives between January 2021 and April 2023; deficient internal control systems regarding legal compliance between January 2017 and October 2018; ineffective compliance function oversight between October 2018 and July 2022; and failure to retain and archive electronic correspondence regarding structured deposits between February 2022 and July 2022. The KNF emphasised that these violations breached fundamental standards for professional and diligent business conduct under the Act on Trading in Financial Instruments and Banking Law (Prawo bankowe), as well as requirements under Delegated Regulation (EU) 2017/565 implementing Markets in Financial Instruments Directive (MiFID II). The decision is not final and may be subject to appeal.
2978244 gc Mar 18, 2026 apintea Estonia Money Laundering Data Bureau gamblingcompliance
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Memo to obliged entities to update risk management

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2972608 pc Mar 18, 2026 tojuri European Union Press Releases and Publications - Authority for Anti-Money Laundering and Countering the Financing of Terrorism financial services
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Anti-Money Laundering Authority Launches Data Collection Exercise to Test Risk Assessment Models

On March 16, 2026, the Anti-Money Laundering Authority (AMLA) published a reporting package for its data collection and testing exercise. The exercise will test and calibrate AMLA's risk assessment models, which serve two key purposes: to inform the selection of up to 40 entities for AMLA's direct supervision beginning in 2028, and to ensure that money laundering risks of credit and financial institutions are assessed consistently by supervisors across the European Union. AMLA developed the reporting package in close cooperation with national supervisors and sampled entities. Following an initial feedback round, AMLA circulated a draft version to sampled entities via national competent authorities, enabling them to familiarise themselves with the template and begin internal data mapping. The reporting package now incorporates input from national supervisors and the private sector. All entities participating in this exercise have already been notified by their national competent authorities. Participating entities are requested to submit their data by April 22, 2026. The exercise will allow participating financial institutions to test and prepare their systems for future data collections, while AMLA will use the insights gained to optimise the data collection planned for the selection process in 2027. The reporting package, interpretative note, template, and a recorded webinar explaining the reporting requirements and next steps are available on AMLA's website. REFERENCES: Anti-Money Laundering Authority. "AMLA launches data collection exercise to test risk assessment models." March 16, 2026. https://www.amla.eu.int

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European Anti-Money Laundering Authority Launches Data Collection Exercise to Test Risk Assessment Models

The European Anti-Money Laundering Authority (AMLA) has published a reporting package for its data collection and testing exercise. The exercise will test and calibrate AMLA's risk assessment models, which serve two key purposes: To inform the selection of up to 40 entities for AMLA's direct supervision beginning in 2028. To ensure that the money laundering risks of credit and financial institutions are assessed consistently by supervisors across the European Union. AMLA developed the reporting package in close cooperation with national supervisors and sampled entities. All entities participating in this exercise have already been notified by their national competent authorities. Participating entities are requested to submit their data by April 22, 2026. The exercise will allow participating financial institutions to test and prepare their systems for future data collections, while AMLA will use the insights gained to optimise the data collection planned for the selection process in 2027.
2978872 pc Mar 18, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Announces Capital Market Improvement Plan

On March 18, 2026, the Financial Supervisory Service (FSS) announced a comprehensive capital market improvement plan focused on strengthening market resilience and restoring public confidence in South Korea's capital markets. The FSS is implementing a four-pillar policy framework centred on trust, shareholder protection, innovation, and market accessibility. Under the trust pillar, the FSS will intensify efforts to eliminate stock price manipulation and accounting fraud, while accelerating the market exit of underperforming companies. The shareholder protection pillar includes stricter review procedures to prohibit duplicate listings in principle, prevent shareholder rights violations through low share price neglect, and strengthen stewardship code implementation. The innovation pillar aims to restructure market mechanisms to support stage-appropriate funding for innovative enterprises. The market accessibility pillar seeks to promote domestic and long-term investment through rapid launch of new products and implementation of MSCI roadmap follow-up measures to encourage foreign investment. In the short term, the FSS is deploying a 100 trillion won-plus market stabilisation programme to respond to external shocks. Concurrent measures include concentrated monitoring and zero-tolerance enforcement against fake news dissemination and market manipulation, rigorous management of leverage investment risk factors, and preparation of stress tests and contingency plans. The FSS convened a capital market stabilisation and normalisation roundtable discussion involving investors, enterprises, market experts, government, and relevant agencies, divided into two sessions addressing market crisis resilience and building public trust in Korean markets. The plan aligns with national policy objective 47 on capital market innovation toward Korea Premium.

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South Korea's Financial Supervisory Service Announces Capital Market Improvement Plan

On March 18, 2026, the Financial Supervisory Service (FSS) announced a comprehensive capital market improvement plan focused on strengthening market resilience and restoring public confidence in South Korea's capital markets. The FSS is implementing a four-pillar policy framework centered on: Trust. Shareholder protection. Innovation. Market accessibility. Under the trust pillar, the FSS will intensify efforts to eliminate stock price manipulation and accounting fraud, while accelerating the market exit of underperforming companies. The shareholder protection pillar includes stricter review procedures to prohibit duplicate listings in principle, prevent shareholder rights violations through low share price neglect, and strengthen stewardship code implementation. The innovation pillar aims to restructure market mechanisms to support stage-appropriate funding for innovative enterprises. The market accessibility pillar seeks to promote domestic and long-term investment through rapid launch of new products and implementation of MSCI roadmap follow-up measures to encourage foreign investment. In the short term, the FSS is deploying a 100 trillion won-plus market stabilisation programme to respond to external shocks. Concurrent measures include concentrated monitoring and zero-tolerance enforcement against fake news dissemination and market manipulation, rigorous management of leverage investment risk factors, and preparation of stress tests and contingency plans. The FSS convened a capital market stabilisation and normalisation roundtable discussion involving investors, enterprises, market experts, government, and relevant agencies, divided into two sessions addressing market crisis resilience and building public trust in Korean markets.
2978881 pc Mar 18, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Announces 2026 Inspection Operations Plan

On March 18, 2026, the Financial Supervisory Service (FSS) released its 2026 inspection operations plan, outlining the annual inspection framework and priority inspection areas to strengthen consumer confidence in South Korea's financial industry. The FSS will prioritise three key areas aligned with its supervisory objectives of strengthening consumer protection and maintaining financial market stability. First, the FSS will conduct systematic themed inspections across five consumer protection areas across all regional offices, concentrating inspection resources on consumer protection matters. Second, the FSS will advance corporate governance at banks by examining chief executive officer succession, independent director appointments, and performance-based compensation systems, while strengthening internal control management systems and assessing compliance effectiveness. Third, the FSS will enhance financial soundness by intensifying checks on vulnerable areas within financial institutions to proactively manage risk factors, and by examining preparedness for newly introduced business operations and regulatory systems to prevent consumer harm and ensure stable implementation of new regulations. The FSS has identified virtual assets as a particular focus area. Ahead of the implementation of the second phase of virtual asset legislation, the FSS will conduct on-site consulting to assess preparedness by virtual asset service providers, identify gaps, and establish a comprehensive virtual asset supervisory framework. The FSS will also strengthen information technology security and internal controls, including dual verification systems. The inspection operations plan will be implemented across the FSS's consumer protection supervision division, banking inspection division, insurance inspection division, financial investment inspection division, and small finance inspection division.

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South Korea's Financial Supervisory Service Announces 2026 Inspection Operations Plan

On March 18, 2026, the Financial Supervisory Service (FSS) released its 2026 inspection operations plan, outlining the annual inspection framework and priority inspection areas to strengthen consumer confidence in South Korea's financial industry. The FSS will prioritise three key areas aligned with its supervisory objectives of strengthening consumer protection and maintaining financial market stability. The FSS will : Conduct systematic themed inspections across five consumer protection areas across all regional offices, concentrating inspection resources on consumer protection matters. Advance corporate governance at banks by examining chief executive officer succession, independent director appointments, and performance-based compensation systems, while strengthening internal control management systems and assessing compliance effectiveness. Enhance financial soundness by intensifying checks on vulnerable areas within financial institutions to proactively manage risk factors, and by examining preparedness for newly introduced business operations and regulatory systems to prevent consumer harm and ensure stable implementation of new regulations. The FSS has identified virtual assets as a particular focus area. Ahead of the implementation of the second phase of virtual asset legislation, the FSS will conduct on-site consulting to assess preparedness by virtual asset service providers, identify gaps, and establish a comprehensive virtual asset supervisory framework. The FSS will also strengthen information technology security and internal controls, including dual verification systems. The inspection operations plan will be implemented across the FSS's consumer protection supervision division, banking inspection division, insurance inspection division, financial investment inspection division, and small finance inspection division.
2982302 gc Mar 18, 2026 apintea Finland National Police (regulator) - News gamblingcompliance
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Finland's National Police Board Publishes Money Laundering and Terrorist Financing Prevention Guidelines for Gambling Operators

On March 18, 2026, the Lottery Administration of the National Police Board published guidelines for gambling operators on preventing money laundering and terrorist financing in gambling activities. The guidelines provide an overview and summarised description of the obligations gambling operators must meet under the Finnish Act on Preventing Money Laundering and Terrorist Financing. The guidelines are designed to support gambling operators entering the Finnish market in understanding their legal obligations. Key obligations highlighted include conducting risk assessments of money laundering and terrorist financing, implementing customer due diligence procedures, and reporting suspicious transactions. Non-compliance with or violations of the Act on Preventing Money Laundering and Terrorist Financing may result in administrative sanctions, licence revocation, or criminal prosecution. Senior Adviser Krista Medjeral of the National Police Board noted that the guidelines are particularly timely given the ongoing transformation of the Finnish gambling industry, and that they aim to draw operators' attention to their statutory obligations under anti-money laundering and counter-terrorism financing legislation. Gambling operators in Finland should review the guidelines to ensure their operations comply with applicable requirements. The guidelines are available in both Finnish and Swedish from the National Police Board's website. REFERENCES: National Police Board. (March 18, 2026). New guidelines by the National Police Board help gambling operators to take into account the obligations related to the prevention of money laundering and terrorist financing in their operations. https://poliisi.fi/en/news

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Finnish National Police Board publishes AML guidelines for gambling operators

On March 18, 2026, the Lottery Administration of the National Police Board published guidelines for gambling operators on prevention of money laundering and terrorist financing. The guidelines are designed to support gambling operators entering the Finnish market in understanding their statutory obligations under anti-money laundering and counter-terrorism financing legislation. Senior Adviser, Krista Medjeral, of the National Police Board outlined that “ It is hoped that the new guidelines will draw the attention of gambling operators entering the Finnish market to the obligations prescribed in the Act on Preventing Money Laundering and Terrorist Financing. As an example, operators are required to carry out a risk assessment of money laundering and terrorist financing, they are obliged to know their customers and they are obliged to report suspicious transactions. The guidelines highlight the obligations under the law and the measures to fulfil the obligations ”. An unofficial English translation of the guidelines can be accessed here .
2975206 pc Mar 18, 2026 tojuri European Union European Payments Council horizon scanning
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European Payments Council Updates Verification Of Payee Scheme Rulebook

The European Payments Council has published three key updates linked to the Verification of Payee (VOP) scheme rulebook, the Application Programming Interface (API) Specifications, and the API Security Framework, which will become effective on September 20, 2026. The VOP scheme provides a set of inter-payment service provider (PSP) rules, practices and standards in the Single Euro Payments Area (SEPA) to be complied with by participants who adhere to the scheme. The VOP scheme rulebook version 1.1 will support payment service providers (PSPs) in the Single Euro Payments Area (SEPA) that are required to comply with legal obligations on the verification of a payee in the case of SEPA (Instant) credit transfers, as outlined in the EU Instant Payments Regulation (IPR - Regulation (EU) 2024/886 ) amending the SEPA Regulation. The VOP scheme API specifications 1.1 sets out the rules for implementing VOP-related APIs based on version 1.1 of the VOP scheme rulebook and includes: A change in relation to the empty API fields, which are no longer allowed to be consistent with the standards. Clarifications about the character set to be used in the VOP APIs. Clarifications about the Timestamp. Clarifications about the HTTP Headers. The VOP API Security Framework v2.1 includes additional clarifications on the use of the certificates for the VOP scheme and sets minimum API security requirements for VOP, SEPA Request‑to‑Pay (SRTP), and SEPA Payment Account Access (SPAA) scheme participants. This framework will become mandatory as of September 20, 2026, for the VOP, SRTP and SPAA scheme participants when using APIs.
2978870 pc Mar 18, 2026 rghosh Abu Dhabi Central Bank of UAE financial services
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Central Bank of the UAE Approves Financial Institution Resilience Package

On March 17, 2026, the Central Bank of the UAE (CBUAE), approved a comprehensive Financial Institution Resilience Package aimed at strengthening the stability of the banking sector and supporting the broader economy. The package is backed by strong fundamentals, including CBUAE assets exceeding AED 1 trillion, a banking sector size of AED 5.4 trillion, and substantial liquidity buffers held by banks. The resilience package is structured around five key pillars: Enhanced access to monetary liquidity, including reserve balances and term funding facilities in AED and USD. Temporary relief in liquidity and funding requirements to support lending activity. Temporary release of capital buffers to enable banks to absorb shocks and continue financing. Flexibility in credit risk classification for affected borrowers. Continued support for lending to households and businesses during the current environment. The Board reaffirmed its readiness to deploy additional policy tools if needed and emphasized the importance of maintaining financial stability while supporting economic growth.
2975817 pc Mar 18, 2026 tojuri European Union European Payments Council horizon scanning
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European Payments Council Publishes Guidelines on Cryptographic Algorithms Usage and Key Management

The European Payments Council (EPC) has published “Guidelines on Cryptographic Algorithms Usage and Key Management”. The guidelines are aimed at payment service providers, specifically security officers, risk managers, system engineers and system designers and provides guidance to the European payments industry in the field of cryptographic algorithms, security protocols, confidentiality and integrity protection and related key management practices. The EPC aims to provide a reference basis to support payment service providers.
2975615 pc Mar 18, 2026 tojuri European Union European Payments Council horizon scanning
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SRTP scheme: Federated approach clarifications

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3012652 pc Mar 17, 2026 alapetina Washington Washington Department of Financial Institutions Division of Securities financial services
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Washington Securities Division Issues Consent Order Against LPL Financial for Unreasonable Commission Charges

On March 17, 2026, the Washington State Department of Financial Institutions (DFI) Securities Division issued a consent order against LPL Financial LLC, resolving an investigation into violations of the Securities Act of Washington. The Securities Division concluded that LPL charged unreasonable commissions exceeding 5% of the principal amount on small equity transactions. Nationwide, LPL charged unreasonable commissions on approximately 127,045 equity transactions between April 30, 2020 and April 30, 2025, totalling $2,486,739.20. In Washington State specifically, 1,724 accounts were affected, with customers charged commissions in excess of 5% totalling $61,456.75. LPL's commission schedule ranged from 0.60% to 1.5% of principal plus a $5.00 confirmation fee, with a minimum commission of $30 on equity transactions. While LPL's fee schedule noted a maximum commission of 5%, its policies and procedures lacked similar restrictions on transactions involving the minimum equity commission. The Securities Division found LPL failed to reasonably supervise transactions applying the minimum equity commission and lacked sufficient surveillance systems for small principal transactions. Under the consent order, LPL neither admits nor denies the violations. LPL agrees to: provide restitution of at least $61,456.75 plus 6% interest to affected Washington customers within 60 days; pay an administrative fine of $25,000 within 15 days; cease and desist from violations of Washington Administrative Code 460-20C-150; and submit certification within 60 days that its policies and procedures have been enhanced to ensure fair and reasonable commissions on all securities transactions.

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Washington Department of Financial Institutions Fines LPL Financial $25,000 for Unreasonable Commission Charges

On March 17, 2026, the Washington State Department of Financial Institutions (DFI) Securities Division issued a consent order against LPL Financial LLC, resolving an investigation into violations of the Securities Act of Washington. The Securities Division concluded that LPL charged unreasonable commissions exceeding 5 percent of the principal amount on small equity transactions. Nationwide, LPL charged unreasonable commissions on approximately 127,045 equity transactions between April 30, 2020 and April 30, 2025, totaling $2,486,739.20. In Washington State specifically, 1,724 accounts were affected, with customers charged commissions in excess of 5 percent totaling $61,456.75. While LPL's fee schedule noted a maximum commission of 5 percent, the Securities Division found LPL failed to reasonably supervise transactions applying the minimum equity commission and lacked sufficient surveillance systems for small principal transactions. Under the terms of the consent order, LPL agrees to: provide restitution of at least $61,456.75 plus 6 percent interest to affected Washington customers within 60 days; pay an administrative fine of $25,000 within 15 days; cease and desist from violations of Washington Administrative Code 460-20C-150 ; and submit certification within 60 days that its policies and procedures have been enhanced to ensure fair and reasonable commissions on all securities transactions.
2976070 pc Mar 17, 2026 ataylor Oregon Oregon Bankers Association horizon scanning
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Oregon Division of Financial Regulation Issues Final Order Against United Advocacy Counseling for Unlicensed Debt Management Services

On March 17, 2026, the Oregon Division of Financial Regulation, acting on behalf of the Director of the Department of Consumer and Business Services, issued a final order against United Advocacy Counseling (operating as United Booking Services) for conducting unlicensed debt management services in violation of Oregon law. The Division found that United Advocacy, operating through websites www.united-advocacy.com and www.united-advocacy.org, offered to modify home mortgages and other loan terms for Oregon consumers without being registered as a debt management service provider (DMSP) or holding a required surety bond. Between January 2021 and November 2024, United Advocacy solicited at least four Oregon consumers, offering mortgage modifications at 2 percent interest rates. The consumers collectively paid approximately $5,735 in fees but received no loan modifications or received services with significant errors. One consumer received a foreclosure notice after paying United Advocacy $1,975. The Division initiated its investigation following a consumer complaint filed on November 14, 2024, and discovered that United Advocacy operated from a UPS Store mailbox in Signal Hill, California, under the name of Susan Bustamante. The Director concluded that United Advocacy violated Oregon Revised Statutes sections 697.612(1)(a) (operating without registration), 697.642 (operating without surety bond), 697.692(1)(a) (charging excessive initial fees), and 697.707 (failing to provide required disclosures). The Division issued a cease and desist order and assessed civil penalties totalling $40,000. United Advocacy may request judicial review by filing a petition with the Oregon Court of Appeals within 60 days of service of the order.

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Oregon Division of Financial Regulation Fines United Advocacy Counseling for Deceptive Mortgage Restructuring Claims

On March 17, 2026, the Oregon Division of Financial Regulation (DFR) issued a Final Order by Default against United Advocacy Counseling (United Advocacy). The Director found that the entity engaged in unlicensed debt management services by soliciting Oregon consumers promises of mortgage loan modifications in violation of Oregon Revised Statute Chapter 697 . Specifically, United Advocacy collected payments from consumers by claiming it would act as a mortgage restructuring expert to negotiate loan modifications with third-party lenders. The investigation revealed that United Advocacy was also not registered to provide these services in Oregon and engaged in predatory fee structures. The DFR found: Deceptive Service Claims: United Advocacy collected fees from customers under the guise of being an expert that could broker alternative repayment plans with external lenders. Unlicensed Activity: United Advocacy performed debt management services for Oregon consumers without the required state registration. Illegal Fee Structures: United Advocacy charged fees that significantly exceeded the $50.00 statutory cap. It also failed to provide customers with a written budget analysis or mandatory legal disclosures required before any money is accepted. Bonding Requirements: United Advocacy failed to maintain the mandatory surety bond required for all debt management service providers in the state. The DFR imposed a $40,000 civil penalty and a permanent cease and desist order requiring that United Advocacy stop further violations of the statutes.
2976961 pc Mar 17, 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 Cash Services Inc for Money Services Violations

On March 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order (Case Number 118110) against Cash Services Inc d/b/a Cash Blvd, Wendy Moser, and Tom Moser, resolving compliance violations identified during an examination of the respondents' operations for the period January 1, 2020 through December 31, 2021. The OFR found that Cash Services Inc, a money services business licensed under Florida Statutes Chapter 560 with license number FT30800150, committed multiple violations including: failure to timely and accurately enter information into the check cashing database; failure to timely and accurately file Currency Transaction Reports; failure to maintain complete corporate customer files; failure to include required attestations by compliance officers; failure to include required information in deferred presentment transaction agreements; failure to properly maintain and terminate deferred presentment transactions; failure to accurately record information in the Deferred Presentment Provider Database; failure to maintain required transaction receipts; failure to maintain records relating to returned personal checks; and failure to develop, implement, and maintain an effective Anti-Money Laundering Program in violation of 31 Code of Federal Regulations section 1022.210. Under the Stipulation and Consent Agreement approved by the OFR, the respondents agreed to voluntarily surrender their money services business license effective upon the Final Order's entry. Additionally, Wendy Moser and Tom Moser are each prohibited from applying for any license under Chapter 560 for twenty years and from acting as control persons of any company licensed or required to be licensed by the OFR for twenty years. Cash Services Inc is similarly prohibited from applying for any license under Chapter 560 for twenty years. REFERENCES: State of Florida Office of Financial Regulation. Final Order, Case Number 118110. March 2026. Available at: Agency.Clerk@flofr.gov

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Florida Office of Financial Regulation Issues Final Order Against Cash Services Inc for Money Services Violations

On March 17, 2026, the Florida Office of Financial Regulation (OFR) issued a Final Order against Cash Services Inc. (Cash Services), resolving compliance violations identified during an examination of Cash Service's operations for the period January 1, 2020 through December 31, 2021. The OFR found that Cash Services, a money services business licensed under Chapter 560, Florida Statutes committed multiple violations including: Anti-Money Laundering Deficiencies: Failure to develop, implement and maintain an effective anti-money laundering (AML) program. Reporting Failures: Systemic failure to timely and accurately file Currency Transaction Reports (CTRs) and update the mandatory check cashing and deferred presentment databases. Recordkeeping & Documentation: Incomplete corporate customer files, missing compliance officer attestations, and a failure to maintain required transaction receipts or records for returned personal checks. Contractual Non-Compliance: Failure to include mandatory disclosures in deferred presentment agreements and errors in the management and termination of those transactions. Under the Stipulation and Consent Agreement approved by the OFR, Cash Services agreed to voluntarily surrender their money services business license upon the Final Order's entry. Cash Services is similarly prohibited from applying for any license under Chapter 560 for twenty years.
2974624 pc Mar 17, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom's Financial Conduct Authority Publishes Consumer Finance Regulatory Priorities for 2026

On March 2026, the Financial Conduct Authority (FCA) published its annual Regulatory Priorities report for the consumer finance sector, replacing more than 40 previous portfolio letters. The report sets out the FCA's supervisory focus areas across the credit market, which serves over 45 million people in the United Kingdom. The FCA has identified three primary priorities for consumer finance firms. First, consumers should access credit that meets their needs through responsible lending and innovation, including support for currently excluded consumers through alternative data sources such as open banking and improved credit reporting. Second, firms must support consumers struggling with debt by providing accessible support without unnecessary barriers, improving forbearance and ensuring high-quality debt advice. Third, consumers should receive appropriate redress when things go wrong, with firms maintaining adequate complaint handling procedures and financial resources. The report addresses several key developments. The FCA will implement a potential motor finance redress scheme, with final rules expected in March 2026, to address liabilities for consumers treated unfairly. Deferred Payment Credit (unregulated buy now pay later) products from third-party lenders will come under FCA regulation effective 15 July 2026. The FCA will modernise the redress system in partnership with the Financial Ombudsman Service, with a joint policy statement expected in the second half of 2026. Additionally, the FCA will review the high-cost short-term credit price cap and publish findings on the Credit Information Market Study remedies, with final rules expected in the second half of 2026. The report emphasises the FCA's commitment to data-driven oversight, supporting innovation through its Innovate function, and taking proportionate action where harm is identified. Firms are encouraged to review the priorities and engage with the FCA as it refines its supervisory model.

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UK’s Financial Conduct Authority Publishes Report on Its Regulatory Priorities for Consumer Finance

On March 17, 2026, the Financial Conduct Authority (FCA) published its regulatory priorities report on consumer finance. This report will be published annually and replaces the portfolio letters the FCA used to issue. The report focuses on three priorities and sets out expectations of firms beneath each: Ensuring consumers can access credit that meets their needs. Continue to offer well-designed credit products that are fair value and meet consumers’ needs.. Consider how to help currently excluded consumers through means such as innovation, budgeting tools or referrals. Continue to offer well-designed credit products that are fair value and meet consumers’ needs.. Consider how to help currently excluded consumers through means such as innovation, budgeting tools or referrals. Supporting consumers who struggle with debt. Firms should make sure consumers can access support without unnecessary barriers, acting proactively to help borrowers in financial difficulty. Debt advice must be appropriate to consumers’ circumstances with clear communications so consumers can make well-informed decisions. Firms should make sure consumers can access support without unnecessary barriers, acting proactively to help borrowers in financial difficulty. Debt advice must be appropriate to consumers’ circumstances with clear communications so consumers can make well-informed decisions. Ensuring consumers can complain when things go wrong and get appropriate redress. Firms must properly identify and deal with complaints, keep adequate records, undertake root cause analysis and hold sufficient financial resources to meet potential and actual liabilities. Firms should prepare to work with the FCA on a potential motor finance redress scheme to address the liabilities for those treated unfairly. Claim management companies (CMCs) should deliver high-quality, fair-value services that help consumers pursue legitimate claims for redress. Firms must properly identify and deal with complaints, keep adequate records, undertake root cause analysis and hold sufficient financial resources to meet potential and actual liabilities. Firms should prepare to work with the FCA on a potential motor finance redress scheme to address the liabilities for those treated unfairly. Claim management companies (CMCs) should deliver high-quality, fair-value services that help consumers pursue legitimate claims for redress. The report also highlights other areas of focus such as the deferred payment credit, consumer duty, the impact of artificial intelligence and  the Senior Managers and Certification Regime.
2975270 pc Mar 17, 2026 csoo United Kingdom Bank of England horizon scanning
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United Kingdom's Prudential Regulation Authority Modernises Liquidity Policy Framework for Banks and Building Societies

On 17 March 2026, the Prudential Regulation Authority (PRA) published Consultation Paper 5/26 proposing targeted amendments to modernise the prudential liquidity framework for UK banks, building societies, and designated investment firms. The PRA's proposals respond to structural vulnerabilities revealed by the March 2023 banking turmoil, when Silicon Valley Bank and Credit Suisse experienced significant deposit outflows within days—far exceeding assumptions embedded in the current Liquidity Coverage Ratio (LCR) framework. The proposals address five key areas: assessing the composition and monetisation risk of liquidity resources; removing exemptions for Level 1 Assets from operational monetisation testing; clarifying the role of central bank facilities within prudential liquidity management; monitoring pre-positioned collateral with central banks; and making consistency clarifications across the Internal Liquidity Adequacy Assessment (ILAA) rules. The PRA proposes requiring firms to design stress scenarios reflecting sudden, severe outflows peaking within the initial days of stress, assess frictions to monetising assets (including accounting treatment impacts), and replace the existing "marketable asset risk" framework with broader "monetisation risk" assessment. Critically, the proposals clarify that firms may include drawings from regularly available central bank facilities—offered at published terms—within their Overall Liquidity Adequacy Rule (OLAR) and internal stress testing, provided they maintain operational readiness to access such facilities. The PRA estimates direct one-off compliance costs of approximately £7.2 million across all firms, with ongoing annual costs of roughly £0.6 million. The framework is designed proportionately, with flexibility for application across diverse business models and firm sizes, including Small Domestic Deposit Takers. The consultation closes on 17 June 2026. Responses should be submitted to CP5_26@bankofengland.co.uk. The PRA proposes phased implementation, with certain requirements effective immediately upon final rules publication and remaining requirements taking effect 12 months thereafter.

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UK’s Prudential Regulation Authority Consults on Modernising the Liquidity Policy Framework

On March 17, 2026, the Prudential Regulation Authority (PRA) issued a consultation (CP5/26) on its proposals to modernise the existing liquidity policy framework, aimed at ensuring banks can monetise liquid assets quickly in a fast-paced stress event. The PRA’s CP5/16 includes the following proposals: Requiring firms to assess the composition of liquidity resources and monetisation risk by: Assessing the adequacy of the composition of liquidity resources as part of overall liquidity adequacy rule (OLAR). Preparing a stress scenario to assess the firm’s ability to monetise liquid assets in the initial days of a stress. Assessing frictions to monetisation of liquidity resources as part of internal stress testing. Broadening firms’ consideration of monetisation in internal stress testing by requiring them to assess ’monetisation risk’ rather than ‘marketable asset risk. Removing a requirement to report the ‘monetisation actions’ section of PRA110 . Assessing the adequacy of the composition of liquidity resources as part of overall liquidity adequacy rule (OLAR). Preparing a stress scenario to assess the firm’s ability to monetise liquid assets in the initial days of a stress. Assessing frictions to monetisation of liquidity resources as part of internal stress testing. Broadening firms’ consideration of monetisation in internal stress testing by requiring them to assess ’monetisation risk’ rather than ‘marketable asset risk. Removing a requirement to report the ‘monetisation actions’ section of PRA110 . Removing the exemption for Level 1 Assets (including sovereign bonds) from the Liquidity Coverage Ratio (LCR)operational requirements for monetisation testing; Clarifying the role of central bank facilities within the prudential liquidity framework including an update to PRA expectations and policy on Bank of England facilities. Requiring firms to monitor and assess their pre-positioned collateral with central banks as an additional liquidity resource, Administrative changes to the Internal Liquidity Adequacy Assessment (ILAA) rules and supervisory expectations following changes resulting from the above changes, which includes streamlining of content and legacy references to the European Banking Authority (EBA). The PRA proposes a phased implementation: Proposals 1, 3, and 4 will be implemented immediately upon rule finalisation; all other requirements take effect 12 months later. The deadline for this consultation is  June 17, 2026, and responses can be made by email to CP5_26@bankofengland.co.uk .
2974777 pc Mar 17, 2026 tojuri Portugal Official Gazette - Section I financial services
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Portugal Implements Regulatory Framework for Right to Forget in Credit and Insurance Access

On March 17, 2026, Portugal's Council of Ministers published Decree-Law No. 79/2026, implementing and expanding Law No. 75/2021 on the right to forget for individuals who have overcome or mitigated serious health conditions or disabilities. The decree-law extends the right to forget framework beyond its original scope by including payment institutions, electronic money institutions, and insurance distributors alongside credit institutions and insurance companies. It excludes reinsurance companies, which lack direct consumer relationships in credit-associated insurance products. The regulation applies to mortgage credit under Decree-Law No. 74-A/2017, consumer credit under Decree-Law No. 133/2009, and associated mandatory or optional insurance contracts. Key provisions include: prohibition of discriminatory practices during negotiation, conclusion, and performance of contracts; mandatory disclosure of right to forget information on institutional websites in clear, accessible language; establishment of a reference grid defining more favourable timelines for specific pathologies beyond standard statutory periods; and access to complaint mechanisms and alternative dispute resolution procedures through existing sectoral frameworks. The reference grid initially focuses on oncological diseases, with timelines ranging from two to five years depending on cancer type, stage, and clinical conditions. The framework requires information disclosure within eight days following non-renewal of health insurance contracts, specifying remaining insured capital and obligations to notify insurers of disease manifestation within 30 days of contract termination. Violations by credit institutions and payment entities constitute contraventions under general credit regime provisions, while insurance company violations fall under insurance sector disciplinary frameworks. The decree-law enters into force 30 days after publication. The reference grid will be updated biannually following consultation with the Directorate-General of Health and the Medical Association, with publication on the SNS24 website.

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Portuguese Council of Ministers Publishes Law Strengthening Access to Credit and Insurance Contract and Enshrining Right to be Forgotten

Portugal's Council of Ministers has passed and officially published Decree-Law No. 79/2026, implementing and expanding Law No. 75/2021, which strengthens access to credit and insurance contracts for people who have overcome or mitigated situations of aggravated health risk or disability, prohibits discriminatory practices, and enshrines the right to be forgotten. The decree-law extends the right to forget framework beyond its original scope by including payment institutions, electronic money institutions, and insurance distributors alongside credit institutions and insurance companies. The right to be forgotten reinforces equality of access to housing credit, consumer credit, and insurance contracts associated with those loans for people who have overcome or mitigated situations of aggravated health risk or disability. Key provisions of the decree-law include: The prohibition of discriminatory practices during negotiation, conclusion, and performance of contracts. The mandatory disclosure of the right to forget information on institutional websites in clear, accessible language. The establishment of a reference grid defining more favourable timelines for specific pathologies beyond standard statutory periods. Access to complaint mechanisms and alternative dispute resolution procedures through existing sectoral frameworks. The decree-law enters into force on April 16, 2026,  30 days after its publication in the official gazette.
2974663 pc Mar 17, 2026 rghosh South Korea Financial Services Commission horizon scanning
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South Korea's Financial Intelligence Unit Sanctions Crypto-Asset Business Bithumb for Anti-Money Laundering Violations

On March 17, 2026, South Korea's Financial Intelligence Unit (FIU) announced enforcement actions against Bithumb Co., Ltd., a crypto-asset business operator, following a comprehensive on-site inspection conducted between March and April 2025. The FIU identified approximately 6.65 million violations of the Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act). Key violations included: failing to prohibit transactions with 18 unregistered overseas crypto-asset operators, processing 45,772 virtual asset transfer transactions in breach of transaction prohibition requirements; failing to complete customer identification procedures on approximately 3.55 million occasions, including accepting unclear identity documents and incomplete address information; and failing to restrict transactions for customers whose identification procedures remained incomplete in approximately 3.04 million instances. Additionally, the FIU identified approximately 16,000 violations of record-keeping obligations related to customer identification documents. The FIU imposed a six-month partial suspension of business operations (effective March 27 to September 26, 2026), during which existing customers may trade without restriction, though new customer external virtual asset transfers are temporarily limited. The FIU also imposed administrative fines totalling 36.8 billion Korean won. Personnel sanctions included a written warning for the chief executive officer and a six-month suspension for the reporting officer responsible for compliance. The FIU will issue advance notice of administrative fines and provide a minimum 10-day period for submission of written responses before finalising the penalty amount. Further on-site inspection follow-up actions will proceed sequentially, with the FIU committing to strict enforcement against future Specific Financial Information Act violations.

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South Korea's Financial Intelligence Unit Sanctions Crypto-Asset Business Bithumb for Anti-Money Laundering Violations

On March 17, 2026, South Korea's Financial Intelligence Unit (FIU) announced enforcement actions against Bithumb Co., Ltd., a crypto-asset business operator, following a comprehensive on-site inspection conducted between March and April 2025. The FIU identified approximately 6.65 million violations of the Act on Reporting and Use of Specific Financial Transaction Information (Specific Financial Information Act). Key violations included: failing to prohibit transactions with 18 unregistered overseas crypto-asset operators, processing 45,772 virtual asset transfer transactions in breach of transaction prohibition requirements; failing to complete customer identification procedures on approximately 3.55 million occasions, including accepting unclear identity documents and incomplete address information; and failing to restrict transactions for customers whose identification procedures remained incomplete in approximately 3.04 million instances. Additionally, the FIU identified approximately 16,000 violations of record-keeping obligations related to customer identification documents. The FIU imposed a six-month partial suspension of business operations (effective March 27 to September 26, 2026), during which existing customers may trade without restriction, though new customer external virtual asset transfers are temporarily limited. The FIU also imposed administrative fines totalling 36.8 billion Korean won. Personnel sanctions included a written warning for the chief executive officer and a six-month suspension for the reporting officer responsible for compliance. The FIU will issue advance notice of administrative fines and provide a minimum 10-day period for submission of written responses before finalising the penalty amount. Further on-site inspection follow-up actions will proceed sequentially, with the FIU committing to strict enforcement against future Specific Financial Information Act violations.
2972605 pc Mar 17, 2026 tojuri Netherlands Dutch Authority for the Financial Markets financial services
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Netherlands Financial Conduct Authority Publishes Investor Protection Improvement Points for Smaller Asset Managers

On March 16, 2026, the Netherlands Authority for the Financial Markets (AFM) published improvement points for investor protection compliance among smaller asset managers, based on risk-focused examinations conducted during 2024 and 2025. The AFM identified compliance risks across seven key regulatory standards for investor protection. The improvement points address: suitability assessments and documentation; product approval and review processes (PARP); professional competence of staff; cost transparency; conflict of interest management; incident reporting to the AFM; and compliance function design. For suitability assessments, the AFM expects asset managers to actively gather information about clients' financial situations, investment objectives and preferences, with clear documentation of how this information influences investment decisions. Regarding PARP, asset managers must develop and test financial instruments carefully to ensure they align with target client needs and do not cause unintended harm. Staff providing investment information or advice must demonstrate professional competence through Digital Services Institute (DSI) registration or equivalent alternatives. Cost transparency requires asset managers to disclose all costs and charges both before and after investment, adjusted to individual client circumstances, with timely notification of any changes. Conflict of interest policies must identify and mitigate incentives such as volume and margin advantages, particularly when asset managers distribute their own financial instruments. Asset managers must establish clear procedures for timely reporting of integrity and information security incidents to the AFM. Finally, compliance functions must include structural monitoring, clear responsibilities, and sufficient expertise, with asset managers remaining accountable for compliance quality even when outsourcing. The AFM expects market participants to actively implement these improvement points and make necessary adjustments. The AFM's publication "Voldoen aan normen beleggersbescherming: wat betekent dit voor u?" provides detailed guidance supporting implementation.

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Dutch Authority for the Financial Markets Publishes Investor Protection Improvement Points for Smaller Asset Managers

The Dutch Authority for the Financial Markets (AFM) has published standards for improving investor protection compliance among smaller asset managers, based on risk-focused examinations conducted in 2024 and 2025. The AFM identified compliance risks across seven key regulatory standards for investor protection. The improvement points address: Suitability assessments and documentation - the AFM expects asset managers to actively gather information about clients' financial situations, investment objectives, and preferences, and to clearly document how this information influences investment decisions. Product approval and review processes (PARP) - asset managers must develop and test financial instruments carefully to ensure they align with target client needs and do not cause unintended harm Professional competence of staff - asset managers should ensure that employees are demonstrably professionally competent. Cost transparency - asset management firms should be transparent about all costs, informing customers of any changes in a timely and clear manner so they can make informed choices. Conflict of interest management - asset management firms should avoid conflicts of interest by having policies that must identify and mitigate incentives, such as volume and margin advantages, particularly when asset managers distribute their own financial instruments. Incident reporting to the AFM - asset managers must establish clear procedures for the timely reporting of integrity and information security incidents to the AFM. Compliance function design - compliance functions must include structural monitoring, clear responsibilities, and sufficient expertise, with asset managers remaining accountable for compliance quality even when outsourcing. The AFM expects market participants to actively implement these improvement points and make necessary adjustments.
2975890 pc Mar 17, 2026 msolomon Austria Financial Market Authority financial services
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Austria's Financial Market Authority Imposes Fine Against Notartreuhandbank AG for Anti-Money Laundering Breaches

On March 17, 2026, the Austrian Financial Market Authority (FMA) imposed a fine of EUR 127,500 against Notartreuhandbank AG for breaches of anti-money laundering and counter-terrorism financing obligations. The FMA determined that Notartreuhandbank AG failed to establish appropriate strategies, controls, and procedures for ongoing customer due diligence as required under the Financial Markets Anti-Money Laundering Act (FM-GwG). Specifically, the bank did not adequately monitor business relationships with customers or verify that transactions conducted during the course of the relationship aligned with the FMA's knowledge of the customer, its business activities, and risk profile. Where necessary, the bank also failed to adequately verify the source of customer funds. Additionally, the bank did not document this information in written form as required. The deficiencies identified were not proportionate to the bank's size and activity level. The FMA's action reflects ongoing enforcement of anti-money laundering and counter-terrorism financing obligations for Austrian financial institutions. The penal order is not final, meaning Notartreuhandbank AG retains the right to appeal the decision. **References:** Austrian Financial Market Authority (FMA) announcement, March 17, 2026: https://www.fma.gv.at/en/

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Austria's Financial Market Authority Imposes €127,500 Fine Against Notartreuhandbank AG

On March 17, 2026, the Austrian Financial Market Authority (FMA) announced it had imposed a fine of €127,500 against Notartreuhandbank AG for breaches of anti-money laundering and counter-terrorism financing obligations. The FMA determined that Notartreuhandbank AG had failed to establish appropriate strategies, controls, and procedures for ongoing customer due diligence as required under the Financial Markets Anti-Money Laundering Act (FM-GwG). As a result of the breaches, FMA imposed the financial penalty.
2971007 pc Mar 17, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Amends Payments Banks Financial Statements Disclosure Requirements

On March 16, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Payments Banks – Financial Statements: Presentation and Disclosures) Amendment Directions, 2026, modifying disclosure requirements for payments banks under the Banking Regulation Act, 1949. The amendment was prompted by the Deposit Insurance and Credit Guarantee Corporation (DICGC) implementation of its Risk Based Premium (RBP) Framework on February 6, 2026. The RBI modified paragraph 10(12)(vi) of the existing Directions to enhance transparency regarding deposit insurance premium payments. Under the amended requirements, payments banks must now disclose in their annual reports that deposit insurance premiums applicable were paid to DICGC within prescribed timelines. Where a bank has failed to meet required payment timelines, it must also disclose such arrears in its annual report. This disclosure requirement applies to both the current year and previous year figures in the financial statements. The amendment applies specifically to payments banks operating in India and affects their financial reporting and disclosure obligations. The enhanced disclosure requirements aim to improve transparency and accountability in deposit insurance premium payments, aligning with the DICGC's risk-based premium framework implementation. The amendment directions come into force on April 1, 2026. Payments banks must ensure compliance with these revised disclosure requirements in their annual financial statements prepared on or after this effective date. **Reference:** Reserve Bank of India Notifications, March 16, 2026: Reserve Bank of India (Payments Banks – Financial Statements: Presentation and Disclosures) Amendment Directions, 2026 (RBI/DOR/2025-26/245)

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Reserve Bank of India Amends Payments Banks Financial Statements Disclosure Requirements

The Reserve Bank of India (RBI) has amended the Reserve Bank of India (Payments Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 . Under the amendments, the RBI has removed the template disclosure table for the payment of DICGC insurance premiums. Instead, the RBI now simply specifies that payment banks should disclose that ‘deposit insurance premium as applicable was paid to DICGC within the prescribed timelines’ in their annual report.
2991352 pc Mar 17, 2026 arahman Ukraine Regulatory Documents financial services
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Ukraine's National Bank Approves Changes to Remote Banking Supervision Framework

On March 17, 2026, the National Bank of Ukraine (NBU) Board approved Resolution No. 27, which amends the Regulations on the Implementation of Remote Banking Supervision by the National Bank of Ukraine. The resolution introduces modifications to the NBU's remote banking supervision framework, which governs how the central bank conducts oversight of banking institutions without requiring on-site visits. Remote banking supervision enables the NBU to monitor compliance, assess risks, and evaluate the operational and financial condition of banks through off-site examination methods, including data analysis, document review, and digital communication channels. The amendments to the supervision regulations reflect evolving practices in banking oversight and the NBU's approach to regulatory efficiency. These changes apply to all credit institutions and other entities subject to NBU supervision and licensing requirements. The resolution came into effect on the date of its adoption, March 17, 2026. Banking institutions and other supervised entities should review the amended regulations to ensure compliance with the updated remote supervision requirements and procedures. The full text of Resolution No. 27 and the amended regulations are available on the NBU's official website. REFERENCES: National Bank of Ukraine. Resolution of the Board of the National Bank of Ukraine No. 27 of March 17, 2026 "On Approval of Amendments to the Regulations on the Implementation of Remote Banking Supervision by the National Bank of Ukraine".

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Ukraine's National Bank Approves Changes to Remote Banking Supervision Framework

On March 17, 2026, the National Bank of Ukraine (NBU) adopted Resolution No. 27 on the Approval of Amendments to the Regulations on the Exercise of Off-Site Banking Supervision by the NBU. The resolution introduces modifications to the NBU's remote banking supervision framework, which governs how the central bank conducts oversight of banking institutions without requiring on-site visits. The amendments to the supervision regulations reflect evolving practices in banking oversight and the NBU's approach to regulatory efficiency. These changes apply to all banks subject to NBU supervision and licensing requirements. Key points include: The bank shall send the NBU the minutes of the meeting of participants or sessions of the bank's collegial bodies regarding the introduction of a new product. The material impact of the new product on the bank's activities shall be assessed on the basis of compliance with at least one of the following criteria: A change or planned change in the bank’s organisational structure associated with the introduction of the new product. A planned increase in the headcount of the bank’s division involved in the implementation of the new product by 25 percent or more of the current headcount of that division. A change to internal bank documents relating to the introduction of the new product, in terms of defining general requirements regarding the procedure for providing banking or financial services and the decision-making process. Changes to or the creation of new product sales channels, including the introduction of remote banking technologies enabling services to be accessed via the internet, payment apps, payment terminals, prepaid payment instruments and self-service software and hardware systems. This resolution shall enter into force on May 1, 2026.
2971000 pc Mar 17, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Imposes Monetary Penalty on Cashfree Payments for Non-Compliance

On March 16, 2026, the Reserve Bank of India (RBI) announced the imposition of a monetary penalty of ₹3.10 lakh (Indian Rupees Three Lakh Ten Thousand) on Cashfree Payments India Private Limited for non-compliance with RBI directions on the Guidelines on Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs). The penalty was imposed by RBI order dated March 9, 2026, under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007. The RBI conducted a statutory inspection of Cashfree Payments covering the period from April 2024 to June 2025. Supervisory findings identified non-compliance with RBI directions, prompting the RBI to issue a show cause notice to the company. Following consideration of the company's response and additional submissions, the RBI determined that charges against Cashfree Payments for making impermissible debits from the escrow account were sustained, warranting the penalty. The RBI noted that this action addresses deficiencies in statutory and regulatory compliance and does not pronounce upon the validity of any transaction or agreement entered into by the company with its customers. The RBI reserves the right to initiate further action against Cashfree Payments as necessary. This enforcement action reflects the RBI's ongoing supervision of payment service providers operating in India and their adherence to regulatory requirements governing payment aggregators and gateways. **Reference:** Reserve Bank of India Press Release 2025-2026/2270 (March 16, 2026)

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Reserve Bank of India Fines Cashfree Payments India Private Limited INR310,000 for Escrow Account Deficiencies

The Reserve Bank of India (RBI) has imposed a fine of INR310,000 (US$3,353) on Cashfree Payments India Private Limited (Cashfree) for deficiencies in the use of its escrow account that were in breach of the RBI’s Guidelines on Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs) . The RBI found, based on a statutory inspection of Cashfree's operations from April 2024 to June 2025 that it had made a number of certain impermissible debit from its escrow accounts in breach of the guidelines.
2974258 pc Mar 17, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Launches Online Loan Refinancing Service for Individual Business Operators

On March 17, 2026, South Korea's Financial Supervisory Service (FSS) announced the launch of an online loan refinancing service enabling individual business operators to switch existing credit loans (operating capital loans) to more favourable terms without visiting bank branches. The service became operational on March 18, 2026, allowing sole proprietors to refinance their loans via smartphone through participating financial institutions. The FSS expects the online refinancing service to intensify interest rate competition among financial companies, thereby reducing borrowing costs for small business owners. The initiative represents an expansion of digital banking accessibility for small and medium-sized enterprises in South Korea. Individual business operators can now compare and switch to better loan conditions remotely, streamlining what previously required in-person visits to bank branches. The FSS indicated it will implement improvements to the service based on user feedback during the initial implementation phase. The authority plans to review opportunities to expand participation across additional financial sectors and loan products to increase user adoption of the online refinancing service. The Bank Risk Supervision Division oversees the programme, with the Individual Business Operator Loan System Team managing implementation and ongoing operations.

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South Korea's Financial Supervisory Service Launches Online Loan Refinancing Service for Individual Business Operators

On March 17, 2026, South Korea's Financial Supervisory Service (FSS) announced the launch of an online loan refinancing service enabling individual business operators to switch existing credit loans (operating capital loans) to more favourable terms without visiting bank branches. The service became operational on March 18, 2026, allowing sole proprietors to refinance their loans via smartphone through participating financial institutions. The FSS expects the online refinancing service to intensify interest rate competition among financial companies, thereby reducing borrowing costs for small business owners. The initiative represents an expansion of digital banking accessibility for small and medium-sized enterprises in South Korea. Individual business operators can now compare and switch to better loan conditions remotely, streamlining what previously required in-person visits to bank branches. The FSS indicated it will implement improvements to the service based on user feedback during the initial implementation phase. The authority plans to review opportunities to expand participation across additional financial sectors and loan products to increase user adoption of the online refinancing service.
2972807 pc Mar 17, 2026 rghosh Fiji Fiji Financial Intelligence Unit horizon scanning
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Fiji Financial Intelligence Unit Endorses National Policy on Preventing Money Laundering and Terrorist Financing

On January 20, 2026, Fiji's Financial Intelligence Unit (FIU) announced that the National AML Council endorsed the National Policy on Preventing Money Laundering and Terrorist Financing. The policy outlines the government's broad strategies for addressing money laundering and terrorist financing risks across Fiji's financial system. The National Policy reaffirms Fiji's commitment to complying with international anti-money laundering standards and establishes a comprehensive framework for preventing financial crime. The policy addresses risks associated with money laundering and terrorist financing by setting out government strategies and priorities for implementation across financial institutions and relevant sectors. The endorsement by the National AML Council signals alignment between Fiji's regulatory authorities and the government's anti-money laundering agenda. The policy is applicable to financial institutions, money remittance service providers, foreign exchange dealers, insurance companies, investment advisors, accountants, legal practitioners, real estate agents, and other businesses subject to Fiji's Financial Transactions Reporting (FTR) Act and related regulations. The framework complements existing legislation including the FTR Act, FTR Regulations, and the Proceeds of Crime Act. The National Policy on Preventing Money Laundering and Terrorist Financing is now available on the Fiji Financial Intelligence Unit's website. Financial institutions and regulated businesses should review the policy to ensure their compliance frameworks align with the government's stated strategies and international standards. **Reference:** Fiji Financial Intelligence Unit. National Policy on Preventing Money Laundering and Terrorist Financing. Available at: https://www.fijifiu.gov.fj/

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Fiji Financial Intelligence Publishes National Policy on Preventing Money Laundering and Terrorist Financing

On January 20, 2026, Fiji's Financial Intelligence Unit (FIU) announced that the National AML Council endorsed the National Policy on Preventing Money Laundering and Terrorist Financing. The policy outlines the government's broad strategies for addressing money laundering and terrorist financing risks across Fiji's financial system. The National Policy reaffirms Fiji's commitment to complying with international anti-money laundering standards and establishes a comprehensive framework for preventing financial crime. The policy addresses risks associated with money laundering and terrorist financing by setting out government strategies and priorities for implementation across financial institutions and relevant sectors. The endorsement by the National AML Council signals alignment between Fiji's regulatory authorities and the government's anti-money laundering agenda. The policy is applicable to financial institutions, money remittance service providers, foreign exchange dealers, insurance companies, investment advisors, accountants, legal practitioners, real estate agents, and other businesses subject to Fiji's Financial Transactions Reporting (FTR) Act and related regulations. The framework complements existing legislation including the FTR Act , FTR Regulations , and the Proceeds of Crime Act . The National Policy on Preventing Money Laundering and Terrorist Financing is now available on the Fiji Financial Intelligence Unit's website. Financial institutions and regulated businesses should review the policy to ensure their compliance frameworks align with the government's stated strategies and international standards.
2972808 pc Mar 17, 2026 rghosh Fiji Fiji Financial Intelligence Unit horizon scanning
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Fiji Financial Intelligence Unit Launches Consultation on Targeted Financial Sanction Obligations

On January 6, 2026, the Fiji Financial Intelligence Unit (FIU) commenced a consultation on its Draft Guideline on Targeted Financial Sanction Obligations of Financial Institutions. The guideline establishes requirements for financial institutions to implement targeted financial sanctions (TFS) compliance frameworks in accordance with international standards and Fiji's anti-money laundering and counter-terrorism financing obligations. The guideline applies to banks, restricted foreign exchange dealers, remittance service providers, payment service providers, securities intermediaries, credit institutions, and insurance companies. The FIU is seeking feedback from these regulated entities to ensure the guideline is practical, robust, and aligned with international best practices. Key areas of focus include the identification and screening of individuals and entities subject to sanctions designations, the freezing of assets, and the reporting of compliance activities to the FIU. The consultation period closes on Friday, February 27, 2026. Financial institutions and other stakeholders are encouraged to submit comments to the FIU at info@fijifiu.gov.fj or by post to Tower Level 5, RBF Building, Pratt Street, Suva, Fiji. Additional information on targeted financial sanctions is available on the FIU website. The FIU can be contacted by telephone at +(679) 322 3333 or by fax at +(679) 331 6454 for any clarifications regarding the consultation or the guideline.

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Fiji Financial Intelligence Unit Launches Consultation on Targeted Financial Sanction Obligations

On January 6, 2026, the Fiji Financial Intelligence Unit (FIU) commenced a consultation on its Draft Guideline on Targeted Financial Sanction Obligations of Financial Institutions. The guideline establishes requirements for financial institutions to implement targeted financial sanctions (TFS) compliance frameworks in accordance with international standards and Fiji's anti-money laundering and counter-terrorism financing obligations. The guideline applies to banks, restricted foreign exchange dealers, remittance service providers, payment service providers, securities intermediaries, credit institutions, and insurance companies. The FIU is seeking feedback from these regulated entities to ensure the guideline is practical, robust, and aligned with international best practices. Key areas of focus include: Identification and screening of individuals and entities subject to sanctions designations. Freezing of assets, and the reporting of compliance activities to the FIU. The consultation period closes on Friday, February 27, 2026. Financial institutions and other stakeholders are encouraged to submit comments to the FIU at info@fijifiu.gov.fj or by post to Tower Level 5, RBF Building, Pratt Street, Suva, Fiji. Additional information on targeted financial sanctions is available on the FIU website. The FIU can be contacted by telephone at +(679) 322 3333 or by fax at +(679) 331 6454 for any clarifications regarding the consultation or the guideline.
2972806 pc Mar 17, 2026 rghosh Fiji Fiji Financial Intelligence Unit horizon scanning
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Fiji Financial Intelligence Unit Endorses 2025 National Risk Assessment

On February 10, 2026, Fiji's Financial Intelligence Unit (FIU) announced that the National AML Council endorsed Fiji's second comprehensive National Risk Assessment (NRA) in 2025. The NRA identified and assessed Fiji's risk exposure across three key areas of financial crime. Using quantitative and qualitative data from various sources, the assessment concluded that money laundering risk in Fiji is high, while terrorist financing risk is low and proliferation financing risk is low. The NRA represents a comprehensive evaluation of Fiji's anti-money laundering and counter-terrorism financing framework, examining vulnerabilities and threats across the financial system and related sectors. National Risk Assessments are critical tools for countries to understand their exposure to money laundering, terrorist financing, and proliferation financing. The findings inform the development and refinement of anti-money laundering and counter-terrorism financing policies, regulatory measures, and resource allocation across relevant authorities and financial institutions. The high money laundering risk assessment indicates that Fiji faces significant exposure to money laundering threats, which may necessitate enhanced preventative measures and compliance requirements for financial institutions and designated non-financial businesses and professions operating in the jurisdiction. The full NRA report is available on the Fiji Financial Intelligence Unit website. Financial institutions, designated non-financial businesses and professions, and other relevant stakeholders should review the assessment to understand Fiji's risk profile and ensure their compliance frameworks and risk management procedures align with identified vulnerabilities and threats. **Reference:** Fiji Financial Intelligence Unit. Fiji's 2025 National Risk Assessment. Available at: https://www.fijifiu.gov.fj/

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Fiji Financial Intelligence Unit Publishes 2025 National Risk Assessment

On February 10, 2026, Fiji's Financial Intelligence Unit (FIU) announced that the National AML Council endorsed Fiji's second comprehensive National Risk Assessment (NRA) in 2025. The NRA identified and assessed Fiji's risk exposure across three key areas of financial crime. The assessment concluded that money laundering risk in Fiji is high, while terrorist financing risk is low and proliferation financing risk is low. The NRA represents a comprehensive evaluation of Fiji's anti-money laundering and counter-terrorism financing framework, examining vulnerabilities and threats across the financial system and related sectors. National Risk Assessments are critical tools for countries to understand their exposure to money laundering, terrorist financing, and proliferation financing. The findings inform the development and refinement of anti-money laundering and counter-terrorism financing policies, regulatory measures, and resource allocation across relevant authorities and financial institutions. The high money laundering risk assessment indicates that Fiji faces significant exposure to money laundering threats, which may necessitate enhanced preventative measures and compliance requirements for financial institutions and designated non-financial businesses and professions operating in the jurisdiction. The full NRA report is available on the Fiji Financial Intelligence Unit website. Financial institutions, designated non-financial businesses and professions, and other relevant stakeholders should review the assessment to understand Fiji's risk profile and ensure their compliance frameworks and risk management procedures align with identified vulnerabilities and threats.
2972547 pc Mar 17, 2026 rghosh Zambia Bank of Zambia (BoZ) horizon scanning
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Zambia's Central Bank Requires Virtual Asset Service Providers to Register

On March 16, 2026, the Bank of Zambia issued a public notice requiring all Virtual Asset Service Providers (VASPs) operating in Zambia to register with the central bank by March 27, 2026. The registration requirement applies to both resident and non-resident entities and individuals offering virtual or crypto asset services to individuals and businesses within Zambia, regardless of physical presence. The registration covers entities conducting one or more of the following activities: exchange between virtual assets and fiat currencies; exchange between different forms of virtual assets; transfer of virtual assets; safekeeping and administration of virtual assets; and participation in financial services related to virtual asset issuance and sale. The Bank of Zambia is developing a comprehensive regulatory framework for VASPs as part of its Strategic Plan for 2024-2027, acknowledging both the benefits of virtual asset technologies—including reduced transaction costs and system resilience—and associated risks such as price volatility, money laundering, terrorist financing, and proliferation financing. The registration process enables the Bank of Zambia to create a central database of all VASPs, assess the scale and nature of virtual asset activities, gather data to inform regulatory development, enhance monitoring capabilities, and conduct consultations with registered providers. The Bank emphasises that registration does not constitute a licence or official approval to operate as a VASP and does not constitute an endorsement of any provider or its business practices. Effective March 30, 2026, all entities regulated by the Bank of Zambia will be prohibited from facilitating transactions to or from VASPs that are not registered with the central bank. Registration can be completed via the Bank's online form, with enquiries directed to psd@boz.zm.

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Central Bank of Zambia Publishes Virtual Asset Service Providers Notice

On March 16, 2026, the Bank of Zambia issued a public notice requiring all Virtual Asset Service Providers (VASPs) operating in Zambia to register with the central bank by March 27, 2026. The registration requirement applies to both resident and non-resident entities and individuals offering virtual or crypto asset services to individuals and businesses within Zambia, regardless of physical presence. The registration covers entities conducting one or more of the following activities: Exchange between virtual assets and fiat currencies. Exchange between different forms of virtual assets. Transfer of virtual assets. Safekeeping and administration of virtual assets. Participation in financial services related to virtual asset issuance and sale. The Bank of Zambia is developing a comprehensive regulatory framework for VASPs as part of its Strategic Plan for 2024-2027, acknowledging both the benefits of virtual asset technologies including reduced transaction costs and system resilience and associated risks such as price volatility, money laundering, terrorist financing, and proliferation financing. The Bank emphasises that registration does not constitute a licence or official approval to operate as a VASP and does not constitute an endorsement of any provider or its business practices. Effective March 30, 2026, all entities regulated by the Bank of Zambia will be prohibited from facilitating transactions to or from VASPs that are not registered with the central bank. Registration can be completed via the Bank's online form, with enquiries directed to psd@boz.zm.
2971271 pc Mar 16, 2026 alapetina Georgia (US) Georgia Department of Banking and Finance financial services
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Georgia Department of Banking and Finance Issues Guidance on Charter Conversion Procedures for State-Chartered Financial Institutions

On March 16, 2026, Melissa Sneed, Senior Deputy Commissioner of the Georgia Department of Banking and Finance (DBF), issued guidance (DBF SUP 26-003) addressing charter conversion procedures and common state laws applicable to financial institutions converting to Georgia state charters. The guidance outlines the conversion process for national banks, federal credit unions, other state-chartered institutions, and federal thrifts seeking to convert to a Georgia state charter. The DBF will conduct pre-application meetings with applicant institutions' senior management and board members. The Department may discourage conversions if the applicant has serious safety and soundness concerns or is subject to administrative action by federal regulators including the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve Bank, or National Credit Union Administration. Following application acceptance, examination staff conduct risk-focused investigations coordinated with relevant federal regulators. The investigation scope includes review of the most recent regulatory examination reports, audit reports, and proposed business plans. The Examiner-In-Charge prepares a Report of Investigation with recommendations for approval (subject to conditions) or disapproval, transmitted through the Supervisory Manager to senior management for final review. The guidance provides comprehensive detail on Georgia-specific requirements for state-chartered banks and credit unions, including lending limits based on Statutory Capital Base (banks) or net worth (credit unions), fixed asset investment limitations, director oath and meeting requirements, dividend restrictions, annual audit obligations, and dormant account provisions. Key differences from federal requirements include Georgia's prohibition on payday loans, specific collateral requirements, and distinct lending limit calculations. The Department references Official Code of Georgia Annotated (O.C.G.A.) sections 7-1-550 through 7-1-555 for banks and 7-1-668 for credit unions, along with applicable Department Rules. Forms and applications are available on the DBF website at dbf.georgia.gov.

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Georgia Department of Banking and Finance Issues Guidance for Financial Institution Charter Conversions

On March 16, 2026, Georgia Department of Banking and Finance (DBF), issued guidance (DBF SUP 26-003) addressing charter conversion procedures and common state laws applicable to financial institutions converting to Georgia state charters. The guidance outlines the conversion process, providing details on the investigation process which begins after an application has been accepted by the DBF. Prior to the investigation, a request for information will be sent to the institution, which should align to appropriate risk-scoping activities. The scope of the investigation will include a review of the most recent regulatory report of examination obtained from the current federal regulator, external and internal audit reports, and a proposed business plan. The guidance also provides comprehensive detail on Georgia-specific requirements for state-chartered banks, including: Lending limits based on Statutory Capital Base (SCB) : In general, state banks are limited to aggregate loans to one person or corporation of 15 percent of SCB for unsecured debt and 25 percent of SCB for loans that are secured by "good collateral or other ample security." Fixed asset investment limitations : Rule 80-1-10-.01(2) limits the amount of investment in fixed assets by a bank to a maximum of 60 percent of SCB. To exceed this limit, prior approval is required by the DBF. Director oath and meeting requirements: Each director, before assuming office, shall take an oath or affirmation to diligently and honestly perform duties in the administration of the affairs of the bank, not permit a willful violation of law by the bank, and meets the eligibility requirements of this chapter and of the articles and bylaws Dividend restrictions: Banks may declare and the bank may pay cash dividends out of retained earnings on its outstanding stock without DBF notification or approval under specific conditions. Annual audit obligations: The board must at least once each year have made by an independent certified public accountant an audit of the books and affairs of the bank. Dormant account provisions: Rule 80-1-8-.01 authorizes the amount and length of time that service charges are permitted for certain dormant deposit accounts. Generally, the rule states that demand deposits are deemed to be dormant when the depositor has neither increased or decreased the amount of the deposit nor corresponded with the financial institution regarding the deposit for a period of not less than 12 months immediately preceding the determination, time deposits in similar circumstances of not less than five years, and official checks in similar circumstances of not less than two years. The guidance also references statutes that address Georgia's prohibition on payday loans, specific collateral requirements, and distinct lending limit calculations.
2974207 gc Mar 16, 2026 prandeo Isle of Man Isle of Man Gambling Supervision Commission - News gamblingcompliance
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Isle of Man Gambling Supervision Commission Publishes Draft Fitness and Propriety Guidance

On March 16, 2026, the Isle of Man Gambling Supervision Commission (GSC) published draft Fitness and Propriety guidance for stakeholder engagement. The guidance will underpin new suitability requirements for operators licensed under the Online Gambling Regulation Act 2001 and the Casino Act 1986, as well as key individuals including controllers, directors and senior managers. These requirements are being introduced by the Gambling Legislation (Amendment) Bill 2025 and are expected to come into force in summer 2026. The new guidance explains how the GSC assesses whether individuals and entities meet required standards of integrity, competency and financial standing. It is intended to promote transparency and help stakeholders understand GSC expectations at licensing stage and throughout the ongoing supervisory relationship. The current integrity guidance focuses solely on character-based assessments; the new regime retains this element but adds competency and financial standing as additional assessment categories. The guidance also clarifies how the GSC may consider the integrity of an applicant's associates, reflecting changes introduced by the Bill. Once commenced, the new guidance will replace the GSC's existing Integrity Guidance and the current differing suitability requirements across both Acts. The consultation period runs for ten weeks, from March 16, 2026 to May 25, 2026. Stakeholders can respond by downloading the PDF version of the draft guidance and submitting comments via the online form, or by emailing Consultations.GSC@gov.im. The GSC will host an online question and answer session to support stakeholder understanding, with full details to be published in due course. Following the consultation, the GSC will publish a summary document outlining responses received and any changes made to the guidance.

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Isle of Man Gambling Supervision Commission publishes draft fitness and propriety guidance for consultation

On March 16, 2026, the Isle of Man Gambling Supervision Commission (GSC) published a draft Fitness and Propriety guidance for stakeholder consultation. The guidance underpins the new suitability requirements for operators licensed under the Online Gambling Regulation Act 2001 and the Casino Act 1986 (“regulated entities”) and for key individuals such as controllers, directors, and senior managers (“regulated persons”). These requirements are being introduced under the Gambling Legislation (Amendment) Bill 2025 and are expected to come into force in summer 2026. Once effective, the guidance will replace the current integrity guidance and harmonise suitability standards across both Acts. The draft guidance explains how the GSC assesses integrity, competency, and financial standing when evaluating regulated entities and persons. It provides transparency on licensing expectations, onboarding, and ongoing supervision, and clarifies how the GSC may consider the integrity of an applicant’s associates. The GSC is seeking feedback from stakeholders over 10 weeks, from March 16 to May 25, 2026. Responses can be submitted via the consultation form or by email to Consultations.GSC@gov.im
2976664 gc Mar 16, 2026 mschanke Louisiana Louisiana Gaming Control Board gamblingcompliance
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Louisiana Gaming Control Board Approves Settlement Agreement with Larussa's Lounge

On March 16, 2026, the Louisiana Gaming Control Board approved a compromise and settlement agreement between CD Enterprises of Houma, LLC d/b/a Larussa's Lounge and the Louisiana State Police, Gaming Enforcement Division. The settlement resolves an administrative proceeding initiated by a Notice of Recommendation of Administrative Action. The Type 1 licensed establishment, located at 323 Barrios Avenue, Houma, Louisiana, violated Louisiana Gaming Control Law by failing to timely submit its Annual Licensee Form, fee, and supporting documentation. The Division issued a Video Gaming Advisory Notice on April 2, 2025, requiring submission by July 1, 2025. The licensee did not submit the required materials until October 8, 2025—more than three months late. This violation contravened La. R.S. 27:435(K)(4)(a) and (d), and LAC 42:X1.2405(B)(4). Under the settlement terms, CD Enterprises of Houma, LLC will pay a civil penalty of $750.00 in full and final settlement of all matters outlined in the Notice of Recommendation of Administrative Action. The Louisiana State Police, Gaming Enforcement Division reserves the right to consider this admitted violation in future investigations, assessments of penalties, and determinations regarding the licensee's suitability. The licensee must remit full payment of the penalty within 15 days of the Louisiana Gaming Control Board's approval. Failure to meet this deadline will result in immediate suspension of the gaming license without further administrative action until the penalty is paid in full. The Hearing Officer's order approving the settlement was issued on March 4, 2026.

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Louisiana regulator approves settlement agreement with Larussa's Lounge

On March 16, 2026, the Louisiana Gaming Control Board approved a compromise and settlement agreement between CD Enterprises of Houma, LLC d/b/a Larussa's Lounge and the Louisiana State Police, Gaming Enforcement Division. The settlement resolves an administrative proceeding initiated by a notice of recommendation of administrative action. The type 1 licensed establishment violated Louisiana Gaming Control Law by failing to timely submit its annual licensee form, fee, and supporting documentation. The Gaming Enforcement Division issued an advisory notice on April 2, 2025, requiring submission by July 1, 2025. The licensee did not submit the required materials until October 8, 2025. This violation contravened La. R.S. 27:435(K)(4)(a) and (d) , and LAC 42:X1.2405(B)(4) . Under the settlement terms, the licensee was ordered to pay $750.
2971174 pc Mar 16, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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United Kingdom's Financial Conduct Authority and Financial Ombudsman Service Consult on Modernising the Redress System

On 16 March 2026, the Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) published Consultation Paper CP26/9, seeking feedback on proposals to modernise the United Kingdom's financial services redress system. The consultation follows work initiated by the Chancellor's Mansion House Speech in November 2024 and builds on earlier consultation CP25/22 published in July 2025. The proposals introduce significant structural and procedural changes to complaint handling and dispute resolution. Key proposals include: introducing a formal registration stage at the FOS with pre-registration and registration phases to ensure complaints are properly evidenced before investigation; amending dismissal grounds to enable the FOS to dismiss frivolous, vexatious, or abusive complaints and complaints where respondents have already reviewed matters in accordance with regulatory standards; and clarifying the fair and reasonable test by removing references to good industry practice and applying only standards applicable at the time of the alleged breach. The FCA has finalised separate policy positions on guidance clarifying when firms should report emerging redress issues under SUP 15, with thresholds including issues affecting 40 percent of customers, potential redress bills exceeding £10 million or 50 percent of annual revenue, and substantial individual consumer losses exceeding £10,000. The proposals also streamline Financial Services Compensation Scheme (FSCS) processes and improve operational efficiency across both bodies. The consultation period closes on 11 May 2026. Responses should be submitted via the FCA website or by post to the Redress Policy and Future Frameworks team at the FCA's London office. Respondents may indicate whether they consent to publication of their names and whether responses should be treated as confidential. The FCA and FOS intend to publish a further policy statement on all consulted proposals later in 2026.

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UK's Financial Conduct Authority and Financial Ombudsman Service Consult on Modernising the Redress System

On March 16, 2026, The Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) launched a consultation (CP26/9) seeking views on proposals to modernise the redress framework, to better serve consumers and give firms greater certainty to invest and innovate. In Chapter two of CP26/9, FOS is consulting on proposals which: Introduce a proposed two stage model: A new ’pre-registration stage’, where early assessment and information gathering takes place. A ‘registration stage’, where full investigation begins. A new ’pre-registration stage’, where early assessment and information gathering takes place. A ‘registration stage’, where full investigation begins. Embed a case readiness framework, also in DISP 3 , to ensure only well‑formed, appropriately evidenced complaints that are ready to be investigated are registered. Amendments to the Financial Ombudsman’s grounds for dismissing a complaint. Amendments to the fair and reasonable test in DISP 3.6.4R to remove reference to the Financial Ombudsman considering good industry practice. The second part of  CP26/9 is a policy statement, where the FCA has finalised policy positions confirming: Guidance in SUP 15 clarifying when firms should report emerging issues to the FCA, alongside Non-Handbook Guidance which includes good and poor practice examples on how firms can proactively identify and resolve redress issues (Chapter 4). Rule changes for improved efficiency by FOS and the Financial Services Compensation Scheme (FSCS) (Chapter 6). The FCA aims to publish another policy statement on all the proposals consulted on later in 2026. The deadline for this consultation is May 11, 2026, responses can be made through the FCA’s online response form or by email to cp26-9@fca.org.uk .
2970729 pc Mar 16, 2026 pthandapani Australia Australian Prudential Regulatory Authority financial services
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Australian Prudential Regulation Authority Consults on Bank Capital and Liquidity Framework Enhancements

On March 16, 2026, the Australian Prudential Regulation Authority (APRA) announced a consultation on a package of reforms to bank capital and liquidity settings. The reforms aim to maintain the resilience of Australia's financial system and ensure banks can absorb shocks and respond to periods of market turbulence. APRA has identified opportunities to uplift liquidity settings to align with international practice while making the capital framework more risk-sensitive. The proposed changes follow years of heightened geopolitical and market volatility. The package of reforms will be progressed through separate workstreams addressing liquidity, credit and market risk, and is designed to be broadly cost neutral across the banking industry. Small banks with more stable funding sources are expected to see cost benefits from the liquidity changes. Key proposals include: changes to the liquidity framework for the largest banks, including consideration of a new Pillar 2 liquidity framework to address risks not covered by existing Liquidity Coverage Ratio minimum requirements; a more risk-sensitive liquidity risk framework for smaller banks to incentivise robust practice; targeted amendments to the standardised capital framework to better align capital requirements with underlying risk, with focus on high-quality lending to critical infrastructure projects, corporates without credit ratings, and residential property development; and implementation of a simplified approach to the Basel Committee's Fundamental Review of the Trading Book (FRTB), which will reduce compliance costs compared with full implementation. APRA will consult on the package in stages, beginning with consultation on changes to standardised risk weights for credit risk in the first half of 2026. A detailed outline of APRA's proposed reforms and indicative consultation timetable is available on APRA's website.

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Australian Prudential Regulation Authority Announces Consultation on Bank Capital and Liquidity Framework Enhancements

The Australian Prudential Regulation Authority (APRA) has announced that it will consult on a package of reforms to bank capital and liquidity settings which it states is aimed at maintaining the resilience of Australia's financial system and ensuring banks can absorb shocks and respond to periods of market turbulence. The APRA states that its proposals changes will include: Changes to the liquidity framework for the largest banks, including consideration of a new Pillar 2 liquidity framework to address risks not covered by existing Liquidity Coverage Ratio minimum requirements Targeted amendments to the standardised capital framework to better align capital requirements with underlying risk, which is expected to reduce overall capital requirements for some banks. Implementation of a simplified approach to the Basel Committee’s Fundamental Review of the Trading Book (FRTB), which will better reflect risks in Australia’s banking system and will materially reduce compliance costs compared with full implementation. Further information on each of the proposals is available from the APRA's letter to Authorised Deposit Taking Institutions . The APRA states that it expects to consult on the proposals in stages, beginning with consultation on changes to standardised risk weights for credit risk in the first half of 2026.
2969802 pc Mar 16, 2026 csoo United Kingdom Parliament of the United Kingdom horizon scanning
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Northern Ireland's Department for Communities Revalues Earnings Factors for Social Security Purposes

On 12 March 2026, Northern Ireland's Department for Communities made the Social Security Revaluation of Earnings Factors Order (Northern Ireland) 2026, which comes into operation on 6 April 2026. The Order directs that earnings factors for specified tax years are increased by the percentages outlined in the Order's Schedule. These revaluations apply to calculations of additional pension in long-term benefits (now primarily relevant to inherited additional pension), guaranteed minimum pensions, and other calculations required under Part III of the Pension Schemes (Northern Ireland) Act 1993. The earnings factors are revalued to 2025-2026 earnings levels. The percentages specified for tax years from 2000-2001 onwards are also used to revalue state scheme pension debits and credits under the Pensions Act (Northern Ireland) 2015. The percentage for 2015-2016 is used to increase flat-rate accrual amounts of additional pension under the Social Security Contributions and Benefits (Northern Ireland) Act 1992. The Order includes a rounding provision for fractional amounts: where an earnings factor relevant to additional pension calculations would not otherwise be expressed as a whole number of pounds, fractions less than one half are rounded down and all other fractions are rounded up. The revaluation percentages range from 1,231.1 percent for 1978-1979 to 4.8 percent for 2025-2026, reflecting cumulative earnings growth over the decades. This Order corresponds to an equivalent order made by the Secretary of State for Work and Pensions for Great Britain under section 148 of the Social Security Administration Act 1992, ensuring consistency across the United Kingdom's social security systems.

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The Social Security Revaluation of Earnings Factors Order (Northern Ireland) 2026

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2968368 pc Mar 16, 2026 adavies International Financial Action Task Force financial services
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Financial Action Task Force Publishes Comprehensive Asset Recovery Guidance and Best Practices

On November 4, 2025, the Financial Action Task Force (FATF) published comprehensive guidance and best practices to strengthen global efforts to recover criminal assets. The guidance addresses a significant gap in asset recovery effectiveness, with FATF assessments indicating that more than 80 percent of jurisdictions operate at low or moderate levels of effectiveness in this area. Data from Interpol and the United Nations Office on Drugs and Crime (UNODC) demonstrate that a very low percentage of criminal assets are confiscated globally. The Asset Recovery Guidance and Best Practices document comprises eight chapters targeted at different audiences, including policymakers, law enforcement, prosecutorial and judicial authorities, justice and foreign affairs ministries, and asset managers. The guidance covers key topics including modern financial investigations, swift asset securing, safeguarding rights, and victim compensation. It includes more than 85 real-world case examples and recovery techniques contributed by experts across the FATF Global Network, illustrating practical applications across all phases of investigative and legal processes. Notable examples include a United States case where blockchain analysis helped trace over USD 400 million in illicit transactions admitted as reliable court evidence, and a Swiss case involving the confiscation of over CHF 313 million with creation of a multi-stakeholder fund benefiting populations impacted by large-scale corruption. The guidance supports implementation of major revisions to the FATF Recommendations adopted in 2023, which strengthened the toolkit available to recover illicit proceeds. The FATF requires jurisdictions to make asset recovery a policy and operational priority and calls on them to use the new guidance to safeguard global financial system integrity and improve outcomes for victims and communities. A Chinese translation of the guidance has been provided by the Anti-Money Laundering Bureau of the People's Bank of China. REFERENCES: Financial Action Task Force (2025). Asset Recovery Guidance and Best Practices. Available at: https://www.fatf-gafi.org/

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Financial Action Task Force Publishes Comprehensive Asset Recovery Guidance and Best Practices

On November 4, 2025, the Financial Action Task Force (FATF) published comprehensive guidance and best practices to strengthen global efforts to recover criminal assets. The guidance addresses a significant gap in asset recovery effectiveness, with FATF assessments indicating that more than 80 percent of jurisdictions operate at low or moderate levels of effectiveness in this area. Data from Interpol and the United Nations Office on Drugs and Crime (UNODC) demonstrate that a very low percentage of criminal assets are confiscated globally. The Asset Recovery Guidance and Best Practices document comprises eight chapters targeted at different audiences, including policymakers, law enforcement, prosecutorial and judicial authorities, justice and foreign affairs ministries, and asset managers. The guidance covers key topics including modern financial investigations, swift asset securing, safeguarding rights, and victim compensation. It includes more than 85 real-world case examples and recovery techniques contributed by experts across the FATF Global Network, illustrating practical applications across all phases of investigative and legal processes. Notable examples include a United States case where blockchain analysis helped trace over USD 400 million in illicit transactions admitted as reliable court evidence, and a Swiss case involving the confiscation of over CHF 313 million with creation of a multi-stakeholder fund benefiting populations impacted by large-scale corruption. The guidance supports implementation of major revisions to the FATF Recommendations adopted in 2023, which strengthened the toolkit available to recover illicit proceeds. The FATF requires jurisdictions to make asset recovery a policy and operational priority and calls on them to use the new guidance to safeguard global financial system integrity and improve outcomes for victims and communities. A Chinese translation of the guidance has been provided by the Anti-Money Laundering Bureau of the People's Bank of China. REFERENCES: Financial Action Task Force (2025). Asset Recovery Guidance and Best Practices. Available at: https://www.fatf-gafi.org/
2968449 pc Mar 16, 2026 adavies European Union Publications (Finance) - European Commission horizon scanning
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European Commission Publishes Frequently Asked Questions on Payments Services Sanctions Against Russia and Belarus

On March 13, 2026, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union published frequently asked questions (FAQs) addressing the provision of payments services under sanctions regimes targeting Russia and Belarus. The FAQs focus specifically on Article 5b(2) of Council Regulation (EU) No 833/2014, which governs sanctions adopted following Russia's military aggression against Ukraine. The guidance clarifies the application of payments services provisions within the existing sanctions framework, providing clarity to financial institutions and service providers on their obligations and permitted activities when handling transactions related to sanctioned jurisdictions. The document serves as interpretive guidance to help market participants understand the scope and implementation of sanctions restrictions on payments services. This is particularly relevant for credit institutions, payment service providers, and other financial entities operating across the European Union that may be affected by or required to comply with the sanctions regime. The FAQs were last updated on March 13, 2026, and are available in English as a downloadable PDF document. Financial institutions and payments service providers should review the guidance to ensure compliance with the applicable sanctions requirements under Council Regulation (EU) No 833/2014. **Reference:** European Commission, Directorate-General for Financial Stability, Financial Services and Capital Markets Union. Frequently Asked Questions on the Provision of Payments Services Concerning Sanctions Adopted Following Russia's Military Aggression Against Ukraine. March 13, 2026.

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European Commission Publishes Frequently Asked Questions on Payments Services Sanctions Against Russia and Belarus

On March 13, 2026, the European Commission published frequently asked questions (FAQs) addressing the provision of payments services under sanctions regimes targeting Russia and Belarus. The FAQs focus specifically on Article 5b(2) of Council Regulation (EU) No. 833/2014 , which governs sanctions adopted following Russia's military aggression against Ukraine. The guidance clarifies the application of payments services provisions within the existing sanctions framework. The document serves as interpretive guidance to help market participants understand the scope and implementation of sanctions restrictions on payments services. In particular, the FAQ addresses: What services are prohibited by Article 5b(2) of Regulation (EU) No. 833/2014 and who is affected? Who is exempted from Article 5b(2)? Do the prohibitions in Article 5b(2) cover non-Russian entities owned or controlled by Russian persons? What constitutes indirect provision of services under Article 5b(2)?
2967727 pc Mar 16, 2026 csoo Ireland Central Bank of Ireland horizon scanning
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Ireland's Central Bank Launches Consultation on Deposit Guarantee Scheme Contribution Methodology

On 13 March 2026, the Central Bank of Ireland launched a consultation on changing the methodology for calculating annual contributions to the Deposit Guarantee Scheme (DGS) from a flow-based approach to a stock-based approach, effective from Q3 2026. The Central Bank is designated as the national authority responsible for administering the DGS under Directive 2014/49/EU (the DGS Directive), transposed into Irish law through Statutory Instrument No. 516 of 2015 (the DGS Regulations). The proposed change follows the European Banking Authority's (EBA) publication of new guidelines, EBA/GL/2023/02 (2024 EBA Guidelines), which became applicable from 3 July 2024. The shift to a stock-based approach is now feasible given that the Irish DGS has reached its minimum target level of 0.8 percent of covered deposits in the State. Under the stock-based methodology, member institutions' contributions will more closely reflect changes in their individual risk profiles and the level of covered deposits they hold. The new approach aims to make contribution requests more proportionate for member institutions. Additionally, the stock-based method introduces the possibility that a member institution's past contributions could place it in credit against future contributions, providing potential financial relief for certain participants. Member institutions are invited to submit their views on this proposal to the Central Bank by 5pm on Friday, 17 April 2026. The consultation paper (CP167) is available on the Central Bank's website.

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Ireland's Central Bank Consults on Deposit Guarantee Scheme Contributions Methodology

On March 13 2026, the Central Bank of Ireland launched a consultation (CP167) on changing the methodology for calculating annual contributions to the Deposit Guarantee Scheme (DGS) from a flow-based approach to a stock-based approach, effective from Q3 2026. The Central Bank is designated as the national authority responsible for administering the DGS under Directive 2014/49/EU (the DGS Directive), transposed into Irish law through Statutory Instrument No. 516 of 2015 . The proposed change follows the European Banking Authority's (EBA) publication of new guidelines (EBA/GL/2023/02 ) which became applicable from July 3, 2024. The shift to a stock-based approach is now feasible given that the Irish DGS has reached its minimum target level of 0.8 percent of covered deposits in the State. Under the stock-based methodology, member institutions' contributions will more closely reflect changes in their individual risk profiles and the level of covered deposits they hold. The new approach aims to make contribution requests more proportionate for member institutions. Additionally, the stock-based method introduces the possibility that a member institution's past contributions could place it in credit against future contributions, providing potential financial relief for certain participants. The deadline for this consultation is 5pm on April 17, 2026, responses can be made by email to dgs@centralbank.ie .
2967590 pc Mar 16, 2026 rghosh Japan Fair Trade Association financial services
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Japan's Fair Trade Commission Publishes Mini-Guide on Antitrust Compliance Programs

On March 11, 2026, the Japan Fair Trade Commission (JFTC) published a mini-guide and leaflet designed to support businesses in implementing effective antitrust law compliance programs. The mini-guide condenses the key points from the JFTC's comprehensive "Guide for Establishing and Operating Effective Antitrust Law Compliance Programs," which the JFTC published in December 2023 and revised in June 2025. The full guide comprises approximately 90 pages; the new mini-guide reduces this to 32 pages using diagrams and illustrations, with each item presented on a single page. This format is intended to make antitrust compliance more accessible to organisations new to compliance programme implementation. The JFTC simultaneously released a separate leaflet targeting business executives and management, emphasising that leadership commitment and initiative are critical to establishing and operating effective compliance programmes. The mini-guide and leaflet are part of the JFTC's broader effort to promote antitrust law compliance among businesses and create an environment where competitive business activities operate autonomously. The JFTC's approach follows a 2024 fact-finding survey of Tokyo Stock Exchange Prime-listed companies—the first such survey in 12 years—which informed the June 2025 revision of the compliance guide. The mini-guide and leaflet will be distributed through business associations and made available on the JFTC's website. Organisations may also request copies directly from the JFTC's Economic Transaction Bureau General Affairs Division. REFERENCES: Japan Fair Trade Commission. "事務総長定例会見記録 (March 11, 2026 Regular Press Conference Record)." Available at: https://www.jftc.go.jp/

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Japan's Fair Trade Commission Publishes Mini-Guide on Antitrust Compliance Programs

On March 11, 2026, the Japan Fair Trade Commission (JFTC) published a mini-guide and leaflet designed to support businesses in implementing effective antitrust law compliance programs. The mini-guide condenses the key points from the JFTC's comprehensive Guide for Establishing and Operating Effective Antitrust Law Compliance Programs which the JFTC published in December 2023 and revised in June 2025. The JFTC simultaneously released a separate leaflet targeting business executives and management, emphasising that leadership commitment and initiative are critical to establishing and operating effective compliance programmes. The mini-guide and leaflet are part of the JFTC's broader effort to promote antitrust law compliance among businesses and create an environment where competitive business activities operate autonomously. Organisations may also request copies directly from the JFTC's Economic Transaction Bureau General Affairs Division.
2969278 pc Mar 16, 2026 rghosh South Korea Financial Supervisory Services (FSS) - Press releases financial services
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South Korea's Financial Supervisory Service Opens First Quarter 2026 Innovative Financial Services Designation Application Period

On March 15, 2026, the Financial Supervisory Service (FSS) announced the opening of the first quarter 2026 regular application period for innovative financial services designation under South Korea's financial regulatory sandbox programme. The application period runs from March 16, 2026 at 09:00 to March 31, 2026 at 18:00. Companies seeking innovative financial services designation must submit their applications through the Financial Regulatory Sandbox website (sandbox.fintech.or.kr) during this window. Applicants are required to review the application procedures outlined in Financial Services Commission Notice No. 2026-178 (First 2026 Innovative Financial Services Designation Application Notice) and prepare all necessary supporting documentation before submission. The innovative financial services designation programme allows fintech and financial technology companies to test new financial products and services within a controlled regulatory environment, providing relief from certain regulatory requirements during the testing period. This regular application cycle enables companies to seek formal designation status for their proposed innovative services. Interested companies should access the sandbox website, navigate to the application section under "Innovative Financial Services," and complete the designation application form with all required documentation. The FSS's Digital Finance and Supervision Division manages the programme, with enquiries directed to the Supervisory Data Team at 3145-7545. REFERENCES: Financial Supervisory Service Press Release, March 15, 2026

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South Korea's Financial Supervisory Service Opens Innovative Financial Services Designation Application Period

On March 15, 2026, the Financial Supervisory Service (FSS) of South Korea announced the opening of the first quarter 2026 regular application period for innovative financial services designation under South Korea's financial regulatory sandbox programme. The innovative financial services designation programme allows fintech and financial technology companies to test new financial products and services within a controlled regulatory environment, providing relief from certain regulatory requirements during the testing period. This regular application cycle enables companies to seek formal designation status for their proposed innovative services. Interested companies should access the sandbox website, navigate to the application section under "Innovative Financial Services," and complete the designation application form with all required documentation. The application period runs from March 16, 2026 to March 31, 2026. Companies seeking innovative financial services designation must submit their applications through the Financial Regulatory Sandbox website during this window. Applicants are required to review the application procedures outlined in and prepare all necessary supporting documentation before submission.
2975956 pc Mar 13, 2026 ataylor California Department of Financial Protection & Innovation horizon scanning
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California's Department of Financial Protection and Innovation Issues Desist and Refrain Order Against OCM Funding, LLC

On March 13, 2026, the California Department of Financial Protection and Innovation (DFPI) issued a Desist and Refrain Order against OCM Funding, LLC, a licensed entity operating under California Finance Lender License number 60DBO-184579. The order requires OCM Funding, LLC to cease and desist from engaging in specified conduct. The DFPI simultaneously issued a Notice of Intention accompanying the enforcement action. The specific violations or conduct that prompted the order are detailed in the accompanying enforcement documents. OCM Funding, LLC is subject to the DFPI's regulatory oversight as a California finance lender, which operates under the California Financing Law and related state regulations governing consumer lending activities. Desist and Refrain Orders are enforcement tools used by the DFPI to compel regulated entities to stop unlawful or unsafe practices. This action affects OCM Funding, LLC's ability to conduct certain business activities in California and may have implications for its existing customers and operations. Entities and consumers with questions regarding this enforcement action or OCM Funding, LLC's compliance status can contact the DFPI's Consumer Services Office at 1-866-275-2677 for further assistance and information. **Reference:** California Department of Financial Protection and Innovation. OCM Funding, LLC – License or Case Number CFL # 60DBO-184579. Available at: https://dfpi.ca.gov/

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California Department of Financial Protection and Innovation Issues Desist and Refrain Order Against OCM Funding

On March 13, 2026, the California Department of Financial Protection and Innovation (DFPI) issued a Desist and Refrain Order (the order) against OCM Funding, LLC (OCM Funding), a licensed finance lender. According to the terms of the order, OCM Funding failed to maintain a mandatory surety bond of $25,000 in violation of California Financial Code section 22112 , despite receiving a formal warning from the DFPI Commissioner in May 2025. The order legally mandates that OCM Funding immediately desist and refrain from further violations by reinstating its surety bond in compliance with Financial Cede section 22112.
2965987 pc Mar 13, 2026 cjenson Georgia (US) PA Legislation | 2023-2024 | Regular Session | Passed | LegiScan horizon scanning
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2965988 pc Mar 13, 2026 cjenson Georgia (US) PA Legislation | 2023-2024 | Regular Session | Passed | LegiScan horizon scanning
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2965941 gc Mar 13, 2026 cjenson Argentina National Legal Info Network financial services
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SAIJ - Argentine Legal Information System

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2965963 gc Mar 13, 2026 cjenson Ontario Government of Ontario financial services
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Ontario Updates Interest Rates for Public Guardian and Trustee Managed Funds

On March 14, 2026, the Ontario Gazette published a certificate from the Public Guardian and Trustee (PGT) updating interest rates applicable to funds under its management, effective March 1, 2026. The PGT increased the interest rate to 3.55 percent per annum for funds managed under the Mental Health Act, Substitute Decisions Act, Trustee Act, Victims' Right to Proceeds of Crime Act, Ontario Disability Support Program Act, Powers of Attorney Act, Canada Pension Plan Act, Crown Administration of Estates Act, and Cemeteries Act. Interest is compounded monthly and calculated on the closing daily balance. Conversely, funds managed under the Escheats Act and those transferred to the Unadministered Estates Account will bear interest at 0 percent. The certificate also establishes interest rates for money held by the Accountant of the Superior Court of Justice. Canadian currency deposited for the benefit of minors and parties under disability will accrue interest at 3.55 percent per annum, payable monthly. All other Canadian currency, including funds held for litigants, will accrue interest at 3.55 percent per annum, payable monthly. Money required to be held in United States currency will accrue interest at 4.0 percent. Interest is computed from the date funds are received to the day before payment is made and is compounded monthly on the closing daily balance. The certificate was dated February 18, 2026, and signed by Sidney Peters, Public Guardian and Trustee, and Tanya Lai for the Investment Advisory Committee.

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Ontario Updates Interest Rates for Public Guardian and Trustee Managed Funds

On March 14, 2026, the Ontario Gazette published a certificate from the Public Guardian and Trustee (PGT) updating interest rates applicable to funds under its management, effective March 1, 2026. The PGT increased the interest rate to 3.55 percent per annum for funds managed under the Mental Health Act, Substitute Decisions Act, Trustee Act, Victims' Right to Proceeds of Crime Act, Ontario Disability Support Program Act, Powers of Attorney Act, Canada Pension Plan Act, Crown Administration of Estates Act, and Cemeteries Act. Interest is compounded monthly and calculated on the closing daily balance. Conversely, funds managed under the Escheats Act and those transferred to the Unadministered Estates Account will bear interest at 0 percent. The certificate also establishes interest rates for money held by the Accountant of the Superior Court of Justice. Canadian currency deposited for the benefit of minors and parties under disability will accrue interest at 3.55 percent per annum, payable monthly. All other Canadian currency, including funds held for litigants, will accrue interest at 3.55 percent per annum, payable monthly. Money required to be held in United States currency will accrue interest at 4.0 percent. Interest is computed from the date funds are received to the day before payment is made and is compounded monthly on the closing daily balance. The certificate was dated February 18, 2026, and signed by Sidney Peters, Public Guardian and Trustee, and Tanya Lai for the Investment Advisory Committee.
2965991 gc Mar 13, 2026 cjenson Germany Bundes Bank horizon scanning
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Deutsche Bundesbank Addresses Climate and Nature-Related Financial Risks at Paris Research Conference

On March 12, 2026, Michael Theurer, Member of the Executive Board of the Deutsche Bundesbank, delivered remarks at a Research Conference on Climate- and Nature-Related Risks in the Economic and Financial System, co-hosted by the Deutsche Bundesbank, Banque de France, Paris School of Economics, and Toulouse School of Economics in Paris. Theurer highlighted that the Paris Agreement's 1.5-degree Celsius warming target is now virtually unattainable under most climate models, with current carbon budgets depleted within three years at existing emission levels. This reality necessitates a shift in focus from mitigation alone to adaptation strategies. The Bundesbank emphasised that physical climate risks—including increased frequency of heatwaves, droughts, floods, and rising sea levels—will materialise regardless, requiring financial systems to prepare for a warmer, more volatile climate. The address identified critical adaptation challenges for banks, including incomplete risk mitigation despite recognised hazards, governance gaps between identified risks and financial buffers, and systemic risks from correlated climate shocks across supply chains. A recent study of 50 global banks found 88 percent inadequately address adaptation risks. The Bundesbank noted that adaptation financing remains severely underfunded, with only 4 percent of global climate finance directed toward adaptation. Beyond climate, Theurer stressed the financial implications of biodiversity loss and ecosystem service degradation. A Deutsche Bundesbank analysis of 1,200 German banks covering €1.7 trillion in corporate lending found approximately half of banks' loan volumes exhibit high dependency on at least one ecosystem service, with water-based services particularly critical. The Bundesbank committed to developing methodologies for analysing physical and transition risks, including adaptation-related aspects, and integrating these into supervisory frameworks. The authority emphasised that financial institutions must simultaneously manage climate risks and finance adaptation solutions to build a resilient economy.

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Deutsche Bundesbank Addresses Climate and Nature-Related Financial Risks at Paris Research Conference

On March 12, 2026, Michael Theurer, Member of the Executive Board of the Deutsche Bundesbank, delivered remarks at a Research Conference on Climate- and Nature-Related Risks in the Economic and Financial System, co-hosted by the Deutsche Bundesbank, Banque de France, Paris School of Economics, and Toulouse School of Economics in Paris. Theurer highlighted that the Paris Agreement's 1.5-degree Celsius warming target is now virtually unattainable under most climate models, with current carbon budgets depleted within three years at existing emission levels. This reality necessitates a shift in focus from mitigation alone to adaptation strategies. The Bundesbank emphasised that physical climate risks—including increased frequency of heatwaves, droughts, floods, and rising sea levels—will materialise regardless, requiring financial systems to prepare for a warmer, more volatile climate. The address identified critical adaptation challenges for banks, including incomplete risk mitigation despite recognised hazards, governance gaps between identified risks and financial buffers, and systemic risks from correlated climate shocks across supply chains. A recent study of 50 global banks found 88 percent inadequately address adaptation risks. The Bundesbank noted that adaptation financing remains severely underfunded, with only 4 percent of global climate finance directed toward adaptation. Beyond climate, Theurer stressed the financial implications of biodiversity loss and ecosystem service degradation. A Deutsche Bundesbank analysis of 1,200 German banks covering €1.7 trillion in corporate lending found approximately half of banks' loan volumes exhibit high dependency on at least one ecosystem service, with water-based services particularly critical. The Bundesbank committed to developing methodologies for analysing physical and transition risks, including adaptation-related aspects, and integrating these into supervisory frameworks. The authority emphasised that financial institutions must simultaneously manage climate risks and finance adaptation solutions to build a resilient economy.
2964989 pc Mar 13, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Issues Circular on Mutual Fund Borrowing

On March 13, 2026, the Securities and Exchange Board of India (SEBI) issued Circular No. HO/(92)2026-IMD-POD-2/I/6961/2026 regarding borrowing by mutual funds. The circular addresses the framework and conditions under which mutual funds operating in India may undertake borrowing activities. This development is significant for mutual fund operators and asset managers, as it establishes regulatory parameters for fund borrowing practices. The circular sets out the requirements and limitations that mutual funds must adhere to when accessing credit facilities or borrowing funds to support their operations and investment strategies. The issuance of this circular represents SEBI's continued effort to maintain appropriate oversight of mutual fund activities and ensure investor protection through clear regulatory guidelines. Mutual fund managers and administrators should review the circular in detail to ensure compliance with the new or updated borrowing requirements. The circular is effective immediately upon issuance. REFERENCES: Securities and Exchange Board of India (SEBI) Circular No. HO/(92)2026-IMD-POD-2/I/6961/2026 on Borrowing by Mutual Funds (March 13, 2026)

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India's Securities and Exchange Board Issues Circular on Mutual Fund Borrowing

The Securities and Exchange Board of India (SEBI) has issued a circular regarding borrowing by mutual funds clarifying the framework for intraday borrowings and borrowings by certain index funds and exchange traded funds. The circular sets out conditions under which mutual funds may undertake intraday borrowing arrangements to address timing mismatches between redemption payouts and receipt of maturity proceeds from investments. The circular sets out: Intraday borrowing framework which prescribes that mutual funds may undertake intraday borrowings to bridge temporary timing mismatches between redemption payouts to investors and receipt of funds from instruments such as TREPS, reverse repo, and government securities. Policy approval requirement mandating asset management companies establish a policy governing intraday borrowing, which must be approved by the boards of both the company and the trustees and disclosed on the company’s website. Permitted purpose of intraday borrowings which specifies that it may only be used  for repurchase or redemption of units or payment of interest or income distribution to unitholders. Borrowing limits which prescribes that the amount of intraday borrowing must not exceed the guaranteed receivables due on the same day from specified sources, including maturity proceeds from TREPS, reverse repo transactions, and government securities. Cost allocations under which any cost of intraday borrowing, or losses arising from delays in receiving the underlying receivables, must be borne by the asset management company, and not by the scheme. Borrowing by equity-oriented index funds and ETFs under which borrowings due to under-execution of sell trades are permitted only for the purpose of participating in the closing auction session in the equity cash segment of stock exchanges. The circular takes effect on April 1, 2026.
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