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3274067 pc Jun 26, 2026 adavies European Union European Banking Authority horizon scanning
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European Banking Authority Publishes Revised Guidelines on Supervisory Review and Evaluation Process

On June 26, 2026, the European Banking Authority (EBA) published its final revised Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing. The revised Guidelines represent a significant milestone in the EBA's efficiency and simplification agenda, building on the EBA Report on the efficiency of the regulatory and supervisory framework published in October 2025. The revised SREP Guidelines introduce targeted rationalisation measures, including a 30 percent reduction in overall page count, while preserving the core structure and objectives of the SREP framework. Key enhancements include a simplified regulatory and supervisory framework that consolidates all SREP-related guidance, including guidelines for information and communication technology (ICT) risk and third-country branches. The Guidelines introduce enhanced and forward-looking risk coverage, with increased focus on emerging risks including ICT, environmental, social and governance (ESG) factors, and credit spread risk from non-trading activities. The revised framework strengthens the risk-based approach, calibrating supervisory assessments to institutions' risk profiles and enabling more efficient use of supervisory resources. The Guidelines also clarify the risk taxonomy and interaction between Pillar 1 and Pillar 2 requirements, incorporate the Digital Operational Resilience Act (DORA), and introduce a high-level, flexible escalation framework to enhance supervisory effectiveness. The revised Guidelines consolidate the existing SREP Guidelines (EBA/GL/2022/03) and the standalone Guidelines on ICT risk assessment (EBA/GL/2017/05) into a single comprehensive framework, while incorporating new mandates introduced by the Capital Requirements Directive VI (CRD VI). Competent authorities must report compliance or intended compliance with the Guidelines within two months of publication of translations into official European Union languages. The Guidelines apply from January 1, 2027, though competent authorities are encouraged to consider the revised guidance ahead of that date and introduce elements earlier where possible. Upon entry into force, the Guidelines repeal and replace EBA/GL/2022/03 and EBA/GL/2017/05.

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European Banking Authority Publishes Revised Guidelines on Supervisory Review and Evaluation Process

On June 26, 2026, the European Banking Authority (EBA) published its final revised Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing. The revised Guidelines represent a significant milestone in the EBA's efficiency and simplification agenda. The revised SREP Guidelines introduce targeted rationalisation measures, including a 30 percent reduction in overall page count, while preserving the core structure and objectives of the SREP framework. Key enhancements include a simplified regulatory and supervisory framework that consolidates all SREP-related guidance, including guidelines for information and communication technology (ICT) risk and third-country branches. The Guidelines also introduce enhanced and forward-looking risk coverage, with increased focus on emerging risks including ICT, environmental, social and governance (ESG) factors, and credit spread risk from non-trading activities. The guidelines will next be translated into all official EU languages. On publication of the translated guidelines, competent authorities must report compliance or intended compliance with the Guidelines within two months. The Guidelines apply from January 1, 2027, except for Title 12 which applies from January 11, 2027
3272495 gc Jun 26, 2026 apintea Georgia Parliament - News gamblingcompliance
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Georgia's Parliament Approves Amendments to Lottery and Gambling Law

On June 25, 2026, Georgia's Parliament approved amendments to the Law on the Organization of Lotteries, Gambling and Profitable Games on third reading. Shota Berekashvili, chair of the Parliament's Economic Policy Committee, presented the legislation during the plenary session. The amendments establish regulatory frameworks for internationally organized gambling and profitable games conducted in systemic-electronic form. The legislation introduces definitions for internationally organized games of chance, gaming machines, and totalizator games conducted through systemic-electronic means, alongside corresponding licensing regimes. The law specifies conditions for issuing permits, their validity periods, licensing requirements, and mechanisms for controlling licensed activities. A significant provision prohibits Georgian citizens from participating in games organized internationally within these frameworks. The amendments establish comprehensive oversight mechanisms to enforce this restriction and regulate operators offering such services. The legislation represents Georgia's effort to modernize its gambling regulatory framework by addressing cross-border gaming activities and establishing clear parameters for international operators seeking to offer services involving electronic systems. By creating distinct licensing categories for internationally organized games, the amendments aim to protect domestic markets while enabling regulated participation in internationally recognized gaming formats. The amendments are now law following their passage on third reading and do not require further parliamentary action.

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Georgia's Parliament approves gambling amendments

On June 25, 2026, Georgia's parliament approved amendments to the Law on the Organization of Lotteries, Gambling and Profitable Games on third reading. The amendments establish regulatory frameworks for the international operation of online casino games, online slot machine games and online betting. The legislation introduces definitions for internationally organized games of chance, gaming machines, and totalizator games conducted through systemic-electronic means, alongside corresponding licensing regimes. The law specifies conditions for issuing permits, their validity periods, licensing requirements, and mechanisms for controlling licensed activities. A significant provision prohibits Georgian citizens from participating in games organized internationally within these frameworks. The legislation represents Georgia's effort to modernize its gambling regulatory framework by addressing cross-border gaming activities and establishing clear parameters for international operators seeking to offer services involving electronic systems. By creating distinct licensing categories for internationally organized games, the amendments aim to protect domestic markets while enabling regulated participation in internationally recognized gaming formats. The amendments are now law following their passage on third reading and do not require further parliamentary action.
3271906 pc Jun 26, 2026 tojuri International Financial Action Task Force horizon scanning
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Financial Action Task Force Publishes Kuwait's Enhanced Follow-Up Report on Anti-Money Laundering Measures

In May 2026, the Financial Action Task Force (FATF) published Kuwait's 2nd Enhanced Follow-Up Report, which assesses the country's progress in addressing technical compliance deficiencies identified in its 2024 mutual evaluation report. The Middle East and North Africa Financial Action Task Force (MENAFATF) adopted the report. The enhanced follow-up report analyses Kuwait's implementation of measures to strengthen its anti-money laundering and counter-terrorism financing (AML/CTF) framework. The assessment evaluates Kuwait's compliance with the FATF Recommendations, which form the international standard for combating money laundering, terrorist financing, and the financing of proliferation. The report provides updated technical compliance re-ratings across the FATF's 40 Recommendations and related effectiveness criteria, reflecting Kuwait's efforts to close gaps identified during the previous mutual evaluation. Enhanced follow-up reports serve as peer review mechanisms within the FATF's ongoing assessment process. They enable member jurisdictions to demonstrate progress in implementing required AML/CTF controls and institutional reforms. The ratings generated through this process are consolidated into the FATF's Global Network Consolidated Ratings table, which tracks compliance across all assessed jurisdictions. The report is available for download from the FATF website in PDF format. Kuwait's updated ratings and detailed findings can be accessed through the consolidated assessment ratings database. This follow-up process reflects Kuwait's commitment to strengthening its financial system's resilience against money laundering and terrorist financing risks, consistent with international standards established by the FATF and its regional network.

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Financial Action Task Force Publishes Kuwait's Latest Enhanced Follow-Up Report

The Financial Action Task Force (FATF) has published Kuwait's second enhanced follow-up report on anti-money laundering and counter-terrorist financing (AML/CTF) measures dated May 2026. The enhanced follow-up report analyses Kuwait's progress in addressing the technical compliance deficiencies identified in its 2024 mutual evaluation report and reassesses ratings where progress has been achieved. Kuwait has been reassessed on multiple recommendations as follows: Recommendations 6 (targeted financial sanctions related to terrorism & terrorist financing) and 7 (targeted financial sanctions related to proliferation) have been upgraded from non-compliant to largely compliant. Recommendations 8 (non-profit organisations), 24 (transparency and beneficial ownership of legal persons), 26 (regulation and supervision of financial institutions) and 28 (Regulation and supervision of DNFBPs) have been upgraded from partially compliant to largely compliant. Recommendation 38 (mutual legal assistance: freezing and confiscation) has been upgraded from partially compliant to compliant. Kuwait remains in enhanced follow-up.
3272947 gc Jun 26, 2026 apintea Australia ACMA gamblingcompliance
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Australian Communications and Media Authority Announces 2026–27 Compliance Priorities Focused on Consumer Protection

On June 26, 2026, the Australian Communications and Media Authority (ACMA) announced its compliance and enforcement priorities for 2026–27, emphasising consumer protection across communications services. The priorities identify five key focus areas for the regulatory year ahead, with gambling advertising implementation of regulatory reforms included as a specific compliance priority. The ACMA's 2026–27 compliance priorities are: disrupting branded SMS scams; compliance and enforcement of Triple Zero and public safety requirements; equipment regulation for mobile phones; enforcing domestic, sexual and family violence consumer safeguards; and gambling advertising implementation of regulatory reforms. These priorities were informed by public consultation submissions and reflect areas of high risk of harm to consumers where industry compliance is critical to keeping Australians safe and connected. ACMA Chair Nerida O'Loughlin said the priorities reflect the regulator's focus on delivering on consumer expectations. "Communications services are at the centre of Australians' economic and social lives. Consumers expect more from these services than ever before," O'Loughlin said. The ACMA will continue its three enduring compliance and enforcement priorities: preventing gambling harm; combatting spam and telco scams; and protecting vulnerable telco customers. These long-term priorities reflect ongoing matters of significant harm to the Australian community. The ACMA emphasised that the annual priorities identify areas of particular focus but do not limit its broader compliance, monitoring and enforcement work across all regulatory responsibilities. The authority will continue to take action where it identifies serious or systemic non-compliance. The ACMA has also released its Outcomes: compliance priorities 2025–26 report, detailing actions and outcomes against its previous year's priorities.

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Australian Communications and Media Authority announces 2026–27 compliance priorities

On June 26, 2026, the Australian Communications and Media Authority (ACMA) announced its compliance and enforcement priorities for 2026–27, emphasising consumer protection across communications services. The priorities identify five key focus areas for the regulatory year ahead, with gambling advertising-implementation of regulatory reforms, included as a specific compliance priority. Pursuant to the press release, the implementation of law reforms (following enactment by the Parliament) that are proposed to introduce new restrictions on gambling advertising will be prioritised. Gambling advertising is proposed to be banned during live sporting events within allocated times and subject to tighter controls on television, radio and online platforms. To support final reforms, guidance will be provided to help industry understand and meet its obligations. Investigations and enforcement action will be undertaken where advertisers, broadcasters or online content providers fail to comply with the new requirements. The ACMA emphasised that the annual priorities identify areas of particular focus but do not limit its broader compliance, monitoring and enforcement work across all regulatory responsibilities. The authority will continue to take action where it identifies serious or systemic non-compliance. The ACMA has also released its Outcomes: compliance priorities 2025–26 report , detailing actions and outcomes against its previous year's priorities.
3273679 pc Jun 26, 2026 adavies European Union Publications - Banking Supervision EU financial services
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European Central Bank Publishes Updated Guide on Assessment Methodology for Internal Model Method Counterparty Credit Risk

On June 26, 2026, the European Central Bank (ECB) released version 2.0 of its Guide on Assessment Methodology (EGAM) for the internal model method (IMM) for calculating exposure to counterparty credit risk (CCR). This update supersedes the initial guidance published on September 18, 2020, and reflects regulatory changes that took effect January 1, 2025. The primary driver for this revision is the substitution of the advanced method for own funds requirements for credit valuation adjustment risk (A-CVA) with the standardised approach for credit valuation adjustment risk (SA-CVA). With effect from January 1, 2025, Article 383a(5)(b) of the Capital Requirements Regulation (CRR) mandates the European Banking Authority (EBA) to develop regulatory technical standards specifying the assessment methodology under which competent authorities verify institutions' compliance with Articles 383 and 383a of the CRR. The EGAM provides the ECB's interpretation of methods and techniques for assessing compliance with CRR provisions governing IMM usage. It applies to all CCR-related internal model investigations before or after approval and ongoing monitoring of approved internal models. The guide covers ten substantive chapters addressing general provisions, sequential and partial implementation, model validation governance, internal governance and risk control, use testing, documentation and design, exposure quantification, validation methodologies, stress testing, and data maintenance and IT processes. The EGAM is intended for application in its entirety by supervisors conducting model assessments. For targeted investigations such as model changes or extensions, only relevant sections need apply. The guide does not supersede existing EU and national law but provides transparency on ECB assessment methodologies. Institutions may use the EGAM for self-assessment of their IMM models. REFERENCES: European Central Bank. (2026). ECB Guide on assessment methodology (EGAM): Assessment methodology for the internal model method for calculating exposure to counterparty credit risk. https://www.ecb.europa.eu

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European Central Bank Publishes Updated Guide on Assessment Methodology for Internal Model Method Counterparty Credit Risk

On June 26, 2026, the European Central Bank (ECB) released version 2.0 of its Guide on Assessment Methodology (EGAM) for the internal model method (IMM) for calculating exposure to counterparty credit risk (CCR). This update reflects regulatory changes that took effect January 1, 2025. The primary driver for this revision is the substitution of the advanced method for own funds requirements for credit valuation adjustment risk (A-CVA) with the standardised approach for credit valuation adjustment risk (SA-CVA). The EGAM provides the ECB's interpretation of methods and techniques for assessing compliance with CRR provisions governing IMM usage. It applies to all CCR-related internal model investigations before or after approval and ongoing monitoring of approved internal models.
3273678 pc Jun 26, 2026 adavies European Union Publications - Banking Supervision EU financial services
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European Central Bank Publishes Updated Guide on Materiality Assessment for Internal Model Method Extensions

On June 26, 2026, the European Central Bank (ECB) published version 2.0 of the ECB Guide on Materiality Assessment (EGMA), which supersedes the initial guidance issued on September 17, 2017. The update removes all sections, chapters, and references previously applicable to the Advanced Counterparty Credit Risk Valuation Approach (A-CVA), reflecting regulatory changes that took effect on January 1, 2025. The EGMA provides significant institutions under ECB direct supervision with guidance on assessing the materiality of extensions and changes to internal model method (IMM) models used for counterparty credit risk (CCR). The guide applies to institutions calculating capital requirements for over-the-counter derivative contracts and securities financing transactions. The update aligns with the Capital Requirements Regulation (CRR) framework, which mandates competent authority approval for material model extensions and changes. The guide establishes a two-category classification system: extensions and changes requiring ECB investigation, and other extensions and changes subject to notification. Quantitative thresholds for CCR portfolio changes are set at 5 percent or more in risk-weighted assets (RWA), with certain extensions and changes automatically classified as material, including those reducing overall RWA by at least 1 percent. The EGMA introduces qualitative and quantitative assessment criteria specific to IMM models, distinguishing them from internal ratings-based approach standards. The guide emphasizes that institutions must not split extensions or changes to artificially lower materiality classifications, nor merge separate changes to reduce assessed impact. Institutions should review the updated guidance to ensure compliance with the revised materiality assessment framework. The EGMA applies to all future IMM model extensions and changes, with institutions required to submit comprehensive documentation including technical specifications, quantitative impact analyses, and validation reports for extensions and changes classified as requiring investigation. REFERENCES: European Central Bank. (2026). ECB Guide on Materiality Assessment for IMM Model Extensions and Changes. Retrieved from https://www.ecb.europa.eu

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European Central Bank Publishes Updated Guide on Materiality Assessment

On June 26, 2026, the European Central Bank (ECB) published version 2.0 of the ECB Guide on Materiality Assessment (EGMA). The update removes all sections, chapters, and references previously applicable to the advanced counterparty credit risk valuation approach (A-CVA), reflecting regulatory changes that took effect on January 1, 2025. The EGMA provides significant institutions under ECB direct supervision with guidance on assessing the materiality of extensions and changes to internal model method (IMM) models used for counterparty credit risk (CCR). The guide applies to institutions calculating capital requirements for over-the-counter derivative contracts and securities financing transactions.
3273680 pc Jun 26, 2026 adavies European Union Publications - Banking Supervision EU financial services
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European Central Bank Publishes Updated Guidance on Internal Models

On June 26, 2026, the European Central Bank (ECB) published its updated guide on internal models. The document provides guidance on the ECB’s grant of permission on the use of internal models for credit risk, counterparty credit risk and market risk. It aims to ensure a common and consistent approach to matters related to internal models. In particular, it provides guidance on: The overarching principles for internal models. Credit risk. Market risk. Counterparty credit risk. The guide has been updated so as to remove all content related to the estimation of the conversion factor.
3271342 pc Jun 26, 2026 adavies Iceland Official Gazette financial services
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Iceland's Central Bank Publishes Rules on Financial Institution Data Reporting

On June 10, 2026, Iceland's Central Bank (Seðlabanki Íslands) published Rules on Financial Institution Data Reporting (Regulation 719/2026), which entered into force immediately upon publication in the Official Gazette on June 25, 2026. The rules establish data reporting requirements for financial institutions subject to supervision under the Financial Undertakings Act (Act 161/2002). Financial institutions must provide information to the Financial Supervisory Authority in accordance with Part Seven of Regulation (EU) 575/2013 and Regulation (EU) 2024/3117, as amended. The rules transpose three European Commission implementing regulations into Icelandic law: Commission Implementing Regulation (EU) 2021/453 (technical standards for market risk reporting requirements); Commission Implementing Regulation (EU) 2024/3117 (technical standards for institution reporting to supervisory authorities); and Commission Implementing Regulation (EU) 2025/2475 (amendments regarding operational risk reporting). These regulations were incorporated into the European Economic Area (EEA) Agreement through EEA Joint Committee Decisions 301/2021, 134/2025, and 173/2026 respectively. The rules supersede Regulation 1556/2025 on financial institution data reporting. Transitional provisions apply certain reporting requirements from Commission Implementing Regulation (EU) 2021/451 until December 31, 2026. The Central Bank references the English versions of all applicable EU regulations, published in the Official Journal of the European Union, for authoritative text. Björk Sigurgísladóttir, Deputy Central Bank Governor for Financial Supervision, and Guðmundur Óli Blöndal, Director, signed the regulation. REFERENCES: Official Gazette of Iceland, Regulation 719/2026 (June 25, 2026): https://www.stjornartidindi.is/

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Icelandic Government Publishes Rules on Financial Institution Data Reporting

On June 25, 2026, the Icelandic government published the Rules on Financial Institution Data Reporting (Regulation 719/2026)  in the Official Gazette. The rules establish data reporting requirements for financial institutions subject to supervision under the Financial Undertakings Act (Act 161/2002). Specifically, it adopts three European Regulations, namely: Commission Implementing Regulation (EU) 2021/453. Commission Implementing Regulation (EU) 2024/3117. Commission Implementing Regulation (EU) 2025/2475. The rules enter into force immediately.
3271203 pc Jun 25, 2026 pdonofrio US Track 2 U.S. Department of the Treasury horizon scanning
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U.S. Department of the Treasury Sanctions Rwandan Gold Refinery and Conflict Minerals Network

On June 25, 2026, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on Gasabo Gold Refinery LTD and a network of entities operating in coordination with the Rwandan-backed March 23 Movement (M23) to illegally smuggle minerals from eastern Democratic Republic of the Congo (DRC) to Rwanda. The action supports the Washington Accords for Peace and Prosperity, signed on December 4, 2025, by the leaders of the DRC and Rwanda, which established a Regional Economic Integration Framework designed to expand trade and investment and strengthen transparency across critical minerals supply chains. OFAC designated Gasabo Gold, its Chairman Jean Malic Kalima, General Manager Bosco Kayobotsi, and three mining companies controlled by Kalima—Bugambira Mines LTD, Wolfram Mining and Processing LTD, and Rwinkwavu Mining Corporation LTD. According to Treasury, Gasabo Gold acted as a key partner to Rwandan government officials and M23 rebels, facilitating the transport of gold extracted from M23-controlled areas in South Kivu. The refinery processed at least 60 kilograms of gold worth millions of dollars in early 2026. M23, designated as an armed group by both the United States and United Nations, has committed numerous human rights abuses and controls large portions of eastern DRC territory, including the provincial capitals Goma and Bukavu. The illicit mineral trade directly funds M23's destabilizing operations and exacerbates the humanitarian crisis. All property and interests in property of designated persons held in the United States or controlled by U.S. persons are now blocked. U.S. persons are prohibited from engaging in transactions involving designated entities unless authorised by OFAC. Violations may result in civil or criminal penalties. Non-U.S. persons are also prohibited from causing U.S. persons to violate sanctions or engaging in conduct that evades U.S. sanctions.

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US Office of Foreign Assets Control Sanctions Rwandan Gold Refinery and Issues Russia-Related Materials

On June 25, 2026, the US Office of Foreign Assets Control (OFAC) imposed sanctions on Gasabo Gold Refinery Ltd. and a network of individuals and entities operating in coordination with the Rwandan-backed March 23 Movement (M23) to illegally smuggle minerals from eastern Democratic Republic of the Congo (DRC) to Rwanda. The action supports the Washington Accords for Peace and Prosperity , signed in December 2025 by the leaders of the DRC and Rwanda, which established a regional economic integration framework designed to expand trade and investment and strengthen transparency across critical minerals supply chains. The new sanctions designations block all US-based property of these targets and generally prohibit US individuals and entities from engaging in transactions with them, unless expressly authorized by OFAC. In parallel with the new designations, OFAC has also issued Russia-related General License No. 131G , which authorizes certain transactions for the negotiation of and entry into contingent contracts for the sale of Lukoil International GmbH and related maintenance activities, as well as publishing corresponding frequently asked question (FAQ) documents: FAQs 1224 and 1225 .
3271081 gc Jun 25, 2026 nsairam Brazil Brazil | News Site gamblingcompliance
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Brazil's Ministry of Finance Prohibits Social Media Features on Sports Betting Platforms

On June 25, 2026, Brazil's Ministry of Finance Prize and Betting Secretariat (SPA) prohibited sports betting operators from implementing social interaction features on their platforms. The decision, documented in Official Circular SEI No. 1062/2026/MF and signed by General Coordinator of Betting Supervision Renato Perez Pucci, was issued in response to a proposal by Kaizen Gaming Brasil Ltda. to launch a social network restricted to its registered bettors. The SPA determined that social engagement tools violate Ordinance SPA/MF No. 722 of 2024, which prohibits the transfer of any data between bettors. The proposed platform would have allowed users to share betting slips, results, and gambling activity through public feeds, profile pages, engagement-based influence indices, user rankings, and verified profiles for athletes, streamers, and influencers. The SPA rejected arguments distinguishing the internal network from external social media platforms, reasoning that operator-controlled environments created for commercial purposes cannot be treated as spontaneous interaction spaces. The regulatory body also identified gamification concerns, noting that user rankings and leaderboards based on winnings, volume, or betting time encourage risky behaviours and prolonged engagement inconsistent with responsible gambling principles. Technical Note SEI No. 4910/2025/MF elaborated that social media functionalities integrated with betting platforms present addictive characteristics, and the influence exerted by prominent users—particularly streamers and former athletes—can significantly affect consumer behaviour and economic decisions. The circular applies to all fixed-odds betting and online gaming operators authorised to operate in Brazil. Operators that identify or implement prohibited social features will face inspection processes and potential administrative sanctions. The SPA noted this regulatory approach aligns with concerns expressed by regulators in other jurisdictions regarding features that increase betting frequency, intensity, or duration.

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Ban on social media in sports betting: understand the Treasury's veto - BNLData

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3270961 pc Jun 25, 2026 csoo United Kingdom Financial Conduct Authority horizon scanning
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Financial Conduct Authority Censures CACEIS UK and Secures £31.7m Payment for WealthTek Clients

On June 25, 2026, the Financial Conduct Authority (FCA) censured CACEIS UK, an asset servicing bank, and secured a £31.7m voluntary payment to WealthTek clients for failing to implement adequate financial crime controls. CACEIS UK became WealthTek's sub-custodian in November 2020, responsible for safeguarding client assets. The FCA identified multiple control failures. On three occasions, CACEIS UK checked the Financial Services Register and identified that WealthTek was not authorised to hold certain client assets but failed to take sufficient action. The firm also did not detect that WealthTek was prohibited from holding client money, yet proceeded to open client accounts for WealthTek's use. CACEIS UK subsequently failed to monitor these accounts properly, neglecting to promptly review and resolve system-generated alerts. Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "Strong financial crime controls keep clients' assets safe. CACEIS UK's failures exposed clients to serious risk. The firm chose to do the right thing with extensive co-operation and agreeing to a substantial voluntary payment, and we decided not to impose a fine as a result." The £31.7m payment comprises £30.9m to WealthTek's administrators and £800,000 to the Financial Services Compensation Scheme (FSCS). Without CACEIS UK's co-operation and voluntary payment, the FCA would have imposed a £23,091,000 financial penalty (after a 30 percent settlement discount). This action brings total recoveries for WealthTek clients to over £57m in just over one year, following enforcement action against CACEIS UK, Sapia Partners, and Barclays Bank UK. The FCA completed its investigation in 13 months, demonstrating improved investigation pace.

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UK's Financial Conduct Authority Censures CACEIS UK and Secures £31.7m Voluntary Payment for WealthTek Clients

On June 25, 2026, the Financial Conduct Authority (FCA) censured CACEIS UK, an asset servicing bank, and secured a £31.7m voluntary payment to WealthTek clients for failing to implement adequate financial crime controls. CACEIS UK became WealthTek's sub-custodian in November 2020, responsible for safeguarding client assets. The FCA identified multiple control failures: On three occasions, CACEIS UK checked the Financial Services Register and identified that WealthTek was not authorised to hold certain client assets but failed to take sufficient action. The firm also did not detect that WealthTek was prohibited from holding client money, yet proceeded to open client accounts for WealthTek's use. CACEIS UK subsequently failed to monitor these accounts properly, neglecting to promptly review and resolve system-generated alerts. The firm agreed to a substantial voluntary payment, and the FCA has chosen not to impose a fine as a result. The £31.7m payment comprises £30.9m to WealthTek's administrators and £800,000 to the Financial Services Compensation Scheme (FSCS). Without CACEIS UK's co-operation and voluntary payment, the FCA would have imposed a £23,091,000 financial penalty (after a 30 percent settlement discount).
3269444 gc Jun 25, 2026 prandeo United Kingdom UK Gambling Commission gamblingcompliance
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UK Gambling Commission penalises Stakelogic £122,835 for online slot speed breaches

On June 25, 2026, the UK Gambling Commission announced that gambling software supplier Stakelogic BV will pay £122,835 as part of a regulatory settlement for breaches of online slot game speed requirements. The investigation was initiated after Stakelogic notified the Commission that its game Tiger Temple 88 had operated with a spin cycle time of 1.97 seconds, below the minimum 2.5-second interval required under the Commission’s Remote Technical Standards (RTS 14D). Following the notification, Stakelogic conducted a review of its portfolio offered to the Great Britain market and identified a further 15 games that also failed to meet the minimum spin speed requirements. The affected games operated between 0.001 seconds and 0.675 seconds below the required 2.5-second interval, with several games recording cycle times substantially below the regulatory threshold. According to the Commission, Tiger Temple 88 was non-compliant between May 28 and May 30, 2025, while the remaining games operated outside the required standards during various periods between October 31, 2021 and October 30, 2025. The investigation found that the breaches resulted from Stakelogic’s reliance on manual stopwatch testing to assess compliance with game cycle requirements. Following the discovery of the issue, the company voluntarily suspended the affected games until corrective measures were implemented. The Commission noted that Stakelogic has since introduced enhanced testing procedures and controls designed to prevent similar breaches from recurring. Minimum online slot spin speeds were introduced in 2021 as part of a wider package of safer gambling measures intended to reduce game intensity and mitigate gambling-related harm.
3270873 pc Jun 25, 2026 pdonofrio US Track 3 U.S. Securities and Exchange Commission financial services
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U.S. Securities and Exchange Commission Announces Proposed Update to GAAP Financial Reporting Taxonomy

On June 25, 2026, the U.S. Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) published a proposed update to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy. The proposed update relates to a Proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815) addressing targeted improvements to accounting for interest rate risk hedging and net investment hedging. The proposed taxonomy update includes reference modifications, new elements for ASU identification, and deprecation for guidance that is no longer applicable. These changes are designed to ensure the taxonomy accurately reflects the proposed accounting standards and facilitates consistent eXtensible Business Reporting Language (XBRL)-structured financial reporting. The update is applicable to SEC filers, investors, analysts, software service providers, and other market participants who prepare or use XBRL-structured financial statements. The SEC emphasises that only annual compilations of the U.S. GAAP Financial Reporting Taxonomy specified on the Commission's website may be used in SEC XBRL submissions, ensuring standardisation across filings. The public comment period on the proposed taxonomy update ends on August 17, 2026, and comments should be submitted directly to the FASB. The SEC encourages all interested parties to participate in this public review to improve the process for creating and using XBRL-structured financial statements. The SEC notes that the availability of the proposed update for public comment does not indicate Commission approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. The taxonomy version for proposed updates will be determined based on the effective date of each final Accounting Standards Update.

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

On June 25, 2026, the US Securities and Exchange Commission (SEC) announced that the Financial Accounting Standards Board (FASB) has published a new proposed update to the US Generally Accepted Accounting Principles (GAAP) financial reporting taxonomy. It follows an earlier proposed update by the FASB on June 17, 2026. The proposed update relates to the FASB's proposed accounting standards update (ASU) on derivatives and hedging (Topic 815), specifically as it surrounds targeted improvements to accounting for interest rate risk hedging and net investment hedging . The update aims to include reference modifications, new elements for ASU identification and deprecation for guidance that is no longer applicable within the taxonomy. The taxonomy serves as the technical foundation for eXtensible business reporting language (XBRL)-structured financial statements submitted to the SEC, enabling standardized data collection and analysis across filers, investors and analysts. The SEC staff encourages filers, investors, analysts, software service providers and other interested parties to submit comments on the proposed update. The public comment period ends on August 17, 2026 , with submissions directed to the FASB.
3267657 gc Jun 25, 2026 mschanke Missouri Missouri Gaming Commission gamblingcompliance
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Missouri Gaming Commission Settles Sports Wagering Discipline Against FanDuel Sportsbook

On June 24, 2026, the Missouri Gaming Commission (MGC) approved a settlement agreement with Betfair Interactive US LLC, d/b/a FanDuel Sportsbook, resolving disciplinary action against the mobile sports wagering licensee. The settlement requires FanDuel to pay a $5,000 fine within 30 days of the MGC's approval. The violation involved FanDuel accepting wagers on National Football League (NFL) regular season award markets after the Commission's approved deadline. Missouri's catalog of approved events permits NFL regular season award wagers only if placed before 1:00 p.m. eastern time on January 4, 2026, the day before the final regular season games. FanDuel's system inadvertently remained configured to accept such wagers for the entire day, resulting in 94 wagers totalling $4,690.37 placed after the deadline until 8:04 p.m. eastern time on January 4, 2026. FanDuel voided all affected wagers on January 20, 2026. The MGC issued a Notice of Investigation on February 24, 2026, and FanDuel acknowledged the violations on March 4, 2026, accepting full responsibility for the system error. The settlement resolves violations of Article III, Section 39(g) of the Missouri Constitution and regulations 11 CSR 45-20.340 and 11 CSR 45-20.360, which prohibit licensees from accepting wagers on events or in forms not approved by the Commission. Under the settlement terms, FanDuel waives its right to a hearing before the Administrative Hearing Commission and agrees to comply with all MGC operational requirements and cooperate fully with future investigations. The settlement became effective upon the MGC's approval on June 24, 2026, and constitutes a final decision of the Missouri Gaming Commission.

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Missouri regulator settles sports wagering discipline against FanDuel sportsbook

On June 24, 2026, the Missouri Gaming Commission (MGC) approved a settlement agreement with Betfair Interactive US LLC, d/b/a FanDuel Sportsbook, resolving disciplinary action against the mobile sports wagering licensee. The settlement requires FanDuel to pay a $5,000 fine. The violation involved FanDuel accepting wagers on National Football League (NFL) regular season award markets after the MGC's approved deadline. Missouri's catalog of approved events permits NFL regular season award wagers only if placed before 1:00 p.m. EST on January 4, 2026, the day before the final regular season games. According to the settlement agreement, FanDuel's system inadvertently remained configured to accept such wagers for the entire day, resulting in 94 wagers totaling $4,690.37 placed after the deadline until 8:04 p.m. EST on January 4, 2026. FanDuel voided all affected wagers on January 20, 2026. The settlement resolves violations of Article III, Section 39(g) of the Missouri Constitution and regulations 11 CSR 45-20.340 and 11 CSR 45-20.360 , which prohibit licensees from accepting wagers on events or in forms not approved by the MGC.
3264849 pc Jun 25, 2026 csoo Ireland Official Journal horizon scanning
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Ireland's Minister for Finance Commences Credit Review Act 2026 Through Statutory Instrument

On June 23, 2026, Ireland's Official Journal published Statutory Instrument (S.I.) No. 277 of 2026, which brings the Credit Review Act 2026 into operation on September 1, 2026. The Minister for Finance, exercising powers conferred under section 1(2) of the Credit Review Act 2026 (No. 1 of 2026), issued the commencement order to activate the legislation. The Credit Review Act 2026 represents a significant development in Irish credit regulation, though the Official Journal entry does not detail the specific provisions or regulatory objectives of the act. The commencement order establishes September 1, 2026, as the effective date when the act's provisions will take full effect across Ireland's financial sector. This statutory instrument is one of several regulatory developments published in the Official Journal on June 23, 2026. The same publication includes commencement orders for the Circular Economy and Miscellaneous Provisions Act 2022 (S.I. No. 278 of 2026) and the Property Services (Regulation) Act 2011 (Qualifications) Regulations 2026 (S.I. No. 279 of 2026), which comes into operation on July 1, 2028. Additionally, the Official Journal published regulations relating to international protection procedures, child care rules, and European Union restrictive measures concerning Ukraine. Stakeholders in Ireland's credit sector should prepare for the implementation of the Credit Review Act 2026, which takes effect on September 1, 2026. Copies of S.I. No. 277 of 2026 are available for purchase from Government Publications, Mountshannon Road, Kilmainham, Dublin, D08 XA06, at a cost of €1.50.

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Ireland's Minister for Finance Commences Credit Review Act 2026

On June 23, 2026, Ireland's Official Journal published Statutory Instrument (S.I.) No. 277 of 2026, which brings the Credit Review Act 2026 into operation. In exercise of the powers conferred on the Minister for Finance by section 1 (2) of the Credit Review Act 2026 , this Order appoints the day on which different sections of that Act come into operation: Part 1 (other than section 6), sections 8, 25, 28 and 29 come into operation on June 24, 2026. Section 6, Part 2 (other than section 8), Part 3 (other than sections 25, 28 and 29), Part 4 and Part 5 come into operation on July 1, 2026.
3266725 pc Jun 25, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Issues Draft Guidance on Regulatory Principles for Model Risk Management

On June 24, 2026, the Reserve Bank of India (RBI) released draft guidance on regulatory principles for model risk management for public consultation. The guidance applies to commercial banks, small finance banks, payments banks, local area banks, regional rural banks, urban and rural co-operative banks, all-India financial institutions, non-banking financial companies, asset reconstruction companies, and credit information companies. The RBI developed this guidance following its August 5, 2024 draft on regulatory principles for management of model risks in credit and the August 13, 2025 report of the Committee on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI). The guidance addresses the significant expansion in model usage across regulated entities, particularly the increasing deployment of artificial intelligence and machine learning (AI/ML) models in business and decision-making processes. The RBI recognises that weaknesses in governance, oversight, risk management, and controls related to model usage expose regulated entities to financial, operational, compliance, and reputational risks. The new guidance provides holistic regulatory expectations for model risk management across the entire model lifecycle and applies to all models used by regulated entities, including third-party models and those employing AI/ML technologies. Regulated entities, members of the public, and other stakeholders may submit comments on the draft guidance by July 24, 2026. Responses can be submitted through the Connect 2 Regulate section on the RBI's website or sent by email to the Chief General Manager, Operational Risk Group, Department of Regulation, at the RBI's Central Office in Mumbai, with the subject line "Feedback on Guidance on Regulatory Principles for Model Risk Management." REFERENCES: Reserve Bank of India Press Release: https://www.rbi.org.in/

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Reserve Bank Of India Seeks Feedback on Draft Guidance on Regulatory Principles for Model Risk Management

The Reserve Bank of India (RBI) has is seeking feedback on its Draft Guidance on Regulatory Principles for Model Risk Management, 2026. The draft guidance contains: New definitions for key terms including "Model", "Model Risk", "Decommissioning", "Explainability", and specific roles such as "Model Approver", "Model Developer", "Model Owner", and "Model Validator". Principles prescribing the establishment of a Board-approved Model Risk Management Framework (MRMF) for all regulated entities (REs), ensuring comprehensive oversight through three lines of defense: model owners, independent validators, and internal audit. Specific rules governing a risk-based tiering system, mandating that models be classified based on their materiality and complexity, with 'high' risk models requiring explicit approval from the Risk Management Committee of the Board (RMCB). Provisions outlining the necessity for an accurate, up-to-date inventory of all active, inactive, and decommissioned models, which must be retained for at least ten years post-decommissioning. Directives for models employing Artificial Intelligence (AI) and Machine Learning (ML), demanding enhanced controls for transparency and explainability, and establishing strict human oversight mechanisms, including 'kill switches' and 'human-in-the-loop' arrangements, particularly for generative AI facing customers. Administrative measures specifying that REs must independently validate third-party models and ensure contractual access to minimum technical documentation and audit rights. Feedback may be submitted via the RBI's Connect2Regulate platform by July 24, 2026.
3267840 pc Jun 25, 2026 kgurnani Australia Reserve Bank of Australia financial services
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Reserve Bank of Australia Commences Review of Payments System Regulation

On June 25, 2026, the Reserve Bank of Australia (RBA) commenced its Review into Payments System Regulation and released an Issues Paper inviting stakeholder views on which payments policy issues should be prioritised. The review follows amendments to the Payment Systems (Regulation) Act 1998 that expanded the legislation's coverage to additional payment systems and their participants. The RBA is examining potential regulatory concerns arising from significant innovation and change in Australia's payments landscape. While these developments offer potential benefits—including greater convenience, improved safety, new market entrants, and lower costs for end users—they may also create risks for competition, efficiency, and financial safety. The Issues Paper identifies several key areas for consultation: merchant choice of payment methods and providers; account-to-account payments and their competition with card payments; mobile wallets, non-designated card networks, and buy now, pay later services; and cryptography and fraud prevention. The review aims to ensure the RBA's payments system regulation continues to promote the public interest. Stakeholders can submit written responses to the Issues Paper by August 7, 2026. The RBA will use evidence gathered through this consultation to prioritise issues and determine whether regulatory action is warranted and what form it should take. The RBA intends to publish a list of regulatory priorities by the end of 2026 and commence further consultation on prioritised issues by mid-2027. REFERENCES: Reserve Bank of Australia Media Release 2026-17, "Review of Payments System Regulation" (June 25, 2026): https://www.rba.gov.au/media-releases/2026-06-25-review-of-payments-system-regulation.html

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Reserve Bank of Australia Commences Review of the Payments System Regulation

On June 25, 2206, the Reserve Bank of Australia (RBA) opened a broad review of payments system regulation in the form of an issues paper. The paper seeks stakeholder evidence on whether the RBA should prioritise further regulatory action across parts of the payments ecosystem. The review follows amendments to the Payment Systems (Regulation) Act 1998 made in December 2025, which expanded the coverage of the RBA’s payments regulatory powers to additional payment systems and participants. The RBA’s focus is on whether regulation is needed to promote competition, efficiency and financial safety in a payments market that is changing quickly through mobile wallets, online payments, account-to-account payments, integrated platforms, tokenisation, Buy Now Pay Later (BNPL) and AI-enabled payments. The topics covered under this paper are: 1. Merchant choice and least-cost routing: The RBA is exploring whether merchants have enough control over which payment methods, payment providers and debit networks are used. 2. Integrated platforms and bundled payment services: The RBA is examining whether large e-commerce and point-of-sale platforms restrict merchant choice by bundling payments with other services. The concern is that platforms may favour their own or preferred payments provider, make it harder or more expensive to use alternative PSPs, or create switching barriers for merchants. 3. Tokenisation and switching barriers: The paper recognises that tokenisation improves card-payment security by replacing sensitive card numbers with tokens, but says token portability remains a problem. Tokens are often tied to a specific merchant, PSP or gateway, which can make it hard for merchants to switch PSPs without asking customers to re-enter card details. The RBA is asking whether further regulatory action is needed to improve token portability and reduce barriers to switching. 4. AI agents in e-commerce payments: The RBA flags AI agents as an emerging payments issue. Its concern is that AI-enabled purchasing tools could choose payment methods or card networks in ways that affect merchant costs, routing choice, liability, disputes and fraud risk. The paper is exploratory, but this is notable because it brings agentic commerce into the payments regulatory perimeter discussion. 5. Mobile wallets: The RBA is considering whether mobile wallet providers raise competition or efficiency concerns. Issues include access to NFC technology, mobile wallet fees, contract terms that prevent fee disclosure, and possible restrictions on issuers developing or steering customers to competing payment methods. The paper also notes that mobile wallets could support innovation, including future in-person account-to-account payments. 6. Non-designated card networks: The review considers whether card networks outside the RBA’s current designation framework should be regulated. This includes American Express, as a three-party network, and other non-designated networks such as JCB and UnionPay. TBuy Nhese networks are not subject to the same interchange regulation as designated four-party schemes, which may affect merchant costs and competition. 7. BNPL: The RBA is asking whether there is a case for payments-specific regulation of buy now, pay later providers. Concerns include higher merchant fees compared with cards, market concentration, no-surcharge rules, and limited transparency of merchant fees. 8. Account-to-account payments: The paper looks at the future of A2A payments, including Bulk Electronic Clearing System (BECS) and the New Payments Platform. The RBA highlights access issues for smaller institutions and non-bank PSPs, the need for standardisation and interoperability, and whether A2A payments can compete more effectively with cards in online and in-person retail settings. This is linked to the broader work on the future of BECS, after AusPayNet removed the previous 2030 target date for BECS decommissioning. 9. Cryptography and card fraud: The RBA is also looking at payments safety and resilience. It raises the need to strengthen cryptography because of advances in computing, including future quantum-computing risks. The RBA is asking whether stronger authentication should be considered for overseas merchant transactions. Submissions are due by 7 August 2026. The RBA expects to publish non-confidential submissions by the end of August 2026, engage with stakeholders in August and September 2026, publish regulatory priorities by the end of 2026, consult on prioritised issues by mid-2027, and announce conclusions in 2028.
3269738 pc Jun 25, 2026 csoo United Kingdom Bank of England horizon scanning
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United Kingdom's Bank of England Launches Consultation on Design of Future Retail Payments Infrastructure

On June 25, 2026, the Bank of England (the Bank) published a consultation paper on the design of the United Kingdom's next-generation retail payments infrastructure. The consultation, led by the Retail Payments Infrastructure Board (RPIB), seeks stakeholder views on how a new core clearing and messaging infrastructure could support a wide range of payment journeys while achieving the strategic outcomes set out in the Payments Vision Delivery Committee (PVDC) Strategy. The RPIB proposes that the core infrastructure should support both existing payment journeys—including single immediate payments, batch payments, and recurring or scheduled payments—and new emerging journeys such as account-to-account payments at the point of sale (A2A at PoS), instant payments via aliases, programmable payments, and agentic payments. The infrastructure would also enable interoperability across different forms of digital money, including potential future forms such as a digital pound. The consultation identifies six design principles to guide infrastructure development: platform for innovation and competition, open access, common utilities and common standards, security and resilience, performance and scalability, and protection from fraud and wider financial crime. The RPIB proposes a layered conceptual architecture for the retail payments ecosystem, comprising end-user, access, product, core infrastructure, settlement, services, and scheme and standards layers. The consultation addresses cross-cutting issues including interoperability between different forms of money, settlement frequency and liquidity implications, consumer protection and fraud prevention, and enabling priority payment journeys such as A2A at PoS and cross-border payments. The consultation period closes on September 11, 2026. Responses can be submitted via web form, email to RetailPaymentsCPResponses2026@bankofengland.co.uk, or by post to the Bank of England.

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UK's Retail Payments Infrastructure Board Consults on the Design of the Future Retail Payments Infrastructure

On June 25, 2026, the Retail Payments Infrastructure Board (RPIB) launched its consultation on the design of the future retail payments infrastructure. The RPIB has a key role in translating the public policy objectives of the National Payments Vision, and Payments Vision Delivery Committee (PVDC) into a design for the next-generation infrastructure. This consultation seeks to gather views on the design of the UK’s next-generation retail payments infrastructure. It sets out initial thinking on how a core clearing and messaging infrastructure could support a wide range of payment journeys, and invites views on priorities, trade-offs and key design choices The consultation has explored what the core infrastructure must achieve from three complementary perspectives intended to be considered alongside each other: Future payment journeys Design principles The wider payments ecosystem This consultation is a key milestone in the RPIB’s design work. It will inform the RPIB’s work in finalising a high‑level design for the core infrastructure, which the DeliveryCo will take forward later this year. The consultation deadline is the September 11, 2026, responses can be made through the dedicated webform or by email to RetailPaymentsCPResponses2026@bankofengland.co.uk.
3268608 pc Jun 25, 2026 pthandapani Singapore Singapore Statutes Online RSS Feed horizon scanning
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Singapore's Monetary Authority Amends Recognition Order for Securities Exchanges

On June 24, 2026, Singapore's Monetary Authority of Singapore (MAS) published an amendment to the Securities and Futures (Recognised Securities Exchange) Order 2018 in the Subsidiary Legislation Supplement. The amendment, which comes into operation on June 26, 2026, adds two Chinese securities exchanges to the schedule of recognised securities exchanges under the Securities and Futures Act 2001 (SFA). The amendment inserts two new items into the Schedule of the Securities and Futures (Recognised Securities Exchange) Order 2018: the Shanghai Stock Exchange and the Shenzhen Stock Exchange. These additions expand the list of recognised securities exchanges that market participants in Singapore may conduct business with under the SFA framework. Recognition as a securities exchange under the SFA permits these exchanges to operate in Singapore's securities market and facilitates cross-border securities trading activities between Singapore and these Chinese exchanges. The amendment reflects Singapore's continued efforts to integrate with regional financial markets and enhance market access for investors and intermediaries. By recognising these two major Chinese exchanges, MAS enables Singapore-based financial institutions and investors to engage more directly with Chinese securities markets while maintaining regulatory oversight and compliance standards. The amendment was made by Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, on June 21, 2026. The order is effective immediately upon publication and applies to all market participants conducting securities trading activities involving the Shanghai Stock Exchange and Shenzhen Stock Exchange. REFERENCES: Securities and Futures (Recognised Securities Exchange) (Amendment) Order 2026, Singapore Statutes Online, https://sso.agc.gov.sg/

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Monetary Authority Of Singapore Amends Recognition Order for Securities Exchanges

The Monetary Authority of Singapore (MAS) has issued an amendment to its order on recognised security exchanges. The amendment adds the Shanghai Stock Exchange and Shenzen Stock Exchange to the list of recognised exchanges. The amendments takes effect on June 26,2026.
3261821 pc Jun 25, 2026 pthandapani Indonesia Bank Indonesia financial services
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Indonesia's Bank Indonesia Amends Foreign Exchange Monitoring Rules for Outbound Transfers

On June 18, 2026, Bank Indonesia published Regulation of Governing Board Members Number 13 of 2026, amending its foreign exchange monitoring framework. The regulation modifies the fourth amendment to Regulation of Governing Board Members Number 21/28/PADG/2019 concerning monitoring of foreign exchange activities by banks and customers. The regulation lowers the documentation threshold for outbound foreign currency transfers. Previously, banks were required to obtain supporting documents for transfers exceeding USD50,000. Under the new rules, this threshold decreases to USD25,000, effective July 1, 2026. The amendment aims to strengthen monitoring of foreign exchange activities to ensure transactions reflect genuine economic activity and minimise speculative behaviour. Bank Indonesia, operating under Law Number 24 of 1999 on Foreign Exchange and Exchange Rate Systems, requires this enhanced monitoring to formulate monetary policy, support payment system oversight, and maintain financial system stability. The data collected also supports compilation of balance of payments statistics, international investment position statistics, and other economic indicators. The regulation establishes a transitional arrangement for outbound transfers valued between USD25,000 and USD50,000 conducted between July 1, 2026 and July 31, 2026, during which banks must comply with the new supporting documentation requirements. The regulation becomes effective on July 1, 2026. Supporting documentation requirements apply to all outbound foreign currency transfers exceeding the new USD25,000 threshold from this date forward. REFERENCES: Bank Indonesia. Peraturan Anggota Dewan Gubernur Nomor 13 Tahun 2026. Available at: https://www.bi.go.id/en/publikasi/peraturan/Pages/Peraturan-Anggota-Dewan-Gubernur-Nomor-13-Tahun-2026.aspx

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Bank Indonesia Amends Foreign Exchange Monitoring Rules for Outbound Transfers

Bank Indonesia has issued Regulation No. 13 of 2026, marking the fourth amendment to the Regulation of the Members of the Board of Governors (PADG) No. 21/28/PADG/2019 concerning the Monitoring of Foreign Exchange Traffic Activities of Banks and Customers. The amended regulation contains: Revised thresholds for mandatory documentation, requiring customers to provide underlying supporting documents for outgoing foreign exchange fund transfers with a value exceeding US$ 25,000 (previously US$50,000). Specific rules mandating that banks must ensure the completeness of these supporting documents before accepting and processing the fund transfer orders. Provisions outlining acceptable forms of supporting documentation, which include invoices for goods and services, loan contracts indicating interest or principal obligations, agreements for royalty payments, general meeting of shareholders (GMS) documents showing dividend obligations, and employment contracts. Administrative measures establishing a transition period, allowing transfers between US$ 25,000 and US$ 50,000 conducted from July 1 to July 31, 2026, to be supported by a simple letter stating the date, amount, and reason, with full documentation required to be completed by October 31, 2026. Directives exempting certain transactions from this documentation requirement, specifically those conducted by a bank for its own interests or transfers made by the same customer between their own domestic accounts. The regulation takes effect on July 1, 2026.
3269123 pc Jun 25, 2026 kgurnani Australia Australian Securities and Investments Comission financial services
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Australian Securities and Investments Commission Extends No-Action Position for Digital Asset Businesses to September 30, 2026

On December 19, 2024, the Australian Securities and Investments Commission (ASIC) extended its sector-wide no-action position for digital asset businesses to September 30, 2026, providing an additional three months for firms to apply for or vary an Australian Financial Services (AFS) licence. ASIC has also expanded the scope of its no-action position to encompass digital asset businesses operating under, or entering into, authorised representative arrangements with an AFS licence holder, and those operating under, or entering into, intermediary authorisation arrangements with an AFS licence holder. The extension and expanded scope apply equally to firms requiring an Australian Market Licence or Clearing and Settlement facility licence, which must notify ASIC in writing of their intention to apply and hold a pre-meeting with ASIC. ASIC's decision reflects a pragmatic response to industry transition challenges and supports an orderly path to licensing while maintaining focus on investor protection and market integrity. Since October 2025, following ASIC's updates to Information Sheet 225 Digital Assets: Financial Products and Services (INFO 225), ASIC has received approximately 30 licence applications from digital asset businesses. The updated guidance clarifies how existing laws apply to digital assets and related products, strengthening investor protections and providing firms with greater certainty to operate and innovate. ASIC's position that financial product definitions in current law are broad and technology neutral was recently confirmed by the High Court. Digital asset businesses transitioning to the new licensing regime can contact ASIC at fintech@asic.gov.au. ASIC's updated class no-action letter for digital asset businesses outlines the full scope and conditions of the extended no-action position. The extension aligns with and supports the government's broader Digital Asset Framework reforms and ASIC's 18-month roadmap for the implementation of digital assets law reform.

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Australian Securities and Investments Commission Extends No-Action Position for Digital Asset Businesses to September 30, 2026

On June 25, 2026, the Australian Securities and Investments Commission (ASIC) extended its sector-wide no-action position for digital asset businesses to September 30, 2026, providing an additional three months for firms to apply for an Australian Financial Services (AFS) licence. ASIC has also expanded the scope of its no-action position to encompass digital asset businesses operating under, or entering into, authorised representative arrangements with an AFS licence holder, and those operating under, or entering into, intermediary authorisation arrangements with an AFS licence holder. The extension and expanded scope apply equally to firms requiring an Australian Market Licence or Clearing and Settlement facility licence, which must notify ASIC in writing of their intention to apply and hold a pre-meeting with ASIC.
3267169 pc Jun 25, 2026 adavies Norway Financial Supervisory Authority horizon scanning
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Norway's Financial Supervisory Authority Proposes Changes to Qualified Ownership Rules

On June 15, 2026, Norway's Financial Supervisory Authority (Finanstilsynet) submitted a draft consultation paper to the Ministry of Finance proposing amendments to rules governing qualified ownership stakes in financial undertakings. The Financial Supervisory Authority undertook this review at the Ministry of Finance's request, following the European Free Trade Association (EFTA) Court's judgment in case E-24/24, delivered on September 30, 2025. The draft consultation paper addresses potential legislative and regulatory changes required under the Financial Undertakings Act (finansforetaksloven), with particular focus on provisions relating to qualified ownership interests. The Financial Supervisory Authority's proposals include repealing Section 3-3, second paragraph of the Financial Undertakings Act, which currently requires that three-quarters of share capital in banks or insurance undertakings be subscribed through capital increases without pre-emptive rights for existing shareholders or other parties. This provision has been identified as requiring modification in light of the EFTA Court's decision. The Ministry of Finance is expected to formally launch a public consultation on the proposed amendments. Stakeholders, including financial institutions, industry bodies, and other interested parties, will have the opportunity to submit responses during the consultation period. The consultation will inform the development of final legislative proposals to amend the Financial Undertakings Act and related regulations governing qualified ownership structures in Norway's financial sector. REFERENCES: https://www.finanstilsynet.no/nyheter/utkast-til-horingsnotat-om-regler-for-kvalifiserte-eierandeler/

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Norway's Financial Supervisory Authority Proposes Changes to Qualified Ownership Rules

On June 24, 2026, Norway's Financial Supervisory Authority (FSA) submitted a draft consultation paper to the Ministry of Finance proposing amendments to rules governing qualified ownership stakes in financial undertakings. The Financial Supervisory Authority undertook this review at the Ministry of Finance's request, following the European Free Trade Association (EFTA) Court's judgment in case E-24/24, delivered on September 30, 2025. The draft consultation paper addresses potential legislative and regulatory changes required under the Financial Undertakings Act, with particular focus on provisions relating to qualified ownership interests. The Financial Supervisory Authority's proposals include repealing Section 3-3, second paragraph of the Financial Undertakings Act , which currently requires that three-quarters of share capital in banks or insurance undertakings be subscribed through capital increases without pre-emptive rights for existing shareholders or other parties. The Ministry of Finance is expected to formally launch a public consultation on the proposed amendments.
3266730 pc Jun 25, 2026 adavies European Union European Data Protection Board horizon scanning
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European Data Protection Board Launches Dedicated Form for Reporting GDPR Interpretation Inconsistencies

On June 24, 2026, the European Data Protection Board (EDPB) launched a dedicated contact form enabling stakeholders to report possible inconsistencies in how the General Data Protection Regulation (GDPR) is interpreted across Europe. The initiative aligns with commitments outlined in the EDPB Helsinki Statement on enhanced clarity, support and engagement, which aims to strengthen dialogue with stakeholders and ensure consistent GDPR enforcement throughout the European Union. The new tool allows stakeholders to report alleged divergences between national positions on GDPR interpretation, as well as between national positions and those of the EDPB itself. This mechanism addresses a key challenge in the regulatory landscape: ensuring uniform application of the GDPR across member states despite varying national approaches to data protection enforcement. The EDPB will not respond to individual submissions; instead, it will compile information received regularly and discuss findings at a high level by Board members to consider possible steps to improve consistency. This approach enables the EDPB to identify systemic patterns of divergence and develop targeted responses to address emerging inconsistencies in GDPR implementation. Stakeholders seeking to report GDPR interpretation inconsistencies should access the dedicated form through the EDPB's official channels. The initiative represents a significant step toward enhancing transparency and coordination among European data protection authorities, ultimately strengthening the regulatory framework for data protection across the EU.

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European Data Protection Board Launches Dedicated Form for Reporting GDPR Interpretation Inconsistencies

On June 24, 2026, the European Data Protection Board (EDPB) launched a dedicated contact form enabling stakeholders to report possible inconsistencies in how Regulation (EU) 2016/679 (General Data Protection Regulation – GDPR) is interpreted across Europe. The initiative aligns with commitments outlined in the EDPB Helsinki Statement on enhanced clarity, support and engagement, which aims to strengthen dialogue with stakeholders and ensure consistent GDPR enforcement throughout the European Union. The new tool allows stakeholders to report alleged divergences between national positions on GDPR interpretation, as well as between national positions and those of the EDPB itself. This mechanism addresses a key challenge in the regulatory landscape: ensuring uniform application of the GDPR across member states despite varying national approaches to data protection enforcement. The EDPB will not respond to individual submissions; instead, it will compile information received regularly and discuss findings at a high level by Board members to consider possible steps to improve consistency. This approach enables the EDPB to identify systemic patterns of divergence and develop targeted responses to address emerging inconsistencies in GDPR implementation.
3266720 pc Jun 25, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Amends Responsible Business Conduct Directions for Commercial Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks - Responsible Business Conduct) Third Amendment Directions, 2026. The amended directions contain: New definitions for key terms including "Card Not Present transaction", "Card Present transaction", "Electronic banking transaction (EBT)", "Fraudulent EBT", "Shadow reversal", "Third-party breach", "Unauthorised EBT", and the specific actions constituting negligence by a customer or a commercial bank. Regulations prescribing customer protection policies for fraudulent EBTs, stipulating that a customer has zero liability and is entitled to a transaction reversal if the fraud is due to the bank's negligence or if a third-party breach is reported within five calendar days. Specific rules mandating banks to send instant SMS alerts for all EBTs exceeding INR 500 (US$5.28), provide 24x7 reporting channels, and ensure complaints are processed and liability is established within 45 days for domestic frauds and 60 days for cross-border frauds. Provisions outlining a compensation mechanism for small value fraudulent EBTs up to INR 50,000 (US$528.15) caused by customer negligence, entitling a bona fide victim to 85 percent of the net loss or INR 25,000 (US$264.08) (whichever is less) once in their lifetime, provided it is reported within five days. Administrative measures detailing the cost-sharing ratio for this compensation such as the RBI bearing 65 percent, the customer's bank 10 percent, and the beneficiary bank 10 percent for losses under INR 29,412 (US$310.68), and establishing a quarterly reimbursement claim process with the RBI. Directives requiring banks to establish a monitoring mechanism for periodic reporting of fraudulent EBT complaints to the Board or its designated committee, and prohibiting the levying of charges on customers for mandatory SMS alerts. The amendments take effect on January 1, 2027.
3268161 pc Jun 25, 2026 tojuri Greece Hellenic Banks Association horizon scanning
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Greece's Hellenic Banks Association Announces Amendments to TARGET-GR Payment System Operating Rules

On June 17, 2026, the Hellenic Banks Association published amendments to the operating rules of the TARGET-GR system (Σύστημα Ταχείας Μεταφοράς Κεφαλαίων και Διακανονισμού σε Συνεχή Χρόνο). The amendments were adopted through Decision 137/4.6.2026 of the Monetary Policy Council of the Bank of Greece and published in the Official Journal of the Hellenic Republic (ΦΕΚ Β' 3400) on June 15, 2026. The amendments introduce modifications to the TARGET-GR system's operational framework, which facilitates rapid capital transfer and real-time settlement. The changes are being implemented in two phases to allow market participants adequate time for system adjustments and compliance. The first tranche of amendments became effective on June 15, 2026, affecting specific operational articles including provisions on system access, transaction processing, and participant obligations. The second tranche of amendments will take effect on November 14, 2026, introducing more substantial operational changes across multiple areas of the system's functioning, including settlement procedures, participant requirements, and system governance provisions. TARGET-GR serves as Greece's critical payment infrastructure, enabling financial institutions to conduct high-value transactions and settlements in real time. The amendments reflect evolving operational requirements and regulatory standards within Greece's banking system. All payment system participants, including credit institutions operating in Greece, should review the amended operating rules to ensure full compliance with the new requirements. The complete text of Decision 137/2026 and detailed amendments are available in the Official Journal publication ΦΕΚ Β' 3400.

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Bank of Greece Publishes Amendments to TARGET-GR Payment System Operating Rules

The Bank of Greece has officially published Act No. 137/4.6.2026, which amends the Operating Regulation of the Rapid Capital Transfer and Settlement System in Continuous Time TARGET-GR. The modifications implement updates set out in the European Central Bank (ECB) Guideline BCE/2026/11 and introduce several substantive changes to TARGET participation rules. Participants may now automate liquidity transfers between their main accounts and designated accounts when minimum or maximum thresholds are breached. The modifications clarify that entities subject to restrictive measures adopted by the European Council or by EU member states are ineligible to participate. From November 14, 2026, TIPS (TARGET Instant Payment Settlement) will support payments under the European Payments Council's One-Leg Out immediate transfer scheme. The changes are being implemented in two phases to allow market participants adequate time to make system adjustments and comply. The first tranche of amendments became effective on June 15, 2026, affecting specific operational articles, including provisions on system access, transaction processing and participant obligations. The second tranche of amendments will take effect on November 14, 2026, introducing more substantial operational changes across multiple areas of the system's functioning, including settlement procedures, participant requirements and system governance provisions.
3264235 pc Jun 25, 2026 kgurnani Australia Federal Register of Legislation horizon scanning
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Australia's Prudential Regulation Authority Determines Supervisory Levies for Financial Institutions

On June 23, 2026, the Australian Prudential Regulation Authority (APRA) published the Australian Prudential Regulation Authority Supervisory Levies Determination 2026, which sets out the supervisory levy obligations for regulated entities across multiple financial sectors. The determination applies to authorised deposit-taking institutions, life insurance providers, general insurance providers, superannuation funds, retirement savings account providers, private health insurers, and authorised non-operating holding companies. APRA uses supervisory levies to recover the costs of regulating these entities and maintaining prudential oversight of the financial system. The levies are imposed under eight separate legislative instruments: the Australian Prudential Regulation Authority Act 1998, the Private Health Insurance Supervisory Levy Imposition Act 2015, the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998, the General Insurance Supervisory Levy Imposition Act 1998, the Authorised Deposit-taking Institutions Supervisory Levy Imposition Act 1998, the Life Insurance Supervisory Levy Imposition Act 1998, the Superannuation Supervisory Levy Imposition Act 1998, and the Authorised Non-operating Holding Companies Supervisory Levy Imposition Act 1998. The determination came into force on June 23, 2026, and is administered by the Department of the Treasury. Regulated entities should review the determination to understand their specific levy obligations for the relevant financial year. The legislative instrument and accompanying explanatory statement are available on the Federal Register of Legislation website. REFERENCES: Federal Register of Legislation. Australian Prudential Regulation Authority Supervisory Levies Determination 2026. Available at: https://www.legislation.gov.au/

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Australian Prudential Regulation Authority Releases Supervisory Levies Determination 2026

On June 23, 2026, the Australian Prudential Regulation Authority Released the Supervisory Levies Determination 2026. It sets the APRA supervisory levy amounts and calculation rules for the 2026–27 financial year, starting 1 July 2026. It also repeals the 2025 determination. The determination applies to Authorised Deposit-taking Institutions (ADIs), including banks, foreign ADIs, and ADI providers of purchased payment facilities, among other types of entities. Key features of the determination are: 85.2% of levy money paid to APRA is credited to the APRA Special Account. For Commonwealth costs, most levy classes are set at nil, except the superannuation supervisory levy, where A$44m is payable to the Commonwealth. For ADIs, the minimum restricted levy is A$22,500. The maximum restricted levy is: A$1.7m for foreign ADIs. A$1.7m for ADI providers of purchased payment facilities. A$8.5m for other ADIs. A$1.7m for foreign ADIs. A$1.7m for ADI providers of purchased payment facilities. A$8.5m for other ADIs. Authorised non-operating holding companies pay a fixed levy of $45,000. The levy base is generally calculated by reference to reported assets or relevant reporting standards.
3266992 pc Jun 25, 2026 adavies Iceland All regulations, laws, and circulars financial services
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Iceland's Central Bank Publishes Rules on Virtual Asset Markets

On June 24, 2026, the Central Bank of Iceland (Seðlabanki Íslands) published rules governing virtual asset markets under regulation number 714/2026. The rules establish the regulatory framework for virtual asset activities in Iceland, complementing the broader legislative and regulatory structure for virtual asset market oversight. The rules operate alongside the Law on Virtual Asset Markets (101/2025) and Regulation on Virtual Asset Markets (420/2026), which establish the primary legal and regulatory requirements for market participants. The Central Bank's rules provide detailed operational guidance and requirements for entities operating in Iceland's virtual asset sector, including crypto-asset service providers and related market participants. The rules address key regulatory areas including market conduct, operational standards, and compliance obligations for virtual asset market participants. These requirements apply to all entities engaged in virtual asset activities within Iceland's jurisdiction, ensuring consistent regulatory standards across the sector. The rules took effect on June 24, 2026. Market participants and service providers operating in Iceland's virtual asset markets must ensure compliance with the Central Bank's requirements alongside existing legislative and regulatory obligations. **References:** Central Bank of Iceland, Rules on Virtual Asset Markets, Regulation 714/2026, June 24, 2026, available at https://island.is/stjornartidindi/nr/8872789f-d972-489b-a0ca-7fa81c9ac682

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Icelandic Government Publishes Rules on Virtual Asset Markets

On June 24, 2026, the Icelandic government published the rules on the market for virtual assets in the official gazette. The rules further implement Act No. 101/2025 on virtual asset markets which itself implements Regulation (EU) 2023/1114 (Markets in Crypto-Assets – MiCA). Specifically, the rules implement 32 European regulations on MiCA. This includes: Commission Implementing Regulation (EU) 2024/2545. Commission Implementing Regulation (EU) 2024/2494. Commission Implementing Regulation (EU) 2024/2861. The rules enter into force immediately. It also repeals rules No. 332/2026 on Virtual Asset Markets .
3266860 pc Jun 25, 2026 tojuri Netherlands News and Media financial services
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Netherlands' Personal Data Protection Authority Seeks Feedback on Data Protection Impact Assessment Exemptions

On June 24, 2026, the Autoriteit Persoonsgegevens (AP), the Netherlands' personal data protection authority, launched a consultation seeking feedback on a preliminary list of data processing activities exempt from data protection impact assessment (DPIA) requirements. A DPIA, also known as a gegevensbeschermingseffectbeoordeling (GEB) in Dutch, is a tool organisations use to assess privacy risks before processing personal data. Organisations planning to process personal data that poses a high privacy risk—particularly when using new technologies—must conduct a DPIA to identify and mitigate potential risks. The AP has the authority to establish and publish a list of processing activities that do not require a DPIA, particularly for small and medium-sized enterprises (SMEs) and self-employed entrepreneurs in the Netherlands. This exemption list aims to reduce regulatory burden on smaller businesses while maintaining appropriate data protection standards. The AP is consulting with SMEs, self-employed entrepreneurs, experts, and other stakeholders to ensure the preliminary list aligns with practical business needs and accurately reflects which processing activities genuinely pose lower privacy risks. The consultation period closes on August 10, 2026. Interested parties can submit feedback by emailing st-mkb@autoriteitpersoonsgegevens.nl. Following the consultation, the AP will refine the list based on received input and publish a summary of responses (without identifying information). The revised list will then be submitted to the European Data Protection Board (EDPB) for advice. After receiving the EDPB's guidance, the AP will finalise the list, publish it in the Staatscourant (Dutch Official Journal) and on its website, at which point it becomes officially valid.

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Dutch Data Protection Authority Seeks Feedback on Data Protection Impact Assessment Exemptions

On June 24, 2026, the Dutch Data Protection Authority (AP) launched a consultation seeking feedback on a preliminary list of data processing activities exempt from data protection impact assessment (DPIA) requirements. A DPIA is a tool organisations use to assess privacy risks before processing personal data. Organisations planning to process personal data that poses a high privacy risk, particularly when using new technologies, must conduct a DPIA to identify and mitigate potential risks. The AP has the authority to establish and publish a list of processing activities that do not require a DPIA, particularly for small and medium-sized enterprises (SMEs) and self-employed entrepreneurs in the Netherlands. This exemption list aims to reduce regulatory burden on smaller businesses while maintaining appropriate data protection standards. The AP is seeking feedback from stakeholders on the preliminary list of exemptions to ensure that it aligns with practical business needs and accurately reflects which processing activities genuinely pose lower privacy risks. Feedback should be submitted by August 10, 2026, via email to st-mkb@autoriteitpersoonsgegevens.nl .
3266724 pc Jun 25, 2026 pthandapani India Reserve Bank of India horizon scanning
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Reserve Bank of India Further Amends Capital Adequacy Directions for Commercial Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks - Prudential Norms on Capital Adequacy) Tenth Amendment Directions, 2026. The amended directions contain: New criteria for key calculations including the computation of Net Open Position (NOP) and the capital charge for foreign exchange risk at both group and standalone levels. Regulations prescribing capital requirements for foreign exchange risk, stipulating that a bank must calculate the NOP on a continuous basis at the close of each business day and exclude positions deducted from regulatory capital. Specific rules mandating the use of a shorthand method to measure foreign exchange risk in a portfolio, requiring banks to convert the nominal amount of net positions in each foreign currency and gold into the reporting currency at spot rates. Provisions outlining an exemption mechanism for structural foreign currency investments, entitling a bank to exclude these from the NOP calculation provided the exclusion neutralizes capital ratio sensitivity and is maintained for at least six months. Administrative measures detailing the capital charge calculation—such as applying a 9% capital requirement to the overall Net Open Position—and establishing a quarterly recalculation process for structural exemptions based on the CET1 ratio. Directives requiring banks to capture all open positions from onshore and offshore operations in the NOP calculation, and prohibiting the application of forex risk capital requirements to securities that are non-performing or matured and unpaid. The amendments take effect on April 1, 2027.
3266522 pc Jun 25, 2026 tojuri Netherlands Official Gazette horizon scanning
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Netherlands Implements European Union Directive on Distance Financial Services Contracts

On April 8, 2026, the Netherlands enacted legislation implementing European Union Directive 2023/2673, which amends the Consumer Rights Directive 2011/83/EU regarding distance contracts for financial services. The Implementation Act for Distance Financial Services Contracts (Implementatiewet richtlijn op afstand gesloten overeenkomsten inzake financiële diensten) entered into force on June 19, 2026. The legislation modifies the Financial Supervision Act (Wet op het financieel toezicht), Book 6 of the Dutch Civil Code (Burgerlijk Wetboek), and the Consumer Protection Enforcement Act (Wet handhaving consumentenbescherming). Key amendments include establishing a standardised digital withdrawal mechanism for distance contracts concluded through online interfaces. Financial service providers must now display a clearly visible, easily accessible function enabling consumers to submit withdrawal declarations, with unambiguous labelling indicating the contract can be terminated through this function. The law expands consumer protections by requiring financial service providers to enable consumers to provide or confirm information within withdrawal declarations, including their name, contract identification details, and electronic contact information. Upon activation of the withdrawal function, providers must immediately confirm receipt on a durable data medium, specifying the declaration's content and submission date and time. Consumers are deemed to have exercised withdrawal rights within the applicable period if they submit the declaration before the deadline expires, with providers ensuring the function remains available throughout this period. The legislation also introduces a 12-month and 14-day extended withdrawal period for consumers who do not receive required information from financial service providers, and clarifies accessibility requirements for websites and mobile applications. Financial service providers must notify the Authority for Consumers and Markets (Autoriteit Consument en Markt) and the Financial Markets Authority (Stichting Autoriteit Financiële Markten) immediately if services fail to meet applicable accessibility standards, detailing non-conformities and corrective measures undertaken.

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Netherlands Publishes Implementation Act for Distance Financial Services Contracts

The Netherlands has officially adopted and published the Implementation Act for Distance Financial Services Contracts. The legislation implements Directive (EU) 2023/2673 with regard to contracts concluded at a distance for financial services by amending the Financial Supervision Act , Book 6 of the Dutch Civil Code and the Consumer Protection Enforcement Act . Key amendments include the establishment of a standardised digital withdrawal mechanism for distance contracts concluded through online interfaces. Financial service providers must now display a clearly visible, easily accessible function that enables consumers to submit withdrawal declarations, with unambiguous labelling indicating that the contract can be terminated through this function. The law expands consumer protections by requiring financial service providers to enable consumers to provide or confirm information within withdrawal declarations, including their name, contract identification details and electronic contact information. Upon activation of the withdrawal function, providers must immediately confirm receipt on a durable data medium, specifying the declaration's content and submission date and time. Consumers are deemed to have exercised withdrawal rights within the applicable period if they submit the declaration before the deadline, provided that providers ensure the function remains available throughout this period. The legislation also introduces a 12-month, 14-day extended withdrawal period for consumers who do not receive the required information from financial service providers and clarifies accessibility requirements for websites and mobile applications. The law enters into force on June 25, 2026.
3266715 pc Jun 25, 2026 pthandapani India Reserve Bank of India horizon scanning
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I appreciate your detailed instructions, but I must note that the source material provided contains only navigation elements and metadata from the Reserve Bank of India (RBI) website—specifically a notifications page listing archive dates and a reference to "Reserve Bank of India (Payments Banks - Responsible Business Conduct) Second Amendment Directions, 2026." The actual content of the Second Amendment Directions, 2026 is not included in the material provided. Without access to the substantive text of this directive—including its specific amendments, effective dates, applicability, and regulatory requirements—I cannot generate a factually accurate Horizon Scanning update that meets the standards outlined in your guidelines. To produce a compliant update, I would require: - The full text or substantive summary of the Second Amendment Directions, 2026 - Details of what is being amended from the original or first amendment directions - Effective dates and implementation timelines - Specific requirements or changes affecting payments banks - Any transitional provisions or compliance deadlines **Please provide the complete source document or content, and I will immediately generate a comprehensive Horizon Scanning update following all specified formatting, style, and structural requirements.**

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Reserve Bank of India Amends Responsible Business Conduct Directions for Payment Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Payments Banks - Responsible Business Conduct) Second Amendment Directions, 2026. The amended directions contain: New definitions for key terms including "Card Not Present transaction", "Card Present transaction", "Electronic banking transaction (EBT)", "Fraudulent EBT", "Unauthorised EBT", "Third-party breach", and the specific actions constituting negligence by a customer or a payments bank (PB). Regulations prescribing customer protection policies for fraudulent EBTs, stipulating that a customer has zero liability and is entitled to a transaction reversal if the fraud is due to the PB's negligence or if a third-party breach is reported within five calendar days. Specific rules mandating PBs to send instant SMS alerts for all EBTs exceeding INR500 (US$5.30), provide 24x7 reporting channels, and ensure complaints are processed and liability is established within 45 days for domestic frauds and 60 days for cross-border frauds. Provisions outlining a compensation mechanism for small value fraudulent EBTs up to INR50,000 caused by customer negligence, entitling a bona fide victim to 85 percent of the net loss or INR25,000 (US$264) (whichever is less) once in their lifetime, provided it is reported within five days. Administrative measures detailing the cost-sharing ratio for this compensation—such as the RBI bearing 65 percent, the customer's bank 10 percent, and the beneficiary bank 10 percent for losses under INR29,412 (US$311), and establishing a quarterly reimbursement claim process with the RBI. Directives requiring PBs to establish a monitoring mechanism for periodic reporting of fraudulent EBT complaints to the Board or its designated committee, and prohibiting the levying of charges on customers for mandatory SMS alerts. The amendments take effect on January 1, 2027.
3267305 pc Jun 25, 2026 tojuri International Financial Action Task Force horizon scanning
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Financial Action Task Force Launches Public Consultation on Payment Transparency Guidance

On June 24, 2026, the Financial Action Task Force (FATF) launched a public consultation on new guidance to support the implementation of strengthened FATF Standards on payment transparency. The consultation invites stakeholder feedback from financial institutions, payment system operators, civil society, and the research community on draft guidance supporting revised FATF Recommendation 16, which was agreed in June 2025. The revisions to FATF Recommendation 16 aim to strengthen the safety and security of the international payment system by increasing transparency of information accompanying cross-border payments and requiring the introduction of tools to protect against fraud and error. All countries worldwide are expected to be ready to implement the changes by the end of 2030. The FATF is particularly seeking input from emerging economies and lower-capacity jurisdictions. The consultation addresses several key implementation issues, including detecting and preventing misdirected payments through alignment checks, supporting financial inclusion in lower-capacity jurisdictions, applying Recommendation 16 to newer payment methods such as digital wallets and mobile money, and implementing the standard while meeting data protection and privacy requirements. FATF President Elisa de Anda Madrazo said the guidance will "better equip authorities and financial institutions to follow the money and disrupt harmful criminal activity." Stakeholders must submit responses by Friday, August 21, 2026, to FATF.Publicconsultation@fatf-gafi.org with the subject line "Comments of [author] on the draft R.16 Guidance." Submissions should include the organisation name, nature of business, and contact details. The FATF will share comments with FATF delegations but will not disclose contact information to third parties without consent. The draft guidance and explanatory memorandum are available for download on the FATF website.

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Financial Action Task Force Launches Public Consultation on Guidance on Recommendation 16

The Financial Action Task Force (FATF) has launched a public consultation on guidance to increase payment transparency. The guidance relates to the revisions to FATF’s Recommendation 16 (the Travel Rule), agreed in June 2025, which aim to strengthen the safety and security of the international payment system by increasing the transparency of information accompanying cross-border payments and requiring the introduction of tools to protect against fraud and error. Countries are expected to be ready to implement the changes by the end of 2030. The guidance aims to assist public and private-sector stakeholders in effectively implementing the requirements set out in Recommendation 16 through detailed explanations complemented by practical examples. FATF is seeking the views of stakeholders from across the industry, including financial institutions, payment system operators and emerging economies, on new guidance to support the implementation of strengthened FATF Standards on payment transparency when they come into effect. Feedback is requested on a range of issues, including whether the guidance provides sufficient clarity and support on: Detecting and preventing misdirected payments. Implementation that supports financial inclusion, including in lower-capacity jurisdictions. How Recommendation 16 applies to newer payment methods, such as digital wallets and mobile money. Implementing Recommendation 16 and meeting data protection and privacy requirements together. Feedback should be submitted by August 21, 2026, via email to FATF.Publicconsultation@fatf-gafi.org with the subject line <Comments of [author] on the draft R.16 Guidance>.
3263423 pc Jun 25, 2026 pthandapani Thailand Bank of Thailand horizon scanning
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Bank of Thailand Opens Consultation on Credit and Debit Card Service Governance Principles

On June 23, 2025, the Bank of Thailand (BOT) launched a public consultation on principles governing credit and debit card services and card network system selection. The consultation period runs until July 22, 2025. The BOT is seeking to modernise its regulatory framework for card services to reflect current market developments and support future innovation. The consultation aims to replace two existing BOT announcements issued on April 16, 2018: Bank of Thailand Announcement No. 12/2561 concerning debit card services issued and used domestically, and Bank of Thailand Announcement No. 13/2561 on chip card standards for domestic debit cards. The new principles will establish updated governance standards for credit and debit card services and card network selection. The BOT's objectives include enhancing service security, supporting innovation and new technologies in payment services, promoting fair competition, reducing barriers to market entry, and lowering costs for service users. The consultation recognises that payment options have expanded significantly, with new technologies such as digital wallets and encryption protocols now commonplace. The proposed principles aim to enable service providers to upgrade security measures, develop innovations, and adopt new technologies to meet diverse consumer payment needs while maintaining competitive market conditions. Stakeholders wishing to submit comments or suggestions should contact the BOT's Payment Systems Policy and Financial Technology Division at PSD-policyreg@bot.or.th, or by telephone at +66 2 283 5054, +66 2 283 6713, or +66 2 283 6892. All feedback received during the consultation period will be considered in finalising the governance principles.

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Bank of Thailand Opens Consultation on Credit and Debit Card Service Governance Principles

The Bank of Thailand (BOT) has issued a public consultation paper regarding the principles for regulating credit and debit card services and the selection of card networks. The proposed regulations contain: New definitions for key terms including "issuer", "acquirer", "payment facilitator", "local payment card network", and "inter-institution fund transfer system operator". Regulations prescribing standards for card issuance, mandating that issuers must utilize international security standards to prevent counterfeiting and data leaks while maintaining system interoperability. Specific rules governing the selection of card networks, establishing that issuers have the right to issue cards utilizing either a single network or multiple networks on the same card, and must not restrict merchants from freely choosing their preferred payment network. Provisions outlining fair fee structures, requiring that all service fees must be transparent, appropriate, and strictly aligned with actual costs, while explicitly prohibiting the collection of unnecessary fees or those not directly related to the service. Administrative measures stipulating that any local payment card network intending to outsource core functions, such as acting as a central hub for electronic payment data or providing clearing services which must notify the BOT at least 30 days before implementation. Feedback may be submitted via this link by July 22, 2026.
3266840 pc Jun 24, 2026 pdonofrio US Track 2 Ministry of Finance horizon scanning
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United States Office of Foreign Assets Control Removes Russia-Related Designations from Sanctions List

On June 24, 2026, the Office of Foreign Assets Control (OFAC) removed multiple individuals and entities from its Specially Designated Nationals (SDN) List, which identifies persons and organisations subject to United States sanctions. The removals included 12 Russian individuals linked to financial institutions and government entities, among them German Valentinovich Belous, Mikhail Vasilyevich Klyukin (linked to Sovcombank Open Joint Stock Company), and Irina Vladimirovna Kremleva, Viktor Andreevich Nikolaev, and Nadia Narimanovna Cherkasova (all linked to Public Joint Stock Company Bank Financial Corporation Otkritie). Ivan Vladimirovich Potanin, who was linked to Vladimir Olegovich Potanin, and Maxim Yuryevich Smirnov were also delisted. Additionally, OFAC removed two Russian-flagged vessels—the Vyacheslav Arshinov and the Gennady Egorov—which were linked to Joint Stock Company State Transportation Leasing Company. The delisting also encompassed three Turkish entities: Ida Asansor Sanayii Ve Ticaret Limited Sirketi (Ida Elevator Industry and Trade Limited Company) based in Malatya, and Dein Danismanlik Pazarlama Ve Ticaret Anonim Sirketi based in Istanbul. All individuals and entities removed were originally designated under Executive Order 14024, which authorises sanctions related to Russia. The removals represent a significant shift in OFAC's enforcement posture regarding Russia-related designations, though the specific rationale for the delisting decisions was not disclosed in the announcement. OFAC maintains the SDN List as the primary tool for implementing United States economic sanctions programmes. Parties conducting transactions must verify that counterparties do not appear on the SDN List or other OFAC sanctions lists to ensure compliance with applicable sanctions regulations.

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US Office of Foreign Assets Control Removes Russia-Related Designations

On June 24, 2026, the US Office of Foreign Assets Control (OFAC) removed multiple individuals and entities from its Specially Designated Nationals (SDN) list, which identifies targets subject to US sanctions. The removals include 12 Russian individuals linked to financial institutions and government entities. Additionally, OFAC removed two Russian-flagged vessels, as well as three other Turkish entities. All individuals and entities removed were originally designated under Executive Order 14024 , which authorizes sanctions related to Russia.
3268115 pc Jun 24, 2026 ataylor US Track 1 Consumer Financial Protection Bureau financial services
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Consumer Financial Protection Bureau Corrects Consumer Complaint Portal System Integrity and Effectiveness

On June 24, 2026, the Consumer Financial Protection Bureau (CFPB) announced multiple concrete actions to address longstanding flaws in its consumer complaint portal system. The CFPB stated that the portal has been plagued by issues severely limiting its effectiveness in addressing consumer complaints and the practical utility of complaint data. Credit reporting complaints represent the largest share of all complaints submitted to the CFPB. Complaint volume increased dramatically, from more than 150,000 credit or consumer reporting complaints in 2019 to more than five million in 2025—an increase of more than 3,700 percent. The CFPB identified multiple factors driving this surge, including credit repair organizations misusing the complaint process, social media influencers encouraging followers to submit complaints, adoption of artificial intelligence tools, and new businesses seeking to boost credit scores by disputing accurate information. The CFPB stated that without addressing these issues, it cannot rely upon complaint portal data as a reliable reflection of actual market conditions or consumer experiences. The CFPB is implementing six key changes. First, it issued a new Company Portal Manual providing clear guidance on closure categories to standardize data across credit reporting agencies (Equifax, Experian, and TransUnion). Second, the CFPB launched two-factor authentication and plans to implement address validation to enhance identity protections. Third, it is aligning the complaint process to statutory obligations under the Fair Credit Reporting Act (FCRA) by requiring consumers to exhaust dispute rights directly with consumer reporting agencies before submitting complaints to the CFPB. Fourth, the CFPB is collaborating with agencies to provide greater specificity on administrative response categories. Fifth, it is developing educational resources highlighting costs and risks of credit repair services. Finally, the CFPB is building application programming interfaces (APIs) to more efficiently share complaint information with companies and is redefining operational categories, distinguishing complaints awaiting action for more than 30 calendar days as backlog from routine work in progress.

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US Consumer Financial Protection Bureau Updates Consumer Complaint System

On June 24, 2026, the Consumer Financial Protection Bureau (CFPB) announced a series of steps it is taking to correct flaws to restore integrity and utility to the consumer complaint system. According to the press release announcing the changes, the CFPB found that the consumer complaint system was being abused by credit repair organizations, social media influencers, and AI tools, while the nationwide consumer reporting agencies (NCRAs), were not uniformly reporting how they respond to the growing number of complaints. The CFPB is now standardizing processes, enhancing identity protections, and aligning the system with statutory obligations under the Fair Credit Reporting Act (FCRA). Key actions announced by the CFPB include: Standardized complaint closure definitions: The CFPB issued a new Company Portal Manual providing clear guidance on how consumer reporting agencies should use response closure categories. This aims to ensure consistent data reporting across CRAs. Enhanced identity protections: The CFPB launched two-factor authentication for online accounts, requiring users who create online accounts to verify both their email address and mobile phone number. It also added clarifying text and new relationship categories to emphasize that third parties must disclose their involvement in the complaint process. Alignment with FCRA dispute obligations: The CFPB is aligning its complaint process to the FCRA statutory obligations. It added a notice, emphasizing that consumers must first exhaust their dispute rights directly with consumer reporting agencies before coming to the CFPB. The CFPB is also exploring adding an additional administrative response option so NCRAs can efficiently return complaints where the consumer has not exhausted their FCRA dispute obligations. Focus on substantive complaints and system efficiency: The CFPB is collaborating with NCRAs to clarify when to use administrative response categories and is exploring additional response categories, such as when a user appears to be abusing the complaint process. The CFPB is also implementing API technology to more efficiently share complaint information with companies. Defining Operational Categories : The CFPB is distinguishing routine work from complaints in the existing backlog to help ensure the CFPB can prioritize its work effectively and provide timely responses to consumers. The CFPB will continue to work with consumer reporting agencies to implement these reforms.
3264693 pc Jun 24, 2026 csoo Italy Bank of Italy horizon scanning
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Italy's Bank of Italy Amends Anti-Money Laundering Governance and Reporting Requirements

On June 7, 2024, the Bank of Italy (Banca d'Italia) issued amendments to its Provisions on Organisation, Procedures and Internal Controls for Anti-Money Laundering Purposes, originally adopted on March 26, 2019. The amendments implement Legislative Decree No. 231 of November 21, 2007, as modified by Legislative Decree No. 90 of May 25, 2017, which transposed the fourth Anti-Money Laundering Directive (4th AMLD). The amendments establish formal reporting requirements for intermediaries regarding the appointment and management of anti-money laundering responsible officers. Intermediaries must notify the Bank of Italy of the appointment of an anti-money laundering responsible officer within 20 days of acceptance of the position. For newly established intermediaries, the initial notification must occur within 30 days of receiving authorisation to conduct business. Intermediaries must also report any subsequent updates to the officer's status, including suspension or cessation of the role, within 20 days. The Bank of Italy introduced the requirement to appoint an anti-money laundering responsible officer through a previous amendment on August 1, 2023, with a deadline of June 30, 2026 for all intermediaries to complete this appointment. Intermediaries must submit notifications through the existing social bodies reporting procedure (Or.So.) established by the Bank of Italy's Communication of June 7, 2011, where applicable. If the Bank of Italy or the intermediary identifies reporting errors, corrections must be submitted as promptly as possible. For intermediaries with responsible officers already in position at the time of entry into force, notification to the Bank of Italy must occur within 20 days of the amendment's effective date. The amendment enters into force 15 days after publication in the Official Gazette of the Italian Republic.

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Bank of Italy Amends Anti-Money Laundering Governance and Reporting Requirements

On June 16, 2026, the Bank of Italy (Banca d'Italia) issued amendments to its Provisions on Organisation, Procedures and Internal Controls for Anti-Money Laundering Purposes , originally adopted on March 26, 2019. The amendments implement Legislative Decree No. 231 of November 21, 2007, as modified by Legislative Decree No. 90 of May 25, 2017, which transposed the fourth Anti-Money Laundering Directive (4th AMLD). The amendments establish formal reporting requirements for intermediaries regarding the appointment and management of anti-money laundering responsible officers. The Bank of Italy introduced the requirement to appoint an anti-money laundering responsible officer with a deadline of June 30, 2026, for all intermediaries to complete this appointment. Intermediaries must submit notifications through the existing social bodies reporting procedure: Intermediaries must notify the Bank of Italy of the appointment of an anti-money laundering responsible officer within 20 days of acceptance of the position. For newly established intermediaries, the initial notification must occur within 30 days of receiving authorisation to conduct business. Intermediaries must also report any subsequent updates to the officer's status, including suspension or cessation of the role, within 20 days. For intermediaries with responsible officers already in position at the time of entry into force, notification to the Bank of Italy must occur within 20 days of the amendment's effective date. The amendment enters into force 15 days after publication in the Official Gazette of the Italian Republic.
3266564 pc Jun 24, 2026 adavies European Union European Payments Council horizon scanning
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European Payments Council Publishes Updated Guidelines on Cryptographic Algorithms and Key Management

On June 24, 2026, the European Payments Council (EPC) released version 16.0.1 of its Guidelines on Cryptographic Algorithms Usage and Key Management (EPC342-08). The document provides comprehensive guidance to the European payments industry on algorithm selection, implementation, and key management practices for protecting sensitive financial data and transactions. The 2026 update reorganises the document structure to separate algorithm overviews, cryptographic primitives, constructions, implementation issues, and key management topics. A dedicated chapter addresses post-quantum cryptography (PQC) and the emerging threat of cryptographically relevant quantum computers (CRQCs). The guidance emphasises that while symmetric cryptography and hash functions remain secure against quantum threats, public key cryptography requires immediate attention due to the "Harvest Now Decrypt Later" threat, where adversaries may collect encrypted data today for decryption once quantum computers become available. Key recommendations include: AES remains the standard for new systems; TLS 1.3 should be enabled in all new systems with TLS 1.2 or higher enforced across all use cases; organisations should establish comprehensive cryptography inventories and implement cryptographic agility to enable algorithm migration; hybrid key establishment combining classical and post-quantum algorithms is advisable as a transitional strategy; and symmetric keys should be dedicated to single uses with appropriate key management controls. The update references recent developments including NIST's August 2024 standardisation of ML-KEM, ML-DSA, and SLH-DSA post-quantum algorithms, the EU Commission's Coordinated Implementation Roadmap for Post-Quantum Cryptography transition, and guidance from the UK National Cyber Security Centre on PQC preparation. The guidelines apply to payment service providers, security officers, risk managers, system engineers, and system designers implementing cryptographic mechanisms for retail and wholesale payment systems.

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European Payments Council Publishes Updated Guidelines on Cryptographic Algorithms and Key Management

On June 24, 2026, the European Payments Council (EPC) released version 16.0.1 of its Guidelines on Cryptographic Algorithms Usage and Key Management. The guideline is updated yearly and provides comprehensive guidance to the European payments industry on algorithm selection, implementation, and key management practices for protecting sensitive financial data and transactions. The 2026 update reorganises the document structure to separate algorithm overviews, cryptographic primitives, constructions, implementation issues, and key management topics. A dedicated chapter addresses post-quantum cryptography (PQC) and the emerging threat of cryptographically relevant quantum computers (CRQCs). The guidance emphasises that while symmetric cryptography and hash functions remain secure against quantum threats, public key cryptography requires immediate attention due to the "Harvest Now Decrypt Later" threat, where adversaries may collect encrypted data today for decryption once quantum computers become available.
3267752 pc Jun 24, 2026 arahman Kosovo Central Bank for the Republic of Kosovo (BQK) - News horizon scanning
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Central Bank for the Republic of Kosovo Launches Gender-Disaggregated Data Dashboard for Financial Inclusion

On June 24, 2026, the Central Bank for the Republic of Kosovo (CBK) officially launched the gender-disaggregated data Dashboard, a tool designed to enhance transparency and improve policymaking in financial inclusion with a focus on women's economic empowerment. The Dashboard addresses a statistical data gap in gender-disaggregated information within Kosovo's financial sector. Reporting of gender-disaggregated data began in July 2025, following the revision of the Manual for Reporting to the Credit Registry of Kosovo, which the CBK approved in June 2025. The initiative was developed under the WE Finance Code framework, an international programme currently implemented in more than 30 countries worldwide. The CBK leads Kosovo's implementation in cooperation with the European Bank for Reconstruction and Development (EBRD). The Dashboard enables monitoring of key financing indicators on a gender-disaggregated basis, including the number and value of loans, interest rates, non-performing loans, collateralization levels, and rejected loans. This data will help identify challenges and opportunities for improving women's access to finance and support the development of more informed and effective policies. The CBK presented the Dashboard during a panel discussion titled "Access to Finance for Women Entrepreneurs" at the "Women in Business – She Rises 2026" Conference, hosted by the Ministry of Industry, Entrepreneurship, Trade and Innovation. The event highlighted the importance of inter-institutional cooperation and financial sector engagement in supporting women entrepreneurs. The CBK remains committed to developing instruments and policies that promote financial inclusion and gender equality in line with international best practices and its Strategic Plan 2024-2028. The Dashboard is accessible at https://bqk-kos.org/wefinance/.

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Central Bank for the Republic of Kosovo Launches Gender-Disaggregated Data Dashboard for Financial Inclusion

On June 24, 2026, the Central Bank for the Republic of Kosovo (CBK) officially launched the gender-disaggregated data Dashboard, a tool designed to enhance transparency and improve policymaking in financial inclusion. The Dashboard addresses a statistical data gap in gender-disaggregated information within Kosovo's financial sector. Reporting of gender-disaggregated data began in July 2025, following the revision of the Manual for Reporting to the Credit Registry of Kosovo, which the CBK approved in June 2025. The initiative was developed under the WE Finance Code framework, an international programme currently implemented in more than 30 countries worldwide. The CBK leads Kosovo's implementation in cooperation with the European Bank for Reconstruction and Development (EBRD). The Dashboard enables monitoring of key financing indicators on a gender-disaggregated basis, including the number and value of loans, interest rates, non-performing loans, collateralization levels, and rejected loans. This data will help identify challenges and opportunities for improving women's access to finance and support the development of more informed and effective policies. The event highlighted the importance of inter-institutional cooperation and financial sector engagement in supporting women entrepreneurs. The CBK remains committed to developing instruments and policies that promote financial inclusion and gender equality in line with international best practices and its Strategic Plan 2024-2028.
3267726 pc Jun 24, 2026 arahman Russia Bank of Russia financial services
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Russia's Bank of Russia Announces New Housing Savings Account Financial Instrument

On June 24, 2026, the Bank of Russia announced the introduction of a new financial instrument designed to help citizens improve their housing conditions. The State Duma has adopted legislation establishing housing savings accounts (договор жилищных накоплений), which will take effect on January 1, 2027. Under the new framework, citizens can enter into housing savings agreements with banks to accumulate funds for housing improvements, including use as a down payment on mortgage loans. Housing savings accounts must be opened for a minimum three-year term with the option to make deposits at any time. Banks will accept deposits and pay interest at rates determined by contract. The extended savings period enables credit institutions to better assess borrowers' creditworthiness before extending housing improvement loans. Accumulated funds, including accrued interest, may be directed toward property purchases, participation in shared or individual housing construction, or used as a down payment for mortgage credit. After the accumulation period expires, account holders meeting the bank's criteria can obtain credit for the remaining amount needed to acquire property. Funds may also be transferred to another bank as a mortgage down payment or to repay existing credit obligations. Early contract termination is permitted without forfeiting interest after 18 months from conclusion. Accumulated funds with full interest can be withdrawn after 12 months if directed toward housing improvements or if the bank declines to extend credit upon maturity. In other early termination scenarios where funds are not directed to housing purposes, interest is paid at demand deposit rates unless the contract specifies higher rates. Deposits in housing savings accounts receive protection under the deposit insurance system up to 10 million rubles per bank.

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Central Bank of Russia Announces New Housing Savings Account Financial Instrument

On June 24, 2026, the Central Bank of Russia announced the introduction of a new financial instrument designed to help citizens improve their housing conditions. The State Duma has adopted legislation establishing housing savings accounts, which will take effect on January 1, 2027. Under the new framework, citizens can enter into housing savings agreements with banks to accumulate funds for housing improvements, including use as a down payment on mortgage loans. Housing savings accounts must be opened for a minimum three-year term with the option to make deposits at any time. Banks will accept deposits and pay interest at rates determined by contract. The extended savings period enables credit institutions to better assess borrowers' creditworthiness before extending housing improvement loans. Accumulated funds, including accrued interest, may be directed toward property purchases, participation in shared or individual housing construction or used as a down payment for mortgage credit. After the accumulation period expires, account holders meeting the bank's criteria can obtain credit for the remaining amount needed to acquire property. Funds may also be transferred to another bank as a mortgage down payment or to repay existing credit obligations. Early contract termination is permitted without forfeiting interest after 18 months from conclusion. Accumulated funds with full interest can be withdrawn after 12 months if directed toward housing improvements or if the bank declines to extend credit upon maturity. In other early termination scenarios where funds are not directed to housing purposes, interest is paid at demand deposit rates unless the contract specifies higher rates.
3262626 pc Jun 24, 2026 pthandapani India Reserve Bank of India horizon scanning
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India's Reserve Bank Issues Fourth Amendment Directions on Credit Facilities Linked to Payment Instruments

On June 23, 2026, the Reserve Bank of India (RBI) issued the Reserve Bank of India (Commercial Banks – Credit Facilities) Fourth Amendment Directions, 2026, amending the Commercial Banks – Credit Facilities Directions, 2025. The amendment introduces a new Chapter IIA addressing credit facilities linked to specific payment instruments, particularly pre-sanctioned credit lines offered through the Unified Payments Interface (UPI). The RBI issued the amendment to ensure regulatory consistency across banks offering credit products through UPI. This follows the RBI's September 4, 2023 circular permitting banks to enable transactions using the UPI system through pre-sanctioned credit lines with prior customer consent. The amendment clarifies that the prudential treatment of any underlying credit facility, including pre-sanctioned credit lines for payment transactions through UPI, shall be determined solely by the nature of the underlying credit facility and governed by applicable prudential norms, regardless of the delivery mode, channel, or payment instrument used. Under the new directions, any credit facility designed to be linked to a specific payment mode must have its terms and conditions included in the bank's credit policy and comply with all applicable regulatory requirements. The RBI clarified that only credit facilities otherwise permitted to be sanctioned by banks under extant regulations can be offered as part of such arrangements. The amendment applies to all commercial banks offering credit facilities linked to payment instruments and affects institutions providing pre-sanctioned credit lines through digital payment mechanisms. The directions took effect on June 23, 2026, and commercial banks must ensure compliance with the new prudential treatment requirements for credit facilities linked to specific payment instruments.

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Reserve Bank of India Issues Fourth Amendment Directions on Credit Facilities Linked to Payment Instruments for Commercial Banks

The Reserve Bank of India (RBI) has issued the Reserve Bank of India (Commercial Banks – Credit Facilities) Fourth Amendment Directions, 2026. The amended directions contain: Regulations prescribing the prudential treatment of underlying credit facilities, including pre-sanctioned credit lines for Unified Payments Interface (UPI) transactions, stipulating that they shall be solely determined by the nature of the underlying credit facility according to applicable prudential norms. Specific rules mandating that any credit facility designed to be linked to a specific payment mode must have its terms and conditions integrated into the bank's credit policy. Provisions outlining that only credit facilities currently permitted under extant regulations can be offered as part of these specific payment arrangements. Administrative measures clarifying that these instructions apply regardless of the mode, channel of credit delivery, type of payment instrument, or underlying technology used for disbursement, without derogating from any other payment mechanism laws. The amendments take immediate effect.
3269225 pc Jun 24, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Issues Enforcement Action Against Jyske Bank for Anti-Money Laundering Deficiencies

On June 24, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report following an anti-money laundering examination of Jyske Bank A/S conducted on November 27 and 28, 2025. The FSA conducted a risk-based inspection focusing on the bank's trade finance customers and transactions across several areas: customer due diligence, transaction monitoring, investigations and reporting, governance structures including business procedures and internal controls, and the bank's treatment of environmental crime risks within trade finance activities. The FSA identified significant deficiencies in the bank's anti-money laundering framework. The authority determined that Jyske Bank had insufficiently incorporated environmental crime risks into its anti-money laundering measures, despite environmental crime being identified as a material risk in Denmark's 2022 National Risk Assessment. The bank's risk assessment for anti-money laundering does not address environmental crime or associated risks. Additionally, the bank's trade finance procedures and red flag indicators—designed to trigger further transaction scrutiny—do not reference environmental crime indicators or risks. The FSA found the bank failed to assess environmental crime risks when collecting and processing customer information, despite customers' exposure to such risks through their industry sectors and geographic operations. The inspection resulted in one enforcement order and one reprimand. The FSA issued a mandatory order requiring the bank to revise its risk assessment to adequately incorporate environmental crime risks through customer activities and business models, and to ensure sufficient focus on environmental crime within its anti-money laundering procedures, trade finance processes, red flag lists, and customer due diligence collection. The FSA also issued a reprimand for excessive delays in processing transaction monitoring alerts between September 2024 and May 2025, which increased the risk that the bank failed to timely report suspicious transactions to the Money Laundering Secretariat.

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Denmark's Financial Supervisory Authority Issues Remedial Action Order Against Jyske Bank for Anti-Money Laundering Deficiencies

On June 24, 2026, Denmark's Financial Supervisory Authority (FSA) published an inspection report following an anti-money laundering (AML) examination of Jyske Bank A/S conducted on November 27 and 28, 2025. The FSA conducted a risk-based inspection focusing on the bank's trade finance customers and transactions across several areas: customer due diligence, transaction monitoring, investigations and reporting, governance structures including business procedures and internal controls, and the bank's treatment of environmental crime risks within trade finance activities. The FSA identified significant deficiencies in the bank's AML framework. The authority determined that Jyske Bank had insufficiently incorporated environmental crime risks into its AML measures, despite environmental crime being identified as a material risk in Denmark's 2022 National Risk Assessment. The bank's risk assessment for AML does not address environmental crime or associated risks. Additionally, the bank's trade finance procedures and red flag indicators, designed to trigger further transaction scrutiny, do not reference environmental crime indicators or risks. The FSA found the bank failed to assess environmental crime risks when collecting and processing customer information, despite customers' exposure to such risks through their industry sectors and geographic operations. The inspection resulted in one enforcement order and one reprimand. The FSA issued a mandatory order requiring the bank to revise its risk assessment to adequately incorporate environmental crime risks through customer activities and business models, and to ensure sufficient focus on environmental crime within its anti-money laundering procedures, trade finance processes, red flag lists and customer due diligence collection. The FSA also issued a reprimand for excessive delays in processing transaction monitoring alerts between September 2024 and May 2025, which increased the risk that the bank failed to timely report suspicious transactions to the Money Laundering Secretariat.
3269117 pc Jun 24, 2026 arahman Albania News – Financial Intelligence Agency financial services
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Albania's Financial Intelligence Agency Consults Microcredit Sector on Anti-Money Laundering and Counter-Terrorism Financing Draft Law

Albania's Financial Intelligence Agency held a consultative meeting with representatives of the Albanian Microfinance Association and microcredit institutions to discuss a new draft law "On the Prevention of Money Laundering and Terrorist Financing." The agency presented the main objectives and key innovations of the draft law during the meeting. The draft law aims to align Albania's legal framework with European Union standards in anti-money laundering and counter-terrorism financing (AML/CFT). Key areas under discussion included a risk-based approach to compliance, strengthening customer due diligence processes, beneficial owner identification, suspicious activity reporting, and the responsibilities of management structures in implementing AML/CFT requirements. Microcredit sector representatives provided feedback on various provisions of the draft law, raising practical implementation concerns regarding the proposed legal requirements. The consultation reflects the Financial Intelligence Agency's commitment to engaging reporting entities and stakeholders in developing an effective and proportionate legal framework that complies with European standards. The agency emphasised the importance of continuous communication between competent authorities and the private sector in strengthening Albania's national AML/CFT system. The Financial Intelligence Agency will continue consultations with different categories of reporting entities and other stakeholders to refine the draft law. The agency aims to develop a legal framework that balances regulatory effectiveness with practical feasibility for regulated entities. Further consultation rounds with additional sectors are expected as the draft law progresses through the legislative process.

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Albania's Financial Intelligence Agency Consults Microcredit Sector on Anti-Money Laundering and Counter-Terrorism Financing Draft Law

On June 24, 2026, Albania's Financial Intelligence Agency held a consultative meeting with representatives of the Albanian Microfinance Association and microcredit institutions to discuss a new draft law "On the Prevention of Money Laundering and Terrorist Financing". The agency presented the main objectives and key innovations of the draft law during the meeting. The draft law aims to align Albania's legal framework with European Union standards in anti-money laundering and counter-terrorism financing (AML/CTF). The consultation reflects the Financial Intelligence Agency's commitment to engaging reporting entities and stakeholders in developing an effective and proportionate legal framework that complies with European standards. Key areas under discussion included a risk-based approach to compliance, strengthening customer due diligence processes, beneficial owner identification, suspicious activity reporting and the responsibilities of management structures in implementing AML/CTF requirements. Microcredit sector representatives provided feedback on various provisions of the draft law, raising practical implementation concerns regarding the proposed legal requirements. The agency emphasised the importance of continuous communication between competent authorities and the private sector in strengthening Albania's national AML/CTF system. The Financial Intelligence Agency will continue consultations with different categories of reporting entities and other stakeholders to refine the draft law.
3262485 pc Jun 24, 2026 pthandapani India Securities and Exchange Board of India financial services
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India's Securities and Exchange Board Issues Consultation on Common Advertisement Code for Regulated Entities

On June 23, 2026, the Securities and Exchange Board of India (SEBI) launched a consultation on a common advertisement code for specified SEBI-regulated entities. The consultation paper addresses the development of standardised advertising guidelines applicable across SEBI's regulatory perimeter. This initiative aims to establish consistent principles and standards for advertisements issued by market participants including investment advisers, portfolio managers, research analysts, and other specified regulated entities. The common advertisement code seeks to protect investors by ensuring that promotional materials are fair, transparent, and do not contain misleading or deceptive content. By creating unified advertising standards, SEBI intends to reduce regulatory fragmentation across different categories of market participants and enhance investor confidence in the securities market. The code will likely address key areas including disclosure requirements, use of testimonials and endorsements, performance representation, risk warnings, and comparative advertising practices. Standardising these requirements across entities will simplify compliance obligations while strengthening investor protection mechanisms across India's financial services sector. Market participants and other stakeholders are invited to submit comments on the consultation paper via SEBI's public comments portal. The specific deadline for responses has not been provided in the available source material. Responses submitted will inform SEBI's development of the final common advertisement code, which is expected to apply to all specified regulated entities under SEBI's jurisdiction. REFERENCES: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicComments=yes

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Securities and Exchange Board of India Issues Consultation on Common Advertisement Code for Regulated Entities

The Securities and Exchange Board of India (SEBI) has issued a consultation paper on the Common Advertisement Code (CAC) for Specified SEBI Regulated Entities. The consultation paper contains: New definitions prescribing exactly what constitutes an "advertisement" and outlining the criteria for an individual to be considered a "celebrity," which includes ranking in a top 50 celebrity index or being an influencer with more than 500,000 followers. Regulations proposing a shift from a mandatory prior approval model to a post-issuance reporting model, requiring regulated entities to report advertisements to their supervisory body within 24 hours of issuance. Specific rules governing celebrity endorsements, permitting their use strictly at the brand/entity level (with prior approval required) and expressly forbidding them from endorsing specific products or services. Provisions outlining that short-format messaging, such as SMS or push notifications, can utilize abbreviated disclosures through a hyperlink, allowing entities to comply with mandatory risk warnings despite character limits. Administrative measures proposing the establishment of a centralized, digital advertisement reporting portal by supervisory bodies to handle post-issuance monitoring and celebrity endorsement approvals. Directives explicitly prohibiting the use of "dark patterns," such as false urgency or forced action, and allowing the use of ratings and rankings only if assigned by a Past Risk and Return Verification Agency (PaRRVA). Feedback may be submitted via this link by July 14, 2026.
3265414 pc Jun 24, 2026 adavies Norway Lovdata horizon scanning
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Norway's Ministry of Justice and Public Safety Implements Cybersecurity Certification Regulation

On June 23, 2026, Norway's Ministry of Justice and Public Safety (Justis- og beredskapsdepartementet) implemented a regulation on cybersecurity certification that incorporates European Union Regulation 2019/881 into Norwegian law. The regulation establishes the framework for cybersecurity certification of information and communication technology (ICT) products, services, and processes in Norway. The regulation designates the National Security Authority (Nasjonal sikkerhetsmyndighet) as Norway's national cybersecurity certification authority and permits the King to appoint additional cybersecurity certification authorities for specific certification schemes. The National Security Authority and any appointed authorities hold responsibility for implementing measures outlined in the EU regulation, including designating and supervising conformity assessment bodies. The regulation exempts activities falling under public security, defence, national security, and state criminal law enforcement from its scope. Key provisions establish that Norway's national accreditation body shall accredit conformity assessment bodies; cybersecurity certification authorities may issue corrective orders to producers and suppliers of certified ICT products, services, or processes that fail to meet requirements; and information must be exchanged between certification authorities, conformity assessment bodies, and the national accreditation body regarding identified non-compliance and issued certificates. The regulation permits certification authorities to impose administrative fines of up to one percent of annual turnover for providing false or incomplete information or obstructing inspections, and up to three percent of annual turnover for failing to comply with corrective orders, failing to report vulnerabilities, or issuing false EU declarations of conformity. The regulation came into force immediately on June 23, 2026, and repealed sections 2-11 of the previous electronic communications regulation from December 20, 2024.

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Norwegian Government Implements Cybersecurity Regulation

On June 23, 2026, the Norwegian government published the Cybersecurity Certification  Regulation. The regulation implements Regulation (EU) 2019/881 (Cybersecurity Act – CA) in Norway. Specifically, the regulation establishes the framework for cybersecurity certification of information and communication technology (ICT) products, services, and processes in Norway. The regulation designates the National Security Authority as Norway's national cybersecurity certification authority and permits the King to appoint additional cybersecurity certification authorities for specific certification schemes. The regulation enters into force immediately.
3265850 pc Jun 24, 2026 rghosh Israel BOI - Press Releases financial services
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Israel's Bank of Israel, Finance Ministry, and Securities Authority Release Final Compensation Model Report

On June 24, 2026, a joint working group comprising the Bank of Israel (BOI), the Ministry of Finance, and the Israel Securities Authority (ISA) published its final report on compensation models for public activity in securities markets. The report presents an updated compensation system for securities account activity designed to protect consumers and encourage competition among market participants. The new model introduces several key improvements: simplified fee collection mechanisms, enhanced transparency, and better alignment between services provided and fees charged. The model was developed following a public call for comments, an interim report, extensive consultations with market participants, and comparative analysis of existing compensation structures and consumer preferences. The compensation model comprises three phased implementation stages. Phase A introduces investment advisory services and service bundles within the banking system, allowing banks to offer bundled service packages and dedicated advisory fees separate from deposit management fees. Phase B modifies the collection mechanism for mutual fund unit transactions, replacing the current distribution fee with a unified brokerage fee of 0.2 percent of purchased unit value, collected over the holding period. This phase also establishes unified buy and sell fee mechanisms across passive and active mutual funds, excluding money market funds. Phase C establishes a fixed monthly shekel-based fee for securities deposit management services, covering custody and operational costs, with potential tiered pricing based on portfolio value to protect smaller investors. The working group believes adoption of this model will strengthen competition, expand service offerings, improve investment advisory markets, and enable investors to make informed decisions. Implementation will proceed gradually, with regulators monitoring market adaptation at each stage before advancing to the next phase. The team recommended extending similar regulation to all market participants, including banks and non-bank brokerage firms, in the future.

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Bank of Israel Releases Final Report on Securities Fee Models

On June 24, 2026 a joint working team comprising the Bank of Israel's Banking Supervision Department, the Ministry of Finance Budget Division, and the Israel Securities Authority (ISA) published the final report on remuneration models for public activity in securities. The report presents an updated fee model for securities account activity, aimed at strengthening consumer protection and encouraging competition among market participants. The new model is to be implemented in three phased stages, with the working team recommending that similar regulation be extended in future to all market participants, including banks and non-bank stock exchange members. Key points include: Phase 1  - Investment advisory services and service packages in the banking system: Banks will be permitted to offer customers service packages under which a single aggregate fee covers all securities and financial asset activity. Banks will be permitted to charge a dedicated advisory fee for investment advisory services, separate from securities deposit management fees. The fee may be structured to reflect the nature of the advice provided, whether ongoing or one-off, human, digital, or hybrid. Investment advisory services must be offered without conditioning on the purchase of additional services and must not be made a prerequisite for portfolio management. 2. Phase 2 - Changes to the fee mechanism for mutual fund unit transactions: A uniform intermediation fee of 0.2% of the value of units purchased will replace the existing distribution fee model, charged over the holding period across all mutual fund types except money market funds, which will retain the existing distribution fee model. The intermediation fee will be payable by the fund manager to the investment adviser or bank advisory function, and will apply only to advised purchase transactions. Buy and sell fees for all mutual fund types, excluding money market funds, will be standardised. Legislative and regulatory amendments are required to complete this phase. 3. Phase 3 -  Securities deposit management fees: Securities deposit management fees, covering custody and operational costs arising from capital market trading, will be set as a fixed shekel amount charged monthly across all securities holdings and financial assets, both Israeli and foreign. A tiered fee structure based on portfolio value may be introduced to protect customers with lower-value portfolios.
3266833 pc Jun 24, 2026 rghosh Dubai News And Announcements - Virtual Assets Regulatory Authority horizon scanning
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Dubai Virtual Assets Regulatory Authority Issues Enforcement Notice Against KuCoin for Unlicensed Operations

On June 24, 2026, the Virtual Assets Regulatory Authority (VARA) issued a Notice of Fines against Peken Global Limited, operating commercially as KuCoin, for providing virtual asset (VA) broker-dealer and exchange services to customers in Dubai without obtaining the necessary licence from VARA. Following investigations, VARA determined that KuCoin breached Federal Decree Law No. (10) of 2025 Regarding Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation Financing, Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai, Cabinet Resolution No. 111/2022 Regulating Virtual Assets and the Related Service Providers, and VARA's Regulations and Rulebooks. The enforcement action relates to an Investor and Marketplace Alert VARA issued on March 5, 2026, concerning KuCoin's unauthorised activities. In response to these breaches, VARA imposed enforcement measures and financial penalties against Peken Global Limited and directed it to immediately cease and desist from all unlicensed virtual asset activities in or from Dubai. VARA noted that the entity fully cooperated throughout the investigation and complied with enforcement actions. KuCoin has expressed its intention to enter VARA's licensing process to obtain authorisation and serve customers in the United Arab Emirates, subject to necessary approvals. VARA clarified that the enforcement action targets exclusively Peken Global Limited. Other legal entities associated with KuCoin identified in the March 5, 2026 alert were not subject to this enforcement action. The notice emphasises that it is published for market awareness and consumer information purposes only and does not constitute professional or legal advice.

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Dubai Virtual Assets Regulatory Authority Issues Enforcement Notice Against KuCoin for Unlicensed Operations

On June 24, 2026, the Virtual Assets Regulatory Authority (VARA) issued a Notice of Fines against Peken Global Limited, operating commercially as KuCoin, for providing virtual asset (VA) broker-dealer and exchange services to customers in Dubai without obtaining the necessary licence from VARA. Following investigations, VARA determined that KuCoin breached Federal Decree Law No. (10) of 2025 Regarding Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation Financing , Dubai Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai , Cabinet Resolution No. 111/2022 Regulating Virtual Assets and the Related Service Providers , and VARA's Regulations and Rulebooks . In response to these breaches, VARA imposed enforcement measures and financial penalties against Peken Global Limited and directed it to immediately cease and desist from all unlicensed virtual asset activities in or from Dubai.  VARA clarified that the enforcement action targets exclusively Peken Global Limited. Other legal entities associated with KuCoin identified in the March 5, 2026 alert were not subject to this enforcement action.
3265563 pc Jun 24, 2026 arahman Denmark Financial Supervisory Authority horizon scanning
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Denmark's Financial Supervisory Authority Identifies Geopolitical Tensions and Cyber Threats as Key Risks

On June 24, 2026, Denmark's Financial Supervisory Authority (FSA) published its semi-annual risk assessment, identifying geopolitical tensions, cyber threats, and rapid artificial intelligence (AI) development as significant challenges facing the financial sector. The FSA highlighted that Middle East conflicts have driven rising energy prices, which pose risks to inflation, interest rates, and economic activity. While financial markets have responded relatively calmly to global crises, stock valuations remain elevated relative to earnings, particularly in the United States, driven by a small number of large technology companies. This concentration increases the risk of sudden market movements. Additionally, housing prices continue to rise, with apartment prices in Copenhagen increasing faster than incomes and interest rates can accommodate, prompting sustained FSA monitoring. The financial sector's use of generative AI, including tools such as ChatGPT, has accelerated significantly, creating both opportunities and operational vulnerabilities. Louise Mogensen, FSA director, emphasised that companies must maintain robust risk management and security frameworks to prevent AI from becoming a weakness. Cyber risks remain a critical concern, particularly given the geopolitical environment. In the second half of 2026, the FSA will prioritise supervisory activities in several areas: monitoring lending and housing prices; assessing risks associated with mortgage loans; addressing cyber risks and increased AI usage; overseeing health and accident insurance; and monitoring pension product developments. The FSA's risk-based supervisory approach allocates resources to areas where risks are assessed as highest, informed by inspection observations, analytical results, whistleblower reports, and international colleague input. The assessment includes three risk scenarios illustrating potential consequences if identified risks materialise.

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Denmark's Financial Supervisory Authority Identifies Geopolitical Tensions and Cyber Threats as Key Risks

On June 24, 2026, Denmark's Financial Supervisory Authority (FSA) published its semi-annual risk assessment, identifying geopolitical tensions, cyber threats, and rapid artificial intelligence (AI) development as significant challenges facing the financial sector. The FSA highlighted that Middle East conflicts have driven rising energy prices, which pose risks to inflation, interest rates, and economic activity. While financial markets have responded relatively calmly to global crises, stock valuations remain elevated relative to earnings, particularly in the United States, driven by a small number of large technology companies. This concentration increases the risk of sudden market movements. Additionally, housing prices continue to rise, with apartment prices in Copenhagen increasing faster than incomes and interest rates can accommodate, prompting sustained FSA monitoring. The financial sector's use of generative AI, including tools such as ChatGPT, has accelerated significantly, creating both opportunities and operational vulnerabilities. Louise Mogensen, FSA director, emphasised that companies must maintain robust risk management and security frameworks to prevent AI from becoming a weakness. Cyber risks remain a critical concern, particularly given the geopolitical environment. In the second half of 2026, the FSA will prioritise supervisory activities in several areas: Monitoring lending and housing prices; assessing risks associated with mortgage loans. Addressing cyber risks and increased AI usage.
3265883 pc Jun 24, 2026 tojuri France Autorité des Marchés Financiers financial services
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France's Financial Markets Authority Alerts Service Providers to MiCA Authorisation Deadline

On June 23, 2026, the Autorité des Marchés Financiers (AMF), alongside the European Securities and Markets Authority (ESMA), issued guidance ahead of the July 1, 2026 expiry of the Markets in Crypto-Assets Regulation (MiCA) transitional period. From that date, any entity providing crypto-asset services to clients in the European Union without MiCA authorisation must cease operations. ESMA has set out specific expectations for digital asset service providers (DASPs) that have not obtained authorisation under MiCA. These providers must implement credible and immediately executable wind-down plans complying with MiCA's conduct, prudential, and anti-money laundering and counter-terrorism financing (AML/CFT) obligations. Wind-down plans should enable orderly market exits without causing undue harm to clients, including transferring crypto-assets to authorised crypto-asset service providers (CASPs) or self-hosted wallets with prior client notice. By July 1, 2026, any unauthorised service provider must have implemented its wind-down plan. The AMF reiterates that DASPs unable to comply with MiCA requirements from July 1, 2026 and which have not submitted CASP authorisation applications should have established wind-down plans by March 30, 2026, conducting only operations strictly necessary to settle affairs. Authorised CASPs must actively prepare for client migration before the deadline through robust onboarding processes compliant with AML/CFT requirements. ESMA warns retail investors that not all current service providers will be authorised after July 1, 2026. Investors should verify their provider's authorisation status on the AMF website, as MiCA protections apply only to the authorised legal entity, not affiliated or non-EU entities. Investors whose service providers lack authorisation should promptly transfer crypto-assets to an authorised CASP or self-hosted wallet.

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French Financial Markets Authority Alerts Service Providers to End of MiCA Transition Period

On June 23, 2026, the French Financial Markets Authority (AMF) published a reminder that the transitional period of the Markets in Crypto-Assets Regulation (MiCA) will end on 1 July 2026. From that date, any entity providing crypto-asset services to clients in the European Union without MiCA authorisation must cease operations. With the expiry of the transitional period,  the European Securities and Markets Authority (ESMA) has set out specific expectations for crypto-asset service providers (CASP) that have not obtained authorisation under MiCA. These providers must implement credible, executable plans to wind down their operations that comply with MiCA's conduct, prudential, and anti-money laundering and counter-terrorism financing (AML/CFT) obligations. These plans should facilitate an orderly exit from the market without causing undue harm to clients, including the transfer of crypto-assets to authorised CASPs or to self-hosted wallets, provided that clients are given prior notice. By July 1, 2026, any unauthorised service provider must have implemented its wind-down plan. The AMF reiterates that CASPs unable to comply with MiCA requirements by 1 July 2026, and which have not submitted CASP authorisation applications, must have established wind-down plans by 30 March 2026 and should conduct only operations strictly necessary to settle affairs. Authorised CASPs must actively prepare for client migration before the deadline by implementing robust onboarding processes that comply with AML/CFT requirements.
3262699 pc Jun 24, 2026 tojuri Cyprus Overview - CySec horizon scanning
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Cyprus Securities and Exchange Commission Suspends Mind Money Limited Investment Services Licence

On June 23, 2026, the Cyprus Securities and Exchange Commission (CySEC) suspended the operating licence of Mind Money Limited, a Cyprus investment services provider (LEI 549300OBDWYLEP2V5I94), licence number 115/10. The suspension was issued under Article 10(1) of Directive OD87-05 on Suspension and Revocation of Operating Licences. CySEC suspended the licence due to suspected non-compliance with Article 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017. The regulator identified four areas of non-compliance: conducting activities not authorised under the licence; failing to notify CySEC of changes to the board of directors; failing to maintain two persons actively managing the business; and concerns regarding the suitability of a shareholder. CySEC determined that these potential breaches posed risks to customer protection and threatened the proper functioning and integrity of the market. During the suspension period, Mind Money Limited is prohibited from providing or exercising investment services or activities, entering into new business relationships, accepting new clients, or advertising itself as an investment services provider. The company must comply with the suspension conditions outlined in Article 9 of Directive OD87-05. However, existing clients may request that the company complete outstanding transactions and return all funds and financial instruments belonging to them, provided such actions do not violate the suspension provisions. Mind Money Limited has one month from June 23, 2026, to take the necessary steps to achieve compliance with the identified provisions. The company may appeal this decision in accordance with applicable procedures.

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Cyprus Securities and Exchange Commission Suspends Licence of Mind Money Limited

On June 23, 2026, the Cyprus Securities and Exchange Commission (CySEC) suspended the operating licence of Mind Money Limited, a Cyprus investment services provider, for non-compliance with Article 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017 . The regulator identified four areas of non-compliance: Conducting activities not authorised under the licence. Failing to notify CySEC of changes to the board of directors. Failing to maintain two persons actively managing the business. Concerns regarding the suitability of a shareholder. CySEC determined that these potential breaches posed risks to customer protection and threatened the proper functioning and integrity of the market. During the suspension period, Mind Money Limited is prohibited from providing or exercising investment services or activities, entering into new business relationships, accepting new clients, or advertising itself as an investment services provider. Mind Money Limited has one month from June 23, 2026, to take the necessary steps to achieve compliance with the identified provisions.
3266280 pc Jun 24, 2026 rghosh Japan Financial Services Agency horizon scanning
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Japan's Financial Services Agency Publishes Public Comment Results on Financial Function Strengthening Law Amendments

On June 24, 2026, Japan's Financial Services Agency (FSA) published the results of a public consultation on draft cabinet orders and ministerial ordinances related to amendments to the Financial Function Strengthening Law (金融機能強化法). The FSA conducted the consultation period from May 22, 2026 to June 5, 2026, during which it received 27 comments from five individuals and organisations. The amendments implement changes to regulations governing financial institutions' enhanced functions and capabilities. The FSA's responses to public comments address key issues raised during the consultation period. The amendments introduce modifications across multiple regulatory instruments, including cabinet orders, ministerial ordinances, and supervisory guidelines applicable to small and regional financial institutions, cooperative financial institutions, labour banks, and agricultural financial cooperatives. Notably, the FSA repealed the "Guidelines on the Financial Function Strengthening Law" (金融機能強化法ガイドライン), with equivalent content incorporated into revised comprehensive supervisory guidelines for small and regional financial institutions. One notice was classified as a minor amendment under the Administrative Procedure Law and therefore did not require a separate public comment process. The cabinet order received cabinet approval on June 19, 2026, and was published on June 24, 2026. All related ordinances and notices were published on June 24, 2026. The cabinet order, ministerial ordinances, notices, and supervisory guidelines amendments take effect on June 25, 2026. The amendments apply to deposit-taking financial institutions, cooperative financial institutions, and other entities subject to FSA supervision under the Financial Function Strengthening Law framework.

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Japan's Financial Services Agency Publishes Consultation Response to Financial Function Strengthening Law Amendments

On June 24, 2026, Japan's Financial Services Agency (FSA) published the results of a public consultation on draft cabinet orders and ministerial ordinances related to amendments to the Financial Function Strengthening Law. Key features of the response include : The cabinet order was approved by cabinet decision on June 19, 2026, published on June 24, 2026, and takes effect on June 25, 2026. Amendments to the capital participation framework introduce independence requirements for outside auditors at cooperative financial institutions, requiring that outside auditors are not major business counterparties of the institution or their officers or employees, and that institutional plans include provision for at least two outside auditors of whom at least one must be independent. Amendments to the fund disbursement framework set a four-month post-integration window for applications, define eligible joint systems as those shared by three or more financial institutions or groups, and designate eligible recipients as regional banks with deposits below JPY 5 trillion and cooperative financial institutions. Four categories of eligible activities are specified for fund disbursement: construction of new joint systems; new membership in existing joint systems; consolidation of existing joint systems; and renewal of existing cooperative financial institution joint systems by central institutions. Penalties arising from the cancellation of existing system contracts are included as eligible expenses. The maximum membership of the Financial Function Strengthening Review Board is increased from six to seven members, and the total disbursement ceiling is raised to JPY 200 billion. This publication directly follows the FSA's May 22, 2026 consultation , which proposed amendments covering auditor independence requirements at cooperative financial institutions, fund disbursement arrangements for joint IT system consolidation, and increases to the Financial Function Strengthening Review Board membership cap and total disbursement ceiling. The amendments take effect on June 25, 2026.
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