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The Digital Operational Resilience Act (DORA) establishes a harmonised and comprehensive framework for information and communication technology (ICT) risk management in the financial sector. It is a directly applicable EU [...]

INTRODUCTION On the 13th of December 2024, the Nigeria Financial Intelligence Unit ('NFIU') issued Guidelines for the Identification, Verification and Reporting of Suspicious Transactions Related to Money Laundering, Financing of [...]

On December 12, the Consumer Financial Protection Bureau (CFPB) finalized a rule (Rule) designed to reshape the regulatory framework for overdraft credit provided by very large financial institutions.1 This highly [...]

DNB recently published its Vision on Supervision 2025 - 2028 (Visie op Toezicht 2025 - 2028), outlining its supervisory vision for the upcoming years. Primarily, DNB emphasises the importance of [...]

On December 12, the CFPB released the final version of its overdraft rule that was first proposed in January. (We discussed it here.) Currently, financial institutions that extend overdraft protection [...]

Background On May 21, 2024, the Malta Financial Services Authority ('MFSA' or 'the Authority') issued a Consultation Document addressing the updated Chapter 3 of the Financial Institutions Rulebook ('FIR/03'). This [...]

As we look ahead to 2025, signs point to an uptick in troubled commercial loans. After more than a decade of representing financial institutions in complex workouts, I've learned that [...]

Insights on D&O risks for financial institutions, focusing on regulatory scrutiny, climate reporting, AI, mental health, cyber threats and insurance policies. WTW's Financial, Executive & Professional Risks (FINEX) Practice collaborates [...]

Many companies are in the business of index creation and maintenance (in other words, the index sponsorship business). Several household names, such as S&P Global, Nasdaq, Bloomberg, and MSCI, each [...]

The GIFT International Financial Services Centre ('GIFT IFSC') established in Gandhinagar, Gujarat is India's first international financial services centre with the intent of catering to global MNCs and financial institutions [...]

On October 23, 2024, Québec's Autorité des marchés financiers (AMF) published the Regulation respecting the management and reporting of information security incidents by certain financial institutions and by credit assessment [...]

As of November 25, 2024, the Federal Reserve Bank of New York ('New York Fed'), as administrator of the Secured Overnight Financing Rate ('SOFR'), began publishing SOFR using a modified [...]

> On Sep. 4, 2024, FinCEN published a final rule (Final Rule) adding certain RIAs and ERAs (collectively, Covered Advisers) to the definition of 'financial institution' under the regulations implementing [...]

NBFC-MFIs are increasingly becoming a significant force in India's financial landscape due to their targeted focus on providing collateral-free loans to underserved segments of the population, particularly low-income households. By [...]

A CIFAS marker is a record placed by CIFAS, the UK's fraud prevention service, to alert financial institutions about potential fraud risks associated with an individual. While these markers are [...]

In this issue. The Consumer Financial Protection Bureau (CFPB) issued a final rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps; the Financial Crimes [...]

On 14 November 2024, the European Banking Authority ('EBA') released two sets of guidelines relating to the handling of European and national sanctions by financial institutions and payment service providers. [...]

Washington, D.C. (August 20, 2024) - In a June 12, 2024, guidance document, the U.S. Treasury Department's ('Treasury') Office of Foreign Assets Control ('OFAC') announced a new interpretation that significantly [...]

Under the European Commission Delegated Regulation (EU) 2024/1773, suppliers of Information and Communication Technology (ICT) services to financial entities are subject to stringent obligations, particularly in relation tocertifications, which are [...]

Washington, D.C. (October 22, 2024) - On September 30, the U.S. Department of the Treasury's Office of Foreign Assets Control ('OFAC') issued a new General License ('GL') and updated its [...]

Financial institutions and securities market participants continue to face escalating cyber threats - in frequency, volume, and severity. The many reasons for the escalating risk include: Financial services companies are [...]

Istanbul Financial Center: A Gateway to Global Finance Istanbul, Turkey's economic and cultural hub, is taking a bold step toward becoming a global financial powerhouse through the establishment of the [...]

1. Enhanced Export Compliance Guidance for Financial Firms, Including Hedge Funds and Private Equity Funds The Commerce Department issued new guidance for financial institutions on best practices for compliance with [...]

The GIFT International Financial Services Centre ('GIFT IFSC') established in Gandhinagar, Gujarat is India's first international financial services centre with the intent of catering to global MNCs and financial institutions [...]

The National Crime Agency has reported that fraud accounts for over 40% of crime in England and Wales, with only 13% of cases reported to Action Fraud. Recently, new law [...]

YouTube is a force of nature. If one requires information on how to build a cabin from mud and twigs, there is a video for that. If you want to [...]

The Commerce Department's Bureau of Industry and Security released new guidance that, although new regulations have not been adopted, implies a significant expansion of U.S. export control compliance obligations of [...]

> On Oct. 22, 2024, the CFPB issued a final rule that will require covered financial institutions to provide consumers and authorized third parties with access and portability options for [...]

On October 23, 2024, Québec's Autorité des marchés financiers (AMF) published the Regulation respecting the management and reporting of information security incidents by certain financial institutions and by credit assessment [...]

October was a robust month for compliance with agency actions and guidance concerning anti-boycott, forced labor, section 301 exclusions, outbound investment, and sanctions. The International Trade Commission also voted against [...]

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule the Rule) implementing the requirements of sections 1033(a) and (b) of the Dodd-Frank [...]

On 9 October 2024, the U.S. Department of Commerce's Bureau of Industry and Security (BIS) published its first ever unilateral guidance specifically addressed to financial institutions (FIs).1 The Guidance to [...]

Navigating the complex and ever-shifting digital landscape is a daunting task for all businesses today. However, Financial institutions face even more challenges, particularly in the areas of cybersecurity and regulatory [...]

On October 9, 2024, the U.S. Department of Commerce's Bureau of Industry and Security (BIS) released a six-page guidance statement (the Guidance) to financial institutions (FIs) regarding best practices under [...]

The Consumer Financial Protection Bureau (CFPB) has finalized the much-anticipated Personal Financial Data Rights Rule, 12 CFR 1033, a sweeping regulation that will have profound implications for data providers in [...]

On October 9, 2024, the U.S. Commerce Department, Bureau of Industry and Security (BIS) issued new guidance to financial institutions on how to comply with and minimize the risk of [...]

On 12 July 2024, the Luxembourg Parliament adopted the draft bill No. 8185 (the NPL Law) transposing Directive (EU) 2021/2167 regarding credit servicers and credit purchasers entered into force on [...]

The Office of the Superintendent of Financial Institutions ('OSFI'), Canada's principal bank and insurance solvency and prudential regulator, published the final version of Guideline E-21: Operational Risk Management and Resilience [...]

In Short The Situation: On September 17, 2024, the Federal Deposit Insurance Corporation ('FDIC') approved a proposed rule ('the Proposal') that would establish new recordkeeping requirements for FDIC-insured depository institutions [...]

On October 9, 2024, the U.S. Department of the Commerce's Bureau of Industry and Security ('BIS') published guidance to financial institutions ('FIs') on best practices for compliance with the Export [...]

The Department of Commerce's Bureau of Industry and Security (BIS) recently published guidance for financial institutions containing several recommendations for complying with the Export Administration Regulations (EAR). The guidance provides [...]

The Taskforce on Inequality and Social-related Financial Disclosures ('TISFD') launched on 23 September 2024. Background The TISFD is a global initiative with the aim of developing recommendations and guidance for [...]

Introduction: The Federal Decree-Law No. 14/2018 on the Central Bank and the Organisation of Financial Institutions and Activities, along with its recent amendments outlined in Federal Decree-Law No. 54/2023, has [...]

DOWNLOAD PUBLICATION Introduction In light of ongoing challenges in the Nigerian foreign exchange market, including recent distortions driven by speculators and illicit traders, the need for a robust regulatory framework [...]

The U.S Department of Justice's (DOJ or Department) Corporate Whistleblower Awards Pilot Program (Pilot Program) has hit the ground running, reportedly triggering more than 100 reports since it went live [...]

In this issue. The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on complying with the Fair Debt Collection Practices Act (FDCPA) and Regulation F in the collection of [...]

What We Know About the Department of Justice's Whistleblower Pilot Program In her remarks to the American Bar Association's National Institute on White Collar Crime, Deputy Attorney General (DAG) Lisa [...]

Financial Institutions Rulebook Updates Following a consultation document issued earlier in May of this year, the MFSA has now officially published a revised version of Chapter 3 of the Financial [...]

Legislation Two US senators have introduced the No Funds for Forced Labor Act, a bill that if passed would require the Secretary of the Treasury to instruct executive directors of [...]

The Corporate Transparency Act ('CTA' or the 'Act') became effective as of January 1, 2024. It is the latest effort by the federal government to combat money laundering, tax fraud, [...]