Amended Russia General License 131D - Lukoil International GmbH Transactions
OFAC amended Russia-related General License 131D authorizing certain transactions for Lukoil International GmbH, specifically the negotiation and entry into contingent contracts for the sale of the company and related maintenance activities. OFAC also amended FAQ 1224 and FAQ 1225 to provide additional guidance on these Russia sanctions.
OFSI Penalty Apple Distribution International Russia Sanctions Breach
OFSI imposed a £390,000 monetary penalty on Apple Distribution International Limited (ADI) for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019. ADI instructed a UK bank to make two payments totaling £635,618.75 to Okko LLC, a company wholly owned by designated person JSC New Opportunities (UKSL ref RUS1489). ADI failed to cancel the payment instructions after Okko came under designated person ownership, constituting the breach. This is the first penalty under OFSI's new 2026 enforcement framework enabling settlement.
Thailand Japan Bilateral Currency Swap Arrangement Renewal
The Bank of Thailand and Bank of Japan have renewed their Bilateral Local Currency Swap Arrangement for three years until March 30, 2029. The arrangement, first established in 2020, permits exchange of local currencies up to THB 240 billion or JPY 800 billion. This enables both central banks to provide Thai Baht or Japanese Yen liquidity to eligible financial institutions in their respective countries.
Seán O'Casey Commemorative Coin Launch
The Central Bank of Ireland launched a commemorative silver proof coin honouring playwright Seán O'Casey on what would have been his 146th birthday. The coin commemorates the 100th anniversary of The Plough and the Stars premiere at the Abbey Theatre, with 3,000 coins available at €90 each.
EBA streamlines supervisory approvals for IRB model changes
The EBA published amendments to Regulatory Technical Standards on material model changes, significantly reducing the number of changes classified as material by shifting to quantitative thresholds and limiting qualitative triggers to model redevelopments and definition of default changes. This streamlines the approval process for IRB model changes while maintaining supervisory oversight. The revised RTS align with CRR3 and are expected to accelerate IRB model approvals for EU banks.
EBA Chair Appointment - François-Louis Michaud
The European Banking Authority announced that François-Louis Michaud will take up his role as EBA Chair on 16 April 2026, following formal appointment by the Council of the European Union on 26 February 2026 and confirmation by the European Parliament on 10 March 2026. His term of office runs for five years and may be extended once. Michaud previously served as Executive Director of the EBA since September 2020.
CEO Updates AML/CTF Guidance and Reforms Readiness
AUSTRAC released its December 2025 InBrief newsletter (Issue 21) featuring CEO updates on AML/CTF guidance and reforms. The newsletter announces newly released AML/CTF reforms guidance, new education resources including improved e-learning materials, and top tips for completing the 2025 compliance report (CR25). AUSTRAC also highlighted achievements including $22 million in asset seizures from financial intelligence reporting and international partnerships through the Fintel Alliance.
AML/CTF Reforms for Existing Reporting Entities
AUSTRAC announces AML/CTF reforms taking effect March 31, 2026 for existing reporting entities. The reforms shift regulation from compliance-checking to substantive risk and harm-focused approach. New enrollment forms become available March 31, with enrollment updates required by May 30, 2026. AUSTRAC will take regulatory action for non-compliance.
AML/CTF Reforms for Newly Regulated Businesses
AUSTRAC announced that new AML/CTF laws will take effect 1 July 2026, extending regulation to legal professionals, accountants, conveyancers, real estate professionals, and dealers in precious metals, stones and products. Affected businesses must enrol with AUSTRAC using new forms available from 31 March 2026. AUSTRAC has developed starter kits and resources to help newly regulated entities meet their compliance obligations.
AUSTRAC Guidance on New Compulsory Examination Powers
AUSTRAC published guidance on its new compulsory examination powers under section 172A, which were introduced by the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024. The guidance explains what information is included in examination notices, the examination process, the role of the examiner, legal representation rights, and how information is handled. The guidance clarifies that compulsory examinations are not routine or punitive and are used to understand money laundering risks and how businesses are managing those risks.
AUSTRAC Newsletter on AML/CTF Law Updates
AUSTRAC issued InBrief Issue 22 to notify reporting entities of upcoming AML/CTF law reforms, including travel rules, transitional arrangements, and AML/CTF Rule amendments. The newsletter announces a refreshed website, an updated Suspicious Matter Reporting reference guide, and links to preparation resources for newly regulated businesses. AUSTRAC also highlighted updates to global lists of high-risk jurisdictions and its role in counter-terrorism financing.
Refreshed SMR reference guide with clearer examples
Refreshed SMR reference guide with clearer examples
AML/CTF Reforms Take Effect: Travel Rule and Transitional Arrangements
AUSTRAC announces finalized AML/CTF reforms effective 30 March 2026, introducing a new Customer Due Diligence (CDD) framework with a 3-year transition period ending 30 March 2029. Key deadlines include compliance officer notification by 30 May 2026 and VASP travel rule obligations deferred until 1 July 2026. The reforms apply to all reporting entities including financial institutions, remittance service providers, and virtual asset service providers.
ECB Streamlines Internal Model Supervision for Credit Risk
The ECB is streamlining its supervision of banks' internal models for credit risk, shifting from an ex ante to an ex post assessment. This change, effective October 1, 2026, aims to speed up approval processes for material model changes, with a focus on higher-risk areas, while maintaining safeguards and building on new EBA standards.
FDIC Director Testimony on Fintech and AI Oversight
FDIC Director Ryan Billingsley testified before the U.S. House Committee on Financial Services regarding the agency's approach to financial technology and artificial intelligence. The testimony highlighted efforts to foster innovation while managing risks, including considerations for guidance on crypto-related activities and the use of AI in banking operations.
Australia Lowers Price Cap on Russian Crude Oil
On February 24, 2026, Australia lowered the price cap on Russian-origin crude oil from USD47.60 to USD44.10 per barrel. This action impacts Australian individuals and companies providing maritime and financial services related to Russian oil.
ASO Sanctions Guidance for Accountants, Lawyers, Real Estate Agents
The Australian Sanctions Office (ASO) has released three new guidance notes to assist accountants, legal professionals, and real estate agents in understanding their sanctions obligations. These notes are particularly relevant in the context of anti-money laundering and counter-terrorism financing reforms.
Australia DFAT Sanctions Risk Advisory for Incoming Funds from Iran
The Australian Sanctions Office (ASO) has issued an advisory note to the Australian financial sector regarding increased sanctions risks associated with incoming funds from Iran. The advisory highlights potential red flags and recommends enhanced due diligence and transaction monitoring for financial institutions.
Russia Sanctions: Listing of Persons, Entities, and Vessels
The Australian Minister for Foreign Affairs has added 4 persons, 115 entities, and 61 vessels to DFAT's Consolidated List under the Autonomous Sanctions Regulations 2011 concerning Russia. These designations impose targeted financial sanctions, travel bans, and restrictions on sanctioned vessels.
Compliance Toolkit for Bank Regulatory Submissions
The Monetary Authority of Singapore (MAS) has updated its Compliance Toolkit for wholesale and full banks. This guidance facilitates understanding of MAS approval, notification, and reporting requirements. The toolkit covers various risk management, governance, and prudential topics relevant to bank operations.
MAS Compliance Toolkit for Merchant Banks
The Monetary Authority of Singapore (MAS) has updated its Compliance Toolkit for Merchant Banks, last revised on March 26, 2026. This toolkit provides guidance on various approval, notification, and reporting requirements for merchant banks operating in Singapore.
MAS Consultation on Capital Market Infrastructure Recovery and Resolution Planning
The Monetary Authority of Singapore (MAS) has issued a consultation paper proposing new guidelines and a notice for recovery and resolution planning for capital market infrastructures (CMFIs). The consultation also seeks feedback on enhancing statutory bail-in powers for CMFIs.
FAQs on Risk Based Capital Adequacy Requirements for Capital Markets Licensees
The Monetary Authority of Singapore (MAS) has updated its FAQs regarding risk-based capital adequacy requirements for capital markets services licensees. The revisions, dated March 25, 2026, provide guidance on compliance with financial and margin requirements and the lodgement of financial returns.
FAQs on Recognition for Recognised Market Operators in Singapore
The Monetary Authority of Singapore (MAS) updated its FAQs regarding the recognition of Recognised Market Operators (RMOs) incorporated in Singapore. The revisions, last updated on March 26, 2026, clarify admission standards for shareholders, directors, key persons, and internal governance arrangements.
PSN09 Notice on Specified Matters and Forms for Payment Service Providers
The Monetary Authority of Singapore (MAS) has issued an amended PSN09 Notice, which takes effect on March 28, 2026. This notice outlines regulatory forms and administrative matters for payment service providers, operators of designated payment systems, and settlement institutions.
Proposed Treasury Share Disclosure Rules Change
The Financial Services Commission (FSC) in Korea has proposed changes to capital market rules regarding treasury shares. The proposed rules aim to enhance transparency by requiring all listed companies to disclose their treasury stock retention status and disposal plans twice annually, aligning with recent amendments to the Commercial Act.