Fraud and Money Laundering: Two Sides of the Same Crime
ACAMS Today published an opinion piece examining the interconnection between fraud and money laundering as complementary financial crimes. The article, authored by Raymond Villanueva CAMS, provides practical insights for compliance professionals on recognizing and addressing these dual threats. As an industry association publication, this piece offers member perspective rather than regulatory guidance.
Human Trafficking Risks, 2026 World Cup, Call for Unified Response
ACAMS published an analysis article on human trafficking financial crime risks associated with the 2026 World Cup being hosted across the US, Canada, and Mexico. The piece calls for a unified response from financial institutions, law enforcement, and government agencies to detect and disrupt trafficking-related financial activity during the event.
ECB Concludes Asset Quality Reviews of Building Societies LBS Süd and Wüstenrot
ECB published results of asset quality reviews of building societies LBS Landesbausparkasse Süd and Wüstenrot Bausparkasse AG. AQRs focused on credit risk and identified CET1 capital ratio depletions of 137 basis points (LBS Süd) and 98 basis points (Wüstenrot). No capital shortfalls were identified as AQR-adjusted ratios remain above capital requirements.
Bottomline Named Nacha Preferred Partner for ACH Experience Open Banking Risk Fraud
NACHA announced Bottomline has become a Nacha Preferred Partner for ACH Experience, Open Banking, and Risk and Fraud Prevention. Bottomline provides payment technologies that monitor ACH transactions in real time to detect suspicious activity. The Preferred Partner Program recognizes organizations demonstrating leadership and innovation that advance the ACH Network.
NewRez LLC Statement of Charges and Cease and Desist Order
The Washington Department of Financial Institutions issued a Statement of Charges and Notice of Intent to Enter a Cease and Desist Order against NewRez LLC (NMLS #3013) for multiple violations of the Consumer Loan Act of Washington discovered during examinations conducted between 2018 and 2025. The violations include incorrectly applying mortgage payments, failing to maintain escrow accounts, filing inaccurate mortgage call reports, and inadequate compliance management systems. The Director is seeking civil penalties, investigation fees, and costs.
FDIC Board Sunshine Act Meeting - Stablecoin Issuers, AML/CFT, Reputation Risk
The FDIC Board of Directors held an open meeting on April 7, 2026, under the Government in the Sunshine Act (5 U.S.C. 552b), to consider three regulatory items: a Notice of Proposed Rulemaking on GENIUS Act requirements for permitted payment stablecoin issuers, a Notice of Proposed Rulemaking on AML/CFT programs, and a Final Rule prohibiting the use of reputation risk by regulators. The meeting was open to public observation via webcast from the FDIC Board Room in Washington, DC.
Fed Terminates Enforcement Actions with Four Banks
The Federal Reserve Board announced termination of Cease and Desist Orders with Crédit Agricole S.A., Crédit Agricole Corporate and Investment Bank, Mega International Commercial Bank Co., Ltd., and The Goldman Sachs Group, Inc. The enforcement actions, dating from 2015 and 2018, were terminated effective March 25, 2026.
EBA Publishes Known DPM Issues List for Reporting Transparency
The European Banking Authority announced it will publish on a regular basis a list of known issues related to its data point model (DPM) framework, covering Pillar 3 disclosures and resolution planning reporting. The list includes brief descriptions, affected artefacts, severity assessments, current status, available workarounds, and indicative resolution timelines. This initiative supports reporting institutions and national competent authorities by providing a single reference point for recurring technical questions, as part of the EBA's broader simplification efforts.
EBA Consults Revised Shadow Banking Exposure Limits Under CRR
The European Banking Authority launched a consultation on revised Guidelines concerning limits on exposures to shadow banking entities under the Capital Requirements Regulation. Key changes include moving the basis for limits from eligible capital to Tier 1 capital, removing the 0.25% materiality threshold, and aligning the framework with RTS that took effect in January 2024. The consultation aims to support sound risk management and governance practices across institutions.
Ireland Hedge Fund and Open-Ended Fund Stability Assessment
Central Bank of Ireland published two financial stability assessments: one evaluating Irish hedge funds managing approximately EUR 400 billion in assets, finding that sector diversity and modest market footprint limit systemic vulnerabilities; another examining liquidity management tools among open-ended funds, finding that 85% have at least one tool available, with further use encouraged.
SFC Sanctions Impression Investment Limited and LIU Shan Over Staff Trading
The SFC sanctioned Impression Investment Limited and its former responsible officer LIU Shan for staff trading violations. The enforcement action targets the licensed corporation and its responsible officer for failures related to employee trading activities. Hong Kong licensed corporations and responsible officers should review their internal controls and supervision systems.
Governor Makhlouf Opening Remarks at Savings and Investment Forum
Governor Gabriel Makhlouf delivered opening remarks at the inaugural Savings and Investment Forum hosted by the Central Bank of Ireland. The Forum was established following the Department of Finance's 2024 Funds Review to address barriers to retail investment participation. Makhlouf highlighted that Irish households hold approximately €170 billion in idle deposits while direct capital market participation remains just 2.3% of financial assets, significantly below the EU average of 7.5%.
AI and the Euro Area Economy
ECB Executive Board Member Philip Lane delivered a keynote speech at the 3CMFI Conference in Frankfurt on AI's potential as a transformative general-purpose technology. Lane highlighted how AI differs from prior technologies by raising productivity of the innovation process itself, not just production. He noted agentic AI's emergence as an independent economic agent.
Stablecoins and GENIUS Act: Remarks on Reserve Assets and Financial Stability
Federal Reserve Board Governor Michael S. Barr delivered remarks on stablecoin regulation under the recently enacted GENIUS Act, identifying key risks including potential use in money laundering and terrorist financing, as well as financial stability concerns related to reserve asset quality and redemption pressures during market stress. The speech emphasizes that stablecoin viability depends on maintaining high-quality, highly liquid reserves and implementing appropriate supervision, capital, and liquidity requirements.
Digital Euro Progress Update - ECB Executive Board Speech
ECB Executive Board member Piero Cipollone testified before the European Parliament on March 24, 2026, providing an update on digital euro preparations. He confirmed euro area leaders reiterated support for the initiative aimed at strengthening monetary sovereignty, reducing retail payment fragmentation, and supporting the Single Market. The Eurosystem continues technical readiness work, with Pontes (DLT settlement solution) scheduled for Q3 2026 launch and the Appia roadmap for integrated European digital asset markets published.
ECB Executive Board Speech on Tokenised Financial Market Rails
Piero Cipollone, ECB Executive Board member, delivered a keynote speech at the House of the Euro outlining three conditions for scaling Europe's tokenised financial markets: a safe settlement anchor via tokenised central bank money, genuine public-private partnership, and a legal framework matching technological ambition. The speech identified platform fragmentation and absence of common on-chain settlement assets as primary obstacles preventing market scale.
Fed's Bowman Discusses Small Business Credit at CBA LIVE
Michelle W Bowman, Vice Chair for Supervision at the Federal Reserve Board, delivered remarks at the Consumer Bankers Association CBA LIVE 2026 conference addressing small business credit conditions. She highlighted that small businesses employed 59 million Americans in 2023, generating $16 trillion in revenue and 44 percent of GDP. The speech noted that community and smaller regional banks hold roughly $600 billion in small business loans, with the tight credit environment leading 9 percent of banks to report tightening credit standards in Q3 2025.
ECB Vice-President Guindos on European Economic Challenges
ECB Vice-President Guindos on European Economic Challenges
ZeroHash National Trust Bank Charter Application
The OCC has published ZeroHash's application for a National Trust Bank charter for public review and comment. The application seeks federal authorization for the company to operate as a nationally chartered trust bank with focus on digital asset custody services. Stakeholders and interested parties may review the filing and submit comments during the public comment period.
Sunshine Act Meeting Notice - Board Meeting With Less Than Seven Days' Notice
The FDIC Board of Directors held an open meeting on April 7, 2026, with less than seven days' advance notice, webcast for public observation. The Board considered three regulatory items: a proposed rule on GENIUS Act requirements for permitted payment stablecoin issuers, a proposed rule on AML/CFT programs, and a final rule prohibiting use of reputation risk by regulators.
Strategy-focused Human Capital Disclosures Framework
Japan's Financial Services Agency published strategy-focused guidance on human capital disclosures, including a research report and examples of disclosure practices. The framework addresses how companies should disclose human capital investments that contribute to mid-to-long-term corporate value creation despite reducing short-term profits.
Japan FSA shares IAIS cooperation interview, March 2026
Japan's Financial Services Agency announced publication of an interview with IAIS Executive Committee Chair Miyoshi Toshiyuki in The Eurofi Magazine (March 2026). The interview discusses IAIS efforts to promote cross-border supervisory convergence and strengthen global cooperation in insurance amid increasing geopolitical fragmentation.
Twenty-fourth Meeting of the Council for Cooperation on Financial Stability
The Financial Services Agency (FSA) and Bank of Japan (BOJ) held their twenty-fourth joint Council for Cooperation on Financial Stability meeting on April 8, 2026. Senior officials including the FSA Commissioner and BOJ Deputy Governors convened to exchange views on current financial system and market conditions.
Working Group Report and Roadmap for Sustainability Disclosures and Assurance
The Japan Financial Services Agency (JFSA) published the Report of the Working Group on Disclosure and Assurance of Sustainability-related Financial Information, originally released by the Financial System Council on January 8, 2026, along with the accompanying Japanese Roadmap for sustainability disclosures and assurance. The roadmap outlines Japan's approach to mandatory sustainability-related disclosures and assurance requirements for listed companies and financial institutions, with the English version now made publicly available.
Mind the Gap: Announced versus Implied Tariff Rates in Recent Trade Policy Episodes
The Federal Reserve published FEDS Notes research analyzing the gap between announced U.S. tariff rates (effective tariff rate) and realized tariff rates calculated from Census data. Authors Sydney Eck, Trang Hoang, Carter Mix, and Madeleine Ray performed mathematical decomposition comparing 2018-2019 and 2025 tariff episodes. The analysis found the current tariff rate gap is substantially larger than in 2018-2019, driven by faster substitution toward lower-tariff products, increased frontloading, and greater tariff manipulation by importers.
Detecting Tariff Effects on Consumer Prices in Real Time – Part II
Federal Reserve economists published Part II of a methodology study detecting tariff effects on consumer prices using publicly available data. The study confirms that tariffs implemented in 2025 led to statistically significant price increases for tariff-exposed consumer goods. The authors estimate that tariffs implemented through November 2025 raised core goods PCE prices by 3.1 percent through February 2026, contributing to a 0.8 percent boost in core PCE prices overall.
Stablecoins 2025: Developments and Financial Stability Implications
Federal Reserve researchers published an analysis finding stablecoin market capitalization grew approximately 50% in 2025, with transaction volume and DeFi protocol usage also surging. The note identifies three structural developments reshaping the stablecoin landscape: increasingly complex intermediation chains, strategic vertical integration, and accelerating retail adoption through digital wallet partnerships. Researchers warn these trends may amplify financial stability vulnerabilities including run risk, reduced market transparency, and amplified interconnections between traditional finance and digital asset ecosystems.
India and the Global Economy
The Federal Reserve published a FEDS Notes article analyzing India's position as the world's fastest growing economy and 5th largest by GDP. The research notes that India's share of global GDP (3%) remains far below its 20% share of world population, and examines how India's services-driven growth model differs from earlier Asian economies' manufacturing export strategies.
NCUA Proposes FOM Amendment to Associational Common Bond Provisions
The NCUA Board proposes to amend associational common bond provisions in its chartering and field of membership rules. The amendment would eliminate automatic bars on association eligibility when product or service purchases are conditions of membership, instead allowing case-by-case evaluation of circumstances. Public comments are due June 8, 2026.
Hochul Announces State Police DFS Partnership to Combat Insurance Fraud
Governor Hochul announced a partnership between the New York State Police and the Department of Financial Services to combat insurance fraud. The collaboration will enable intelligence sharing and coordinated investigations targeting fraudulent activity across New York's insurance sector. This enhanced enforcement partnership aims to strengthen fraud detection and prosecution capabilities.
Fed proposes allowing cross-border FedNow payments
The Federal Reserve has proposed opening its instant payment service FedNow to cross-border transactions. This initiative would enable participating banks to process international payments through the FedNow network, potentially competing with existing private cross-border payment corridors. ABA Banking Journal reports on this development affecting banks and payment service providers.
FOMC Minutes: Members Skeptical on Taming Inflation Amid Tariffs
The ABA Banking Journal reports on FOMC meeting minutes showing Federal Reserve officials expressed skepticism about near-term inflation control due to tariff uncertainty. Members cited tariff-related price pressures as a key factor complicating the inflation outlook.
FinCEN and OFAC Propose Stablecoin AML and Sanctions Requirements
FinCEN and OFAC have proposed new anti-money laundering and sanctions compliance requirements specifically targeting stablecoin issuers. The proposed rules would establish AML program requirements and sanctions screening obligations for companies issuing stablecoins. The ABA Banking Journal reports on these developments affecting banks and fintech companies involved in stablecoin issuance and related payment services.
White House Report Downplays Stablecoin Interest Ban for Banks
The ABA Banking Journal reports on a White House report that downplays risks to banks from paying interest on stablecoins. The report suggests that allowing banks to offer stablecoin interest payments does not pose significant systemic risk. Banks and fintech companies offering stablecoin services should monitor this policy development as Congress continues to consider stablecoin legislation.
Permitted Payment Stablecoin Issuer AML/CFT Program Requirements
FinCEN published a Notice of Proposed Rulemaking on April 8, 2026, introducing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) program requirements and sanctions compliance obligations for permitted payment stablecoin issuers. The proposal would establish mandatory Bank Secrecy Act compliance frameworks for stablecoin issuers, including program development, oversight, and reporting requirements. Affected parties include stablecoin issuers and financial institutions facilitating permitted payment stablecoin transactions.
GENIUS Act Stablecoin Rule Targets Illicit Finance Risks
FinCEN and OFAC issued a joint proposed rule on April 8, 2026, to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The rule targets permitted payment stablecoin issuers (PPSIs) with anti-money laundering program requirements and sanctions compliance obligations. The proposed framework is designed to be fit for purpose, assist law enforcement, and minimize unnecessary burden while encouraging stablecoin innovation.
RBI invites comments on Draft Governance Amendment Directions
The Reserve Bank of India has issued draft Amendment Directions revising governance requirements for Commercial Banks, Small Finance Banks, Payments Banks, and Local Area Banks. The amendments replace prescriptive 'seven themes' with principle-based guidance and rationalize board reporting requirements to enable more focused engagement on strategy and risk governance. Public comments are invited until May 7, 2026.
RBI Invites Public Comments on Investment Fluctuation Reserve Amendment Directions
RBI released draft Amendment Directions on Investment Fluctuation Reserve (IFR) covering 10 categories of banks, including Commercial Banks, Small Finance Banks, Payments Banks, Co-operative Banks, and Regional Rural Banks. The amendments address operational challenges in maintaining IFR above regulatory thresholds and differences across prudential frameworks. Public comments are invited until April 29, 2026.
Draft Amendment Directions on CET1 Capital and Quarterly Profits for CRAR
The Reserve Bank of India released draft amendment directions on April 8, 2026, proposing to remove the qualifying condition linking quarterly profit inclusion in CET1 capital to NPA provision deviations. Currently, banks may reckon quarterly profits only if incremental NPA provisions have not deviated more than 25% from the four-quarter average. Comments are invited until April 29, 2026.
RBI Releases Eight Economic Outlook Surveys
The Reserve Bank of India released results of eight Forward Looking Surveys covering Q3-Q4 2025-26, including Urban and Rural Consumer Confidence Surveys, Inflation Expectations Survey, Manufacturing Sector Surveys, Professional Forecasters Survey, Bank Lending Survey, and Services/Infrastructure Outlook Survey.
RBI T-Bills Auction Results: Yields 5.30% to 5.63%
The RBI conducted a Treasury Bills auction on April 8, 2026, covering 91-day (₹12,000 crore), 182-day (₹6,000 crore), and 364-day (₹6,000 crore) tenors. Cut-off yields ranged from 5.30% (91-day) to 5.63% (364-day), with total competitive bids received of ₹94,038.10 crore across 302 bids.
RBI Cancels Certificate of Registration of 54 NBFCs
The Reserve Bank of India has cancelled the Certificate of Registration of 54 Non-Banking Financial Companies under Section 45-IA(6) of the RBI Act, 1934 for regulatory non-compliance. The enforcement action removes these entities' authorization to conduct NBFC operations. Affected companies include entities such as Chefair Impex Ltd and Umeed Leasing & Finance Limited.
16 NBFCs Surrender Certificates of Registration Under Section 45-IA
The Reserve Bank of India cancelled the Certificates of Registration of 16 Non-Banking Financial Companies (NBFCs) under Section 45-IA(6) of the RBI Act, 1934. The cancellations, effective between March 3-30, 2026, resulted from companies voluntarily surrendering their registrations or meeting criteria for unregistered Core Investment Companies.
91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off
The Reserve Bank of India announced the results of its T-Bill auction held on April 8, 2026. The auction accepted ₹12,000 crore in 91-day T-Bills at 5.3064% yield, ₹6,000 crore in 182-day T-Bills at 5.5299% yield, and ₹6,000 crore in 364-day T-Bills at 5.6278% yield. All notified amounts were fully accepted at the respective cut-off prices.
Statement on Developmental and Regulatory Policies - Commercial Banks
The Reserve Bank of India announced several developmental and regulatory policy measures for commercial banks, including proposals to dispense with Investment Fluctuation Reserve (IFR) requirements and to simplify CRAR computation by removing conditions on quarterly profit inclusion. The RBI also published 64 draft Master Directions consolidating supervisory instructions for public comment, representing a significant rationalization of the supervisory framework.
Governor Statement on MPC Policy: Repo Rate Holds at 5.25%
The RBI Governor's statement for April 8, 2026 announced the MPC's unanimous decision to keep the policy repo rate unchanged at 5.25 percent. The SDF remains at 5.00 percent and the MSF/Bank Rate at 5.50 percent, with the neutral stance maintained. The MPC cited contained inflation but flagged increased upside risks from energy price pressures and potential weather disruptions affecting food prices amid heightened geopolitical tensions.
MPC Keeps Repo Rate Unchanged at 5.25 Percent
The RBI Monetary Policy Committee voted unanimously to keep the policy repo rate unchanged at 5.25% at its April 6-8, 2026 meeting. The standing deposit facility rate remains at 5.00% and the marginal standing facility rate and bank rate remain at 5.50%, with the committee maintaining a neutral stance. Real GDP growth for 2026-27 is projected at 6.9%.
Consolidation of Supervisory Instructions - Drafts for Comments
The Reserve Bank of India has published 64 draft consolidated Master Directions for supervisory instructions, seeking public comments by May 8, 2026. The consolidation will repeal 626 circulars across 11 types of regulated entities on up to nine functions/areas. This follows an earlier consolidation of over 9,000 regulatory circulars into 238 Master Directions, aiming to enhance clarity and reduce compliance burden for regulated entities.
RBI Issues Draft Directions for Trade Receivables Discounting System
The Reserve Bank of India released draft directions for Trade Receivables Discounting System (TReDS) platforms on April 8, 2026, seeking to rationalize and harmonize existing guidelines for MSME trade receivables financing. The draft directions are open for public comments until May 1, 2026. Banks, TReDS platform operators, and MSME stakeholders should review the proposed changes and submit feedback through RBI's Connect 2 Regulate portal.
GENIUS Act AML/CFT Requirements for Payment Stablecoin Issuers
FinCEN and OFAC issued a joint proposed rule to implement the GENIUS Act's anti-money laundering and sanctions compliance program requirements for permitted payment stablecoin issuers (PPSIs). The rule would require PPSIs to establish AML/CFT programs, report suspicious activity, and maintain sanctions compliance programs as financial institutions under the Bank Secrecy Act. Comments are being accepted on the proposal.