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Court of Appeal Upholds 36-Year Sentence for Soh, 20-Year for Quah in Singapore's Largest Stock Market Manipulation Case

Singapore's Court of Appeal upheld the convictions and sentences of Mr Soh Chee Wen (36 years) and Ms Quah Su-Ling (20 years) for orchestrating the largest stock market manipulation case in Singapore's history. The duo manipulated shares of Blumont Group Ltd, Asiasons Capital Ltd, and LionGold Corp Ltd using 187 trading accounts to artificially inflate prices, and deceived Goldman Sachs International and Interactive Brokers LLC regarding collateral legitimacy.

CFPB Motion Details 68% Workforce Cut While Injunction Stays

CFPB Acting Director Vought filed a motion on March 31, 2026, in the D.C. Circuit Court of Appeals seeking modification of a preliminary injunction on reductions-in-force, accompanied by a Workforce Restructuring Plan proposing 68% workforce cuts. The CFPB cites funding constraints from the One Big Beautiful Bill Act, which reduced the annual funding cap to $466.8 million against an agency-estimated need of $677.5 million, and the Supreme Court's Trump v. CASA decision limiting universal injunctions.

UK PRA and FCA Consult on Changes to Loan to Income Flow Limit Rule

UK FCA and PRA published consultation papers (CP26/12 and CP6/26) proposing to remove the firm-level 15% cap on high LTI mortgage lending (LTI ratio 4.5+) while retaining the 15% aggregate limit across the market. This gives individual lenders greater flexibility to set their own high LTI strategies. The consultation closes 1 July 2026, with implementation expected in H2 2026 and a backstop date of 31 December.

UK FCA Confirms Increase to FOS Award Limits for 2026/27

The UK FCA has confirmed increases to Financial Ombudsman Service award limits for the 2026/27 financial year effective April 1. Maximum awards rise to GBP455,000 for complaints relating to acts or omissions on or after April 1, 2019, up GBP10,000 from the prior year, and to GBP205,000 for earlier complaints, up GBP5,000. These annual adjustments follow Consumer Prices Index inflation.

SEC and CFTC Joint Interpretive Framework on Digital Assets

The SEC and CFTC issued a joint interpretive release on March 17, 2026, establishing a functional taxonomy for digital assets and clarifying the application of federal securities laws. The framework distinguishes digital commodities (e.g., Bitcoin, Ether, Dogecoin), digital collectibles, digital tools, and GENIUS Act stablecoins from securities.

DOL Proposes Fiduciary Safe Harbor for 401(k) Alternative Investments

The DOL published a proposed rule on March 31, 2026 providing a safe harbor for ERISA plan fiduciaries selecting designated investment alternatives, including alternative assets like private equity and real estate. The rule responds to Executive Order 14330 aimed at democratizing 401(k) access to alternative investments. Comments are due June 1, 2026.

CFTC Enforcement Director Announces New Priorities, Self-Disclosure Framework

CFTC Enforcement Director Announces New Priorities, Self-Disclosure Framework

FinCEN Proposes AML/CFT Reform, Coordinated Bank Regulatory NPRMs Issued

FinCEN published an NPRM on April 7, 2026, proposing substantial reforms to AML/CFT program requirements under the Bank Secrecy Act, shifting focus from technical compliance to effectiveness-based outcomes. Federal banking regulators (FDIC, OCC, NCUA) simultaneously issued a coordinated joint NPRM to align existing supervisory requirements with FinCEN's proposed framework.

Treasury GENIUS Act NPRM on State Stablecoin Oversight

The U.S. Treasury published an NPRM under the GENIUS Act establishing principles for determining whether state-level stablecoin regulatory regimes are "substantially similar" to the federal framework. The proposal would add new 12 CFR Subchapter C (Parts 1520-1521) governing the federal-state opt-in model for payment stablecoin issuers with up to $10 billion in outstanding issuance. Comments are due June 2, 2026.

BoE and PRA Set AI Approach for UK Finance

A&O Shearman summarized the BoE and PRA joint letter outlining their approach to enabling safe and responsible AI adoption in UK financial services. The letter responds to a government request and sets out planned work for 2026 including AI as a supervisory priority, a biennial AI adoption survey, and consortium reporting on generative and agentic AI. The PRA will update annually on how its approach enables AI-driven innovation and growth.

Foreign Exchange Turnover Data: February 23-27, 2026

The Reserve Bank of India released weekly foreign exchange turnover data covering the period February 23-27, 2026. The data captures daily merchant and inter-bank forex transactions across spot, forward, and swap instruments in USD millions. Merchant transactions ranged from $5,103-7,530M (purchases) and $4,667-7,042M (sales) on FCY/INR spot markets.

Foreign Exchange Turnover Data Feb 16-20, 2026

Foreign Exchange Turnover Data Feb 16-20, 2026

RBI Discussion Paper on Safeguards in Digital Payments to Curb Frauds

The Reserve Bank of India issued a Discussion Paper on Exploring safeguards in digital payments to curb frauds, seeking public comments by May 8, 2026. The paper addresses growing sophistication of fraudulent activities targeting digital payment customers amid unprecedented growth in India's digital payments sector over the past decade.

RBI Issues Guidelines to Facilitate Faster Cross-Border Inward Payments

The Reserve Bank of India issued a final circular on guidelines to facilitate faster cross-border inward payments. The circular, which finalizes a draft from October 29, 2025, addresses identified frictions in inward cross-border payment processing. The guidelines aim to ensure timely intimation of payment information and prompt crediting of funds to beneficiary accounts.

RBI Auctioning ₹12,700 Crore State Securities, Apr 13

The Reserve Bank of India has announced an auction of State Government Securities totaling ₹12,700 Crore (face value) to be conducted on April 13, 2026. State governments including Bihar, Chhattisgarh, Kerala, Madhya Pradesh, and Uttar Pradesh are offering securities with tenors ranging from 5 to 30 years. Bids can be submitted electronically through RBI's E-Kuber system.

NCUA Board Briefing: Brokered Deposits FAQ, Deregulation Project Phase 1, 2026-2030 Strategic Plan

The NCUA Board received briefings on published FAQs clarifying brokered and reciprocal deposits as permitted for federally insured credit unions, Phase 1 of the Deregulation Project (29 NPRMs issued with 230+ supporting comments), and the 2026-2030 Strategic Plan with three strategic goals and nine objectives to be implemented by December 31, 2027.

CSA Proposes Amendment to Insider Reporting for Investment Funds and Structured Products

The Canadian Securities Administrators published a notice and request for comment on a proposed amendment to Part 9 of National Instrument 55-104, clarifying insider reporting obligations for transactions involving investment funds and structured products such as structured notes, ADRs, and CDRs. The 60-day comment period closes June 8, 2026.

Villeroy de Galhau Explains Why 2026 Middle East Shock Won't Replicate 2022 Inflation Crisis

Bank of France Governor François Villeroy de Galhau delivered a speech at Sciences Po on April 2, 2026, analyzing why the current geopolitical shock from Middle East tensions will not repeat the 2022 inflation surge. The Governor emphasized that while oil prices have risen significantly, conditions differ from 2022 in terms of supply-demand dynamics, inflation expectations, and wage-price spirals. The speech reaffirmed the Bank of France's commitment to its 2% inflation target and stable policy course.

Stablecoin Strategic Choices for Europe - Denis Beau Remarks

Denis Beau, First Deputy Governor of the Bank of France, delivered remarks on Europe's strategic response to stablecoins at the EUROFI High Level Seminar in Nicosia. The speech addressed how the EU should respond to the dominance of USD-denominated stablecoins and the role of the digital euro in ensuring monetary stability and strategic autonomy.

Makhlouf: ECB Rates Unchanged, Energy Scenarios Show Inflation Risks

Gabriel Makhlouf, Governor of the Central Bank of Ireland, delivered a speech outlining the ECB's approach to monetary policy amid geopolitical uncertainty. The ECB held rates at 2% in March 2026. The speech presented three energy price scenarios—baseline (oil $90/barrel, gas €50/MWh), adverse ($119/barrel, €87/MWh), and severe ($145/barrel, €106/MWh)—and discussed how supply shocks, wage adjustments, and demand impacts create uncertainty for inflation and growth through 2026.

Treasury Proposes Anti-Discrimination Rules for CDFI Fund Awards

The ABA Banking Journal reports that the U.S. Treasury Department has proposed new anti-discrimination requirements for applicants to the CDFI Fund, including citizenship verification and fair lending documentation mandates for grant, loan, and bond guarantee programs. Banks, credit unions, and other CDFIs seeking federal funding must monitor the proposed changes and prepare comment submissions. The Treasury consultation period closes May 1, 2026.

Banks Capitalize on High-Net-Worth Client Growth, Wealth Transitions

ABA Banking Journal podcast explores how banks are developing strategies to capture growth from high-net-worth client segments and wealth transfers. The discussion covers opportunities in wealth management services, generational wealth transitions, and competitive positioning for financial institutions targeting affluent customers.

FCC Proposes Stronger KYC Penalties on Voice Providers

The FCC has proposed strengthening penalties on voice service providers for failures to conduct adequate Know Your Customer (KYC) verification. The proposed rule targets providers that fail to verify customer identity, particularly those facilitating AI-generated or robocall operations. Voice service providers subject to FCC jurisdiction will face increased financial penalties for KYC non-compliance.

30-Year Fixed Mortgage at 6.37%, 15-Year at 5.74%

ABA Banking Journal reports average mortgage rates for the week ending April 2026: 30-year fixed-rate mortgages at 6.37%, down from prior week; 15-year fixed-rate mortgages at 5.74%. Rate movements reflect current monetary policy and market conditions affecting mortgage lending.

U.S. GDP Rises 0.5% in Q4 2025

The American Bankers Association reports that U.S. GDP rose 0.5% in Q4 2025 according to the final estimate. This economic indicator provides banking compliance professionals with current macroeconomic context for risk assessment and lending decisions.

PCE Inflation 2.8% in February, Core 3.0%

The ABA DataBank reported that the Personal Consumption Expenditures (PCE) price index rose 2.8% year-over-year in February, with core PCE inflation at 3.0%. Both figures were in line with economist expectations, providing updated consumer spending and price trend data for banks and financial institutions.

Treasury Offers Digital Asset Firms Cybersecurity Info Sharing

The Treasury Department is extending cybersecurity information-sharing resources to digital asset firms. This initiative brings cryptocurrency and digital asset companies into existing government cybersecurity partnership programs. Digital asset firms should monitor for forthcoming Treasury guidance on participating in these information-sharing frameworks.

ABA Urges IRS Clarity on Trump Account Rollovers

The American Bankers Association has formally urged the IRS to provide clearer guidance on rollover contribution rules for accounts established under the Trump administration-era legislation. The trade group seeks clarification to help banks implement compliance procedures for account holders rolling over funds between eligible retirement or savings accounts.

Global Fifth Round Mutual Evaluation Procedures

The APG Secretariat issued procedural guidelines for its Global Fifth Round of mutual evaluations (MEs), effective 17 March 2026. These procedures govern how APG will assess member jurisdictions for compliance with FATF AML/CFT/CPF Standards using the FATF Methodology. The document covers team composition, on-site visit protocols, drafting timelines, follow-up processes, and plenary adoption procedures for Mutual Evaluation Reports (MERs).

CSA Proposes Amendment to Insider Reporting Requirements for Investment Funds and Structured Products

The Canadian Securities Administrators published a notice and request for comment on April 9, 2026, proposing amendments to Part 9 of National Instrument 55-104 regarding insider reporting requirements. The proposed amendment would clarify insider reporting obligations for transactions involving investment funds and structured products such as structured notes, American Depositary Receipts, and Canadian Depositary Receipts based on securities of a reporting insider's reporting issuer. The 60-day comment period closes June 8, 2026.

Operation Atlantic Freezes $12M in Crypto Fraud Losses

The Ontario Securities Commission announced the results of Operation Atlantic, an international law enforcement operation conducted March 27, 2026 with the US Secret Service and UK National Crime Agency. The operation identified over $45 million in cryptocurrency fraud losses affecting victims across 30+ countries, froze $12 million in stolen funds, and seized 120+ domains used in approval phishing scams targeting crypto investors.

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.

A Closer Look at Emerging Market Resilience During Recent Shocks

The NY Fed published a Liberty Street Economics analysis examining the resilience of emerging market (EM) economies during recent global economic shocks. The research distinguishes between Core EMs (MSCI Index countries) and Periphery EMs (92 countries outside the Index), highlighting divergent economic trajectories over the past 25 years. Core EMs have doubled their share of global GDP from 14% to 33%, while Periphery EMs' GDP share remained stagnant at 6%.

SEC Settles Adviser Action, $900k Penalty, $5M Reimbursement

SEC Settles Adviser Action, $900k Penalty, $5M Reimbursement

Budget Act Introduces Stablecoin, Open Banking, Fraud Measures

Canada enacted the Budget Implementation Act (Bill C-15) on March 26, 2026, introducing the Stablecoin Act for non-financial stablecoin issuers, a revised open banking framework under the Consumer-Directed Banking Act, and mandatory fraud risk management requirements for banks. The Bank of Canada will supervise both the stablecoin and open banking regimes.

FTC Warns PayPal, Stripe, Visa, Mastercard Against Debanking

FTC Chairman sent warning letters to PayPal, Stripe, Visa, and Mastercard cautioning against debanking practices. The letters cite a Presidential Executive Order prohibiting financial institutions from denying services based on political or religious beliefs, orientation, or lawful industry involvement. The FTC warns these payment processors that denying services to customers based on such factors violates federal consumer protection principles.

ESAs Final Joint ESG Stress Testing Guidelines for Banks and Insurers

The European Supervisory Authorities (EBA, EIOPA, ESMA) published official translations of joint final guidelines integrating ESG risks into financial stress tests for banks and insurers under the Capital Requirements Directive and Solvency II Directive. The guidelines harmonize how competent authorities across the EU incorporate ESG risks into supervisory frameworks and set standards for ESG stress testing methodologies across short-term (up to 5 years) and long-term (at least 10 years) horizons.

Davies Comments on Proposed Amendments to NI 81-102 Investment Funds

Davies Ward Phillips & Vineberg submitted a comment letter to the Canadian Securities Administrators responding to proposed amendments to National Instrument 81-102 Investment Funds regarding liquidity risk management requirements. The letter raises concerns about extending these requirements to private investment funds, arguing that such funds already receive appropriate oversight through registration requirements under NI 31-103, and advocates for a more tailored, principles-based regulatory approach.

New York Publishes First State BNPL Regulations, 16% Cap

New York became the first state to publish comprehensive BNPL regulations on February 23, 2026, implementing the state's BNPL Act. The rule mandates licensing for all BNPL lenders, caps interest rates at 16 percent civil usury, restricts late and convenience fees, and requires enhanced disclosures and data privacy protections. A 60-day public comment period will begin upon publication in the New York State Register, with the rule taking effect 180 days after finalization.

KalshiEX LLC v. Flaherty: Third Circuit Affirms Federal Primacy Over Sports Event Contracts

The Third Circuit affirmed a preliminary injunction protecting KalshiEX LLC's CFTC-licensed prediction market from New Jersey's state gambling enforcement actions. The court held that sports-related event contracts qualify as swaps under the Commodity Exchange Act, triggering federal preemption of state regulation. New Jersey had sought to enforce its gambling laws prohibiting collegiate sports betting against the federally regulated financial derivatives platform.

FPC March 2026 Meeting Record: BoE Financial Stability Assessment

The Bank of England's Financial Policy Committee published its March 2026 meeting record assessing Middle East conflict impacts on UK financial stability. The FPC determined that the conflict has caused a substantial negative supply shock with higher energy prices and government bond yields. The Committee maintained the UK countercyclical capital buffer rate at 2% and identified ongoing vulnerabilities in sovereign debt, risky asset valuations, and private credit markets.

CFTC Settles With KuCoin for $500K Despite AML Allegations

CFTC entered a consent order against KuCoin (Peken Global Limited) imposing a $500,000 civil monetary penalty for allowing U.S. participants to trade commodity derivatives without registering as a foreign board of trade. The settlement dismissed AML and FCM registration charges that had driven $100 million and $1 billion+ penalties in prior similar cases. The CFTC credited $184.5 million in DOJ forfeiture as offset against KuCoin's U.S. user fees.

Australia RBA Card Payment Reforms Effective October 2026

The Reserve Bank of Australia published conclusions on merchant card payment costs and surcharging reforms effective October 1, 2026. Key changes include reduced interchange fee caps (8 cents for debit, 0.3% for credit, 1.0% for foreign cards) and allowing card schemes to impose no-surcharge rules. Card schemes and large acquirers must publish standardized fee information.

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.

FINMA Guidance 02/2026 on Managing Digital Fraud Risks for Banks

FINMA published Guidance 02/2026 addressing digital fraud risks following a survey of 19 Swiss banks. The guidance identifies gaps in operational risk management and anti-money laundering controls related to digital banking fraud, which has increased since 2022. Banks and persons under Article 1b of Switzerland's Banking Act are expected to implement appropriate risk management frameworks covering client onboarding, account security, and fraud proceeds laundering.