Oversight

Nigeria’s central bank has unveiled sweeping new cash withdrawal limits and related rule changes aimed at curbing cash dependence and reducing security and money-laundering risks, according to Reuters.

China’s central bank has restated its hard line on cryptocurrencies, warning that a renewed wave of speculation is testing regulators and vowing tougher action against illegal activities involving stablecoins, according to Reuters.

The UK’s Financial Conduct Authority (FCA) has launched a consultation to overhaul the country’s transaction reporting regime, promising both stronger tools to combat financial crime and a lighter reporting burden for firms.

Brazil’s central bank unveiled long-awaited rules for virtual assets on Monday, extending anti–money laundering (AML) and counterterrorism financing (CTF) obligations to crypto firms and classifying fiat-pegged crypto transactions as foreign-exchange operations, Reuters reported. 

A third of inspected law firms in England and Wales are breaching anti-money laundering (AML) requirements, according to a report on new figures from the Solicitors Regulation Authority (SRA). 

The Central Bank of Ireland has fined cryptocurrency exchange Coinbase €21.5 million for failing to properly monitor transactions, including activity potentially linked to child sexual exploitation, drug trafficking, money laundering and other crimes. 

Germany’s financial watchdog BaFin has imposed a record €45-million penalty on JPMorgan Chase for shortcomings in anti-money laundering (AML) controls, the Financial Times reported, citing the supervisory body. 

Federal Reserve officials plan to shrink the regulatory body’s bank-supervision workforce by roughly 30% by the end of next year, leaving roughly 350 employees in the Supervision & Regulation (S&R) division, according to an internal memo reviewed by The Wall Street Journal.

Australia’s financial crimes watchdog has fined a second crypto ATM provider in a widening crackdown on machines increasingly linked to money laundering and scams, the country’s ABC News reported. 

Switzerland’s Money Laundering Reporting Office (MROS) says it is hitting capacity limits as banks and other firms flood the agency with record numbers of suspicious activity reports, according to SWI swissinfo.ch.