GRC Report Staff

In Singapore, the commodity financing (CF) sector plays a pivotal role in connecting global trade to the world’s financial systems. As one of the world’s key trading hubs, Singapore’s banks are responsible for financing the flow of commodities that power economies from oil and gas to metals and beyond. However, as the Monetary Authority of Singapore (MAS) pointed out in its recent 2024 inspection report, the sheer scale and complexity of commodity trade financing means that banks are facing heightened risks that need more than just a cursory glance.

The Federal Financial Supervisory Authority (BaFin) has slapped Deutsche Bank with an administrative fine totaling €23.05 million for a series of compliance failures in connection with its operations. The German financial regulator found that the bank violated several provisions under the German Securities Trading Act (WpHG) and the German Payment Accounts Act (ZKG).

In a world that’s changing faster than a New York minute, banking chief risk officers (CROs) are feeling the pressure. According to the latest survey by EY and the Institute of International Finance (IIF), cybersecurity remains the number one concern for CROs globally. In fact, a staggering 75% of them flagged it as their top priority for the next year. But that’s not the whole story—geopolitical risks are also rising fast on the horizon, with geopolitical tensions leaping from 12th to 3rd in the list of risks to worry about.

For businesses still working through the new requirements for beneficial ownership information reporting, FinCEN has some good news. The agency announced last week that it’s extending the deadline to file reports by 30 days, pushing the final date to March 21, 2025. This comes after a recent court ruling that revived the reporting requirements of the Corporate Transparency Act.

The Danish Data Protection Agency and the Danish Digital Agency have announced the opening of the second round of applications for their AI regulatory sandbox. This initiative, which was launched in 2024, provides companies and authorities with access to expert guidance on navigating the complexities of AI regulations, particularly the General Data Protection Regulation (GDPR) and AI Regulation.

Recently, Mr. Chee Hong Tat, Singapore’s Minister for Transport, Second Minister for Finance, Deputy Chairman of the Monetary Authority of Singapore, and evident professional multitasker, spoke at the Equities Market Review Group Media Conference, laying out a vision for the country’s equities market. The plan relies on changes to both regulations and investments that will help foster an environment where businesses and investors can thrive together.

The Spanish National Securities Market Commission (CNMV) has recently released its 2025 Activity Plan, which contains a clear set of objectives aimed at strengthening Spain’s financial market oversight. Carlos San Basilio, Chairman of the CNMV, highlighted the need for the Commission to adapt to the new challenges that the financial markets face, emphasizing that the CNMV must be both more agile and more transparent as it responds to an increasingly complex regulatory environment.