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Jurisdictions have made "only limited progress" over the last year to implement the travel rule in the crypto industry, the FATF says.

Climate risk management will be a standing item in annual prudential meetings with banks. The CAMEL rating framework will be updated.

Banks, insurers and non-bank deposit takers will be required to obtain a conduct licence from the FMA, on top of their prudential licences from the RBNZ.

Reviews underway cover concentration risk in OTC derivatives markets, risk management at futures brokers, and block trading practices.

All local and foreign FIs are expected to adopt the basic recommendations set out in the application guide within a recommended timeframe of 24 months.

The SME-focused Judo Bank is the only neobank in Australia which continues to run independently after listing on the ASX last year.

Longer trading hours will help meet the rising global demand for yuan transactions, narrow the onshore-offshore spread, and help Chinese investors hedge currency risk.

The BIS warns that the dangers of stagflation "loom large" due to lingering disruptions from the pandemic, the war in Ukraine, and soaring commodity prices.

The US plans to contribute USD 200 billion to the new initiative, while the rest of the G7 will contribute another USD 400 billion.

Russia made USD 100 million in payments due on 27 May to Euroclear, but the funds were not delivered to investors due to sanctions.