An Overview of The New Disclosure Requirements, Changes to Core Banking Operations, Binance Exec Money Laundering Charges, and Other Regulatory Updates.

The global financial and regulatory landscape continues to evolve at a rapid pace, driven by heightened scrutiny on transparency, systemic stability, and financial crime prevention. Across jurisdictions, regulators are tightening disclosure obligations, recalibrating operational safeguards within banking systems, and intensifying enforcement actions against perceived misconduct in both traditional finance and the digital asset ecosystem.

This article provides a structured overview of these key updates—highlighting new disclosure requirements, regulatory interventions in core banking operations, developments in high-profile enforcement actions, and broader market shifts shaping the financial services sector.

New Disclosure Requirements Under the CTA

The Corporate Transparency Act (CTA) has directed all “Reporting Companies” under the Act, to disclose their Beneficial Ownership Information (BOI). The Act defines a “reporting company” as a corporation, limited liability company, or small entity registered to operate in any United States state or tribal office. Thus, all companies incorporated in Delaware, whether local or foreign are to abide by this regulation. A beneficial owner is any individual who directly or indirectly exercises significant control over the company or holds at least 25% ownership interest. All reporting companies must file their initial report directly by January 1, 2025, through the Financial Ownership Enforcement Network (FinCEN). Companies that fail to comply with the CTA reporting requirements within the specified deadline can face civil fines of up to $500 per day (up to US$10,000) and potential criminal penalties, including imprisonment for up to 2 years. This reporting requirement is part of the US Government’s effort to prevent companies from laundering money and hiding illegal funds by using shell companies and other ambiguous entities.

CBN Directs Commercial Banks to Secure Approval Before Changing Core Banking Operations

Some of Nigeria’s commercial banks such as Guaranty Trust Bank, Sterling Bank, and Zenith migrated to a new core banking system. However, this switch led to many service disruptions, failed business transactions, and complaints from customers who could not access their funds for a period of time. While this move to cheaper software applications was necessary for banks to continually provide services to their customers, while maintaining current service charges, the system delays prompted CBN to place a regulation. The CBN issued a new directive requiring commercial banks to seek approval before changing their core banking software. This directive ensures that customers are protected and notified before migration or potential service disruption.

Nigeria Drops Money Laundering Charges Against Binance Executive, Tigran Gambaryan

Since late February, the Economic and Financial Crimes Commission (EFCC) has detained Binance Executive, Gambaryan over money laundering charges to the tune of $35 million. Gamabaryan, who is Binance's Chief Financial Crime Compliance Officer has been released to enable him to secure proper health treatments outside the country. Binance was also charged alongside Gambaryan for tax evasion. While the charges against him have been dropped, the pursuit against Binance continues. A few months ago, we gave a background into the case, which can be read here.

Moniepoint Acquires Unicorn Status

In 2023, it was recorded that of the seven unicorns in Africa, Nigeria is proudly home to six. Nigerian Fintech company, Moniepoint added to this list as it recently attained unicorn status after raising $110 million in its series C round of funding. Founded in 2015, the company disclosed that it processes over 800 million monthly transactions, valued at over $17 billion. With this new funding, the company plans to expand its offerings and create an integrated business platform offering digital payments, banking, credit, and business management tools. This milestone marks a significant step in its mission to equip Africans with resources to manage their finances and grow their enterprises, ensuring access to transformative solutions across the continent and beyond.

CBN Extends Deadline for BDCs Recapitalisation

The Central Bank of Nigeria (CBN) has announced a six-month extension of the recapitalisation deadline for Bureau De Change (BDC) operators. The new deadline is now set for June 3, 2025. In May 2024, the CBN introduced new operational guidelines for BDC operators in Nigeria. These guidelines establish two categories of licences, each with specific minimum capital requirements. Under the directive, existing BDC operators are required to reapply for a licence within their preferred category and meet the stipulated capital requirements within six months of the effective date, June 3, 2024. Initially, the deadline was set for December 2024. However, the extension provides operators additional time to comply. For more details on the new guidelines and requirements, please read here.

Conclusion

In aggregate, these developments underscore a regulatory environment that is becoming more deliberate, interventionist, and globally coordinated. Authorities are not only tightening disclosure and compliance frameworks, as seen under the CTA, but are also increasingly proactive in supervising operational risks within financial institutions and enforcing accountability in the digital asset space. At the same time, market signals such as Moniepoint’s growth trajectory demonstrate that regulatory tightening is not necessarily at odds with innovation, but rather serves as a foundation for more sustainable expansion.

For market participants, whether financial institutions, fintech operators, or cross-border businesses, the implication is clear: compliance can no longer be treated as a peripheral function. Instead, it must be embedded within operational, technological, and strategic decision-making. As regulators continue to refine their approaches, stakeholders that adopt a forward-looking, compliance-driven posture will be better positioned to navigate emerging risks, leverage new opportunities, and operate with confidence in an increasingly regulated ecosystem.