{
  "_variance_note": "Jurisdiction data is hierarchical (region→country→sub-state) per methodology v2 §08. v1 renders the top-level rollup; per-country intra-regional variance drill-down is the v2 render. The blob preserves the full hierarchy losslessly (no data dropped).",
  "meta": {
    "week_ending": "2026-06-13",
    "cycle": "24/2026",
    "trust": "AI–Unverified",
    "schema_version": "2.0",
    "module_count": 12,
    "note": "W1 split to W1a/W1b. W11 AML/CFT sourced from Sentinel.gi. W12 Correspondent Banking new.",
    "schema_versions": {
      "interpret": "wpm-interpret-v1.3",
      "compose": "wpm-compose-v1.0",
      "review": "wpm-review-v1.0"
    }
  },
  "domains": [
    {
      "id": "W1a",
      "t": "Licensing, Authorisation & Market Access",
      "d": "PI/EMI and bank PSP authorisation routes, passporting, GAR, EMD agents, outsourcing obligations, prudential requirements and jurisdiction comparisons.",
      "sentinel_feed": false,
      "brief_count": 6,
      "colour": "#1a6e8e",
      "dot": "brand",
      "slug": "licensing-authorisation-and-market-access"
    },
    {
      "id": "W1b",
      "t": "Conduct, Safeguarding & Financial Promotions",
      "d": "Consumer Duty, safeguarding rules for non-bank PSPs (May 2026 changes), financial promotions and approver regime, vulnerable customers and prepaid conduct.",
      "sentinel_feed": false,
      "brief_count": 5,
      "colour": "#2596be",
      "dot": "brand-2",
      "slug": "conduct-safeguarding-and-financial-promotions"
    },
    {
      "id": "W2",
      "t": "Stablecoins & Digital Money",
      "d": "Stablecoin reserve requirements, MiCA EMT/ART regime, UK and US digital-money frameworks, CBDC developments and tokenised-money licensing.",
      "sentinel_feed": false,
      "brief_count": 5,
      "colour": "#0f766e",
      "dot": "mon",
      "slug": "stablecoins-and-digital-money"
    },
    {
      "id": "W3",
      "t": "Operational Resilience & Critical Infrastructure",
      "d": "DORA, FCA/PRA operational resilience rules, critical third-party (CTP) designation regime and firm-level continuity obligations.",
      "sentinel_feed": false,
      "brief_count": 3,
      "colour": "#b45309",
      "dot": "elev",
      "slug": "operational-resilience-and-critical-infrastructure"
    },
    {
      "id": "W4",
      "t": "Scheme & Network Compliance",
      "d": "Card-scheme rule changes, Visa VAMP, Mastercard ECP/BRAM, PCI-DSS v4.0, SCA/3DS mandate and programme-proximity obligations.",
      "sentinel_feed": false,
      "brief_count": 4,
      "colour": "#9333ea",
      "dot": "high",
      "slug": "scheme-and-network-compliance"
    },
    {
      "id": "W5",
      "t": "Payment Corridor Dynamics",
      "d": "Cross-border route risk: sanctions exposure, regulatory divergence, illicit-finance concentration, FATF impact and correspondent banking fragility.",
      "sentinel_feed": false,
      "brief_count": 3,
      "colour": "#dc2626",
      "dot": "crit",
      "slug": "payment-corridor-dynamics"
    },
    {
      "id": "W6",
      "t": "Industry Structure & Commercial Dynamics",
      "d": "M&A, market-entry moves, competitive landscape by segment, market-entry analysis and structural shifts in payments.",
      "sentinel_feed": false,
      "brief_count": 2,
      "colour": "#0891b2",
      "dot": "accent",
      "slug": "industry-structure-and-commercial-dynamics"
    },
    {
      "id": "W7",
      "t": "Legal & Litigation",
      "d": "Enforcement actions, litigation with structural consequences, asset-recovery proceedings and AML enforcement patterns.",
      "sentinel_feed": false,
      "brief_count": 3,
      "colour": "#7c3aed",
      "dot": "brand-2",
      "slug": "legal-and-litigation"
    },
    {
      "id": "W8",
      "t": "Merchant Acquiring & Risk",
      "d": "Merchant-category risk, high-risk MCC guide, chargeback mechanics, acquirer stress signals and monitoring obligations.",
      "sentinel_feed": false,
      "brief_count": 2,
      "colour": "#ca8a04",
      "dot": "high",
      "slug": "merchant-acquiring-and-risk"
    },
    {
      "id": "W9",
      "t": "Product Innovation & Market Development",
      "d": "Open banking, PSD3 account access, BaaS and embedded finance, BNPL regulation, prepaid product types and innovation-layer risk.",
      "sentinel_feed": false,
      "brief_count": 4,
      "colour": "#059669",
      "dot": "mon",
      "slug": "product-innovation-and-market-development"
    },
    {
      "id": "W10",
      "t": "Consumer Protection & APP Fraud",
      "d": "APP fraud mandatory reimbursement (PSR, Oct 2024), account closure and de-banking rights, consumer-redress obligations and complaint trends.",
      "sentinel_feed": false,
      "brief_count": 2,
      "colour": "#db2777",
      "dot": "elev",
      "slug": "consumer-protection-and-app-fraud"
    },
    {
      "id": "W11",
      "t": "AML/CFT & Financial Crime",
      "d": "UK/EU AML frameworks, travel rule, sanctions regimes, FATF mutual evaluation impact, bank vs non-bank PSP supervision gap. Intelligence sourced from Sentinel.gi.",
      "sentinel_feed": true,
      "sentinel_url": "https://sentinel.gi/",
      "brief_count": 6,
      "colour": "#7c3aed",
      "dot": "crit",
      "slug": "aml-cft-and-financial-crime"
    },
    {
      "id": "W12",
      "t": "Correspondent Banking & Settlement",
      "d": "USD and GBP clearing architecture, CHIPS/FedWire/CHAPS, non-bank PSP access to payment systems, correspondent banking de-risking, ISO 20022 migration and settlement finality.",
      "sentinel_feed": false,
      "brief_count": 7,
      "colour": "#1d4ed8",
      "dot": "accent",
      "slug": "correspondent-banking-and-settlement"
    },
    {
      "id": "W13",
      "t": "Commercial Intelligence & Fintech",
      "d": "M&A activity, investment rounds, market entry and exit, strategic partnerships and competitive landscape shifts across the payments sector.",
      "sentinel_feed": false,
      "brief_count": 0,
      "colour": "#0d9488",
      "dot": "mon",
      "slug": "commercial-intelligence-and-fintech"
    }
  ],
  "risk": {
    "W11": [
      {
        "ent": "Danske Bank",
        "impact": "CRITICAL",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W11",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w11",
        "change": "new",
        "changeClass": "chg-up",
        "source_label": "Denmark"
      },
      {
        "ent": "PPATK",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W11",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w11",
        "instrument_type": "other",
        "source_label": "Indonesia"
      }
    ],
    "W5": [
      {
        "ent": "Danmarks Nationalbank",
        "impact": "CRITICAL",
        "conf": "High",
        "tier": "T1",
        "domain": "W5",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w5",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr250423~096ce05219.en.html",
        "instrument_type": "account-to-account",
        "source_label": "Denmark"
      },
      {
        "ent": "QRIS",
        "impact": "CRITICAL",
        "conf": "High",
        "tier": "T3",
        "domain": "W5",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w5",
        "instrument_type": "account-to-account",
        "source_label": "Indonesia"
      },
      {
        "ent": "Bank Indonesia / PT PTEN",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W5",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w5",
        "instrument_type": "account-to-account",
        "source_label": "Indonesia"
      },
      {
        "ent": "Bank Indonesia",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W5",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w5",
        "instrument_type": "account-to-account",
        "source_label": "Indonesia"
      },
      {
        "ent": "Vipps MobilePay",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W5",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w5",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.thelocal.dk/20240924/denmark-and-norways-vipps-mobilepay-app-now-lets-you-receive-money-from-sweden",
        "instrument_type": "account-to-account",
        "source_label": "Denmark"
      }
    ],
    "W7": [
      {
        "ent": "Danske Bank",
        "impact": "CRITICAL",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W7",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w7",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.sec.gov/newsroom/press-releases/2022-220",
        "source_label": "Denmark"
      },
      {
        "ent": "Copenhagen court",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W7",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w7",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://en.wikipedia.org/wiki/Danske_Bank_money_laundering_scandal",
        "source_label": "Denmark"
      }
    ],
    "W1b": [
      {
        "ent": "OJK / Bank Indonesia / Komdigi",
        "impact": "CRITICAL",
        "conf": "High",
        "tier": "T3",
        "domain": "W1b",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Indonesia"
      },
      {
        "ent": "Quicko",
        "impact": "CRITICAL",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Argentina economic programme phase three",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "OJK",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Indonesia"
      },
      {
        "ent": "BCRA Comunicacion A 8226",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1b",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "Finanstilsynet",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1b",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://finance.ec.europa.eu/document/download/88bd4c03-f0ce-4b0e-a795-641cd5ee38a0_en?filename=denmark_en.pdf",
        "instrument_type": "other",
        "source_label": "Denmark"
      },
      {
        "ent": "BCRA card/export-settlement rules",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1b",
        "instrument_type": "cards",
        "source_label": "Argentina"
      },
      {
        "ent": "Forbrugerombudsmanden (Consumer Ombudsman)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1b",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/denmark/",
        "source_label": "Denmark"
      },
      {
        "ent": "Consob",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1b",
        "jid": "IT",
        "link": "/jurisdictions/it/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Italy"
      },
      {
        "ent": "Italy CASP transition",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1b",
        "jid": "IT",
        "link": "/jurisdictions/it/#sec-mod-w1b",
        "instrument_type": "stablecoin",
        "source_label": "Italy"
      }
    ],
    "W2": [
      {
        "ent": "Crypto-Asset Market Act (Poland)",
        "impact": "CRITICAL",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Poland"
      },
      {
        "ent": "MiCA Art. 143(3) legacy-VASP transition",
        "impact": "CRITICAL",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Poland"
      },
      {
        "ent": "MiCA Art. 65 passporting",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Poland"
      },
      {
        "ent": "Danmarks Nationalbank",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W2",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.nationalbanken.dk/en/topics/digitalisation",
        "instrument_type": "CBDC",
        "source_label": "Denmark"
      },
      {
        "ent": "GCEX",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W2",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.kaupr.io/en/news/mica-in-the-nordics-and-baltics-who-has-a-crypto-licence",
        "instrument_type": "other",
        "source_label": "Denmark"
      },
      {
        "ent": "TCMB",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W2",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w2",
        "instrument_type": "prepaid_emoney",
        "source_label": "Turkey"
      }
    ],
    "W1a": [
      {
        "ent": "Papara Elektronik Para ve Ödeme Hizmetleri A.Ş.",
        "impact": "CRITICAL",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Turkey"
      },
      {
        "ent": "Law No. 4 of 2026 (P2SK Amendment)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T2",
        "domain": "W1a",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Indonesia"
      },
      {
        "ent": "OJK",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T2",
        "domain": "W1a",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Indonesia"
      },
      {
        "ent": "Payment Services Act (Poland)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Argentina fintech regulatory perimeter (CNV/BCRA/Open Finance Decree 353/2025)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1a",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "CNV General Resolution No. 1139/2026",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1a",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "Finanstilsynet",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://forbrugerombudsmanden.dk/media/46537/payment-services-act.pdf",
        "instrument_type": "other",
        "source_label": "Denmark"
      },
      {
        "ent": "OJK Satgas PASTI",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1a",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Indonesia"
      },
      {
        "ent": "PSD3/PSR",
        "impact": "ELEVATED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Payment Services Act Art. 9 (amended)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Administrative Court (Türkiye)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Turkey"
      },
      {
        "ent": "TCMB",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Turkey"
      },
      {
        "ent": "Mobile money operators (Uganda)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W1a",
        "jid": "UG",
        "link": "/jurisdictions/ug/#sec-mod-w1a",
        "instrument_type": "prepaid_emoney",
        "source_label": "Uganda"
      },
      {
        "ent": "BCRA Comunicacion A 8427",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1a",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1a",
        "instrument_type": "account-to-account",
        "source_label": "Argentina"
      },
      {
        "ent": "BCRA Comunicacion A 8432",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W1a",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w1a",
        "instrument_type": "account-to-account",
        "source_label": "Argentina"
      },
      {
        "ent": "Januar",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1a",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.januar.com/news/payment-institution-license",
        "instrument_type": "other",
        "source_label": "Denmark"
      },
      {
        "ent": "Banca d'Italia",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "IT",
        "link": "/jurisdictions/it/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Italy"
      },
      {
        "ent": "MiCAR (Regulation (EU) 2023/1114)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "IT",
        "link": "/jurisdictions/it/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Italy"
      },
      {
        "ent": "PSD3",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "IT",
        "link": "/jurisdictions/it/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Italy"
      },
      {
        "ent": "PSD3/PSR package",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "IT",
        "link": "/jurisdictions/it/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Italy"
      },
      {
        "ent": "KIP/MIP framework",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Central Bank of the Republic of Türkiye (CBRT/TCMB)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Turkey"
      },
      {
        "ent": "Bank of Uganda",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "UG",
        "link": "/jurisdictions/ug/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Uganda"
      }
    ],
    "W9": [
      {
        "ent": "BCRA Comunicacion A7506 ban-reversal (draft)",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W9",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "BCRA crypto-custody/trading framework (April 2026 ruling)",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W9",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "Uganda mobile money sector",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W9",
        "jid": "UG",
        "link": "/jurisdictions/ug/#sec-mod-w9",
        "instrument_type": "prepaid_emoney",
        "source_label": "Uganda"
      },
      {
        "ent": "CNV RG 1137",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W9",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "EU Instant Payments Regulation",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W9",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w9",
        "instrument_type": "account-to-account",
        "source_label": "Poland"
      },
      {
        "ent": "Bank of Uganda",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W9",
        "jid": "UG",
        "link": "/jurisdictions/ug/#sec-mod-w9",
        "instrument_type": "prepaid_emoney",
        "source_label": "Uganda"
      },
      {
        "ent": "CNV General Resolution 1125/2026",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W9",
        "jid": "AR",
        "link": "/jurisdictions/ar/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Argentina"
      },
      {
        "ent": "Denmark (PSD2 open banking regime)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W9",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/denmark/",
        "source_label": "Denmark"
      },
      {
        "ent": "Vipps MobilePay",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T2",
        "domain": "W9",
        "jid": "DK",
        "link": "/jurisdictions/dk/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "evidence_url": "https://www.sttinfo.fi/files/69821730/72035243/382370/fi",
        "instrument_type": "other",
        "source_label": "Denmark"
      },
      {
        "ent": "OVO/GoPay/DANA",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T4",
        "domain": "W9",
        "jid": "ID",
        "link": "/jurisdictions/id/#sec-mod-w9",
        "instrument_type": "prepaid_emoney",
        "source_label": "Indonesia"
      },
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        "ent": "FAST",
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        "tier": "T4",
        "domain": "W9",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w9",
        "instrument_type": "account-to-account",
        "source_label": "Turkey"
      },
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        "ent": "FAST (Fonların Anlık ve Sürekli Transferi)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W9",
        "jid": "TR",
        "link": "/jurisdictions/tr/#sec-mod-w9",
        "instrument_type": "account-to-account",
        "source_label": "Turkey"
      },
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        "ent": "Chipper Cash",
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        "conf": "Possible",
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        "instrument_type": "account-to-account",
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        "ent": "Uganda mobile money market",
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        "instrument_type": "prepaid_emoney",
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    ],
    "W10": [
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        "ent": "Danish adults (scam victims)",
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        "source_label": "Denmark"
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        "ent": "Danish payers",
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        "change": "new",
        "changeClass": "chg-up",
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        "ent": "Indonesia Anti-Scam Centre (IASC)",
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        "ent": "OFAC",
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        "ent": "Bank of Uganda",
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        "jid": "UG",
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        "instrument_type": "account-to-account",
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        "ent": "Turkish banking sector",
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    ],
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        "ent": "Nexi Group",
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        "change": "new",
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        "ent": "Flatpay",
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        "change": "new",
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        "ent": "Argentine PSP sector consolidation",
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        "ent": "Revolut",
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        "ent": "Embankment",
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      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ia/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-ID",
      "parent": "US",
      "label": "United States — Idaho",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-id/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-IL",
      "parent": "US",
      "label": "United States — Illinois",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-il/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-IN",
      "parent": "US",
      "label": "United States — Indiana",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-in/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-KS",
      "parent": "US",
      "label": "United States — Kansas",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ks/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-KY",
      "parent": "US",
      "label": "United States — Kentucky",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ky/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-LA",
      "parent": "US",
      "label": "United States — Louisiana",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-la/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MA",
      "parent": "US",
      "label": "United States — Massachusetts",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ma/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MD",
      "parent": "US",
      "label": "United States — Maryland",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-md/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-ME",
      "parent": "US",
      "label": "United States — Maine",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-me/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MI",
      "parent": "US",
      "label": "United States — Michigan",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MN",
      "parent": "US",
      "label": "United States — Minnesota",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MO",
      "parent": "US",
      "label": "United States — Missouri",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mo/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MS",
      "parent": "US",
      "label": "United States — Mississippi",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ms/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MT",
      "parent": "US",
      "label": "United States — Montana",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mt/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NC",
      "parent": "US",
      "label": "United States — North Carolina",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-ND",
      "parent": "US",
      "label": "United States — North Dakota",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nd/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NE",
      "parent": "US",
      "label": "United States — Nebraska",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ne/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NH",
      "parent": "US",
      "label": "United States — New Hampshire",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nh/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NJ",
      "parent": "US",
      "label": "United States — New Jersey",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nj/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NM",
      "parent": "US",
      "label": "United States — New Mexico",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nm/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NV",
      "parent": "US",
      "label": "United States — Nevada",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nv/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NY",
      "parent": "US",
      "label": "United States — New York",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ny/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-OH",
      "parent": "US",
      "label": "United States — Ohio",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-oh/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-OK",
      "parent": "US",
      "label": "United States — Oklahoma",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ok/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-OR",
      "parent": "US",
      "label": "United States — Oregon",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-or/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-PA",
      "parent": "US",
      "label": "United States — Pennsylvania",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-pa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-RI",
      "parent": "US",
      "label": "United States — Rhode Island",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ri/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-SC",
      "parent": "US",
      "label": "United States — South Carolina",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-sc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-SD",
      "parent": "US",
      "label": "United States — South Dakota",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-sd/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-TN",
      "parent": "US",
      "label": "United States — Tennessee",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-tn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-TX",
      "parent": "US",
      "label": "United States — Texas",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-tx/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-UT",
      "parent": "US",
      "label": "United States — Utah",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ut/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-VA",
      "parent": "US",
      "label": "United States — Virginia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-va/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-VT",
      "parent": "US",
      "label": "United States — Vermont",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-vt/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WA",
      "parent": "US",
      "label": "United States — Washington",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WI",
      "parent": "US",
      "label": "United States — Wisconsin",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WV",
      "parent": "US",
      "label": "United States — West Virginia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wv/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WY",
      "parent": "US",
      "label": "United States — Wyoming",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wy/#sec-jurisdiction-rollup"
    },
    {
      "jid": "UY",
      "parent": null,
      "label": "Uruguay",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/uy/#sec-jurisdiction-rollup"
    },
    {
      "jid": "VE",
      "parent": null,
      "label": "Venezuela",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ve/#sec-jurisdiction-rollup"
    },
    {
      "jid": "VN",
      "parent": null,
      "label": "Vietnam",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/vn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "ZA",
      "parent": null,
      "label": "South Africa",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/za/#sec-jurisdiction-rollup"
    },
    {
      "jid": "ZM",
      "parent": null,
      "label": "Zambia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/zm/#sec-jurisdiction-rollup"
    }
  ],
  "heat": [
    [
      "DK",
      "CRITICAL"
    ],
    [
      "ID",
      "CRITICAL"
    ],
    [
      "PL",
      "CRITICAL"
    ],
    [
      "TR",
      "CRITICAL"
    ],
    [
      "AR",
      "HIGH"
    ],
    [
      "UG",
      "HIGH"
    ],
    [
      "IT",
      "MONITORED"
    ]
  ],
  "alerts": [
    [
      "EU PSD3 final text imminent",
      "Political agreement reached; implementation window 18 months post-publication."
    ],
    [
      "BaaS platform failures elevated",
      "Three embedded-finance BaaS providers under regulatory action; programme-manager exposure elevated."
    ],
    [
      "APP fraud reimbursement live (UK)",
      "PSP reimbursement obligations active; complaint and chargeback dynamics shifting."
    ]
  ],
  "corridors": [
    [
      "UK–India",
      "HIGH",
      "High remittance volume concentration; FATF divergence on beneficial ownership standards."
    ],
    [
      "US–Mexico",
      "ELEVATED",
      "FinCEN monitoring elevated; volume anomaly indicators; MSB licensing fragmentation."
    ],
    [
      "EU–Nigeria",
      "HIGH",
      "AML-framework divergence; correspondent-banking withdrawal risk; informal-channel growth."
    ],
    [
      "SG–MY",
      "MONITORED",
      "Bilateral fast-payment linkage live; low divergence; monitoring for volume growth."
    ],
    [
      "HK–CN",
      "ELEVATED",
      "Cross-border digital yuan pilots; SWIFT bypass risk; sanctions-screening complexity."
    ],
    [
      "UK–GI",
      "MONITORED",
      "Gibraltar e-money licensing under review; corridor volume stable; regulatory arbitrage monitoring."
    ]
  ],
  "reg": [
    {
      "t": "Georgia HB 15 (Title 7 modernization) entered into force",
      "module": "W1a",
      "source_jid": "US-GA",
      "expected_date": "2025-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.balch.com/insights/publications/2025/07/georgia-banking-brief-all-the-notable-legal"
    },
    {
      "t": "UK/EU cross-border acquiring re-contracting deadline",
      "note": "From 31 December 2025 no EU merchant may use a UK-based acquirer and vice versa, forcing re-contracting of cross-border acquiring relationships.",
      "module": "W8",
      "source_jid": "LU",
      "expected_date": "2025-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://worldline.com/en-gb/merchant-services-uk"
    },
    {
      "t": "KSA nationally regulated stablecoin framework (SAMA + CMA joint oversight)",
      "note": "Late-2025 ministerial announcement of nationally regulated stablecoins; no licensing, reserve-backing or redemption rules yet published. Policy-design stage, NOT enacted.",
      "module": "W2",
      "source_jid": "JID-SA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/saudi-arabia"
    },
    {
      "t": "Sri Lanka's third FATF/APG AML/CFT mutual evaluation",
      "module": "W11",
      "source_jid": "LK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.sundaytimes.lk/251005/news/sri-lanka-to-undergo-third-money-laundering-terrorism-financing-evaluation-in-2026-615149.html"
    },
    {
      "t": "LB838 money-transmitter national-security safeguards bill (pending, 2026 session)",
      "module": "W1b",
      "source_jid": "US-NE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://citizenportal.ai/articles/7626502/nebraska/2026-legislature-ne/nebraska/2026-legislature-ne/Nebraska/2026-Legislature-NE/Senators-bundle-consumer-protection-money-transmitter-and-online-safety-measures-into-committee-package-and-advance-LB838"
    },
    {
      "t": "BaFin begins applying PSD3 expectations to new PI/EMI authorisation files",
      "note": "BaFin authorisation files reflect PSD3 expectations (IBAN-name check, APP-fraud liability, safeguarding diversification, tighter substance) from 2026 onward.",
      "module": "W1a",
      "source_jid": "DE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://crassula.io/guides/licenses/germany-bafin-zag/"
    },
    {
      "t": "PSD3/PSR and EU APP-fraud / IBAN-name-check duties",
      "note": "PSD3/PSR package layering enhanced consumer-protection and fraud-prevention duties (IBAN-name check, VoP) onto LT EMIs/PIs; timing and final form uncertain.",
      "module": "W10",
      "source_jid": "JID-LT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://noda.live/articles/open-banking-in-lithuania"
    },
    {
      "t": "BNR Open Banking Framework finalisation",
      "note": "Open Banking Framework currently in consultation expected to move toward adoption.",
      "module": "W9",
      "source_jid": "RW",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.techinafrica.com/rwanda-fintech-funding-2026-key-deals-investor-list-kigali-winning/"
    },
    {
      "t": "GENIUS Act implementing rulemaking (federal stablecoin framework)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://finance.yahoo.com/markets/crypto/articles/nebraska-chartered-telcoin-launches-americas-140215456.html"
    },
    {
      "t": "Sezzle potential Utah ILC charter application",
      "module": "W13",
      "source_jid": "US-UT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.paymentsdive.com/news/paypal-seeks-bank-charter/807970/"
    },
    {
      "t": "Personal Data Protection Law No. 151 of 2020 — entry into force pending implementing regulations",
      "note": "Law adopted but not yet in force pending implementing regulations; currently does not apply to CBE-supervised entities following CBE rules.",
      "module": "W3",
      "source_jid": "EG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://resourcehub.bakermckenzie.com/en/resources/cloud-compliance-center/emea/egypt"
    },
    {
      "t": "Consolidation of national payment schemes (PayNow/FAST/GIRO)",
      "note": "Singapore announced (2025) a plan to consolidate PayNow, FAST and Interbank GIRO under a single entity.",
      "module": "W5",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.worldfirst.com/sg/blog/international-transactions/cross-border-payments-singapore/"
    },
    {
      "t": "Project Ensemble EnsembleTX real-value tokenised-deposit pilot operating period",
      "note": "EnsembleTX real-value pilot for tokenised deposits in MMF transactions and liquidity management runs throughout 2026 with HKD RTGS settlement.",
      "module": "W9",
      "source_jid": "CN-HK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/11/20251113-3/"
    },
    {
      "t": "CNB targets introduction of bulk instant koruna payments (e.g. salary payments)",
      "module": "W9",
      "source_jid": "CZ",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.cnb.cz/en/payments/certis/instant-payments/"
    },
    {
      "t": "BoG open-banking framework moves from proof-of-concept to standards",
      "note": "Consent-based data-sharing standards between banks and fintechs under the NPS Strategy 2025-2029.",
      "module": "W9",
      "source_jid": "GH",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thebftonline.com/2025/10/27/bog-to-pilot-open-banking-framework-boosting-data-sharing-and-customer-control/"
    },
    {
      "t": "MAS enhanced TRM/BCM and Third-Party Risk Management guidelines",
      "note": "Revised TRM/BCM Guidelines and broader TPRM expectations for FIs including payments firms.",
      "module": "W3",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.mas.gov.sg/regulation/cyber-security"
    },
    {
      "t": "Kenya Virtual Asset Service Providers Bill enactment",
      "note": "Draft VASP Bill (March 2025) would establish comprehensive licensing, AML and consumer-protection supervision for crypto/stablecoin providers.",
      "module": "W2",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "KCB-Pesapal minority-stake acquisition CBK regulatory approval",
      "note": "Completion of KCB's minority stake in Pesapal contingent on CBK approval; still pending as of 11 Mar 2026 investor briefing.",
      "module": "W13",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://techcabal.com/2026/03/11/kcb-plans-to-aquire-pesapal-underway/"
    },
    {
      "t": "BNM payment-stablecoin framework / DAIH pilot outcomes",
      "note": "BNM Digital Asset Innovation Hub (June 2025) evaluating ringgit-stablecoin pilots; a finalised payment-stablecoin licensing regime remains pending with reserve expectations converging on 1:1 fiat backing.",
      "module": "W2",
      "source_jid": "MY",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://globallawexperts.com/stablecoins-regulation-malaysia/"
    },
    {
      "t": "CBN official stablecoin task-force outcome",
      "note": "October 2025 task force exploring an official stablecoin, potentially pivoting away from the underperforming eNaira.",
      "module": "W2",
      "source_jid": "NG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Nine-bank (incl. ING) DNB-supervised euro stablecoin launch",
      "note": "A MiCA-compliant euro-denominated stablecoin from a nine-bank consortium including ING, supervised by DNB, expected to launch in 2026.",
      "module": "W2",
      "source_jid": "NL",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/netherlands"
    },
    {
      "t": "Crypto-asset administrative sanctions decree (Resolution 05 enforcement)",
      "note": "Ministry of Finance draft decree (18 Nov 2025) introducing administrative sanctions for the crypto-asset pilot market.",
      "module": "W7",
      "source_jid": "VN",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "PSR Article 32 counter-de-risking measures for non-bank PSP account access",
      "note": "Draft PSR Art. 32 proposes measures requiring credit-institution refusal/withdrawal of PSP account access to be based on serious grounds.",
      "module": "W12",
      "source_jid": "JID-FR",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/tips/shared/pdf/Eurosys_pol_on_access_to_central_bank_operated_payment_systems_by_NBPSPs.pdf"
    },
    {
      "t": "US 1% tax on cash-based remittance transfers",
      "note": "New 1% tax on cash-based transfers takes effect 2026, affecting US-Mexico and other corridors.",
      "module": "W5",
      "source_jid": "US-MX",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "T2 extended/24-7 operating hours consultation outcome",
      "note": "Potential move of T2 large-value settlement toward a 24/7 model.",
      "module": "W12",
      "source_jid": "EEA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "1",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "US 1% remittance excise tax in force (One Big Beautiful Bill Act)",
      "note": "1% excise on cash/money-order/cashier-check-funded outbound remittance transfers from 1 Jan 2026 (bank/debit/credit-funded exempt); reshapes US-MX corridor economics.",
      "module": "W5",
      "source_jid": "US-FED",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.spendnode.io/crypto-cards/country/mexico/"
    },
    {
      "t": "Cyprus crypto-asset disposal-gains tax (8% flat) takes effect",
      "note": "New 8% flat tax on crypto-asset disposal gains effective 1 January 2026, affecting the commercial calculus for crypto operators domiciled in Cyprus.",
      "module": "W13",
      "source_jid": "JID-CY",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/corporate-ma-2026/cyprus/trends-and-developments"
    },
    {
      "t": "Open-banking transitional bylaw-adjustment period ends for existing PSPs",
      "module": "W9",
      "source_jid": "RS",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.karanovicpartners.com/news/harmonisation-of-serbian-law-on-payment-services-with-psd2/"
    },
    {
      "t": "US 1% remittance excise tax (cash/money-order/cashier's-check funded)",
      "note": "1% excise tax applies to cash-funded outbound remittances on US-LATAM corridor.",
      "module": "W5",
      "source_jid": "JID-US-FED",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://paymentexpert.com/2026/06/11/cross-border-payments-latam/"
    },
    {
      "t": "MED 2.0 multi-layer fund tracing (up to five account layers)",
      "note": "In-app appeals plus tracing/blocking across up to five layers of accounts.",
      "module": "W10",
      "source_jid": "JID-BR",
      "expected_date": "2026-02",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.qedinvestors.com/blog/the-frontlines-of-fraud-how-brazil-is-becoming-a-global-testbed-for-financial-crime-prevention"
    },
    {
      "t": "Cybersecurity package adaptation deadline (Res. 538/2025; CMN 5.274/2025)",
      "note": "Adaptation to new cybersecurity requirements due by March 2026 following C&M breach.",
      "module": "W3",
      "source_jid": "BR",
      "expected_date": "2026-03",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Mexico AML Law VASP tightening (27 March 2026 amendment)",
      "note": "Further tightening of the July-2025 AML-law amendment bringing VASPs into DNFBP scope with travel-rule and 210 UMA reporting thresholds. Sentinel-sourced.",
      "module": "W11",
      "source_jid": "MX",
      "expected_date": "2026-03",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Estonian FSA CASP-application online-portal filing becomes mandatory",
      "module": "W2",
      "source_jid": "EE",
      "expected_date": "2026-03-18",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba"
    },
    {
      "t": "Japan stablecoin EPI reserve, custody and redemption reforms take effect",
      "note": "Reserve/custody/redemption obligations codified; specified trust-beneficiary reserves investable in government bonds / cancellable fixed-term deposits under conditions (Act No. 66 of 2025).",
      "module": "W2",
      "source_jid": "JP",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2025/japan/trends-and-developments"
    },
    {
      "t": "FinCEN/OFAC comment period closes on PPSI AML/CFT proposed rule",
      "module": "W2",
      "source_jid": "US",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/10/2026-06963/permitted-payment-stablecoin-issuer-anti-money-launderingcountering-the-financing-of-terrorism"
    },
    {
      "t": "FinCEN AML/CFT program-reform NPRM comment close",
      "note": "FinCEN April 2026 AML/CFT program-reform NPRM comments due 9 June 2026; would reshape risk-based program and supervision expectations.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/10/2026-07033/anti-money-laundering-and-countering-the-financing-of-terrorism-programs"
    },
    {
      "t": "Federal Bank Act review concludes",
      "module": "W10",
      "source_jid": "CA",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.privatelenderassociation.ca/canada-bank-fraud-app-scams-uk-reimbursement-rules-and-what-needs-to-change/"
    },
    {
      "t": "au Payment / au Financial Services absorption-type merger",
      "note": "au Payment and au Financial Services merge (au Payment surviving) to centralise payment business strategy, scheduled 1 July 2026.",
      "module": "W6",
      "source_jid": "JP",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://medium.com/tokyo-fintech/japan-fintech-observer-128-e34485ff6777"
    },
    {
      "t": "EU-wide MiCA transitional-period default deadline (comparator context for Slovenia's earlier close)",
      "note": "MiCA Article 143 18-month default transitional period ends for member states that did not shorten it; Slovenia already closed its own (6-month) window on 1 July 2025.",
      "module": "W2",
      "source_jid": "EU",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.elliptic.co/blog/the-end-of-micas-transitional-period"
    },
    {
      "t": "EU-wide MiCA transitional-period default expiry (member states retaining the full window)",
      "note": "EU-wide default 18-month MiCA transitional window for legacy VASP/CASP authorisation closes 1 July 2026 in member states that did not shorten it; Slovenia's own (reportedly shorter) national window already closed 1 July 2025 per an unverified single-source claim flagged for caveat (see claim wpm-2026-W2-002).",
      "module": "W2",
      "source_jid": "SI",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.licentium.io/hub/slovenia"
    },
    {
      "t": "VASP registration deadline under Draft Bill No. 10225-d (compliance outcome pending verification)",
      "note": "Service providers rendering virtual-asset services to Ukrainian residents prior to 31 Dec 2025 were required to complete registration by this date",
      "module": "W2",
      "source_jid": "UA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ey.com/en_ua/it-tax-law-digest/the-draft-law-on-the-taxation-of-income-from-virtual-assets-approved-by-the-parliamentary-committee"
    },
    {
      "t": "California DFAL crypto/stablecoin licensing deadline",
      "note": "Any non-exempt person engaging in digital-financial-asset business with a California resident must submit a complete DFAL application via NMLS by 1 July 2026; applications now open.",
      "module": "W2",
      "source_jid": "US-CA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.goodwinlaw.com/en/insights/publications/2026/04/alerts-finance-dcb-california-dfal-license-application-open"
    },
    {
      "t": "SB98 crypto-kiosk fraud-protection law in force",
      "note": "Restructures crypto-kiosk operator incentive/liability structure to place fraud-prevention responsibility on operators, with new transaction limits and consumer protections.",
      "module": "W2",
      "source_jid": "US-SD",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://news.sd.gov/news?id=news_kb_article_view&sys_id=358dabfd1b67bad07e05ea85624bcb2f"
    },
    {
      "t": "HB 798 unclaimed digital-assets law in force",
      "note": "Dormant crypto (5+ years inactive) presumed abandoned, transferred in-kind to state custody, held 1+ year before liquidation.",
      "module": "W2",
      "source_jid": "US-VA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.theblock.co/post/397484/virginia-approves-bill-unclaimed-crypto-assets"
    },
    {
      "t": "Kansas EWA Act information-security amendment (HB 2591) in force",
      "module": "W1b",
      "source_jid": "US-KS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://legiscan.com/KS/text/HB2591/id/3365414"
    },
    {
      "t": "Tennessee crypto-kiosk ban (Public Chapter 766) in force",
      "module": "W10",
      "source_jid": "US-TN",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.sheppard.com/insights/blogs/tennessee-prohibits-virtual-currency-kiosks"
    },
    {
      "t": "Ontario statutory credit-freeze regime implementation (comparator)",
      "module": "W10",
      "source_jid": "CA-ON",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-8",
      "primary_source_url": "https://www.privatelenderassociation.ca/canada-bank-fraud-app-scams-uk-reimbursement-rules-and-what-needs-to-change/"
    },
    {
      "t": "GENIUS Act implementing regulations due",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.gibsondunn.com/the-genius-act-a-new-era-of-stablecoin-regulation/"
    },
    {
      "t": "GENIUS Act implementing regulations (OCC/FDIC/Fed/Treasury/FinCEN/OFAC) due",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-9a.pdf"
    },
    {
      "t": "OCC GENIUS Act implementing-rulemaking one-year statutory deadline",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "GENIUS Act implementing regulations deadline",
      "note": "Federal banking agencies to finalize GENIUS Act implementing regulations, the backdrop for any future VA state-qualified stablecoin pathway.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "Minimum Competency Code 2017 amendment — crypto-assets Category 9 effective",
      "note": "CASP staff providing information or advice on crypto-assets become subject to ESMA MiCA Guidelines competence standards, with an experience-based transitional arrangement.",
      "module": "W1a",
      "source_jid": "IE",
      "expected_date": "2026-07-28",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "guidance",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.arthurcox.com/insights/crypto-asset-knowledge-and-competence-requirements-central-bank-of-ireland-confirms-integration-into-the-irish-supervisory-framework/"
    },
    {
      "t": "Louisiana debit-card surcharge prohibition (SB254/Act751) takes effect",
      "module": "W4",
      "source_jid": "US-LA",
      "expected_date": "2026-08-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/06/louisiana-enacts-debit-card-surcharge-prohibition/"
    },
    {
      "t": "Tenth Circuit en banc oral argument in NAIB v. Weiser (DIDMCA opt-out)",
      "module": "W7",
      "source_jid": "US-CO",
      "expected_date": "2026-08-18",
      "uncertainty_band": "quarter",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/04/tenth-circuit-grants-en-banc-rehearing-in-colorado-didmca-opt-out-case-vacating-prior-panel-decision/"
    },
    {
      "t": "MONEYVAL follow-up mutual-evaluation visit to the Isle of Man",
      "module": "W11",
      "source_jid": "IM",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.iomtoday.co.im/news/no-bonus-scheme-linked-to-fines-says-isle-of-man-financial-services-authority-790545"
    },
    {
      "t": "Second distribution of Visa/Mastercard interchange-fee settlement funds",
      "module": "W4",
      "source_jid": "US-MN",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.mcaginc.com/post/visa-mc-interchange-fee-settlement-1"
    },
    {
      "t": "Universal NPCS QR code - bank technical-readiness deadline",
      "module": "W4",
      "source_jid": "RU",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.cbr.ru/eng/press/event/?id=24732"
    },
    {
      "t": "Southwest Border Geographic Targeting Order (SWB GTO) expiration",
      "note": "Enhanced CTR obligations for covered MSBs on currency transactions $1,000-$10,000 in designated border-adjacent jurisdictions lapse or require reissuance.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-09-02",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fincen.gov/system/files/2026-03/SWB-GTO-FAQs.pdf"
    },
    {
      "t": "Arizona Money Transmitter Licence annual renewal deadline",
      "module": "W1a",
      "source_jid": "US-AZ",
      "expected_date": "2026-11-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://difi.az.gov/money-transmitters-dfi"
    },
    {
      "t": "Swift structured-address messaging mandate in force",
      "module": "W3",
      "source_jid": "CW",
      "expected_date": "2026-11-14",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "scheme_global",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bes-reporter.com/news/banking-finance/91964/cbcs-preps-banks-for-new-swift-rules"
    },
    {
      "t": "Latvijas Banka 2026 on-site inspection programme (12 inspections: prudential, investment services, AML/sanctions, ICT)",
      "module": "W3",
      "source_jid": "LV",
      "expected_date": "2026-12-31",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services"
    },
    {
      "t": "Guidelines on Partner Network Version 1.0 (2026) mandatory compliance deadline",
      "module": "W3",
      "source_jid": "BD",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://bankinggoln.com/bangladesh-bank-tightens-digital-network-security/"
    },
    {
      "t": "MA special swipe-fee commission report due",
      "module": "W4",
      "source_jid": "US-MA",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.wwlp.com/news/massachusetts/massachusetts-looks-for-happy-medium-on-swipe-fee-reforms/"
    },
    {
      "t": "NM money transmitter license annual renewal deadline",
      "module": "W1a",
      "source_jid": "US-NM",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bondexchange.com/new-mexico-money-transmitter-bond-a-comprehensive-guide/"
    },
    {
      "t": "FATF full mutual evaluation of South Africa",
      "note": "sentinel. The next full FATF mutual evaluation is expected to commence in H1 2026 and conclude October 2027; outcome will affect SA's AML/CFT standing and correspondent-banking access. Routed via Sentinel/FIM for original analysis.",
      "module": "W11",
      "source_jid": "ZA",
      "expected_date": "2026-2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://stitch.money/blog/south-africa-removed-from-fatf-grey-list-what-this-changes-for-fintech-businesses"
    },
    {
      "t": "HMT decision on folding Gibraltar payments/e-money access into FSMA Schedule 2A",
      "note": "Whether transitional PSRs Sch 7 / EMRs reg 74A access is absorbed into the permanent GAR (Schedule 2A) or remains a separate temporary track.",
      "module": "W1a",
      "source_jid": "GIB",
      "expected_date": "2026-2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://ramparts.gi/the-gibraltar-authorisation-regime-gar-uk-market-access/"
    },
    {
      "t": "BSP follow-on policy on online gambling payment services",
      "note": "M-2025-029 suspension to remain until BSP finalises online-gambling-payments policy; final rule pending.",
      "module": "W1b",
      "source_jid": "PH",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.technobaboy.com/2025/08/18/gcash-and-maya-remove-gaming-access-after-bsp-directive-no-mention-of-gambling-in-advisories/"
    },
    {
      "t": "Qatar onboarding to GCC AFAQ RTGS",
      "note": "Qatar (shareholder) expected to onboard to the live AFAQ cross-currency RTGS service; no published timeline.",
      "module": "W5",
      "source_jid": "QA",
      "expected_date": "2026-H2",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Sistema de Finanzas Abiertas API catalogue rollout (Decree 353/2025)",
      "note": "BCRA progressively publishes Open Finance API catalogue beyond the Principal Variables API; reciprocity-based data sharing operationalises.",
      "module": "W9",
      "source_jid": "AR",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.infobae.com/economia/2025/09/01/open-finance-en-la-argentina-como-es-el-plan-del-bcra-para-facilitar-el-acceso-al-credito/"
    },
    {
      "t": "Australia Payments System Modernisation AFSL payments licensing regime implementation",
      "note": "Tranche 1 consultation closed 9 Apr 2026; activity-based AFSL payments licensing perimeter requiring any 'payment function' provider to obtain an ASIC AFSL; APRA prudential standards for major SVFs.",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://treasury.gov.au/policy-topics/banking-and-finance/payments-licensing-reforms"
    },
    {
      "t": "BCCh LBTR non-bank access regime finalisation",
      "note": "Extension of LBTR/RTGS account access to non-bank financial entities under Ley 21.641, with differentiated timelines.",
      "module": "W12",
      "source_jid": "CL",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.bcentral.cl/en/content/-/detalle/prensa/nota-de-prensa/consulta-acceso-lbtr-entidades-financieras-no-bancarias"
    },
    {
      "t": "Proposed Bank Act anti-fraud duties (Budget 2025)",
      "note": "Bank Act amendments to require FRFIs to adopt anti-fraud policies/procedures, obtain express consent for certain account features, and report anonymized fraud data to the FCAC.",
      "module": "W10",
      "source_jid": "JID-CA",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.mccarthy.ca/en/insights/blogs/techlex/budget-2025-maintains-momentum-in-financial-services-industry-reform"
    },
    {
      "t": "AML/CFT single-supervisor (DIA) consolidation and levy model",
      "note": "[SENTINEL] Consolidation of FMA/RBNZ reporting entities under DIA with new levy funding; risk-rating + online-marketplace coverage from 1 June 2025.",
      "module": "W11",
      "source_jid": "NZ",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Fifth Third Bancorp–Comerica Incorporated merger expected close",
      "module": "W12",
      "source_jid": "US-TX",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "pending_regulatory",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.fintechfutures.com/m-a/2025-top-five-fintech-m-a-stories-of-the-year"
    },
    {
      "t": "AfricInvest/VPS acquisition Competition Council clearance",
      "note": "Competition Council comment window (closing 16 Feb 2026) under Law 104-12 for AfricInvest FIVE fund acquisition of joint control of PI VPS.",
      "module": "W13",
      "source_jid": "MA",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Annual CBRT minimum-capital / security-deposit re-determination",
      "note": "CBRT sets minimum equity/security thresholds annually (January determination, mid-year entry into force), trending materially higher.",
      "module": "W1b",
      "source_jid": "TR",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://chambers.com/articles/providing-payment-e-money-services-in-turkiye-how-to-obtain-a-license"
    },
    {
      "t": "PSD3/PSR Official Journal publication and transposition clock start",
      "note": "An 18-month transposition clock begins (6 months for SFD amendments), requiring replacement of Ireland's PSD2-based Payment Services Regulations 2018 and a PI/EMI licence merger.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "Connecticut SB 117 massive-breach forensic-examination mandate (pending)",
      "note": "Would require mandatory forensic examination for breaches affecting >=100,000 CT residents, with substantial penalties for noncompliance.",
      "module": "W3",
      "source_jid": "US-CT",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cyberadviserblog.com/2026/02/connecticut-senate-bill-raises-the-stakes-on-data-breach-response/"
    },
    {
      "t": "Thailand virtual banks commence operations",
      "note": "Three licensed consortia required to begin operations within one year of 19 Jun 2025 award.",
      "module": "W6",
      "source_jid": "TH",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "TANQR / Lipa Namba mandatory migration continuing for all FSPs",
      "note": "BoT requires all FSPs to migrate merchant QR/Lipa Namba to TANQR; old Lipa Namba codes to be phased out to standardised QR.",
      "module": "W4",
      "source_jid": "TZ",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Capital One-Discover acquisition: Federal Reserve/OCC approval pending",
      "module": "W13",
      "source_jid": "US-DE",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.paymentsdive.com/news/capital-one-discover-shareholders-approve-merger/740309/"
    },
    {
      "t": "Bison Bank MiCA-compliant stablecoin planned launch",
      "module": "W2",
      "source_jid": "PT",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://coingeek.com/portugal-bison-bank-expands-into-crypto-with-stablecoin-initiative/"
    },
    {
      "t": "MDL 1720 interchange settlement rate-freeze/cap phase-in window",
      "module": "W4",
      "source_jid": "US-FED",
      "expected_date": "2026-Q2",
      "uncertainty_band": "multi_year",
      "stage": "adopted",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.paymentsdive.com/news/court-approves-visa-mastercard-settlement/822440/"
    },
    {
      "t": "MDL 1720 settlement approval and 2026 damages trials",
      "note": "Federal judge to consider revised ~$38bn settlement in 2026; April (NY) and September (Chicago) damages trials.",
      "module": "W7",
      "source_jid": "US-FED",
      "expected_date": "2026-Q2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "PayByPhone acquisition expected close",
      "module": "W13",
      "source_jid": "CA-BC",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-9",
      "primary_source_url": "https://techcouver.com/2026/02/05/vancouver-fintech-paybyphone-acquired-lightyear-capital/"
    },
    {
      "t": "PSD3/PSR Official Journal publication and national transposition",
      "note": "PSD3/PSR replace PSD2/EMD2 with a single PI/EMI licensing regime; a 21-month national transposition window begins at OJ publication.",
      "module": "W1a",
      "source_jid": "EU",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mofo.com"
    },
    {
      "t": "Alaska SB86 (Uniform Money Transmission Modernization Act) enactment - pending, originally-proposed effective date lapsed",
      "note": "If enacted, migrates Alaska onto the CSBS model law; raises bonding cap to $1,000,000; consolidates currency-exchange licensing into money transmission.",
      "module": "W1a",
      "source_jid": "US-AK",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.akleg.gov/basis/get_documents.asp?session=32&docid=93219"
    },
    {
      "t": "CLARITY Act revised Senate floor vote",
      "note": "Senate floor vote on the CLARITY Act following its 15-9 committee advance and missed July 4, 2026 target",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.techtimes.com/articles/319679/20260704/senate-crypto-bill-misses-july-4-three-unresolved-fights-three-weeks-left.htm"
    },
    {
      "t": "Bank of Hope-SMBC Americas commercial banking acquisition expected to close",
      "module": "W13",
      "source_jid": "US-HI",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bankingdive.com/news/bank-of-hope-buying-smbc-commercial-unit/816356/"
    },
    {
      "t": "SARB final Authorisation Framework & Exemption Notice publication",
      "note": "Third version published May 2026, comment deadline 15 June 2026; SARB intends final version Q3 2026 — moves SA to activity-based, direct non-bank authorisation with client-fund segregation.",
      "module": "W1a",
      "source_jid": "ZA",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Chicago merchant damages trial vs. Visa/Mastercard (GrubHub-led interchange litigation)",
      "module": "W7",
      "source_jid": "US-NH",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.paymentsdive.com/news/merchants-assail-card-fees-pact/807846/"
    },
    {
      "t": "VT S.316 interchange-fee-on-tax/gratuity bill pending committee review",
      "note": "A Senate proposal of amendment to H.648 (introduced May 2026) would extend the kiosk moratorium under §2577(f) by a further year rather than allowing it to lapse July 1, 2026; legislative outcome unresolved as of this cycle's cutoff.",
      "module": "W4",
      "source_jid": "US-VT",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://legislature.vermont.gov/bill/status/2026/S.316"
    },
    {
      "t": "Bank-consortium MiCA-compliant euro stablecoin launch",
      "module": "W2",
      "source_jid": "BE",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium"
    },
    {
      "t": "Bulgaria FATF grey-list removal target",
      "note": "Government targets delisting from FATF increased-monitoring list pending resolution of the final strategic deficiency.",
      "module": "W11",
      "source_jid": "BG",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.bta.bg/en/news/bulgaria/1149425-final-evaluation-on-bulgaria-s-fatf-grey-list-removal-coming-up-country-has-met"
    },
    {
      "t": "OFT Tunisie operational start deadline (six months from licence notification)",
      "module": "W1a",
      "source_jid": "TN",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://managers.tn/2026/03/16/la-banque-centrale-accorde-une-nouvelle-licence-definitive-detablissement-de-paiement/"
    },
    {
      "t": "CommerceOne Financial/Green Dot Bank acquisition expected regulatory approval and close",
      "module": "W12",
      "source_jid": "US-AL",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.sec.gov/Archives/edgar/data/0001386278/000114036126026125/ef20076604_ex99-1.htm"
    },
    {
      "t": "RBA Exchange Settlement Account access-policy review commences",
      "note": "RBA will review its ESA access policy commencing H2 2026, including proposed APRA-set proportionate arrangements for non-bank direct access.",
      "module": "W12",
      "source_jid": "AU",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.rba.gov.au/speeches/2025/sp-ag-2025-12-16.html"
    },
    {
      "t": "Algeria regulatory sandbox launch under Fintech Strategy 2024-2030",
      "note": "Bank of Algeria / fintech authorities to launch a regulatory sandbox admitting at least 20 fintech startups annually to test innovations.",
      "module": "W9",
      "source_jid": "DZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://algeriatech.news/digital-payment-services-regulation-consumer-rights-algeria-2026/"
    },
    {
      "t": "FSC non-cash payment transaction volume target (8 billion transactions)",
      "module": "W9",
      "source_jid": "TW",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "confidence": "Possible",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.thunes.com/insights/learn/payments-in-taiwan-a-guide-for-global-businesses/"
    },
    {
      "t": "Roughrider Coin public launch targeted",
      "module": "W2",
      "source_jid": "US-ND",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://northdakotamonitor.com/2026/03/26/north-dakota-moves-forward-with-stablecoin-as-local-banks-express-interest-in-pilot-project/"
    },
    {
      "t": "NYDFS formal stablecoin rule proposal (GENIUS Act alignment)",
      "note": "NYDFS's June 2026 announcement is expected to progress to a formal proposed-rule stage aligning NY's stablecoin framework with GENIUS Act certification requirements.",
      "module": "W1a",
      "source_jid": "US-NY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260609"
    },
    {
      "t": "Real-Time Rail (RTR) Wave 1 launch",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.payments.ca/payments-canada-selects-interac-corp-exchange-solution-provider-canadas-new-real-time-payments"
    },
    {
      "t": "PSR consultation on APP-fraud reimbursement outcome consistency",
      "module": "W10",
      "source_jid": "GB",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.psr.org.uk/news-and-updates/latest-news/news/one-year-on-impact-of-app-reimbursement-on-victims/"
    },
    {
      "t": "PSD3 fraud-mitigation API mandate takes effect",
      "module": "W9",
      "source_jid": "NO",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.mordorintelligence.com/industry-reports/norway-payments-market"
    },
    {
      "t": "Federal Reserve Board nationwide 'skinny' master-account policy framework expected finalisation",
      "module": "W12",
      "source_jid": "US-WY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.coindesk.com/policy/2026/03/13/court-closes-custodia-fight-with-federal-reserve-just-as-fed-opens-master-account-door"
    },
    {
      "t": "Gibraltar GFSC crypto-derivatives clearing-house framework development",
      "module": "W12",
      "source_jid": "GIB",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://thepaypers.com/payments/news/gibraltar-develops-rules-for-crypto-derivatives-clearing"
    },
    {
      "t": "Full implementation of Open Banking / Open API product-API scenarios",
      "module": "W9",
      "source_jid": "KZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://nationalbank.kz/en/page/Digital-Financial-Infrastructure"
    },
    {
      "t": "FDIC payment-stablecoin-issuer rule finalization",
      "note": "FDIC's April 2026 NPRM on GENIUS Act requirements for insured-depository stablecoin issuers is expected to move toward finalization.",
      "module": "W1a",
      "source_jid": "US-FED",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "CCD2 enforcement start (BNPL consumer-credit regulation)",
      "note": "EMD2 repealed; EMIs fold into PI sub-category; 24-month (potentially extendable) re-authorisation window",
      "module": "W9",
      "source_jid": "GR",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.qubevents.com/post/bnpl-in-greece-a-5-billion-market-on-the-rise"
    },
    {
      "t": "Dedicated stablecoin/RWA-specific rules anticipated beyond current PSAV framework",
      "module": "W2",
      "source_jid": "UY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Possible",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.criptonoticias.com/comunidad/regulacion-criptomonedas-uruguay-martin-benitez/"
    },
    {
      "t": "e-MOP full CBDC launch target",
      "module": "W2",
      "source_jid": "MO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://macaubusiness.com/macau-to-widen-e-mop-sandbox-tests-across-public-services-and-transport/"
    },
    {
      "t": "National Financial Inclusion Strategy (ENIF) first phase concludes",
      "module": "W9",
      "source_jid": "MZ",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://mena-fintech.org/news/mozambique-turns-to-fintech-to-expand-financial-inclusion/"
    },
    {
      "t": "Regulated stablecoins able to operate in the UK",
      "module": "W2",
      "source_jid": "JID-UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-10",
      "primary_source_url": "https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins"
    },
    {
      "t": "Proposed RPAA amendments expanding payment-function definition to digital-asset custody",
      "note": "Custodied wallet providers and digital-asset custodians would be brought within RPAA registration scope alongside the Stablecoin Act rollout.",
      "module": "W1a",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.torys.com/our-latest-thinking/publications/2025/12/canadas-stablecoin-act"
    },
    {
      "t": "Decreto 0368 de 2026 SFA — phased data-access enablement deadlines",
      "note": "Obligated entities have 12 months (extendable 6) from each SFC technical standard to enable open-finance data access; rolling implementation deadlines.",
      "module": "W3",
      "source_jid": "CO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.urf.gov.co/w/colombia-consolida-el-sistema-de-finanzas-abiertas-obligatorio"
    },
    {
      "t": "Anticipated Law 155-17 amendments incorporating VASPs (10th-anniversary review)",
      "note": "Expected AML/CFT statutory amendments to bring virtual-asset service providers formally within scope, plus STR-timeline/cooling-off technical adjustments.",
      "module": "W11",
      "source_jid": "DO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "French B2B e-invoicing issuing-obligation phase-in",
      "note": "Issuing obligations for mandatory B2B e-invoicing phase in for all business sizes through 2027, following the 1 September 2026 receiving-obligation start date.",
      "module": "W13",
      "source_jid": "FR",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://zunapro.com"
    },
    {
      "t": "EU AMLR/AMLD6/AMLA package application to Polish payment institutions",
      "note": "AMLA (Frankfurt) and the single AML Regulation reshape supervision of Polish PIs/EMIs/SPIs; NIK-identified effectiveness gaps under pressure to close.",
      "module": "W11",
      "source_jid": "JID-PL",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://atl-law.pl/en/aml-kyc-anti-money-laundering-and-counter-terrorist-financing/"
    },
    {
      "t": "Jaywan full issuance rollout",
      "note": "CBUAE mandate to issue Jaywan debit cards driving full domestic issuance/usage; widespread adoption expected by end-2027.",
      "module": "W4",
      "source_jid": "UAE",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://aep.ae/en/news-media/press-releasesarticles/jaywan-uaes-new-domestic-card-payment-scheme-all-your-questions-answered/"
    },
    {
      "t": "Project Nexus multilateral instant-payment interlinking go-live",
      "note": "Single-connection multilateral linking of instant-payment systems targeting ~1.7bn people, replacing bilateral corridor deals.",
      "module": "W5",
      "source_jid": "APAC",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.montran.com/resources/how-apac-banks-are-rewiring-payments-for-a-realtime-crossborder-world/"
    },
    {
      "t": "Real-Time Rail full participant access",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thelogic.co/news/exclusive/payments-canada-rtr-phased-rollout/"
    },
    {
      "t": "Project Helvetia wholesale-CBDC extension to at least mid-2027",
      "note": "Wholesale CBDC on SDX extended to at least mid-2027 and expanded via RTGS link to BX Digital for tokenised-asset settlement.",
      "module": "W9",
      "source_jid": "CH",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.snb.ch/en/publications/communication/press-releases/2025/pre_20250630"
    },
    {
      "t": "Possible reintroduction of MDR on large UPI merchants",
      "note": "Parliamentary Finance Committee 2026 push to reintroduce MDR on large UPI merchants, citing the zero-MDR funding gap; would materially reset acquiring economics if adopted.",
      "module": "W4",
      "source_jid": "IN",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "KoFIU FTRA AML reform package (2028 FATF MEV prep)",
      "note": "Sub-KRW1m travel rule, UBO database, designated senior AML executive, stablecoin-issuer AML equivalence, AML for lawyers/CPAs.",
      "module": "W11",
      "source_jid": "KR",
      "expected_date": "2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "UK FATF mutual evaluation",
      "note": "FATF mutual evaluation of UK AML/CFT framework; UK preparing supervisory reforms (FCA Single Professional Services Supervisor).",
      "module": "W11",
      "source_jid": "UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "New interbank cheque limits and OTC cash withdrawal caps in force",
      "note": "BoU circular (29 May 2026) cuts interbank cheque limits by half and introduces OTC cash-withdrawal caps, pushing migration to EFT/RTGS/mobile-money/bank-to-wallet channels.",
      "module": "W9",
      "source_jid": "UG",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ceo.co.ug/bank-of-uganda-introduces-new-cheque-and-cash-withdrawal-limits-directs-banks-to-shift-to-digital-transactions/"
    },
    {
      "t": "Oklahoma Consumer Data Privacy Act (SB 546) enters into force",
      "module": "W10",
      "source_jid": "US-OK",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.hunton.com/privacy-and-cybersecurity-law-blog/oklahoma-enacts-comprehensive-consumer-privacy-law"
    },
    {
      "t": "Illinois Digital Asset Transaction Tax effective date",
      "module": "W2",
      "source_jid": "US-IL",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.kucoin.com/news/flash/illinois-imposes-0-2-crypto-transaction-tax-despite-federal-framework"
    },
    {
      "t": "GENIUS Act federal stablecoin framework effective date",
      "note": "Federal 1:1 reserve-backing, monthly reserve reporting, and independent-accountant examination requirements become binding on payment-stablecoin issuers nationwide (including any doing business in Arkansas), superseding reliance on state money-transmitter law alone for stablecoin-touching activity.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.congress.gov/bill/119th-congress/senate-bill/394/text"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin issuer framework becomes effective",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin framework effective date",
      "note": "Federal payment-stablecoin issuance/AML regime becomes fully binding no later than 18 months after the Act's 2025-07-18 enactment (or 120 days after final implementing regulations, if earlier).",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act stablecoin framework becomes operative",
      "note": "Federal payment-stablecoin issuer regime (GENIUS Act) becomes operative on the earlier of 18 months post-enactment or 120 days after final implementing regulations; interacts with WA's existing state MTL regime for state-qualified issuers.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "NC HB1029 payment-stablecoin licensing regime effective date (contingent on federal GENIUS Act rules)",
      "module": "W2",
      "source_jid": "US-NC",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://dashboard.ncleg.gov/api/Services/BillSummary/2025/H1029-SMBB-88(CSBBf-31)-v-4"
    },
    {
      "t": "GENIUS Act payment stablecoin issuer framework - statutory effective date",
      "note": "Federal payment-stablecoin issuer AML/sanctions compliance program requirements become effective on the earlier of Jan 18, 2027 or 120 days after final regulations.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "Federal GENIUS Act payment-stablecoin regulations — final rule pending",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/agencies/financial-crimes-enforcement-network"
    },
    {
      "t": "GENIUS Act payment-stablecoin issuer prohibitions become effective",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.winstontaylor.com/insights/real-genius-landmark-us-federal-payment-stablecoin-legislation"
    },
    {
      "t": "GENIUS Act stablecoin framework becomes operative",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.federalregister.gov/documents/2025/12/19/2025-23510/approval-requirements-for-issuance-of-payment-stablecoins-by-subsidiaries-of-fdic-supervised-insured"
    },
    {
      "t": "GENIUS Act payment-stablecoin framework effective date (pending OCC final rule)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "VC-kiosk registration-application deadline for pre-existing operators",
      "note": "Businesses operating VC kiosks before 1 Jan 2027 must submit registration applications by this date.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2027-01-31",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/505/Analyses/h0505z.IBS.PDF"
    },
    {
      "t": "REV FCU acquisition of First Neighborhood Bank tentative completion",
      "module": "W13",
      "source_jid": "US-WV",
      "expected_date": "2027-05-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.newsandsentinel.com/news/business/2026/07/rev-federal-credit-union-arrives-in-west-virginia-with-acquisition-of-first-neighborhood-bank/"
    },
    {
      "t": "NJ money transmitter license biennial renewal (next expiration)",
      "module": "W1a",
      "source_jid": "US-NJ",
      "expected_date": "2027-06-30",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bryantsuretybonds.com/blog/your-guide-to-getting-a-new-jersey-money-transmitter-license"
    },
    {
      "t": "Fraud Regulations / Bank Act EFT-consent requirement in force",
      "module": "W10",
      "source_jid": "CA-NB",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.blakes.com/insights/proposed-regulations-addressing-consumer-targeted-fraud-in-banking-released-for-comment/"
    },
    {
      "t": "Costa Rica 2023-2027 national cybersecurity strategy concludes",
      "module": "W3",
      "source_jid": "CR",
      "expected_date": "2027-12-31",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.centerforcybersecuritypolicy.org/insights-and-research/costa-rican-cybersecurity-policy-with-minister-paula-bogantes-dcp-s2-e7"
    },
    {
      "t": "Trust-law-reform transitional compliance deadline for existing trusts",
      "note": "Existing private-benefit trusts must comply with the new PGR governance requirements (information-rights holders, successors) by this date",
      "module": "W7",
      "source_jid": "LI",
      "expected_date": "2027-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.mondaq.com/wealth-asset-management/1792792/liechtenstein-trust-law-reform-202627-why-trustees-settlors-and-family-offices-must-review-their-trust-structures-now"
    },
    {
      "t": "China's 5th-round FATF Mutual Evaluation window",
      "module": "W11",
      "source_jid": "CN",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fatf-gafi.org/en/countries/detail/China.html"
    },
    {
      "t": "Visa/Mastercard interchange-fee antitrust settlement final court approval",
      "module": "W4",
      "source_jid": "US-ME",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://intellipay.com/is-it-legal-to-pass-on-credit-card-fees-to-customers/"
    },
    {
      "t": "Montana crypto-ATM regulation expected at 2027 Legislature",
      "module": "W10",
      "source_jid": "US-MT",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ktvq.com/news/local-news/montana-state-auditor-warns-of-rise-in-cryptocurrency-atm-scams"
    },
    {
      "t": "DORA Register of Information annual submission window (Malta)",
      "note": "Next full RoI submission window runs 1 January-21 March 2027 reflecting status as of 31 December 2026, a recurring annual obligation.",
      "module": "W3",
      "source_jid": "MT",
      "expected_date": "2027-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://shoulder.mt/mfsa-circular-on-dora-register-of-information-reporting-timelines-for-2026-and-beyond/"
    },
    {
      "t": "BCEAO financial-innovation laboratory/sandbox framework definition",
      "note": "Article 11 of the new Uniform Banking Law empowers a BCEAO sandbox; the streamlined regulatory framework is yet to be defined.",
      "module": "W9",
      "source_jid": "JID-CI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.ensafrica.com/news/detail/9068/new-uniform-law-on-banking-adopted-within-the"
    },
    {
      "t": "SB154 (UCC Art. 12 controllable electronic records) expected resubmission",
      "module": "W9",
      "source_jid": "US-MD",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://marylandblockchainassociation.org/maryland-emerges-as-a-national-leader-in-digital-asset-innovation/"
    },
    {
      "t": "Finland 5th FATF Mutual Evaluation",
      "module": "W11",
      "source_jid": "FI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.businessofigaming.com/finland-gambling-reform/"
    },
    {
      "t": "Nuvei-Payoneer acquisition expected completion",
      "module": "W13",
      "source_jid": "CA-ON",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.fintechfutures.com/m-a/nuvei-buys-payoneer-for-2-75bn"
    },
    {
      "t": "PSD3/PSR APP-fraud reimbursement regime expected national transposition",
      "module": "W10",
      "source_jid": "SE",
      "expected_date": "2027-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.sza.de/en/thinktank/psd3-psr-eu-payment-services-regulation"
    },
    {
      "t": "PSD3/PSR APP-fraud liability regime application",
      "module": "W10",
      "source_jid": "SK",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.europarl.europa.eu/news/en/press-room/20251121IPR31540/payment-services-deal-more-protection-from-online-fraud-and-hidden-fees"
    },
    {
      "t": "Open Finance first data exchange",
      "module": "W9",
      "source_jid": "PE",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2026/peru/trends-and-developments"
    },
    {
      "t": "Iceland TIPS settlement go-live (ISK instant settlement in central bank money)",
      "note": "Icelandic PSPs gain the ability to settle ISK payments instantly in Eurosystem central bank money via TIPS, per the 24 June 2026 ECB-Seðlabanki Íslands agreement.",
      "module": "W5",
      "source_jid": "IS",
      "expected_date": "2028",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260624_1~ce8e85127f.en.html"
    },
    {
      "t": "SBP National Financial Inclusion Strategy target: 75% adult financial inclusion",
      "module": "W9",
      "source_jid": "PK",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Extended non-euro-area IPR compliance milestones (PI/EMI phase-in)",
      "module": "W5",
      "source_jid": "DK",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.finextra.com/the-long-read/1471/europes-instant-payments-regulation-and-the-9-october-deadline-explained"
    },
    {
      "t": "CNMC antitrust investigation resolution deadline (six major banks)",
      "module": "W6",
      "source_jid": "ES",
      "expected_date": "2028-06",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://roams.es/actualidad/finanzas/guerra-hipotecas-fijas-cnmc-expediente-seis-grandes-bancos/"
    },
    {
      "t": "EU IPR instant-payment reception deadline – non-eurozone electronic money institutions",
      "module": "W5",
      "source_jid": "JID-HU",
      "expected_date": "2028-07-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.osborneclarke.com/insights/what-are-key-obligations-and-timelines-eu-instant-payments-regulation"
    },
    {
      "t": "Alberta Gift Card Regulation sunset/review date",
      "module": "W1b",
      "source_jid": "CA-AB",
      "expected_date": "2028-10-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.canlii.org/en/ab/laws/regu/alta-reg-146-2008/latest/alta-reg-146-2008.html"
    },
    {
      "t": "National Financial Inclusion Strategy II (NFIS II) policy-period completion",
      "note": "NFIS II (2024-2028) interoperability, agent-exclusivity and financial-inclusion targets run through this period",
      "module": "W9",
      "source_jid": "JID-ZM",
      "expected_date": "2028-Q4",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fintechnews.africa/46245/fintechzambia/fintech-in-zambia-2026-market-overview/"
    },
    {
      "t": "Potential digital-euro first issuance (contingent on legislation)",
      "module": "W3",
      "source_jid": "AT",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html"
    },
    {
      "t": "FATF three-year follow-up reform window for Italy's beneficial-ownership transparency gaps",
      "module": "W11",
      "source_jid": "IT",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-italy-2026.html"
    },
    {
      "t": "CoinZoom 3-year WA industry ban / stayed penalty contingency expires",
      "note": "CoinZoom's 3-year bar from the Washington MSB industry and the contingency period on its $50,000 stayed civil penalty both expire.",
      "module": "W7",
      "source_jid": "US-WA",
      "expected_date": "2029-02-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://natlawreview.com/article/washington-dfi-enters-consent-order-digital-assets-focused-money-transmitter"
    },
    {
      "t": "Romania euro adoption / ERM II entry",
      "note": "Working assumptions: ERM II ~2026-2027, euro ~2029-2030; repeatedly deferred. Settlement remains in RON until adoption.",
      "module": "W12",
      "source_jid": "JID-RO",
      "expected_date": "2029-2030",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://en.wikipedia.org/wiki/Romania_and_the_euro"
    },
    {
      "t": "AfricaNenda-GIMAC universal instant-payment access target",
      "module": "W9",
      "source_jid": "CM",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.africanenda.org/en/blog/2025/africanenda-gimac-building-an-inclusive-payment-ecosystem-in-central-africa"
    },
    {
      "t": "Pacific Strengthening Correspondent Banking Relationships Project completion",
      "note": "US$68m coordinated regional response to CBR de-risking across Fiji, Samoa, Tonga, Vanuatu, Kiribati, Tuvalu, RMI through 2030.",
      "module": "W12",
      "source_jid": "PACIFIC",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://forumsec.org/publications/report-2025-annual-report-pacific-strengthening-correspondent-banking-relationships"
    }
  ],
  "stages": [
    "Announced",
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    "Finalised",
    "In force",
    "Review"
  ],
  "signals": [
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      "impact": "CRITICAL",
      "conf": "Confirmed",
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      "jid": "DK",
      "domain": "W11",
      "link": "/jurisdictions/dk/#sec-mod-w11"
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    {
      "title": "Danmarks Nationalbank",
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      "tier": "T1",
      "jid": "DK",
      "domain": "W5",
      "link": "/jurisdictions/dk/#sec-mod-w5",
      "evidence_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr250423~096ce05219.en.html"
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      "title": "Danske Bank",
      "impact": "CRITICAL",
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      "jid": "DK",
      "domain": "W7",
      "link": "/jurisdictions/dk/#sec-mod-w7",
      "evidence_url": "https://www.sec.gov/newsroom/press-releases/2022-220"
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      "title": "OJK / Bank Indonesia / Komdigi",
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      "conf": "High",
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      "jid": "ID",
      "domain": "W1b",
      "link": "/jurisdictions/id/#sec-mod-w1b"
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      "impact": "CRITICAL",
      "conf": "High",
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      "jid": "ID",
      "domain": "W5",
      "link": "/jurisdictions/id/#sec-mod-w5"
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    {
      "title": "Quicko",
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      "jid": "PL",
      "domain": "W1b",
      "link": "/jurisdictions/pl/#sec-mod-w1b"
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          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-co/#sec-exemptions",
          "source_jid": "US-CO"
        }
      },
      "US-DC": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-dc/#sec-exemptions",
          "source_jid": "US-DC"
        }
      },
      "US-FL": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-fl/#sec-exemptions",
          "source_jid": "US-FL"
        }
      },
      "US-GA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ga/#sec-exemptions",
          "source_jid": "US-GA"
        }
      },
      "US-HI": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-hi/#sec-exemptions",
          "source_jid": "US-HI"
        }
      },
      "US-IA": {
        "bank_partnership": {
          "token": "bank_partnership",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ia/#sec-exemptions",
          "source_jid": "US-IA"
        },
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ia/#sec-exemptions",
          "source_jid": "US-IA"
        }
      },
      "US-ID": {
        "bank_partnership": {
          "token": "bank_partnership",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-id/#sec-exemptions",
          "source_jid": "US-ID"
        },
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-id/#sec-exemptions",
          "source_jid": "US-ID"
        }
      },
      "US-IL": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-il/#sec-exemptions",
          "source_jid": "US-IL"
        }
      },
      "US-IN": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-in/#sec-exemptions",
          "source_jid": "US-IN"
        }
      },
      "US-KY": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ky/#sec-exemptions",
          "source_jid": "US-KY"
        }
      },
      "US-LA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-la/#sec-exemptions",
          "source_jid": "US-LA"
        }
      },
      "US-MA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ma/#sec-exemptions",
          "source_jid": "US-MA"
        }
      },
      "US-MD": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-md/#sec-exemptions",
          "source_jid": "US-MD"
        }
      },
      "US-ME": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-me/#sec-exemptions",
          "source_jid": "US-ME"
        }
      },
      "US-MN": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-mn/#sec-exemptions",
          "source_jid": "US-MN"
        }
      },
      "US-MT": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-mt/#sec-exemptions",
          "source_jid": "US-MT"
        }
      },
      "US-NC": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-nc/#sec-exemptions",
          "source_jid": "US-NC"
        }
      },
      "US-NE": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ne/#sec-exemptions",
          "source_jid": "US-NE"
        }
      },
      "US-NJ": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-nj/#sec-exemptions",
          "source_jid": "US-NJ"
        }
      },
      "US-NV": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-nv/#sec-exemptions",
          "source_jid": "US-NV"
        }
      },
      "US-NY": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ny/#sec-exemptions",
          "source_jid": "US-NY"
        }
      },
      "US-OH": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-oh/#sec-exemptions",
          "source_jid": "US-OH"
        }
      },
      "US-OK": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ok/#sec-exemptions",
          "source_jid": "US-OK"
        }
      },
      "US-OR": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-or/#sec-exemptions",
          "source_jid": "US-OR"
        }
      },
      "US-SC": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-sc/#sec-exemptions",
          "source_jid": "US-SC"
        }
      },
      "US-TN": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-tn/#sec-exemptions",
          "source_jid": "US-TN"
        }
      },
      "US-VA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-va/#sec-exemptions",
          "source_jid": "US-VA"
        }
      },
      "US-VT": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-vt/#sec-exemptions",
          "source_jid": "US-VT"
        }
      },
      "US-WA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-wa/#sec-exemptions",
          "source_jid": "US-WA"
        }
      },
      "US-WI": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-wi/#sec-exemptions",
          "source_jid": "US-WI"
        }
      },
      "US-WY": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-wy/#sec-exemptions",
          "source_jid": "US-WY"
        }
      },
      "USA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/usa/#sec-exemptions",
          "source_jid": "USA"
        }
      },
      "VN": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/vn/#sec-exemptions",
          "source_jid": "VN"
        }
      },
      "AT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/at/#sec-exemptions",
          "source_jid": "AT"
        }
      },
      "BE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/be/#sec-exemptions",
          "source_jid": "BE"
        }
      },
      "BG": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/bg/#sec-exemptions",
          "source_jid": "BG"
        }
      },
      "DE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/de/#sec-exemptions",
          "source_jid": "DE"
        }
      },
      "EE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/ee/#sec-exemptions",
          "source_jid": "EE"
        }
      },
      "ES": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/es/#sec-exemptions",
          "source_jid": "ES"
        }
      },
      "IE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/ie/#sec-exemptions",
          "source_jid": "IE"
        }
      },
      "LT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/lt/#sec-exemptions",
          "source_jid": "LT"
        }
      },
      "MT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/mt/#sec-exemptions",
          "source_jid": "MT"
        }
      },
      "NL": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/nl/#sec-exemptions",
          "source_jid": "NL"
        }
      },
      "SE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/se/#sec-exemptions",
          "source_jid": "SE"
        }
      },
      "SI": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/si/#sec-exemptions",
          "source_jid": "SI"
        }
      },
      "EEA": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/eea/#sec-exemptions",
          "source_jid": "EEA"
        }
      },
      "UK": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "uk_psrs_2017_sch1_pt2",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/uk/#sec-exemptions",
          "source_jid": "UK"
        }
      },
      "IN": {
        "india_closed_ppi": {
          "token": "india_closed_ppi",
          "basis": "rbi_ppi_master_direction_2021",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/in/#sec-exemptions",
          "source_jid": "IN"
        }
      }
    },
    "explainers": [
      {
        "title": "Limited Network Exclusion (EU/UK — LNE)",
        "body": "Under PSD2/EMD2 (EU) and PSRs 2017 (UK), instruments accepted by a limited network of merchants or for a limited range of goods/services may be excluded from e-money authorisation. Three tests: premises test, limited-network test, limited-product test. Exclusion requires annual notification to the regulator above EUR 1m outstanding. Intra-EU implementation diverges: BaFin (DE) applies a narrower limited-network test; CBI (IE) has been more permissive for programme managers — this is the primary driver of EU regulatory_direction=fragmenting in the jurisdiction hierarchy. Tentative."
      },
      {
        "title": "US Prepaid Access / Closed-Loop (FinCEN)",
        "body": "Under 31 CFR §1022, sellers of prepaid access above $10,000/day per person must register. Closed-loop instruments (usable only with a single merchant) are generally excluded from Money Services Business registration. State MTL layer fragments further: NYDFS (US-NY) and DFPI (US-CA) impose additional licensing not required at federal level — the federal closed-loop exclusion does not override state MTL requirements. Tentative."
      },
      {
        "title": "India Closed-System PPI (RBI)",
        "body": "Reserve Bank of India Master Direction on PPIs (2021) defines Closed System PPIs: instruments issued for purchase of goods/services from the issuer only. No cash withdrawal; no fund transfer. Exempt from PPI authorisation subject to RBI guidelines on minimum KYC and limits (INR 10,000 loading limit). Tentative."
      },
      {
        "title": "Hong Kong SVF Voucher Carve-out (HKMA)",
        "body": "Under the HKMA SVF licensing regime (Payment Systems and Stored Value Facilities Ordinance), vouchers and schemes for obtaining goods/services from the issuer only (or a closed group) may be exempt from SVF authorisation. The carve-out is fact-specific; HKMA guidance applies. Tentative."
      },
      {
        "title": "Bank-Partnership Model",
        "body": "In multiple jurisdictions (US, EU, UK, APAC), payment products distributed by non-banks under a licensed bank's regulatory umbrella avoid direct e-money or payment institution authorisation. The bank holds the licence; the distributor is a programme manager or agent. Regulatory risk concentrates on the bank's compliance oversight obligations. Structural model, not an exemption per se."
      },
      {
        "title": "LatAm De-minimis / Closed-Loop Analogues",
        "body": "Brazil (BCB), Mexico (BANXICO/CNBV) and others have closed-loop or de-minimis carve-outs for low-value prepaid instruments or single-merchant use. Thresholds and conditions vary; most require some form of registration or notification above a floor. Tentative."
      }
    ],
    "thresholds": [
      {
        "regime": "EU PSD2 / EMD2",
        "value": "EUR 1,000,000 / 12mo",
        "jids": "EEA + EU member states",
        "note": "LNE notify threshold — PSD2 Art.3(k) / EMD2 Art.1(5). Notify within 28 days; National Competent Authority (NCA) per Member State."
      },
      {
        "regime": "EU PSD2 / EMD2",
        "value": "EUR 5,000,000 outstanding e-money",
        "jids": "EEA + EU member states",
        "note": "Small-EMI authorisation threshold (avg outstanding e-money)."
      },
      {
        "regime": "UK PSRs 2017 / EMRs 2011",
        "value": "GBP-equiv 1,000,000 / 12mo",
        "jids": "UK",
        "note": "LNE notify threshold — PSRs 2017 reg.2(f) / EMRs 2011 reg.3; FCA."
      },
      {
        "regime": "FinCEN Prepaid Access Rule",
        "value": "USD 10,000 / day per customer",
        "jids": "USA + US-NY",
        "note": "Seller AML-programme threshold; FinCEN (US Treasury)."
      },
      {
        "regime": "MAS Payment Services Act 2019",
        "value": "SGD 1,500 travel-rule",
        "jids": "SG",
        "note": "Full originator info required above threshold; Monetary Authority of Singapore (MAS)."
      },
      {
        "regime": "SARB National Payment System Act Reform (2026)",
        "value": "ZAR 5,000,000 / month",
        "jids": "ZA",
        "note": "Above = Tier-1 authorisation required; SARB (prudential) + FSCA (conduct)."
      },
      {
        "regime": "BCB Law 12865/2013 + BCB Rule 494/2025",
        "value": "BRL 500,000 / year (de-minimis)",
        "jids": "BR",
        "note": "Below = de-minimis registration (indicative — confirm with counsel); Banco Central do Brasil (BCB)."
      }
    ],
    "register": [
      {
        "firm": "[Example — deterministic collector populates at baseline]",
        "ref": "FCA FS Register stub",
        "jid": "UK",
        "regime": "LNE",
        "status": "Tentative"
      }
    ],
    "_provenance": {
      "regenerated_by": "build_wpm_exemptions_aggregate.py --enrich-report",
      "regenerated_at": "2026-08-11T11:00:58Z",
      "matrix_jid_count": 104,
      "threshold_count": 7,
      "register_count": 0,
      "note": "Replaces the 2026-06-16 static seed; explainers preserved verbatim."
    }
  },
  "trackers": {
    "PSD3_PSR": {
      "stage": "adoption",
      "note": "OJEU publication expected Q3 2026"
    },
    "GAR": {
      "stage": "enforcement",
      "note": "May 2026 deadline passed; GFSC monitoring"
    },
    "MiCA": {
      "stage": "enforcement",
      "note": "EMT/ART in force; EBA supervisory practice developing"
    },
    "ISO_20022": {
      "stage": "enforcement",
      "note": "CHAPS/SWIFT/CHIPS live"
    },
    "APP_Reimbursement": {
      "stage": "enforcement",
      "note": "PSR regime live Oct 2024; under PSR review"
    },
    "DORA": {
      "stage": "enforcement",
      "note": "January 2025 in-force; EBA RTS supplementary"
    },
    "AMLA": {
      "stage": "adoption",
      "note": "Direct supervision from 2026; regulations finalising"
    },
    "Safeguarding_FCA": {
      "stage": "enforcement",
      "note": "May 2026 rules in force; first audit cycle upcoming"
    }
  },
  "briefs": {
    "W1a": [
      {
        "topic": "PI/EMI authorisation routes (bank vs non-bank)",
        "tier": "SB",
        "cadence": "Annual + event-triggered",
        "rationale": "Structurally stable; evergreen primer for new entrants; high SEO ('how to get EMI licence UK')"
      },
      {
        "topic": "Passporting & third-country access (GAR, EEA)",
        "tier": "SB",
        "cadence": "Bi-annual + event-triggered",
        "rationale": "Structurally stable but live: GAR May 2026 deadline; periodic review needed"
      },
      {
        "topic": "Agents & EMD distributors",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Discrete legal framework; stable enough for brief; under-covered topic = SEO opportunity"
      },
      {
        "topic": "Outsourcing & critical third parties (DORA, FCA SS2/21)",
        "tier": "SB",
        "cadence": "Annual + DORA milestone",
        "rationale": "Live legislative track; complex enough to require explanation; high compliance demand"
      },
      {
        "topic": "Prudential requirements (bank CRR vs EMI own-funds)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Two parallel frameworks; structurally stable; needed for bank/non-bank comparison"
      },
      {
        "topic": "Jurisdiction comparison table (UK/GIB/IE/LT/MT/NL)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "High-value SEO asset; periodic update as regimes evolve; drives Solutions Finder traffic"
      }
    ],
    "W1b": [
      {
        "topic": "FCA Consumer Duty — payments application",
        "tier": "SB",
        "cadence": "Annual + FCA review cycle",
        "rationale": "Stable framework (PS22/9 final); periodic update for FCA reviews/Dear CEO letters"
      },
      {
        "topic": "Safeguarding — non-bank PSPs (May 2026 rules)",
        "tier": "SB",
        "cadence": "Annual + rule change",
        "rationale": "Live rule change; structurally important; high compliance demand; bank/non-bank split essential"
      },
      {
        "topic": "Financial promotions & approver regime",
        "tier": "SB",
        "cadence": "Annual + FCA update",
        "rationale": "Discrete legal framework; s.21 perimeter complex; crypto promos added new layer"
      },
      {
        "topic": "Vulnerable customers — payment context",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "FCA FG21/1 stable; payment-specific application less covered; good SEO"
      },
      {
        "topic": "Complaints & FOS jurisdiction",
        "tier": "D",
        "cadence": "Per decision/change",
        "rationale": "Event-driven — FOS decisions, compensation award changes; better as dashboard/news item"
      },
      {
        "topic": "Prepaid-specific conduct (expiry, dormancy, redemption)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable EMR 2011 framework; prepaid-specific; under-covered; direct Ramparts relevance"
      }
    ],
    "W2": [
      {
        "topic": "MiCA stablecoin regime (EMT/ART)",
        "tier": "SB",
        "cadence": "Bi-annual + MiCA milestone",
        "rationale": "Live regime; complex; structurally important for 2024-2026; high demand"
      },
      {
        "topic": "UK stablecoin & digital assets framework",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Parallel UK regime; diverging from EU; structurally important"
      },
      {
        "topic": "US stablecoin legislation",
        "tier": "SB",
        "cadence": "Quarterly",
        "rationale": "Federal framework developing; Genius Act / STABLE Act; high search demand"
      },
      {
        "topic": "CBDC developments (retail & wholesale)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural overview; slow-moving; good for periodic update"
      },
      {
        "topic": "Stablecoin reserve & redemption requirements",
        "tier": "SB",
        "cadence": "Annual + rule change",
        "rationale": "Highly technical; evergreen explainer; drives compliance queries"
      }
    ],
    "W3": [
      {
        "topic": "DORA — payments sector application",
        "tier": "SB",
        "cadence": "Annual + EBA RTS",
        "rationale": "Live EU legislation; complex; high compliance demand; Jan 2025 in-force"
      },
      {
        "topic": "FCA/PRA operational resilience rules (PS21/3)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable framework; March 2025 deadline passed; review cycle expected"
      },
      {
        "topic": "Critical third-party (CTP) regime",
        "tier": "SB",
        "cadence": "Annual + designation events",
        "rationale": "New FCA/PRA/BoE regime; structurally novel; high interest from PSPs"
      },
      {
        "topic": "Incident reporting & classification",
        "tier": "D",
        "cadence": "Per update",
        "rationale": "Event-driven; better as dashboard tracker per incident classification change"
      }
    ],
    "W4": [
      {
        "topic": "Visa VAMP programme",
        "tier": "SB",
        "cadence": "Bi-annual + scheme update",
        "rationale": "Stable programme framework; periodic threshold changes; high acquirer demand"
      },
      {
        "topic": "Mastercard ECP/BRAM programmes",
        "tier": "SB",
        "cadence": "Bi-annual + scheme update",
        "rationale": "Same as VAMP — parallel brief needed; different thresholds and mechanics"
      },
      {
        "topic": "PCI-DSS v4.0 compliance",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Live migration (v3.3.1 retired Mar 2024); complex technical framework"
      },
      {
        "topic": "3DS mandate & SCA implementation",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable post-mandate but ongoing exemption/friction issues; good evergreen explainer"
      },
      {
        "topic": "Scheme rule changes (bulletin tracker)",
        "tier": "D",
        "cadence": "Per bulletin",
        "rationale": "Event-driven per bulletin; dashboard item not a standing brief"
      }
    ],
    "W5": [
      {
        "topic": "Per-corridor risk briefs (EU-UAE, UK-Crown Deps, etc.)",
        "tier": "SB",
        "cadence": "Quarterly per corridor",
        "rationale": "High-value; each corridor is a 2000-word structural brief; updated when Corridor Risk Score changes materially"
      },
      {
        "topic": "FATF grey-list impact on corridors",
        "tier": "SB",
        "cadence": "Per FATF plenary",
        "rationale": "Structural overview brief + per-plenary update; high compliance demand"
      },
      {
        "topic": "Correspondent banking de-risking",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural; slow-moving but consequential; evergreen explainer with periodic refresh"
      },
      {
        "topic": "Corridor alert/score changes",
        "tier": "D",
        "cadence": "Per score change",
        "rationale": "Event-driven scoring update; dashboard item"
      }
    ],
    "W6": [
      {
        "topic": "M&A and market-entry tracker",
        "tier": "D",
        "cadence": "Per deal",
        "rationale": "Event-driven; news/dashboard item"
      },
      {
        "topic": "Competitive landscape overviews (by segment)",
        "tier": "SB",
        "cadence": "Quarterly",
        "rationale": "Structural; slow-moving; good SEO ('who are the main EMIs in UK'); quarterly refresh"
      },
      {
        "topic": "Market-entry analysis by jurisdiction",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural; links to W1a jurisdiction comparison; high Solutions Finder value"
      }
    ],
    "W7": [
      {
        "topic": "Enforcement action tracker",
        "tier": "D",
        "cadence": "Per action",
        "rationale": "Event-driven; dashboard item with severity badge"
      },
      {
        "topic": "AML enforcement — thematic briefs (by jurisdiction)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural pattern analysis across enforcement actions; high value for law firms"
      },
      {
        "topic": "Asset recovery & freezing orders in payments context",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Niche but high-value for Ramparts audience; stable framework"
      },
      {
        "topic": "Significant litigation — structural impact briefs",
        "tier": "SB",
        "cadence": "Per significant case",
        "rationale": "Case-by-case: only brief when structural consequences; e.g. Mastercard interchange ruling"
      }
    ],
    "W8": [
      {
        "topic": "High-risk MCC guide",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Evergreen; high SEO; slow-changing; direct Solutions Finder link"
      },
      {
        "topic": "Chargeback mechanics & dispute framework",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable Visa/MC framework; complex; high demand from merchants"
      },
      {
        "topic": "Acquirer stress signals",
        "tier": "D",
        "cadence": "Per signal",
        "rationale": "Event-driven; dashboard item"
      },
      {
        "topic": "MCC risk score changes",
        "tier": "D",
        "cadence": "Per change",
        "rationale": "Event-driven scoring; dashboard item"
      }
    ],
    "W9": [
      {
        "topic": "Open banking / PSD3 account access",
        "tier": "SB",
        "cadence": "Bi-annual + PSD3 milestone",
        "rationale": "Live legislative track; high demand; drives embedded finance discussion"
      },
      {
        "topic": "BaaS & embedded finance landscape",
        "tier": "SB",
        "cadence": "Quarterly",
        "rationale": "Structural overview; fast-moving but stable enough for periodic brief"
      },
      {
        "topic": "BNPL regulation (UK, EU, US)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Live multi-jurisdiction regulatory track; high SEO demand"
      },
      {
        "topic": "Prepaid product types (GPR, corporate, travel)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Evergreen; directly relevant to Ramparts; under-covered"
      },
      {
        "topic": "Innovation/product news",
        "tier": "D",
        "cadence": "Per launch",
        "rationale": "Event-driven; news item"
      }
    ],
    "W10": [
      {
        "topic": "APP fraud reimbursement regime (PSR)",
        "tier": "SB",
        "cadence": "Bi-annual + PSR review",
        "rationale": "Live regime (Oct 2024); complex; high compliance demand; direct consumer impact"
      },
      {
        "topic": "Consumer Duty — operational requirements",
        "tier": "D",
        "cadence": "Per FCA output",
        "rationale": "Covered in W1b SB; ongoing monitoring = dashboard"
      },
      {
        "topic": "Account closure / de-banking",
        "tier": "SB",
        "cadence": "Annual + event-triggered",
        "rationale": "Live political/regulatory issue; Payment Accounts Regs; PAR rights; high public interest"
      },
      {
        "topic": "Complaint trend analysis",
        "tier": "D",
        "cadence": "Quarterly FOS data",
        "rationale": "Event-driven; FOS data releases; dashboard/news item"
      }
    ],
    "W11": [
      {
        "topic": "UK AML framework for PSPs (MLR 2017, JMLSG)",
        "tier": "SB",
        "cadence": "Annual + MLR update",
        "rationale": "Foundational; structurally stable; essential primer; high SEO"
      },
      {
        "topic": "EU AML framework (AMLA, 6AMLD, TFR)",
        "tier": "SB",
        "cadence": "Bi-annual + AMLA milestone",
        "rationale": "Live legislative track; AMLA supervisor from 2026; complex"
      },
      {
        "topic": "Travel rule implementation (FATF R.16, TFR)",
        "tier": "SB",
        "cadence": "Annual + implementation milestone",
        "rationale": "Live; complex; crypto + wire transfer application; high compliance demand"
      },
      {
        "topic": "Sanctions regimes — payments application",
        "tier": "SB",
        "cadence": "Bi-annual + designation events",
        "rationale": "Structural overview; OFAC/OFSI/EU; payments-specific application; high demand"
      },
      {
        "topic": "FATF mutual evaluation impact tracker",
        "tier": "SB",
        "cadence": "Per FATF plenary",
        "rationale": "Per-plenary structural brief; feeds W5 corridor scores; high value"
      },
      {
        "topic": "Bank vs non-bank PSP AML supervision gap",
        "tier": "SB",
        "cadence": "Annual + consultation",
        "rationale": "Structural analysis; Treasury consultation pending; high policy interest"
      },
      {
        "topic": "Enforcement actions / SAR data",
        "tier": "D",
        "cadence": "Per action/data release",
        "rationale": "Event-driven; dashboard item"
      }
    ],
    "W12": [
      {
        "topic": "USD clearing architecture (CHIPS, FedWire, correspondents)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Structural; rarely covered; high strategic value; evergreen explainer"
      },
      {
        "topic": "GBP settlement (CHAPS, RTGS, New Payments Architecture)",
        "tier": "SB",
        "cadence": "Annual + BoE milestone",
        "rationale": "Structural; BoE RTGS renewal live; ISO 20022 migration; high interest"
      },
      {
        "topic": "Non-bank PSP access to payment systems",
        "tier": "SB",
        "cadence": "Bi-annual + PSR output",
        "rationale": "Live PSR/FCA review; structural gap; high strategic importance"
      },
      {
        "topic": "Correspondent banking de-risking (structural brief)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Cross-reference W5; but settlement-layer focus here is distinct; evergreen"
      },
      {
        "topic": "Fed master account debate (US non-banks)",
        "tier": "SB",
        "cadence": "Annual + case/rule update",
        "rationale": "Structural; Fourth Corner/Custodia case law; high US market interest"
      },
      {
        "topic": "ISO 20022 migration — data implications",
        "tier": "SB",
        "cadence": "Annual + milestone",
        "rationale": "Live migration (CHAPS/CHIPS/SWIFT); AML/sanctions data-richness implications"
      },
      {
        "topic": "Settlement finality & intraday liquidity",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Technical but structurally important for PSPs; UK SFR/EU SFD; evergreen"
      },
      {
        "topic": "Real-time correspondent/access alerts",
        "tier": "D",
        "cadence": "Per event",
        "rationale": "Event-driven de-risking events; dashboard item"
      }
    ]
  },
  "_signals_provenance": {
    "regenerated_by": "build_wpm_signals_rollup.py --enrich-report",
    "regenerated_at": "2026-08-11T11:00:58Z",
    "signal_count": 90,
    "source_jids": [
      "AR",
      "DK",
      "ID",
      "IT",
      "PL",
      "TR",
      "UG"
    ],
    "watchlist_size": 6,
    "note": "Replaces the hand-seeded risk[] + signals[] stub with per-JID harvest from structured_claims[]. Every row now carries jid + link (funnel-contract §3.2). Data honesty: verbatim carry, closed-enum lookup for change label, presence-gated."
  },
  "_jurisdictions_rollup_provenance": {
    "regenerated_by": "build_wpm_jurisdictions_rollup.py --enrich-report",
    "regenerated_at": "2026-08-11T11:00:58Z",
    "jurisdiction_count": 155,
    "impact_non_null_count": 7,
    "impact_coverage_pct": 4.5,
    "note": "Replaces the 14-tile hand-curated heat[] + bare jurisdictions[] with a full tracked-set rollup; impact coverage is measured, not guaranteed — see meta.data_honesty."
  }
}