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Regulatory Blog

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Update to UK Sanctions on Russia-Ukraine-Belarus (up to 26 September 2022)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
G7 Finance Ministers agree on sanctions imposing a price cap on Russian oil and petroleum products
On 2 September 2022, the G7 Finance Ministers met in Germany and released a statement.
New investments into Russia banned in Bermuda, BVI, and Cayman following UK’s twelfth amendment to the Russia sanctions regime
The Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (the Twelfth Amendment) was made on 14 July 2022, laid before Parliament on 18 July 2022, and came into force on 19 July 2022. The Twelfth Amendment was made as subsidiary legislation to the Sanctions and Anti-Money Laundering Act 2018 and it applies in the UK’s Overseas Territories (including Anguilla, Bermuda, the British Virgin Islands, and the Cayman Islands), by virtue of The Russia (Sanctions) (Overseas Territories) Order 2020 and other implementing legislation in the case of Bermuda.
Luxembourg regulator updates its FAQ on the AML/CFT RC report
On 25 August 2022, the Commission de Surveillance du Secteur Financier published its updated FAQ on the AML/CFT RC Report for supervised Luxembourg Investment Funds and Luxembourg Investment Fund Managers, in relation to the completion and transmission of the AML/CFT compliance officer’s summary report.
CIMA publishes new AML surveys for securities registered and licensed persons and virtual asset services providers – 7 October deadline
The Cayman Islands Monetary Authority has started to publish its latest anti-money laundering surveys for entities that they regulate (not including investment funds). The surveys will be issued in stages and the first have just been sent to financial service providers that carry out securities investment business or virtual asset services business. The surveys are accompanied by guidance on their completion and submission.
Cyprus Registrar advises no penalties under its “interim” UBO register
On 5 August 2022, the Department of Registrar of Companies and Intellectual Property of the Ministry of Energy, Commerce and Industry announced that no penalties would be imposed for failures to comply with filing requirements under its interim register for Beneficial Ownership information.
BVI calls for feedback on proposed Virtual Assets Service Providers Bill 2022
On 9 September 2022, the BVI Financial Services Commission (FSC) issued a draft of the BVI’s proposed new legislative framework governing Virtual Assets Service Providers (VASPs). The proposal is in line with the requirements of the Financial Action Task Force (FATF) on VASP regulation globally.
BVI FSC’s new Authorisation and Supervision Division is now operational
The British Virgin Islands Financial Services Commission (BVI FSC) announced that its new Authorisation and Supervision Division has become fully operative as of 1 July 2022.
BVI revises AML regulations covering virtual assets service providers (VASPs)
Following public consultation on proposed amendments to the BVI's Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice (AML Regulations), which commenced in July 2022, the BVI has amended the AML Regulations pursuant to the Anti-Money Laundering (Amendment) Regulations, 2022, gazetted on 19 August 2022, and the Anti-money Laundering and Terrorist Financing (Amendment) Code of Practice, 2022, gazetted on 29 August 2022.
CySEC announces online seminars
On 11 August 2022, the Cyprus Securities and Exchange Commission (CySEC) published a list of one day online seminars focussing on significant issues, for persons registered in the Certification Registers.
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