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Regulatory Blog

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No additional AML-CFT measures for Cayman
The European Union has confirmed to the Minister of Financial Services and Commerce of the Cayman Islands government that the EU does not require further measures, beyond those included in the Financial Action Task Force action plan, to remove the Cayman Islands from the EU's anti-money laundering and countering the financing of terrorism list.
CSSF issues FAQ on the AML/CFT compliance officers’ summary report
On 18 March 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) issued frequently asked questions and answers (FAQ) in relation to the content, findings and transmission of the AML/CFT compliance officer’s summary report, as defined in Article 42 (6) and 42 (7) of the CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing (AML/CFT), as amended.
EU President comments on character of upcoming sanctions on Russia
On 16 February 2022, President of the European Commission Ursula von der Leyen addressed the European Parliament Plenary on EU-Russia relations, European security and Russia's military threat against Ukraine.
UK issues new Russia sanctions criteria, relevant to BVI and Cayman Islands
On 10 February 2022, the United Kingdom published the Russia (Sanctions) (EU Exit) (Amendment) Regulations 2022 (2022 UK-Russia Amendments) which amends and strengthens the UK’s pre-existing Russia sanctions regime, under the Russia (Sanctions) (EU Exit) Regulations 2019 (2019 UK-Russia Regulations) formulated post Brexit but which still essentially focusses on the fall-out from the 2014 Russia-Ukraine-Crimea conflict.
MONEYVAL publishes follow-up report on Cyprus anti-money laundering
On 13 January 2022, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) published its first follow-up report on the progress made by Cyprus since its prior 2019 initial report, which placed the jurisdiction under an enhanced follow-up programme. The follow-up report examines progress made in implementing new requirements relating to the Financial Action Task Force’s globally renowned 40 Recommendations since the prior review.
Cyprus finalises its national risk assessment on virtual assets and VASPs
On 13 December 2021, the Cyprus Ministry of Finance announced that the Report on National Risk Assessment (NRA) with respect to virtual assets (VA) and virtual asset service providers (VASPs) commissioned by the Advisory Authority for Combating Money Laundering and Terrorist Financing has been finalised.
CySEC responds to FATF virtual assets guidance
On 24 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 476 informing the Regulated Entities of the Financial Action Task Force (FATF) updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.
CSSF advises on the improvement of Risk-Based Supervision
On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circulars 21/788, 21/789 and 21/790 aiming to improve the Risk-Based Supervision of the CSSF, for prudential and AML/CFT purposes regarding investment fund managers (IFMs) and undertakings for collective investment (UCIs).
EDPS opines on European Commission’s AML legislative package
On 22 September 2021, the European Data Protection Supervisor (EDPS) published its opinion on the European Commission’s proposed Anti-Money Laundering (AML) legislative package (Opinion).
CSSF issues FAQs on virtual assets
On 29 November 2021, the Commission de Surveillance du Secteur Financier (CSSF) published FAQs covering virtual assets.
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