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Regulatory Blog

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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.
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.
BVI FSC calls for feedback on amendments to AML/CFT legislation
On 7 July 2022, the BVI Financial Services Commission (FSC) released a public consultation asking for opinions and comments on the proposed amendments to Anti-Money Laundering Regulations and Anti-Money Laundering and Terrorist Financing Code of Practice. The proposed amendments are geared towards compliance with international standards established by the Financial Action Task Force (FATF) and also intended to modernise and clarify existing provisions within the legislation.
CySEC commenced the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements
The Cyprus Securities and Exchange Commission (CySEC) announced that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) is operational and has been accessible to trustees as of 17 May 2022 and for all other parties involved, as of 17 June 2022.
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.
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