About the Regulatory Blog and our contributors
The Regulatory Blog is an informal and up to date news and information service of key regulatory developments in our jurisdictions: the BVI, the Cayman Islands, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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CySEC issues circular relating to EBA guidelines on outsourcing
On 13 October 2023, the Cyprus Securities and Exchange Commission (CySEC) published Circular 604 directing Cyprus Investment Firms (CIFs) to familiarise themselves with the European Banking Authority's guidelines on outsourcing, published on 2 February 2019 (Guidelines).
10 Nov 2023
EU reaches provisional deal to strengthen banks dealing with crypto assets
On 29 June 2023, the European banking sector negotiators from the European Parliament, the Council, and the Commission have reached a provisional agreement on changes to the Capital Requirements Regulation (CRR), here and the Capital Requirements Directive (CRD), here .
28 Aug 2023
EBA issues 4th Opinion on money laundering and terrorist financing risks in the EU financial sector
On 13 July 2023, the European Banking Authority (EBA) released its fourth Opinion on the risks of money laundering and terrorist financing (ML/TF) in the European Union's financial sector. The Opinion highlights the evolving risk landscape and suggests measures that can be taken by competent authorities and EU co-legislators to mitigate these risks.
15 Aug 2023
European Parliament approves tougher measures against money laundering and terrorist financing and the 6th AML Directive
On 28 March 2023, the European Parliament announced that the MEPs approved stricter rules to close existing gaps in combating money laundering, terrorist financing, and evasion of sanctions in the European Union. MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees have adopted their position on three pieces of draft legislation regarding the financing provisions of the EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy.
25 Apr 2023
Wolfsberg Group comments on the EU AML/CFT legislative package
On 1 November 2022, the Wolfsberg Group published the Comment Letter on the EU AML/CFT legislative package which was initially addressed to strategic EU officials on 28 October 2022.
03 Jan 2023
CySEC notifies on EBA Guidelines in relation to compliance management and the responsibilities of the AML/CFT compliance officer under Article 8
On 29 November 2022, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 535 informing all Regulated Entities that, on 14 June 2022, the European Banking Authority (EBA) published (EBA/GL/2022/05) on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT compliance officer under Article 8 and Chapter VI of Directive (EU) 2015/849 (Guidelines). The Guidelines are effective as of 1 December 2022.
29 Dec 2022
ESAs published a new set of Q&As on SFDR
On 17 November 2022, the European Supervisory Authorities – ESMA, EIOPA and EBA (ESAs) published a new set of Q&As on Commission Delegated Regulation (EU) 2022/1288 on Sustainable Finance Disclosure Regulation (SFDR) also known as the Regulatory Technical Standards or RTS which is set to apply from 1 January 2023.
07 Dec 2022
EBA advises the EU Commission on discrepancies observed on the protection of client funds by deposit guarantee schemes
On 28 October 2021, the European Banking Authority (EBA) published an opinion on the treatment of client funds under the deposit guarantee schemes directive (DGSD), where it assessed the current approaches to the protection of funds deposited with credit institutions on behalf of clients by entities that are themselves excluded from deposit guarantee schemes (DGSs) protection.
18 Nov 2021
EBA initiates a public consultation on draft guidelines on the role and responsibilities of AML/CFT compliance officers
On 2 August 2021, the European Banking Authority (EBA) launched a public consultation on new guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. The guidelines also include provisions on the wider AML/CFT governance set-up, including at the level of the group.
19 Aug 2021