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Regulatory Blog

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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.
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).
CySEC circular on US sanctions
On 11 November 2021, the Cyprus Securities and Exchange Commission (CySEC) issued Circular 475 reminding firms of the practical implications of the latest sanctions administered by the Office of Foreign Assets Control (OFAC) in the United States. CySEC also expressly referred to OFAC’s new Cyber related Designations and Designations Updates.
EU plans new restrictive measures on Belarus
As regards the ongoing conflict on the Poland-Belarus border and other related matters, the EU Council is preparing to increase the pressure on the regime in Minsk by supplementing its sanctions regime with new measures to respond to ‘hybrid attacks’ and the displacement of persons instigated by Belarus.
BVI FIU informs the industry about its new powers to impose fines
On 17 September 2021 the BVI’s FIU, the Financial Investigations Agency (FIA), informed the industry of its new powers to impose fines under the Financial Investigations Agency Act 2003 (the FIA Act). The new fines will apply where firms are late in providing information and documents to the FIA following the issuance of a notice to produce information. The change was brought in through the enactment of a new section 5K to the FIA Act by the Financial Investigation Agency (Amendment) Act 2021.
CySEC publishes its Policy Statement and forms Cypriot Crypto Asset Service Providers
On 13 September 2021, the Cyprus Securities and Exchange Commission (CySEC) issued a Policy Statement (PS-01-2021) (CySEC Crypto Policy Statement) on the Registration and Operations of Crypto Asset Services Providers (CASPs) to outline its finalised rules for CASPs under the Prevention and Suppression of Money Laundering and Terrorist Financing Law 2007 (the AML Law) and the CySEC Directive for the prevention and suppression of money laundering and terrorist financing - Register of Crypto Asset Services Providers (the CySEC CASP Directive), elaborating on the next steps and on CySEC’s expectations.
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