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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.
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.
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.
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).
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