Regulatory

Blog

Regulatory

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, Cyprus and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.

Contributors

Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Counsel
  • Cayman Islands

CIMA reminder re: AML officers

On 7 June 2021 the Cayman Islands Monetary Authority reminded its regulated entities that they must ensure their AML Officers are properly appointed, are able to dedicate sufficient time for the efficient and effective discharge of their respective functions, are well versed in the different types of transactions that the business conducts which may give rise to opportunities for money-laundering, terrorist financing, proliferation financing.

Carolynn Vivian

EBA initiates consultation on new guidelines in the area of AML and CFT

On 27 May 2021, the European Banking Authority (EBA) launched a public consultation on its new guidelines that set out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive.

Aki Corsoni-Husain, Andreas Stavrou

CySEC’s new register for crypto-asset service providers

Further to the implementation of pan-EU requirements including crypto-asset service providers (CASPs) under the Fifth Anti-Money Laundering Directive (5AMLD), Cyprus recently updated its definition of obliged entities under the Prevention and Suppression of Money Laundering Law 2007 (AML Law) to bring CASPs into scope.

Aki Corsoni-Husain, George Apostolou

Cyprus finally implements 5th AML Directive

On 18 February, the Cypriot Parliament approved the Prevention and Suppression of Money Laundering (Amendment) Law 2021 (the AML Amendment) bringing the Cypriot AML regime into line with its EU obligations by implementing the requirements of the EU’s Fifth Money Laundering Directive 2018/843 (5AMLD). Cyprus was legally obliged by the EU to have implemented 5AMLD by the directive’s deadline of 10 January 2020, so the transposition has been well overdue.

Aki Corsoni-Husain, Marina Stavrou,
Andrea Moundi Savvides