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

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

Update on the EU’s Markets in Crypto-Assets Regulation

On 24 September 2020 the European Commission released a 168-page proposal for its long-anticipated pan-EU Markets in Cryptoassets (MiCA) Regulation. The MiCA Regulation forms part of the Commission’s Digital Finance Package, setting out new measures designed to support the development of distributed ledger technologies in the EU.

Aki Corsoni-Husain, Marina Stavrou,
Victor Le Pape

EU imposes sanctions on Russian officials following Bundestag cyber-attack

On 22 October 2020, the EU Council imposed restrictive measures on two Russian individuals, including the head of Russia’s military intelligence, and one body held responsible for the cyber-attack on the German Federal Parliament (Deutsche Bundestag) in April and May 2015. The attack targeted the parliament's information system and affected its ability to operate for several days.

Aki Corsoni-Husain, Chiara Deceglie

Virtual assets – Red flag indicators

On 14 September 2020, the Financial Action Task Force published the report “Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing”. The report aims to assist reporting entities (such as financial institutions, designated non-financial businesses and professions and Virtual Asset Service Providers) in both identifying and reporting potential money laundering and terrorist financing activity involving virtual assets and developing those entities’ application of a risk-based approach to their Customer Due Diligence requirements. Regulators may also find the indicators useful when preparing suspicious transaction reports and monitoring reporting entities’ compliance with local AML/CFT controls.

Matt Taber, Marc Piano

Anguilla regulator launches Innovation Office

On 8 August 2020, the Anguilla Financial Services Commission launched its Innovation Office. The Innovation Office will serve as a resource for engagement with the public, with focus on those seeking to engage in FinTech driven initiatives such as distributed ledger technology (including digital assets), digital marketplace financing and payment systems, and the use of artificial intelligence/machine learning.

Mirza Manraj, Michelle Frett-Mathavious