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

FATF listing and the Cayman Islands

At its plenary session on 25 February 2021, the Financial Action Task Force (FATF) included the Cayman Islands as a jurisdiction being monitored for the active resolution of identified deficiencies in its regimes for the countering of anti-money laundering, terrorist financing and proliferation financing. While no significant issues were identified with the Cayman Islands compliance regimes, the Cayman Islands were given three action items aimed at demonstrating the effectiveness of its compliance regimes and therefore included on the list of jurisdictions being monitored.

Carolynn Vivian

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

FATF issues various public statements

On 23 October 2020, the Financial Action Task Force (FATF) issued a public statement titled: “Jurisdictions Under Increased Monitoring”. There are 16 jurisdictions that FATF have identified that are under and subject to increased monitoring. This essentially means that the jurisdictions have committed to working swiftly with FATF to resolve and address the identified strategic deficiencies within an agreed timeframe.

Mirza Manraj, Aki Corsoni-Husain

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