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

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

Luxembourg digitalises the AML/CFT Market Entry Form (Funds and IFM)

On 8 February 2021, the Commission de Surveillance du Secteur Financier (CSSF) issued a communication on the digitalisation of the AML/CFT Market Entry Form (the Form). CSSF is aiming at collecting standardised key information in relation to money laundering and terrorist financing risks (ML/FT risk), the Form will have to be completed and submitted through the CSSF’s eDesk portal as from 15 February 2021.

Vanessa Molloy

The EU Finance Ministers decide on AML

On 3 November 2020, the European Union finance ministers examined the draft conclusions of the Council on countering money laundering and terrorist financing, which aim to provide the Commission with guidance in advance of its legislative proposals in 2021 on a single rule book, EU-level supervision and a coordination and support mechanism for member states' financial intelligence units.

Andrea Moundi Savvides

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

EBA opines for EU Commission to set up a single rulebook in combating money laundering and terrorist financing

On 10 September 2020, the European Banking Authority (EBA) published its response to the European Commission’s call for advice on how to strengthen the European Union (EU) legal framework on anti-money laundering and countering the financing of terrorism. The European Commission issued this call for advice to the EBA to benefit from its technical expertise across all areas of financial services regulation, as well as EBA’s legal duty to lead, coordinate and monitor the EU financial sector’s fight against money laundering/terrorist financing.

Andrea Moundi Savvides, Andreas Stavrou