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
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • 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

  • Senior Associate
  • Cayman Islands

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

EBA endorses the EU Commission’s invite for assessment of the AML/CFT framework

On 19 August 2020, the European Banking Authority (EBA) published its response to the European Commission’s action plan for a comprehensive policy on preventing money laundering and terrorism financing (ML/TF). The EBA is of the view that a comprehensive assessment of the current EU Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework is necessary to ensure that the EU and its component parts are equipped to tackle ML/TF more effectively and efficiently.

Andrea Moundi Savvides, Andreas Stavrou

Frequently asked questions: Source of Wealth and Source of Funds

The Wolfsberg Group has issued Guidance in the form of Q&As to assist institutions in identifying, managing and mitigating the risks of money laundering/terrorist financing, by effectively identifying the Source of Wealth and the Source of Funds of their clients. Although this Guidance is addressed to financial institutions it is useful for application by other regulated entities as well.

Andrea Moundi Savvides