Regulatory Blog

On 17 April 2025, the Government of the Virgin Islands issued a comprehensive report, the National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessment of Legal Persons and Legal Arrangements. This publication is a critical tool aimed at strengthening the Territory’s defences against financial crimes.

The Bermuda Monetary Authority announced an updated version of its personal declaration form, now required for all relevant shareholder controllers and beneficial owners as part of the INTEGRA® application process. This updated form includes the official BMA logo and must be completed, signed, and submitted to the Authority to meet application requirements.

On 27 February 2025, the Cyprus Securities and Exchange Commission published a practical guide to strengthen the effectiveness and efficiency of sanctions screening systems used by regulated entities.

The Cayman Islands Monetary Authority (CIMA) announced significant amendments to the Virtual Asset (Service Providers) Act (VASP Act), effective 1 April 2025. These changes introduce Phase Two of the VASP legislative framework, setting new obligations for Virtual Asset Service Providers (VASPs) operating in or from the Cayman Islands.

On 15 April 2025, the European Securities and Markets Authority published significant updates to the regulatory landscape with the release of draft Regulatory Technical Standards and a final report on Guidelines addressing Liquidity Management Tools. These measures represent a pivotal step toward strengthening the ability of EU fund managers to skilfully manage fund liquidity, particularly during periods of market stress.

On 24 March 2025, the Cyprus Securities and Exchange Commission released an updated version of Form 87-03-01 to include annual fees for 2024. The Updated Form is available on CySEC’s website and must be used by Cyprus Investment Firms for their annual fee submissions.

The Registration Duty, Estate, and VAT Authority has clarified that all Alternative Investment Funds, including unregulated AIFs and not limited to RAIFs only, are required to comply with the Anti-Money Laundering and Countering the Financing of Terrorism reporting obligations. These requirements go beyond Reserved Alternative Investment Funds and apply broadly to all AIFs under AED supervision. The AED has also provided guidance on determining if an entity meets the definition of an AIF and therefore falls within scope of the Luxembourg AML Law of 2004. This guidance can be found on the AED’s website.

On 31 March 2025, the Cayman Islands Department for International Tax Cooperation published to the official gazette, its updated lists of Common Reporting Standard Participating Jurisdictions and Reportable Jurisdictions for 2025.

On 7 March 2025, the Bermuda Monetary Authority amended Rule 14 of the Insurance Account Rules 2016 to account for IFRS filers following the adoption of IFRS 17 - Insurance Contracts. This update introduces important changes for commercial insurers preparing financial statements under International Financial Reporting Standards.