Regulatory Blog

On 19 April 2024, the Cayman Islands government published the Anti-Money Laundering (Amendment) Regulations, 2024. Those regulations aim to improve measures to combat money laundering, terrorist financing, and proliferation financing.

On 31 January 2024, a Memorandum of Understanding between the BVI Financial Services Commission and the BVI Financial Investigation Agency was issued regarding collaboration in exchanging information relating to due diligence, money laundering, terrorist financing, proliferation financing, and in aiding the overall maintenance of the BVI's reputation as a financial hub.

On 9 February 2024, the BVI Financial Investigation Agency issued an updated Money Laundering Reporting Officer Notification Form. The updated form must be used by relevant institutions and when submitting details to the FIA about the proposed appointments of an MLRO, current or past MLROs.

On 18 January 2024, the European Council and Parliament reached a provisional agreement on an anti-money laundering package to protect the EU and its financial system. The deal includes harmonised rules across the EU, expanding the list of obligated entities to cover the crypto sector, luxury goods traders, and the football sector.

On 18 January 2024, the European Commission published the Delegated Regulation (EU) 2024/163 dated 12 December 2023, amending Regulation (EU) 2016/1675. This amendment involves removing the Cayman Islands from the AML list of high-risk third countries on the basis that these countries have addressed their strategic deficiencies in anti-money laundering and countering financing of terrorism regimes.

On 13 December 2023, the European Commission issued a press release expressing its satisfaction with the recent provisional agreement reached between the European Parliament and the Council on the establishment of the Anti-Money Laundering Authority. The AMLA, conceived as a decentralised EU regulatory agency, marks a significant development in the supervision of anti-money laundering and countering terrorism financing activities within the EU.

On 29 December 2023, the Cayman Islands Monetary Authority issued a Supervisory Information Circular outlining key aspects of effective AML/CFT remediation by financial service providers. The circular emphasises the importance of compliance with regulatory frameworks and offers guidance for producing and implementing successful remediation plans.

On 3 November 2023, the Cyprus Securities and Exchange Commission (CySEC) issued Directive R.A.D 343/2023 (the CASP Amending Directive) which was published in the Cyprus Official Gazette. Through the CASP Amending Directive, CySEC amends its existing Directive on the Prevention and Combating of Money Laundering from Illegal Activities (Registry of Service Providers of Crypto Asset Service Providers) 2021 in a number of important respects.

On 12 December 2023, the European Commission published an amendment to Delegated Regulation (EU) 2016/1675 which will have the effect of removing the Cayman Islands from its high-risk third countries listing of those countries identified as having deficiencies in their anti-money laundering/counter-terrorist financing regimes (AML/CFT).