About the Regulatory Blog and our contributors
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, Anguilla, Bermuda, Cyprus, and Luxembourg. We intend to include the latest financial services, anti-money laundering, sanctions and related developments within our remit.
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Updates to Virgin Islands Anti-Money Laundering and Terrorist Financing Regulations, 2024
The Virgin Islands introduced updates to its Anti-Money Laundering (AML) and Terrorist Financing regulatory framework through the Anti-Money Laundering (Amendment) Regulations, 2024 and the Anti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2024.
25 Sep 2024
New amendments to Cyprus Money Laundering Prevention Directive 2024
On 5 August 2024, the Cyprus Securities and Exchange Commission published CySEC Directive R.A.D 282/2024 which amends the CySEC Directive for the Prevention and Combating of Money Laundering and Terrorist Financing 2020. These changes are aimed at enhancing the framework for preventing money laundering and terrorism financing in the Republic of Cyprus.
20 Sep 2024
BVI Financial Investigation Agency strengthens global financial crime fight with new partnerships
The Financial Investigation Agency of the British Virgin Islands has signed a Memoranda of Understanding with the Financial Intelligence Units of Guernsey and the Bahamas. These agreements aim to enhance cooperation in the fight against financial crimes, including money laundering, terrorism financing, and proliferation financing.
12 Sep 2024
BVI FSC highlights FATF's revised National Risk Assessment guidance
The BVI Financial Services Commission published Industry Circular 24 of 2024 on Financial Action Task Force National Risk Assessment Guidance. The FATF is revising its guidance on National Risk Assessments for money laundering. This update aims to make the NRA guidance more effective, comprehensive, and useful for all stakeholders, including the private sector and civil society.
03 Sep 2024
BVI FSC industry circular 26 of 2024: FATF public statements - June 2024
The Financial Action Task Force released public statements highlighting jurisdictions with deficiencies in their anti-money laundering and counter-financing of terrorism regimes. In response, the BVI Financial Services Commission issued Industry Circular 26 of 2024, advising compliance with these updates.
28 Aug 2024
Progress and challenges in implementing FATF standards on Virtual Assets
On 9 July 2024, the Financial Action Task Force (FATF) released its fifth update on the implementation of the FATF standards focusing on the application of anti-money laundering (AML) and counter-terrorist financing (CFT) measures to virtual assets (VAs) and virtual asset service providers (VASPs).
22 Aug 2024
EBA issues Travel Rule Guidelines for crypto asset and fund transfers
On 4 July 2024, the European Banking Authority published its finalised new guidelines on the 'travel rule' under EU Regulation 2023/1113 which repealed and replaced EU Regulation 2015/847.
05 Aug 2024
FATF's increased monitoring update
On 28 June 2024, the Financial Action Task Force published an update on the jurisdictions under increased monitoring that are collaborating with FATF addressing deficiencies in their anti-money laundering, counter-terrorist financing, and counter-proliferation financing regimes. Being on this "grey list" signifies a country's commitment to resolving these issues swiftly under agreed timelines.
25 Jul 2024
FATF releases call for action on its members and other jurisdictions to apply countermeasures in respect of “black listed” high-risk jurisdictions
On 28 June 2024, the Financial Action Task Force highlighted significant deficiencies in high-risk jurisdictions' efforts to combat money laundering, terrorist financing, and proliferation financing. On that basis, FATF released a call for action on its members and other jurisdictions to apply countermeasures to safeguard the global financial system. Iran remains the sole country listed since February 2020, with no substantial changes reported as of January 2024.
25 Jul 2024