Regulatory Blog

On 21 February 2025, the Financial Action Task Force released significant updates regarding jurisdictions under increased monitoring and high-risk jurisdictions subject to a call for action. These updates highlight global efforts to improve anti-money laundering, combating the financing of terrorism, and counter-proliferation financing measures.

On 13 March 2025, the Bermuda Ministry of Justice issued AML-ATF Advisory 1/2025, highlighting the need for heightened vigilance when dealing with jurisdictions deemed high-risk for money laundering and terrorist financing. This advisory underscores the regulatory responsibility of AML/ATF regulated financial institutions and other relevant persons under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 to strengthen compliance measures in relation to high-risk countries.

The Bermuda Monetary Authority has recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets and report their actions to the Reporting Authority.

On 10 January 2025, the Cayman Islands Monetary Authority published a circular reaffirming its dedication to enhancing the stability and resilience of the Cayman Islands’ financial sector. In today’s interconnected financial world, establishing a robust crisis management framework is essential for regulated entities, especially those of systemic importance.

The Cayman Islands Monetary Authority recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets, and report their actions to the Reporting Authority.

Effective 1 January 2025, the Cayman Islands Monetary Authority and General Registry have implemented updated government fees for various services. Approved by Cayman Islands Parliament on 9 December 2024 after consultation with industry stakeholders, these changes include updates to fees that had remained unchanged for over a decade.

On 15 January 2025, the Cayman Islands Monetary Authority (CIMA) reminds firms of key fee deadlines and penalties for 2024 and 2025.

The Bermuda Monetary Authority has recently issued important updates regarding financial sanctions. These measures mandate that financial institutions evaluate their exposure to newly listed entities, freeze any relevant assets, and report their actions to the Reporting Authority.

The Financial Action Task Force recently appointed the Cayman Islands and Senegal as the first guest members under its Regional Bodies' Guest Initiative. This programme, led by FATF President Elisa de Anda Madrazo, invites two to three guest countries from underrepresented regions to participate in FATF meetings and working groups for a year, enhancing global financial security perspectives.

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.

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.

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.