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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New Compliance Association established in Cyprus
The Cyprus Compliance Association, a newly established, non-profit organisation was launched in April 2024, with our Global Director of Risk and Compliance, Andrea Moundi Savvides, among the initiators.
26 Jun 2024
European Commission updates its FAQs on sanctions against Russia and Belarus
The European Commission has updated its Frequently Asked Questions (FAQs) on sanctions against Russia and Belarus.
21 Jun 2024
CySEC's electronic submission requirement for Risk Based Supervision Framework
On 14 May 2024, the Cyprus Securities and Exchange Commission published Circular 642, on the electronic submission of information for the year 2023 under the Risk Based Supervision Framework.
05 Jun 2024
Wolfsberg Group's guiding principles for internal audit: Enhancing Financial Crime Risk Management
The Wolfsberg Group recently released guidelines titled "Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness under the Wolfsberg Factors," aimed at enhancing the effectiveness of Financial Crime Risk Management in Financial Institutions.
04 Jun 2024
Update to UK Sanctions on Russia-Ukraine-Belarus (up to 31 May 2024)
Following the invasion of Ukraine by Russia, the UK Government, alongside the member states of the European Union, the United States of America and other global stakeholders issued significant new sanctions. View a table of all the sanctions here
31 May 2024
The EU Directive criminalising the violation and circumvention of EU sanctions is published in the Official Journal of the EU
On 29 April 2024, the EU published in the Official Journal the new Directive (EU) 2024/1226 which criminalises the violation and circumvention of EU sanctions.
17 May 2024
Virgin Islands Government releases Mutual Evaluation Report and National Action Plan
On 26 February 2024, the BVI Ministry of Financial Services released a statement regarding the publication of the Virgin Islands' Mutual Evaluation Report by the Caribbean Financial Action Task Force.
15 May 2024
Cyprus introduces amendments to the Sale of Property (Specific Performance) Law to improve the interests of buyers in property transactions
The recent enactment of the Sale of Property (Specific Performance) Law N.132(I)/2023 (the Law), effective as of 12 December 2023, amending the Sale of Property (Specific Performance) Law Ν.81(Ι)/2011 introduces notable changes to the legal framework governing immovable property transactions.
09 May 2024
Enhancing global efforts: The Wolfsberg Group's updated strategy against terrorism financing
On 20 March 2024, the Wolfsberg Group (the Group) published a statement on countering terrorist financing (CTF) replacing its 2002 statement on financial institutions' (FIs) role in countering terrorism financing. It acknowledges terrorism can be domestic or international, associated with various ideologies, and funded without criminal activities.
08 May 2024