Regulatory Blog

The Cayman Islands Monetary Authority recently published a number of updates on financial sanctions. These sanctions require financial institutions to assess their exposure to newly listed entities, freeze any applicable assets and report actions taken to the Financial Reporting Authority.

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

On 4 October 2024, the Cayman Islands Monetary Authority published a new Rule and Statement of Guidance establishing recruitment and selection standards for Trust and Corporate Service Providers and Company Managers. This RSOG sets minimum expectations for recruitment, training, and continued development of staff to ensure compliance with regulatory standards.

On 6 November 2024, the Governor of the Virgin Islands issued a Notice under the Virgin Islands Sanctions Regulations, empowering certain officials and entities to manage and enforce sanctions.

On 2 October 2024, the General Court of the European Union dismissed legal challenges to the EU's ban on providing legal advisory services to Russian entities, imposed under 2022 amendments to Council Regulation 833/2014 following the Russian invasion of Ukraine.

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.

On 5 August 2024, the European Commission legally enforced TikTok's commitments to permanently withdraw its TikTok Lite Rewards program from the EU. This decision follows concerns raised by the European Commission regarding the programme's compliance with the Digital Services Act (DSA) in the formal proceedings initiated on 22 April 2024.

On 1 August 2024, the European Union's groundbreaking Artificial Intelligence Act came into force, marking the world’s first comprehensive regulation of artificial intelligence. The AI Act aims to ensure that AI technologies developed and deployed within the EU are trustworthy, prioritising the protection of fundamental rights. It seeks to create a harmonised internal market for AI, fostering innovation and investment across the region.

The British Virgin Islands Beneficial Ownership Secure Search System Act has been amended by the Beneficial Ownership Secure Search System (Amendment) Act, 2024, which was published in the Gazette on 24 July 2024.