Regulatory Blog

On 14 May 2025, the Cyprus Online Gaming Association announced that its launch is a defining moment for the Cypriot online betting industry. Established by key players Stoiximan, Bet365, and Bet on Alfa, COGA aims to position Cyprus as a premier destination for online gaming companies. By promoting a stable and responsible operating environment, COGA seeks to raise industry standards through enhanced transparency and long-term economic contributions.

On 11 July 2025, Bermuda’s National Anti-Money Laundering Committee advised that it is seeking feedback on proposed amendments to Bermuda’s Proceeds of Crime (AML/ATF Supervision & Enforcement) Act 1997, Proceeds of Crime Act 2008, and related regulations.

On 27 June 2025, Luxembourg's Commission de Surveillance du Secteur Financier published Circular 25/894, which establishes the obligations for Luxembourg Investment Fund Managers managing investment funds not authorised by the CSSF to provide information in respect of such funds via the completion of specific forms. This circular, effective immediately, repeals Circular CSSF 15/612 and applies to management companies subject to Chapter 15 of the UCI Law, registered AIFMs and authorised AIFMs.

On 10 June 2025, the European Commission revised its list of high-risk jurisdictions under the EU anti-money laundering and counter-terrorism financing framework. EU-regulated entities must adopt enhanced due diligence measures when engaging with the listed countries to safeguard the financial system of the EU.

On 3 June 2025, the Cyprus Securities and Exchange Commission issued Circular C709 informing Regulated Entities that the European Securities and Markets Authority’s has launched a survey to evaluate Artificial Intelligence adoption by financial entities within the Securities Sector. This survey is voluntary and open for entities regulated by national competent authorities or directly supervised by ESMA.

During the last G7 summit a "side-by-side" system was proposed to address concerns raised by the United States regarding Pillar 2.

The Bermuda Monetary Authority published its regulatory developments report for the first quarter of 2025, a period characterised by robust activity in policy evolution, international collaboration, and industry guidance. Below, we summarise the key takeaways from this comprehensive update.

On 19 June 2025, the UK published the Sanctions (EU Exit) (Treasury Debt) Regulations 2025, which take effect on 10 July 2025. These regulations, made under the Sanctions and Anti-Money Laundering Act 2018, introduce targeted exemptions to UN-imposed asset freezes, allowing payments related to Treasury borrowing, including government gilts. This ensures key Treasury transactions can proceed despite existing sanctions.

On 23 June 2025, the Government of the Virgin Islands introduced a policy governing access to the Register of Beneficial Ownership for BVI Business Companies and Limited Partnerships. This initiative aligns with international standards for corporate transparency, anti-money laundering, counter-terrorism financing, and counter-proliferation financing, while safeguarding individual privacy.

On 24 June 2025, a decision by the Judicial Committee of the Privy Council overturned Jersey’s first-ever declaration of incompatibility under the Human Rights (Jersey) Law 2000 in a case that focussed on the International Co-operation (Protection from Liability) (Jersey) Law 2018, which limits costs and damages against public authorities acting in good faith to fulfil international requests.

On 20 June 2025, the Government of the Virgin Islands published a Proclamation bringing the Proceeds of Criminal Conduct (Amendment) Act, 2025 into force on 6 June 2025. This legislation introduces enhanced measures to combat money laundering, strengthen financial transparency, and facilitate international cooperation.

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