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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EU Council approves establishment of centralised Anti-Money Laundering Authority and related rulebook
On 30 May 2024, the Council of the European Union approved a comprehensive package of anti-money laundering rules, aimed at reinforcing the efforts of the EU against money laundering and countering terrorism financing. This package includes stricter regulations and the establishment of a new supervisory agency.
19 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
British Virgin Islands regulatory inspections and their importance
Licensees and their operators should take note that the BVI Financial Services Commission has recently published reports focussing on the importance of inspections in the forthcoming year, as well as their findings.
03 May 2024
Cayman Islands strengthens Anti-Money Laundering measures with 2024 Amendment Regulations
On 19 April 2024, the Cayman Islands government published the Anti-Money Laundering (Amendment) Regulations, 2024. Those regulations aim to improve measures to combat money laundering, terrorist financing, and proliferation financing.
29 Apr 2024
New Memorandum of Understanding entered into between BVI Financial Authorities
On 31 January 2024, a Memorandum of Understanding between the BVI Financial Services Commission and the BVI Financial Investigation Agency was issued regarding collaboration in exchanging information relating to due diligence, money laundering, terrorist financing, proliferation financing, and in aiding the overall maintenance of the BVI's reputation as a financial hub.
04 Apr 2024
BVI FSC issues reminder about AML returns filing obligations
On 18 January 2024, the BVI Financial Services Commission, in accordance with regulatory requirements, published Circular 2 of 2024 to remind all regulated persons under various licencing categories of the upcoming deadline for Anti-Money Laundering Returns submission.
27 Mar 2024
BVI ITA releases a notice on temporary delay in BVI FARs payment portal deployment
On 5 March 2024, the BVI International Tax Authority issued a notice regarding the BVI FARs payment portal, addressing concerns and inquiries raised by users.
19 Mar 2024
BVI FIA issues updated MLRO notification form
On 9 February 2024, the BVI Financial Investigation Agency issued an updated Money Laundering Reporting Officer Notification Form. The updated form must be used by relevant institutions and when submitting details to the FIA about the proposed appointments of an MLRO, current or past MLROs.
28 Feb 2024
EU Council and Parliament forge comprehensive anti-money laundering deal to strengthen financial defences
On 18 January 2024, the European Council and Parliament reached a provisional agreement on an anti-money laundering package to protect the EU and its financial system. The deal includes harmonised rules across the EU, expanding the list of obligated entities to cover the crypto sector, luxury goods traders, and the football sector.
12 Feb 2024