The Cyprus Securities and Exchange Commission (CySEC) on 14th of March released new guidelines on certain aspects of the compliance function requirements. These guidelines aim to ensure common, uniform, and consistent application of legal requirements related to compliance...
The Financial Action Task Force (FATF) is a global anti-money laundering watchdog that monitors and assesses countries’ efforts in combating money laundering and terrorism financing. Recently, on 24 February 2023, FATF added, among others, South Africa and Nigeria to its...
On February 14, 2023, the European Council added Russia, the BVIs (British Virgin Islands), Costa Rica, and the Marshall Islands to its list of non-cooperative jurisdictions for tax purposes. This move reflects concerns over these countries’ tax transparency and anti-money...
In continuation of Circular C537, CySEC issued Circular C539 which indicates that the CIFs that do not reach the materiality threshold of 50 retail clients (including clients treated as professionals on request), in each EEA country should inform the Commission accordingly....
A formal notice was published last Friday, January 6, by the Financial Services Authority (FSA) of Saint Vincent & the Grenadines (SVG) regarding a new set of requirements for Business Companies (BCs) and Limited Liability Companies (LLCs) engaging in FOREX business...
The European Securities and Markets Authority (ESMA) published their latest newsletter for November 2022, #ESMA “Spotlight on Markets”, in which there is a reference on the opening statement of Steffen Kern (ESMA Head of Risk Analysis and Chief Economist), who...
The Financial Services Commission (FSC), following the enactment of the Virtual Asset and Initial Token Offerings Services Act (“VAITOS Act”), and the guidance issued by the Financial Action Task Force (FATF) relating to Virtual Assets and Virtual Assets Service Providers, has...