On 1 March 2021, the EBA published its final report setting out revised guidelines on customer due diligence (CDD) and the factors credit and financial institutions should consider when assessing money laundering (ML) and terrorist financing (TF) risk associated with business relationships and occasional transactions under Articles 17 and 18(4) of … [Read more...] about EBA final report on revised money-laundering and terrorist financing risk factors guidelines under the Fourth Money Laundering Directive
Cybersecurity & Operational Resilience
EU amends MIFID II to assist with the impact of COVID-19
Last month, the European Parliament and the EU Council published Directive (EU) 2021/338, amending MiFID II to help recovery from the COVID-19 pandemic. The Directive is coined by industry circles as the MiFID II ‘Quick-Fix’ Directive. The measures primarily consist of certain amendments to the requirements, relating to product governance, … [Read more...] about EU amends MIFID II to assist with the impact of COVID-19
CySEC supervisory priorities 2021. Get prepared with the right partner
Yesterday, the Cyprus Securities and Exchange Commission (CySEC) has announced its main priorities and supervisory activities for 2021. These have been outlined by CySEC as follows. For Cyprus Investment Firms (CIFs) Continuous monitoring of high risk and medium-high risk CIFs in relation to their regulatory obligations which … [Read more...] about CySEC supervisory priorities 2021. Get prepared with the right partner
Cyprus transposes AMLD V into Cyprus Law and brings into scope providers offering services related to crypto-assets
After a delay of over a year from the official transposition deadline set by the EU, on the 23rd of February 2021 L.13(I)/2021 was published on the official Gazette of the Government of Cyprus (available in Greek only), which revises the Cyprus AML Law bringing it in line with the EU’s 5th AML Directive. The most notable changes of … [Read more...] about Cyprus transposes AMLD V into Cyprus Law and brings into scope providers offering services related to crypto-assets
ESMA launches a Common Supervisory Action with NCAs on MiFID II product governance rules
The European Securities and Market Authority (ESMA) announced yesterday (1st of February 2021) the launch of the Common Supervisory Action (CSA) in cooperation with National Competent Authorities (NCAs). The key areas of the CSA as per ESMA’s announcement are: how manufacturers ensure that financial products’ costs and charges … [Read more...] about ESMA launches a Common Supervisory Action with NCAs on MiFID II product governance rules