In 2022, anti-money laundering ("AML") and sanctions controls were at the center of regulatory and enforcement activities in the United States and abroad. Globally, governments have continued to recognize the impact of AML...more
On July 8, 2022, the European Central Bank ("ECB") released the results from its annual stress tests, this year focused on banks' ability to incorporate climate risk stress testing into their risk management frameworks. The...more
On June 29, 2022, the European Parliament, the Commission, and the Council reached a provisional agreement on the European Union proposal to update Regulation 2015/847 on information accompanying the transfer of funds ("TFR")...more
On April 21, 2022 the Italian Organismo Agenti e Mediatori issued a circular implementing the Ministry of Economic and Finance decree regarding statutory registration, fees, and obligations of cryptocurrency providers and...more
The Italian Ministry of Economy and Finance ("MEF") issued a new decree ("Decree") requiring that virtual asset/currency service providers promptly enroll in a soon-to-be established special section of the register held by...more
3/17/2022
/ Anti-Money Laundering ,
Bitcoin ,
Crypto Exchanges ,
Cryptocurrency ,
EU ,
Financial Instruments ,
Financial Regulatory Reform ,
Financial Services Industry ,
Italy ,
Regulatory Requirements ,
Virtual Currency
2021 was a precedent-setting year for anti-money laundering (“AML”) enforcement and legislation. The digital assets industry continued to grow exponentially, driving the associated AML risks to the forefront of regulatory...more
3/10/2022
/ AML/CFT ,
Anti-Money Laundering ,
BSA/AML ,
Corruption ,
Cryptoassets ,
Economic Sanctions ,
Financial Crimes ,
FinCEN ,
Justice Against Sponsors of Terrorism Act (JASTA) ,
Terrorist Financing Regulations ,
Virtual Currency
After June 30, 2021, large asset managers will no longer have the option to "explain" noncompliance with Article 4 of EU Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector...more
In Short The Situation: As of the close of the Brexit transition period ending on December 31, 2020 ("Withdrawal Date"), UK banks, UK investment firms, and UK electronic money institutions ("UK Financial Institutions") can...more
The Development: New Regulation (EU) 2020/2176 (the "Regulation") provides regulatory capital relief, allowing certain software assets to be considered when calculating Common Equity Tier 1 ("CET1") capital. It entered into...more
The Situation: The New York State Department of Financial Services ("DFS") and the European Banking Authority ("EBA") have published guidance relating to Environmental, Social, and Corporate Governance ("ESG")...more
The Situation: The European Commission issued an Action Plan on Anti-Money Laundering/Combating the Financing of Terrorism ("AML/CFT") in response to recent money laundering scandals and concerns of an increase in crime due...more
6/19/2020
/ AML/CFT ,
AMLD V ,
Banking Sector ,
Criminal Investigations ,
Cross-Border Transactions ,
EU Action Plans ,
European Banking Authority (EBA) ,
European Commission ,
Financial Intelligence Unit (FIU) ,
International Data Transfers ,
Law Enforcement
The Situation: On June 3, 2020, the European Securities Market Authority ("ESMA") published a consultation paper on Outsourcing to Cloud Service Providers ("Proposed Guidelines"), which will apply to any institution under the...more
On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority,...more
12/24/2019
/ Bond Markets ,
Comment Period ,
Consultation Papers ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Regulatory Reform ,
Joint Statements ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Popular ,
Regulation Technical Standards (RTS) ,
Retail Investors
The Situation: As part of its drive to develop financing for sustainable growth, the European Union is developing an EU-wide classification system for sustainable activities. This common language will be used by market...more
The Situation: The updating of the Euro Interbank Offer Rate ("Euribor") to align it with the EU Benchmark Regulation 2016/1011 ("EU BMR") is in full swing. Under the EU BMR, only EU and third country BMR compliant benchmarks...more
The Situation: The European Banking Authority ("EBA") published its Final Report on EBA Draft Guidelines on Outsourcing Arrangements ("Guidelines") on February 25, 2019, which will eventually replace the existing CEBS...more
The Situation: In response to recent cases of money laundering in European banks, the European Union has released an action plan to reinforce its recently proposed anti-money laundering ("AML") and Countering Financing of...more
Due to the increasing awareness of the importance of environmental, social, and governance ("ESG") initiatives, the European Commission came forward at the end of May 2018 with a proposal related to this topic. The proposal...more
11/2/2018
/ Capital Markets ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Cross-Border Transactions ,
Environmental Policies ,
EU ,
Green Bonds ,
Investment ,
Loan Market Association ,
Member State ,
MiFID II ,
Popular ,
Proposed Regulation ,
Rulemaking Process ,
Shareholder Proposals