As noted in our previous Marketing Crypto-Assets in and Into Europe: MiCAR, the EU’s New Uniform Crypto Code, the European Union (EU) Markets in Crypto-Assets Regulation (MiCAR) was published in the Official Journal of the...more
The Advancement of Digital Assets and Addressing Financial Crime Risk at New York University School of Law about tackling financial crime and imposing anti-money laundering (“AML”) regulation on the emerging market for...more
The introduction of the Fifth Money Laundering Directive on the 10th January 2020 brought the art market into the fold of regulated sectors for anti-money laundering purposes. The new law, which amends the existing...more
PUBLICATIONS - APAC Financial Regulatory Focus: Expected Developments in the Year of the Rat - As we move into the year of the rat, our team across Asia Pacific consider some of the key areas of financial regulatory...more
On 10 January 2020 the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (the “2019 Regulations”) came into force in the UK, implementing the EU’s fifth Money Laundering Directive (“MLD5”) and amending the...more
HM Treasury and HM Revenue and Customs have launched a consultation on the implementation of rules governing the registration of trusts under the EU Fifth Anti Money Laundering Directive. Responses to the consultation should...more
Key developments in January 2020: 6 January - The Financial Conduct Authority ("FCA") published a letter, sent to the CEOs of wholesale general insurance (GI) firms, setting out its expectations for them to be...more
Welcome to your weekly update from the Allen & Overy Pensions team, bringing you up to speed on the latest legal and regulatory developments in the world of occupational pensions. ...more
UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”). The regulations make a...more
SEMINARS - You ain’t seen nothin’ yet: countdown to Brexit (27 February) Continuing our series of talks on the implications of Brexit for financial services providers, focusing in particular on EU banks, we will discuss...more
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have been published, amending the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The...more
Individuals, trusts and companies buying or selling art via UK galleries and auction houses will now be subject to the same customer due diligence checks as those opening bank accounts in the UK. What has changed? The...more
New regulatory requirements, including registration and customer disclosure requirements, apply to regulated and unregulated persons carrying on relevant cryptoasset business. On 20 December 2019, the UK government published...more
On 10 January 2020, updates to the UK anti-money laundering and counter-terrorist financing (together “AML”) laws come into force that bring the UK in line with international standards set by the Financial Action Task Force...more
BREXIT - Please refer to the Payment Services and Payment Systems section for an update regarding Directions under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU...more
FCA finalises guidance on cryptoassets and consults on product intervention measures. FCA guidance on the regulation of cryptoassets - As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more
BREXIT - EEA Joint Committee Decisions - On 18 July, four Decisions of the EEA Joint Committee made on 29 March and five Decisions made on 11 April that amend Annex IX (Financial Services) to the EEA Agreement were...more
The government has unveiled an ambitious series of reforms to Companies House in what it describes as “the largest change to our system of setting up and operating companies since the register was created in 1844.” These...more
BREXIT - An extension until 31 October 2019 for the UK’s withdrawal from the EU has been agreed. Are you still wondering what Brexit means for your business? Our insights can be found on our Brexit Law Microsite. FCA...more
On April 15, the UK Treasury released proposed steps, entitled a “consultation,” to adopt the EU’s Fifth Money Laundering Directive (“5AMLD”) into national law, while also seeking comments and evidence from stakeholders to...more
Currently, cryptoasset exchanges and wallet providers are not generally required (depending on their business model) to identify their customers, monitor transactions or report suspicious activity. On 15 April HM Treasury...more
Welcome to our Funds First Update. Whilst a lot of focus at present is on Brexit and the uncertainties surrounding that process, there have been a great many other developments in the past few months that are of relevance to...more
The regulation of cryptoassets is a question that has been troubling lawmakers and regulators across the globe. This new phenomenon has had a small but significant effect on how financial services function and facilitates new...more
As previously reported in the Q2 2018 edition of Allen & Overy’s European White Collar Crime Report, the European Fifth Anti-Money Laundering Directive (5MLD) entered into force on 9 July 2018, with an implementation deadline...more