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In AML & Financial Services Regulatory

Canada: Stepping into the digital financial future – the Federal Government tables the new Consumer-Driven Banking Act

by and 4 Mins Read

On 30 November 2025, Canada introduced the Consumer-Driven Banking Act (CDBA) as part of Bill C-15, establishing a federal framework for open banking.
The CDBA aims to enhance consumer control over financial data by creating a secure system for data sharing among accredited entities. It designates the Bank of Canada as the supervisory authority, sets accreditation and security standards, and mandates clear consent requirements. The Act also introduces liability protections, complaint mechanisms, and enforcement measures, including penalties of up to CAD 10 million. Implementation is expected in early 2026 following supporting regulations.

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In AML & Financial Services Regulatory

European Union: Commission publishes Market Integration & Supervision Package of reforms

by , , , , , , , , , , , , , , , , , and 1 Min Read

On 4 December 2025, the European Commission introduced the Market Integration & Supervision (MIS) Package to strengthen EU financial market integration.
Key points:
• Direct ESMA oversight of major financial entities and cryptoasset service providers.
• Harmonized rules by converting key directives into regulations for consistent application.
• Goal: Improve market integrity, investor protection, and reduce fragmentation.
Implementation will take several years, with no immediate changes expected.

In AML & Financial Services Regulatory

United States: IRS issues 2025 transition relief and hints at future tips and overtime information reporting obligations

by , and 1 Min Read

On 16 December 2025, the Internal Revenue Service (IRS) issued two Notices addressing reporting obligations for tips and overtime under the Overtime and Bonus-Based Benefits Act (OBBBA).
The guidance provides transition relief for 2025, recognizing that employers and payors may not have updated systems or forms to comply with new requirements. It also explains how taxpayers can calculate deductions for tips and overtime when employer reporting is unavailable.
In addition, the notices signal future mandatory reporting obligations, indicating that structured compliance processes will be introduced in subsequent years.

In AML & Financial Services Regulatory

Brazil: BCB and CMN establish additional cyber security requirements

by , and 3 Mins Read

On 18 December 2025, Brazil’s Central Bank (BCB) and National Monetary Council (CMN) issued new resolutions strengthening cybersecurity for financial institutions. The rules mandate 14 security controls, including encryption, intrusion detection, and monitoring of the Deep/Dark Web. Additional requirements apply to PIX and RSFN systems, cloud computing isolation, and annual independent intrusion tests. Institutions must comply by 1 March 2026.

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In AML & Financial Services Regulatory

United States: No Action, Big Impact – CFTC Harmonizes Cross-Border Rules

by , and 4 Mins Read

On 9 December 2025, the U.S. Commodity Futures Trading Commission (CFTC) issued No-Action Letter 25-42 to streamline compliance for cross-border swap transactions.
The letter aligns with the 2020 Cross-Border Rule by standardizing key definitions such as “U.S. person” and “guarantee,” removes the need for conduit affiliate analysis, and allows continued reliance on prior classifications beyond the original 2027 sunset date. It also supersedes older no-action letters, reducing regulatory inconsistencies and simplifying compliance processes for market participants.

In AML & Financial Services Regulatory

European Union: SFDR 2.0 — simplified disclosures, new categories and stricter marketing rules

by , , and 4 Mins Read

On 20 November 2025, the European Commission proposed major changes to the Sustainable Finance Disclosure Regulation (SFDR) to simplify disclosures and strengthen investor protection. The new framework introduces three product categories—Transition, Sustainable, and ESG Basics—each requiring a 70% investment commitment and exclusion of harmful industries. Simplified two-page templates will replace current disclosure rules, and entity-level obligations like principal adverse impacts are removed.
Only products in these categories may use sustainability-related terms in marketing. Taxonomy disclosures become optional, with a 15% safe harbor for aligned assets. Application is expected 18 months after adoption, likely in 2028, marking a significant shift toward clearer, stricter sustainability standards.

In AML & Financial Services Regulatory

Germany: Germany’s CRD6 Draft Implementation – 7 Key Takeaways for non-EEA firms (TCB)

by , and 1 Min Read

In brief This marks an important, substantial step towards a new harmonized and more restrictive regime for branches of non-EU/EEA firms, e.g., from the US, UK and Asia, which provide “core banking services” of deposit-taking, lending, and providing guarantees and commitments to German clients, so-called third-country branches (“TCB”) under Art.…

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In Tax

United States: White House publishes plan for the taxation of cryptocurrencies and other digital assets

by , and 1 Min Read

Earlier this summer, the US Administration’s Working Group on Digital Asset Markets published a report, entitled Strengthening American Leadership in Digital Financial Technology. The Report contains recommendations for revising existing legislation and IRS guidance regarding trusts engaged in cryptocurrency staking, Code provisions that may deny recognition of gains or losses by active securities traders, and reporting requirements for participants in digital asset transactions and for the exchanges that facilitate such activities

In AML & Financial Services Regulatory

Australia: Australian Government moves to regulate digital asset and tokenised custody platforms

by , , and 6 Mins Read

On 25 September 2025, the Australian Government released draft legislation to regulate Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs). The proposed law requires operators of these platforms to hold an Australian Financial Services Licence and comply with tailored disclosure, conduct, and licensing obligations. It aims to close regulatory gaps, enhance investor protection, and position Australia as a credible hub for digital asset innovation. Consultation on the draft closes on 24 October 2025.

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