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In AML & Financial Services Regulatory

United Kingdom: The FCA’s PEP Review – Considerations for Family Offices

by and 6 Mins Read

On 18 July 2024, the UK Financial Conduct Authority (FCA) published the findings of its multi-firm review on firms’ treatment of politically exposed persons (PEPs). This review is likely to be of interest to family offices and their advisers for the following reasons:
• UBOs of family offices are often treated as being within the scope of the PEP categorization.
• An overly restrictive approach to KYC and AML controls on the part of financial institutions can create friction and delays for family offices and their UBOs, and the FCA’s findings may provide some basis to push back on or query the approach on this point (see below).
• Given the FCA’s strong public stance on the PEP issue, we may see other global regulators following the UK’s lead in the future.

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In Cybersecurity, Data and Tech

European Union: Navigating the New EU Regulation on Digital Operational Resilience (DORA)

by 6 Mins Read

Regulation (EU) 2022/2554, commonly known as the Digital Operational Resilience Act (DORA), represents a significant step forward in enhancing the digital resilience of the financial sector within the European Union. Adopted by the European Parliament and the Council on 14 December 2022, DORA aims to establish a comprehensive framework to ensure that financial entities can withstand, respond to, and recover from all types of ICT-related disruptions and threats. The regulation entered into force on 17 January 2025, and applies directly across all EU member states.

In AML & Financial Services Regulatory

Australia: AUSTRAC seeks industry feedback on proposed new AML/CTF rules

by , , and 1 Min Read

Following the recent adoption of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (“AML/CTF Amendment Act”), AUSTRAC has now turned its attention to amending the current AML/CTF Rules in order to provide clarity and guidance in relation to the significant changes to the AML/CTF regime.
AUSTRAC has released the first Exposure Draft, which details the proposed amendments to the AML/CTF Rules (“New Rules”) and have invited industry feedback on the contents of the Exposure Draft. AUSTRAC has aimed to construct the New Rules in a way which provides clarity to reporting entities with regard to their AML/CTF obligations and removes overly prescriptive and rigid requirements, as well as granting reporting entities with flexibility in the way they comply with their AML/CTF obligations.

In AML & Financial Services Regulatory

Luxembourg: Restricted access to the Register of Beneficial Owners — a shift toward confidentiality

by , , , , and 7 Mins Read

On 27 January 2025, the law deriving from draft Bill No. 7961 (“Law”) introducing significant changes to the laws governing the Register of Beneficial Owners (Registre des Bénéficiaires Effectifs (RBE)) and the Trade and Companies Register (Registre de Commerce et des Sociétés) was published in the Luxembourg official journal.
These changes align with the ruling of the Court of Justice of the European Union of 22 November 2022, aiming to balance transparency for anti-money laundering and countering the financing of terrorism purposes with enhanced privacy protections.

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In AML & Financial Services Regulatory

Singapore: Parliament passes Protection from Scams Bill on 7 January 2025

by , , , and 2 Mins Read

The Singapore Parliament has passed the Protection from Scams Bill (“Bill”).
The Bill is intended to address the concerning situation surrounding scams in Singapore, with a high number of scams being observed despite other recent measures and extensive public education efforts in recent years.

In AML & Financial Services Regulatory

Indonesia: The future of financial conglomeration — Understanding the latest regulatory changes

by , , , and 5 Mins Read

The Financial Services Authority (Otoritas Jasa Keuangan or OJK) has finally unveiled the much-anticipated implementing regulation for the new chapter of financial conglomeration. OJK Regulation No. 30 of 2024 on Financial Conglomeration and Financial Holding Company governs the establishment or appointment of a financial holding company (perusahaan induk konglomerasi keuangan or PIKK) – a legal entity tasked with controlling, consolidating and overseeing all of the financial conglomerate’s activities. This regulation was promulgated and became effective on 23 December 2024.

In AML & Financial Services Regulatory

Argentina: Regulatory framework for the automatic public offering and auction of securities

by , , and 1 Min Read

On 9 January 2025, the National Securities Commission issued General Resolution No. 1047/2025, establishing the regulatory framework applicable to the automatic public offering of securities under different modalities.

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In AML & Financial Services Regulatory

Australia: Buy Now Pay Later Act – countdown to regulation has begun

by , , and 4 Mins Read

On 10 December 2024, the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (Cth) (“BNPL Act”) received royal assent. The BNPL Act contains 6 Schedules that respectively amend a range of statutes including relevantly the National Consumer Credit Protection Act 2009 (Cth) which regulates the industry of BNPL products. Providers of BNPL products have six months before this new regulatory framework commences to apply for, or vary an existing Australian credit license as well as update their procedures, policies and contracts.

In AML & Financial Services Regulatory

Australia: ASIC calls out for industry feedback on proposed updates to digital asset regulation

by , , and 5 Mins Read

On 4 December 2024, ASIC released Consultation Paper 381: Updates to INFO 225 Digital Assets: Financial Products and Services (“CP 381”), offering substantial proposed updates to the existing Information Sheet 225: Crypto Assets (“INFO 225”). These proposed updates include providing additional guidance on digital assets, the inclusion of worked examples and transitional relief for businesses who are in the process of applying for one or more licenses from ASIC. ASIC seeks feedback on the updates proposed in CP 381, with plans to finalize INFO 225 by mid-2025.

In AML & Financial Services Regulatory

Hong Kong: Gazettal of the Stablecoins Bill

by , and 1 Min Read

On 6 December 2024, the Hong Kong government gazetted the Stablecoins Bill, which aims to establish a regulatory regime for issuers of fiat-referenced stablecoins in Hong Kong. This follows public consultations by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority. The Bill aims to introduce a licensing and regulatory framework for FRS issuers and those involved in offering FRS.

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