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In AML & Financial Services Regulatory

Africa: The African Continental Free Trade Area Investment Protocol – The start of a new era in sustainable trade and investment

by and 7 Mins Read

The African Continental Free Trade Area (AfCFTA) is expected to boost intra-African trade by more than 81 percent in the next decade. To ensure such advantages are obtained, a number of AfCFTA Protocols have been developed to facilitate sustainable investment and harmonize policy and regulations across African Union member states, including a Protocol on Investment. The Investment Protocol provides the continent with a clear set of guidelines and principles to expedite financing and investment across the continent’s new free trade zone. With trade finance considered a critical enabler of cross-border investment in Africa, the Investment Protocol is also assisting development finance institutions, increasingly important in bridging Africa’s trade finance gap, to more seamlessly support such investment.

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In Cybersecurity, Data and Tech

United States: Department of Justice announces new corporate compliance directives for AI along with increased penalties for AI-related misconduct

by , , and 5 Mins Read

On 7 March 2024 at the American Bar Association’s 39th National Institute on White Collar Crime, Deputy Attorney General Lisa Monaco announced several new initiatives the Department of Justice is implementing to address concerns around the use of AI in federal criminal activity along with potential corporate compliance failures that might facilitate the misuse of AI.

In AML & Financial Services Regulatory

Argentina: The National Securities Commission has implemented the Registry of Virtual Asset Service Providers

by , , and 3 Mins Read

On 25 March 2024, the National Securities Commission (CNV) issued General Resolution No. 994/2024, which regulates the Registry of Virtual Asset Service Providers in line with the provisions of Section 38 of the recently amended Law No. 25246 (“Law”). This Law had incorporated virtual asset service providers (VASPs) as AML/FT-regulated entities.

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In AML & Financial Services Regulatory

European Union: Alternative Investment Fund Managers Directive II is out

by and 1 Min Read

On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive and the Undertaking for Collective Investment in Transferable Securities Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds (AIFMD II or “Directive”) was published in the Official Journal of the European Union.
AIFMD II will enter into force on 15 April 2024.

In ESG

United Kingdom: How should the investment management industry tackle compliance with the FCA’s anti-greenwashing rule?

by and 2 Mins Read

Greenwashing refers to the practice of making exaggerated, misleading or unsubstantiated claims in relation to the sustainability credentials of financial products and services. The risk of greenwashing claims has risen significantly in recent years, in tandem with investor demand for more sustainable investment products. This has been evidenced not only by well-publicized enforcement action both in Europe and the UK, but also by a flurry of recent claims by NGOs against financial institutions.

In Product Regulation & Liability

Singapore: Water filtration system supplier warned by Competition and Consumer Commission of Singapore for unfair marketing practices

by and 5 Mins Read

The Competition and Consumer Commission of Singapore commenced an investigation under the Consumer Protection (Fair Trading) Act 2003 (CPFTA) against a water filtration system supplier (“Supplier”) for unfair practices between September 2021 and November 2023.
The Supplier was found to be making false claims about its sales kit, misleading promotion listings, and misleading claims on the health benefits of alkaline or filtered water, from its website and social media pages.

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In AML & Financial Services Regulatory

Argentina: Enactment of the regulatory framework for the prevention of money laundering and financing of terrorism

by , , , and 1 Min Read

On 14 March, the amendments to the Law on the Prevention of Money Laundering and Financing of Terrorism (Law 27,739) were approved. They implement changes and updates to adjust local regulations to international standards and the recommendations of the Financial Action Task Force (GAFI).
Argentina is currently undergoing a GAFI/GAFILAT review and evaluation process. In that sense, Law 27,739 was promoted by the Financial Information Unit (UIF) to introduce more tools to combat organized crime, promote compliance with obligations of the private sector and address key aspects that emerged from the GAFI/GAFILAT mutual evaluation.

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