FATF publishes new guidance on beneficial ownership and transparency of legal arrangements focusing on Rec.25, clarifying key risks, particularly those compounded by multiple layers, controlled by a Company with various Directors or nominee shareholders and cross-border jurisdictional complexities, requirements for countries to assess…

HM Treasury proposes expanding its money laundering regulations to capture a broader range of digital asset activities, including non-fungible token (NFT) issuance. The new rules will require businesses dealing with NFTs to conduct CDD and report suspicious activities to the authorities. The move aims to bring NFTs under the same AML regulations…

EU Parliament approves the AI Act that establishes obligations for AI based on its potential risks and level of impact. It aims to protect fundamental rights, democracy, the rule of law and environmental sustainability from high-risk AI, while boosting innovation and establishing Europe as a leader in the field. The new rules ban certain AI applications…

FCA publishes its Business Plan 2024/25 highlighting some of the challenges to the UK’s economic and geopolitical landscape. The areas of focus will include protecting consumers, ensuring market integrity, promoting effective competition, embedding our secondary objective to facilitate international competitiveness of the UK economy…

The EU Council and EU Parliament strike a deal on the Corporate Sustainability Due Diligence Directive (CS3D) with the aim to protect the environment and human rights. Businesses are required to conduct a thorough due diligence process to identify, mitigate, prevent and account for negative impacts on human rights and the environment…

FBI has published its annual Internet Crime Report for 2023, highlighting a significant 22% increase in losses due to cybercrime, amounting to over $12.5 billion. This surge underscores cyber criminals’ growing sophistication and audacity in exploiting digital vulnerabilities. Cybercriminals continue evolving tactics, deploying multiple ransomware…