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AML & Financial Services Regulatory

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In AML & Financial Services Regulatory

Argentina: General Resolution No. 959/2023

by 4 Mins Read

On 2 May 2023, the Argentine Securities and Exchange Commission issued General Resolution No. 959/2023 in order to restrict the sale of marketable securities with settlement in foreign currency for parties that hold positions in surety bonds and/or repos, regardless of the settlement currency. Likewise, settlement and clearing agents are prohibited from granting financing to the transactions mentioned above. Finally, the term of permanence in portfolio for the sale of marketable securities with settlement in foreign currency in foreign jurisdiction is modified.

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In Corporate Compliance

International: Assess, visualize and improve the effectiveness of your compliance program

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

Most major companies have implemented a compliance program but often struggle with two issues: ensuring the compliance program remains effective in light of their existing and changing landscape and making it more efficient by leveraging technology. The Compliance Cockpit specifically addresses both issues.

In AML & Financial Services Regulatory

Argentina: Communication “A” 7759 on Payment Service Providers and Crypto-assets

by 1 Min Read

On 4 May 2023, the Argentine Central Bank (ACB) issued Communication “A” 7759, whereby it amended the regulations applicable to Payment Service Providers Offering Payment Accounts (PSP). Under the Communication, the ACB established that PSPs shall not carry out or facilitate transactions involving digital assets (including crypto-assets) for their clients.

In AML & Financial Services Regulatory

Mexico: Bill of Law prohibiting suppliers of goods, products or services from charging additional fees for using debit or credit cards

by 1 Min Read

On 20 April 2023, a bill of law was published, approval pending, to amend the Federal Consumer Protection Law to prohibit suppliers of goods, products or services from charging a commission or additional fee to consumers when they use a debit or credit card as a payment method instead of cash. The foregoing is motivated by the fact that this practice of some suppliers is detrimental to the consumers’ economy and discourages the use of debit or credit cards as a payment method.

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In Sanctions

Canada Proposes Amendments to Economic Sanctions Framework and Seeks to Establish Deemed Ownership Provisions

by 11 Mins Read

The Government of Canada recently introduced Part 1 of the budget implementation bill, which completed its second reading before the House of Commons and has been referred to the Standing Committee on Finance. The Bill proposes novel amendments, including “deemed ownership” provisions to the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act and it demonstrates that the Government intends to rely on existing anti-money laundering enforcement regimes to eliminate sanctions circumvention and enforce sanctions compliance. Additionally, the Bill seeks to expand the Government’s authority to prohibit activities with specific persons under the SEMA.

In AML & Financial Services Regulatory

European Union: AIFMD II state of play – preparing for change

by 2 Mins Read

On 25 November 2021, the European Commission published its long-awaited proposals to amend the Alternative Investment Fund Managers Directive (AIFMD), along with changes proposed to the UCITS Directive and ELTIF Regulation (AIFMD II). The Commission’s proposals follow ESMA’s August 2020 letter of recommendations for changes that could be made to the AIFMD framework. Tripartite negotiations on AIFMD II are ongoing, following agreement by the Council of the EU on its general approach in June 2022, and adoption by the European Parliament’s Economic and Monetary Affairs Committee of its negotiating position in January 2023.

In AML & Financial Services Regulatory

Thailand: Digital Onboarding –  Navigating AML Compliance and Technology Laws

by and 2 Mins Read

This event will be held on Wednesday, 24 May 2023 from 14:30-16:00 hrs. (Bangkok time) via Zoom and YouTube Live. This exclusive webinar presented by our professionals will explore: (i) overview of the legal issues surrounding digital onboarding process, (ii) key concepts of the Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) laws and specific regulations governing digital onboarding, (iii) key concepts of technology laws and regulations relating to digital onboarding, and (iv) case study: an end-to-end flow of the digital onboarding process for FinTech businesses. The webinar will be conducted in Thai.

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In AML & Financial Services Regulatory

Argentina: New requirements for access to the foreign exchange market

by 3 Mins Read

On 20 April 2023, the Central Bank of Argentina issued Communication “A” 7746 introducing modifications to the access to the foreign exchange market for the payment of certain services abroad. Communication “A” 7746 determines that the prior approval of such entity will be required to make certain payments abroad, provides a term of 180 calendar days for the sworn statements for transactions with securities, and extends the list of persons and entities that may access a special remunerated account based on the evolution of the reference exchange rate of Communication “A” 3500.

In AML & Financial Services Regulatory

Singapore High Court holds mere buying and selling of cryptocurrency does not contravene licensing provisions under the Payment Services Act

by 6 Mins Read

Singapore High Court in Rio Christofle v Malcolm Tan Chun Chuen [2023] SGHC 66 concludes that the bona fide buying and selling of cryptocurrency without a licence or exemption is not to be a contravention of licensing provisions where there is no “carrying on a business of providing any type of payment service”. Three indicia suggest that a person is carrying on a business of providing a payment service: (1) whether profit has been made; (2) the number of transactions in question; and (3) whether the person is acting as an intermediary.

In AML & Financial Services Regulatory

Global: AI in financial services

by 6 Mins Read

AI has permeated much of the financial industry and significantly changed some aspects of how its businesses operate. Not as radical transformation of the industry, however, but as a steady trickle of new technologies and applications across the sector. Considerable risks also remain, as does uncertainty about regulatory approaches to AI. Baker McKenzie spoke with four experts to explore how AI use is likely to evolve in the financial industry in the years to come.

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