AML & Financial Services Regulatory Archives

In AML & Financial Services Regulatory

Indonesia: Supervision of the financial technology sector under the P2SK Law

December 22, 2022 by Erwandi Hendarta, Eddie Dewanda, Mahardikha K. Sardjana, Johan Kurnia, Theresia Fransmanto and Jonathan Edward Tobing 5 Mins Read

On 15 December 2022, the House of Representatives passed the draft omnibus law on the financial sector which is referred to as the “Financial Sector Development and Reinforcement (Pengembangan dan Penguatan Sektor Keuangan) Law” (“P2SK Law”). The draft law is currently under an enactment process with its effective date to be further announced. The P2SK Law, among other things, stipulates the reconfiguration of supervisory powers among the different regulators over a number of sectors (including the financial technology and digital financial assets sectors) that had been overlapping and led to regulatory gaps.

In Indonesia

Indonesian New Criminal Code

December 22, 2022 by Andi Y. Kadir, Bernard Sihombing, Reno Hirdarisvita, Luthfi Sahputra and Ivan Anugrah 1 Min Read

This client alert discusses the new Indonesian criminal code, which in a few years will replace the existing criminal code. This alert outlines the key features of the new criminal code, and is the first of a series of client alerts on the new Indonesian criminal code.

In AML & Financial Services Regulatory

United States: Updates on the FinCEN Renewed and Expanded Real Estate Geographic Targeting Orders

December 21, 2022 by Lyubomir (Lubo) Georgiev 5 Mins Read

In its press release published on 26 October 2022, The Financial Crimes and Enforcement Network announced that its Acting Director renewed and expanded its Geographic Targeting Orders beginning on 27 October 2022 and ending on 24 April 2023 (with certain exceptions).

In AML & Financial Services Regulatory

EMEA: Crypto Assets in Employee Compensation, Business and Wealth Management

December 21, 2022 by Agnès Charpenet, Lyubomir (Lubo) Georgiev, Ludmilla Maurer and Alfie Turner 1 Min Read

This webinar on 17 January 2023 will explore key questions and examples of the state of play of crypto (or digital) assets across a number of jurisdictions and the tax impact and rules on employee compensation as well as considerations from a wealth management perspective.

European Union: DAC 8 – Implementation of Crypto-Asset Reporting Framework published

December 20, 2022 by Javier Blázquez and Roger van de Berg 10 Mins Read

On 8 December 2022, the European Commission proposed a text amending Directive 2011/16/EU on administrative cooperation in the field of taxation. DAC8 provides, among other things, the following: changes to the existing DAC framework, rules on advance cross-border rulings for high-net-worth individuals, and a crypto-asset reporting framework for competent EU authorities.

This virtual seminar series provides insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Recordings of the following sessions are now available — The Crypto Ecosystem; Integrating Crypto into Established Financial Services (Part 1: Funds and Listings and Part 2: Practical Considerations); Crypto Risk: Significant Legal and Regulatory Risks; A Deep Dive into NFTs; and DeFi (Decentralized Finance).

In Antitrust / Competition

United States: 12 Individuals Indicted with Criminal Monopolization Charges

December 13, 2022 by Jeffrey (Jeff) D. Martino, Ashley Eickhof and Audrey van Duyn 5 Mins Read

On 6 December 2022, the US Department of Justice announced the unsealing of an 11-count indictment filed in the US District Court for the Southern District of Texas charging 12 individuals from Texas and Mexico in a violent conspiracy to monopolize the transmigrante industry in Texas.

In AML & Financial Services Regulatory

International: Public’s access to information on beneficial ownership deemed invalid by the CJEU

December 8, 2022 by Olivier Dal Farra, Bruno Dominguez, Elliott Murray, Phyllis Townsend, Gemma Willingham, Antonio Zurera and Stephanie Samuell 10 Mins Read

On 22 November 2022, the Court of Justice of the European Union, sitting as the Grand Chamber, rendered a landmark decision on the validity of the Luxembourg provisions of the law of 13 January 2019, establishing the register of beneficial owners and implementing the EU anti-money laundering directives. According to the CJEU, the provision, whereby the information on the beneficial ownership of companies incorporated within the territory of the member states is accessible in all cases to any member of the general public, is invalid.

In AML & Financial Services Regulatory

Brazil: Federal Senate approves the final text of the Legal Framework for Cryptoassets

December 8, 2022 by Luis Ambrosio, Daniel Facó and Evaristo Lucena 4 Mins Read

On 29 November 2022, the Plenary of the Federal Senate approved the final text of Bill of Law No. 4,401/2021 in which the Deputy Expedito Netto is the rapporteur. Currently, PL No. 4.401/2021 is in the final processing stage, which consists of the Brazilian president’s sanction. In summary, PL No. 4,401/2021 aims to regulate service providers of the “virtual assets” market (which includes the denominated “cryptoassets”), as well as adapt the wording of the Brazilian Penal Code, the Brazilian Law on Crimes against the National Financial System and the Brazilian Law on Crimes of Money Laundering or Concealment of Assets, Rights and Values.

In ESG

Latin America: FInsight: Sustainability for Financial Institutions

November 30, 2022 by Gabriel Adrián (Gabriel) Gómez Giglio and Eva-Maria Ségur-Cabanac 2 Mins Read

As we embark on the journey towards net zero, financial institutions aspire to increase their understanding of Sustainability-related commercial and regulatory developments. We are inviting you to our upcoming webinar on 12 December 2022, which aims to cover global trends and highlight perspectives from Latin America.