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AML & Financial Services Regulatory


The Belgian Financial Services and Markets Authority has developed a new handbook on outsourcing.
The handbook applies to UCITS management companies, alternative investment fund managers and portfolio management and investment advice companies. It sets out several principles of sound management for the outsourcing of functions.
The handbook repeals and replaces the old Circular PPB 2004/5 of the former Banking, Financial and Insurance Commission dated 22 June 2004 on sound management practices in outsourcing by credit institutions and investment firms.

The FCA has published a consultation paper (CP23/31) setting out detailed proposals for the major listing rules reforms that it proposed in May this year. It describes the reforms as “the most far-reaching reforms of the UK’s listing regime in three decades” and the paper attaches in a lengthy appendix the draft text of many of the proposed new listing rules (the first of two tranches).

On 2 October 2023, the UAE issued Federal Law No. 54 of 2023, which amended Federal Law No. 14 of 2018 on the Central Bank and the Organization of Financial Institutions and Financial Activities (the “Central Bank Law”) and changed the definition of currency to include a “National Digital Currency”. The amendment to the Central Bank Law was published in the Official Gazette on 31 October 2023.

On 8 December 2023, the Australian Treasury released the Second Consultation Paper on “Payments System Modernization: Regulation of Payment Service Providers” that provides some further details on the proposed broadening of the licensing and regulatory framework for payment service providers. This follows the Treasury’s initial consultation conducted in June earlier this year.

On 30 November 2023, the Argentine Central Bank issued Communication “A” 7901, which introduces amendments to the regime for foreign exchange dealers, including limits for the sale of foreign currency to entities authorized to operate in foreign exchange and to related customers, as well as new obligations for foreign exchange dealers.

On 30 November 2023, the Central Bank of Argentina issued Communication “A” 7905, extending the effective date of certain modifications to the National Payments System related to immediate debit and the interoperability of credit card payments through Quick Response codes.

On 22 November 2023, the finalized regulations enacted under the Retail Payment Activities Act (RPAA) were published, with registration-related requirements expected to come into force beginning in November 2024 and the remainder in September 2025. The RPAA and Retail Payment Activities Regulations make up Canada’s new retail payment supervisory regime overseen by the Bank of Canada, Canada’s central bank.

In a ministerial response dated 31 August 2023, the French Minister of the Economy recently commented on the obligation for French tax residents to annually declare their foreign bank accounts, clarifying that the fact that a person holds a shareholding in a foreign company or is its corporate officer is not in itself sufficient to fall within the scope of this reporting obligation.

On 11 October 2023 the German Federal Government approved the Financial Crime Prevention Act, which shall come into force on 1 January 2024. The law will establish a new federal authority – the Federal Office to Combat Financial Crime. This new institution will have competences with respect to the fight of money laundering, sanctions and illicit financial flows.