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In AML & Financial Services Regulatory

Venezuela: The National Superintendence of Securities (SUNAVAL) amends rules on Money Laundering and Terrorist Financing Administration

by , , and 8 Mins Read

The National Superintendence of Securities (SUNAVAL) issued Administrative Ruling No. 251 on 27 March 2025, amending the Rules Regarding the Administration and Control of Risks Related to the Crimes of Money Laundering, Financing of Terrorism, Financing of the Proliferation of Weapons of Mass Destruction and Other Illicit Activities, Applicable to Entities Obligated by the National Superintendence of Securities. The Ruling establishes the parameters that entities acting in the securities market should follow and includes a new regulatory regime for money laundering, financing of terrorism, financing of the proliferation of weapons of mass destruction and other illicit activities. The Ruling became effective on 27 March 2025.

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In AML & Financial Services Regulatory

South Africa: Coin vs. Capital – Cryptocurrency is not subject to exchange control

by and 7 Mins Read

In a landmark ruling, the Pretoria High Court in Standard Bank v South African Reserve Bank ruled that cryptocurrencies do not constitute “capital” under South Africa’s Exchange Control Regulations. This means crypto assets are not subject to the country’s strict exchange control regime, offering long-awaited clarity for the crypto industry. While this judgment removes the need for SARB approval to export crypto, the relief may be temporary, as future legislative amendments could reassert regulatory oversight. For now, the decision marks a significant shift in how digital assets are treated under South African financial law.

In AML & Financial Services Regulatory

Australia: ASIC consults on greater public transparency of firm-level reportable situations and complaints data

by , , and 4 Mins Read

On 10 April 2025, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 383 ‘Reportable situations and internal dispute resolution data publication’. Through the Consultation Paper, ASIC has proposed publication of data on Reportable Situations (RS) and Internal Dispute Resolution (IDR), respectively, across two separate interactive dashboards.
RS data is proposed to be published annually, by the end of October each year. IDR data will be published biannually.

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In Product Regulation & Liability

International: FDA to enhance unannounced inspections of foreign manufacturing facilities in countries including China

by , and 4 Mins Read

On 6 May 2025, the US Food and Drug Administration (FDA) announced that it will expand the use of unannounced inspections at foreign manufacturing facilities that produce foods, essential medicines, and other medical products intended for US consumers and patients. The announcement came one day after the White House issued an Executive Order instructing FDA to provide regulatory relief to promote domestic production of critical medicines and improve FDA’s risk-based inspection regime to enhance routine inspections of foreign facilities.

In AML & Financial Services Regulatory

Singapore: MAS consults on proposed revisions to remove exemptions under the financial advertisement regulations

by and 3 Mins Read

On 3 May 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing to remove the current exclusions under the Financial Advisers Regulations and the Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R) that exempt certain financial institutions from complying with advertising regulations.
This proposal is part of MAS’s broader initiative to enhance market conduct standards, following its 2023 Consultation Paper on Enhancing Safeguards for Proper Conduct of Digital Prospecting and Marketing Activities.

In International

International: FDA to enhance unannounced inspections of foreign manufacturing facilities in countries including China

by , and 4 Mins Read

On 6 May 2025, the US Food and Drug Administration (FDA) announced that it will expand the use of unannounced inspections at foreign manufacturing facilities that produce foods, essential medicines, and other medical products intended for US consumers and patients. The announcement came one day after the White House issued an Executive Order instructing FDA to provide regulatory relief to promote domestic production of critical medicines and improve FDA’s risk-based inspection regime to enhance routine inspections of foreign facilities. The expansion will build upon FDA’s existing Foreign Unannounced Inspection Pilot Program in India and China, with the aim of ensuring that foreign facilities will receive the same level of regulatory oversight and scrutiny as domestic facilities.

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In Product Regulation & Liability

United States: Electronic shelf labels pose myriad risks for retailers

by , and 3 Mins Read

Retailers are increasingly adopting electronic shelf labels (ESLs) to streamline pricing updates and enhance operational efficiency. ESLs offer quick price adjustments, improved accuracy, and reduced labor. However, concerns about price gouging, demographic-based pricing, and technical glitches have emerged. Lawmakers and regulators are scrutinizing the technology, emphasizing the need for businesses to consider legal risks before deployment.

In AML & Financial Services Regulatory

Spain: The new version of the UNE 19601 Standard on Management System for Criminal Compliance has been published

by 3 Mins Read

On 24 April 2025, the revised version of UNE 19601 Standard on Management System for Criminal Compliance was published, replacing the previous version from 2017. UNE 19601 is the reference standard in Spain for implementing a criminal compliance management system and it covers the requirements of the Spanish Penal Code as well as international standards in the field.
The general approach of the initial version is maintained, although modifications have been introduced to adapt it to regulatory changes (primarily, those in the Spanish Penal Code and whistleblowing management standards) and international standards of recent years (such as ISO 37301:2021 or ISO 37002:2021).

In Cybersecurity, Data and Tech

Luxembourg: CSSF aligns with DORA – Key updates on ICT and outsourcing regulations

by , and 4 Mins Read

On 9 April 2025, the Commission de Surveillance du Secteur Financier issued several new circulars related to information and communication technologies risk management and the use of ICT third parties, aiming to align existing circulars and practices with the Digital Operational Resilience Act.

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