by Elina Karpacheva

Countries’ sanctions regimes are always closely related to politics and foreign policy. Hence, international sanctions will be one of the areas where U.K. will exercise its post-Brexit sovereignty to the fullest. The British government has already prepared the grounds for its autonomous sanctions regime by adopting the Sanctions and Anti-money Laundering Act in 2018. Continue reading…

With the adoption of the 5th AMLD all types of FinTech businesses are already legally obliged to keep up with the high AML/CTF standard designated for traditional financial institutions. The legal uncertainty around virtual asset providers (cryptocurrency exchanges, wallet providers, etc.) is overcome. These players are obliged to implement a sound AML compliance programme. European regulatory development comes much later then the US one. Already in 2013, FinCEN published a Guidance on the Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual currencies. Regulatory scrutiny is rising. The 5th AMLD provides for enhanced cooperation between FIUs and financial supervisors, meaning that transboundary nature of ML/TF cases will not impede enforcement anymore. Designation of European Banking Authority as a common EU-wide supervisory body could allow more standardised law enforcement policy. By contrast with Europe, the US authorities already have solid experience in enforcement actions against FinTech companies. Continue reading…