Payments & E-Money

What Changed

• - Group-wide AML/CFT frameworks: Establishes minimum standards for design and implementation across groups, including cross-border structures and third-country operations, to enable consolidated...
• Third-country subsidiaries and branches: Introduces additional measures for entities in non-EU countries, extending requirements beyond traditional groups to other...
• Information sharing and parent identification: Defines provisions for intra-group data sharing and criteria to identify the EU parent undertaking when multiple entities report to a third-country head...
• Interlinked mandates: Cross-references obligations between Articles 16(4) and 17(3) for complementary requirements on organizational...

Suggested Considerations

• Register for 20 May 2026 public hearing to engage directly on practical application across group structures.[https://www.amla.europa.eu/events/public-hearing-draft-rts-group-wide-minimum-requirements-and-additional-measures-subsidiaries-and-2026-05-20_en]
• Assess current group-wide AML/CFT frameworks against proposed minimums, identifying gaps in third-country controls, risk consolidation, and data sharing protocols.

References

• [1] amla.europa.eu/amla-consults-group-wide-requirements-and-...
• [2] amla.europa.eu/events/public-hearing-draft-rts-group-wide...
• [3] fiaumalta.org/news/amla-publishes-final-report-on-draft-r...
• [4] cssf.lu/en/Document/consultation-by-amla-on-the-draft-reg...
• [5] cssf.lu/en/Document/consultation-by-amla-on-the-draft-rts...
• [6] sepblac.es/en/2026/02/18/development_harmonized/
• [7] amla.europa.eu/policy/public-consultations/consultation-d...
• [8] accountancyeurope.eu/publications/7-principles-for-aml-re...

What Changed

• The draft Guidelines introduce four minimum requirements for conducting adequate business-wide risk assessments applicable to all obliged entities. The framework mandates that entities:
• Identify risk exposure across their business model, customers, products, services, transactions, delivery channels, and geographical exposure
• Maintain consolidated risk views across group structures, eliminating silos between branches and subsidiaries
• Utilize internal and external data sources to build comprehensive risk landscapes, including monitoring customer behavior changes and tracking international typologies
• Apply proportionality based on entity size, business model, and risk profile, while ensuring consistent application of policies across the organization The guidelines specifically address evaluation...

Suggested Considerations

• *Immediate (by 15 July 2026):
• Review draft Guidelines and assess alignment with current BWRA practices
• Identify gaps between existing risk assessment frameworks and proposed minimum requirements
• Prepare formal consultation responses, particularly if your organization operates in non-financial sectors
• Register for relevant public hearings (28 May for BWRA Guidelines; 20 May for group-wide RTS) to engage directly with AMLA

Key Dates

References

• [1] amla.europa.eu/events/public-hearing-draft-guidelines-bus...
• [2] amla.europa.eu/amla-consults-group-wide-requirements-and-...
• [3] fincrimecentral.com/amla-risk-assessment-consultation-group/
• [4] amlintelligence.com/2026/04/latest-amla-launches-consulta...
• [5] amla.europa.eu/events/public-hearing-draft-rts-group-wide...
• [6] cssf.lu/wp-content/uploads/MLTF-Sub-sector-Risk-Assessmen...
• [7] cssf.lu/en/Document/consultation-by-amla-on-the-draft-rts...
• [8] cssf.lu/en/anti-money-laundering-and-countering-the-finan...

What Changed

• - New Operational Guide to Transfer Resolution: Details BoE's execution of transfers to private sector purchasers or temporary bridge banks, including recapitalisation payments and use of resolution...
• Updates to Operational Guide to Bail-in Resolution: Introduces an alternate approach where affected creditors receive non-transferable contingent beneficial interests (simplifying bail-in by...
• US SEC No-Action Letter: Confirms non-transferable contingent beneficial interests for US investors need no SEC registration, aiding cross-border bail-in operability.[BoE News...

Suggested Considerations

• Assess resolvability: Major firms perform and disclose self-assessments under RAF; address identified barriers or face BoE powers to mandate fixes.
• Enhance capabilities: Implement MREL, operational continuity in resolution (OCIR), and Single Customer View for deposits; prepare for recapitalisation or non-transferable interests in bail-in.
• Cross-border coordination: US-exposed firms leverage SEC No-Action Letter for bail-in planning; engage BoE on international strategies.[BoE News Release](https://www.bankofengland.co.uk/news/2026/april/boe-enhances-resolution-readiness-with-updated-operational-guides)
• Monitor thresholds: Notify BoE/PRA if approaching £25bn assets or account thresholds.

Key Dates

References

• [1] bankofengland.co.uk/paper/2023/the-bank-of-englands-appro...
• [2] bankofengland.co.uk/paper/2025/maintaining-a-fit-and-read...
• [3] assets.publishing.service.gov.uk/media/658d4f3b23b70a000d...
• [4] fsb.org/uploads/c_121218d.pdf
• [5] regulationtomorrow.com/eu/updates-to-the-bank-of-englands...
• [6] bankofengland.co.uk/financial-stability/operational-resil...
• [7] srb.europa.eu/system/files/media/document/2025-01-23_Oper...
• [8] dlapiperintelligence.com/investmentrules/blog/articles/20...

What Changed

• - Adoption of ESMA Guidelines: CSSF mandates application of ESMA's criteria for evaluating staff knowledge and competence in crypto-asset services, including roles in custody, trading, portfolio...
• Assessment Framework: Firms must implement standardized tests and processes to verify staff qualifications, aligning with MiCA Article 62 on CASP authorization, focusing on technical crypto...
• No New Standalone Rules: This circular builds on prior CSSF MiCA circulars (e.g., 25/890 on crypto-asset classification), integrating competence checks into licensing dossiers and ongoing supervision.

Suggested Considerations

• Assess Staff Competence: Implement ESMA-guided evaluations (e.g., exams, certifications) for all relevant personnel handling crypto services; document results in governance frameworks.
• Update Policies and Training: Integrate competence criteria into HR, onboarding, and annual reviews; roll out MiCA-specific training on reporting, breaches, and governance.
• Licensing Dossier Enhancement: Include competence attestations in CSSF applications; appoint dedicated compliance/risk officers with verified qualifications.
• Ongoing Monitoring: Conduct regular audits, penetration tests, and incident planning; confirm compliance annually via management body statements.
• Early CSSF Engagement: Schedule dialogues and info sessions; create MiCA readiness scorecards for board and regulator discussions.

Key Dates

References

• [1] copla.com/blog/compliance-regulations/mica-regulation-in-...
• [2] cssf.lu/wp-content/uploads/cssf25_890eng.pdf
• [3] cssf.lu/en/markets-in-crypto-assets-mica-micar/
• [4] loyensloeff.com/insights/news--events/news/circular-cssf-...
• [5] cssf.lu/en/Document/circular-cssf-25-890/
• [6] cliffordchance.com/content/dam/cliffordchance/PDFDocument...
• [7] cssf.lu/en/2023/07/regulation-on-markets-in-crypto-assets...
• [8] dechert.com/knowledge/onpoint/2023/1/initiatives-to-regul...

What Changed

• - End of "regulation by enforcement": CFTC Enforcement will focus solely on policing fraud, abuse, and manipulation under existing CEA anti-fraud provisions, avoiding policy-setting via enforcement...
• Five explicit enforcement priorities: 1. Insider trading, with strong emphasis on prediction markets (e.g., misappropriation of nonpublic information violates CEA). 2.
• New cooperation policy advisory (forthcoming soon): Includes "significant changes" to declination policy, building on prior frameworks like mitigation-credit matrices and safe harbors for...

Suggested Considerations

• Enhance surveillance: Implement robust monitoring for insider trading in prediction markets, manipulation in energy, disruptive trading, retail fraud signals, and AML/KYC red flags; prioritize misappropriated nonpublic info detection.
• Update policies: Revise insider trading protocols to align with CEA anti-fraud provisions; train staff on prediction market risks (debunking "no insider laws apply" myth).
• Strengthen cooperation readiness: Develop self-reporting/escalation processes, remediation plans, and documentation for declination credit under forthcoming policy; review prior CFTC advisories (e.g., 2025 mitigation matrix).
• Conduct gap analysis: Audit AML/KYC programs for willful violations; assess exposure in priority markets (energy, prediction/crypto, retail).
• Monitor updates: Subscribe to CFTC Press Room for cooperation advisory and related actions (e.g., Feb 25, 2026 Prediction Markets Advisory post-enforcement cases: https://www.cftc.gov/PressRoom/PressReleases/9185-26).

Key Dates

References

• [1] steel-eye.com/news/north-american-regulatory-priorities-f...
• [2] cftc.gov/sites/default/files/CFTC_FY2026_Presidents_Budge...
• [3] cohenmilstein.com/cftc-priorities-modernization-harmoniza...
• [4] beneschlaw.com/insight/ftc-enforcement-trends-in-2026-wha...
• [5] foley.com/insights/publications/2026/01/shifting-enforcem...
• [6] cftc.gov/PressRoom/PressReleases/9185-26
• [7] ftc.gov/news-events/news/speeches/enforcement-priorities-...

What Changed

• - Standardized MREL disclosure templates: Replaces free-form disclosures with four new templates aligned to Basel BCBS TLAC formats (adapted for UK), expanding scope to more firms for consistency on...
• Qualitative CDC narrative: Added to UK CC1 template for firms subject to CDCs, enabling market assessment of restriction impacts; removes obsolete Systemic Risk Buffer (SRB) disclosure post-O-SII...
• Disclosure basis statement: Firms must specify their Pillar 3 regime (e.g., resolution entity, O-SII, large institution), frequency, and details like reference date, currency, LEI, accounting...
• Minor amendments: Reflects HMT's revocation of CRR Article 92a; updates to Disclosure (CRR) and Reporting (CRR) Parts of PRA Rulebook, with semi-annual key metrics for certain firms.
• No substantive policy changes post-consultation; costs/benefits assessment unchanged.

Suggested Considerations

• Update Pillar 3 processes to use new MREL templates (Annex XXVII instructions), UK CC1 with CDC narrative, and basis statement (e.g., reference date, LEI, scope).
• For CDC-subject firms: Prepare qualitative narrative on restriction impacts.
• Ensure semi-annual disclosure of key metrics (Article 447 points a-g) where required.
• Integrate into consolidated reporting for UK parents; test templates/instructions from appendices.
• Review for alignment with broader CRR changes (e.g., Article 92a revocation).

Key Dates

References

• [1] bankofengland.co.uk/prudential-regulation/publication/202...
• [2] bankofengland.co.uk/news/2026/march/boe-streamlines-repor...
• [3] jdsupra.com/legalnews/uk-pra-policy-statement-on-final-19...
• [4] bankofengland.co.uk/-/media/boe/files/prudential-regulati...
• [5] regulationtomorrow.com/2026/03/fca-pra-and-boe-issue-poli...
• [6] bankofengland.co.uk/prudential-regulation/publication/202...
• [7] regulationtomorrow.com/eu/pra-publishes-finals-rules-on-s...
• [8] bankofengland.co.uk/-/media/boe/files/prudential-regulati...

What Changed

• The CPC 2025 comprises Standards for Business Regulations (governance, resources, risk management, conduct standards) and Consumer Protection Regulations (cross-sectoral and sector-specific rules for...
• Core obligation: Firms must "secure customers’ interests," shifting to a proactive, customer-focused mindset.
• Cross-sectoral requirements: Knowing the consumer/suitability; conflicts of interest/remuneration; vulnerable consumers (updated definition); digitalisation (customer-focused design); effective...
• Specific enhancements: Fraud/scam protections; mortgage switching disclosures; greenwashing prevention via clear sustainability claims; expanded consumer definition (e.g., SMEs up to €5m turnover...
• Supporting materials: Guidance on securing interests/vulnerable consumers, mapping tool for legacy codes, redline amendments.

Suggested Considerations

• Gap analysis: Map current policies/processes against CPC 2025 using CBI's mapping tool; update for new obligations like digital service design, vulnerability screening, fraud measures.
• Policy/system updates: Implement "secure customers’ interests" framework; enhance disclosures (e.g., mortgages, charges, unregulated activities); train staff on conduct standards/vulnerable consumers.
• Governance/risk: Strengthen board oversight, risk management for cyber/fraud/digital risks; distinguish regulated/unregulated activities.
• Testing/monitoring: Develop records/compliance systems; test advertising/bundling; integrate sustainability claims checks.
• Stakeholder engagement: Review CBI guidance/FAQs; prepare for supervision during implementation.

Key Dates

References

• [1] hoganlovells.com/en/publications/the-central-bank-of-irel...
• [2] centralbank.ie/news/article/protecting-consumers-through-...
• [3] centralbank.ie/regulation/consumer-protection/consumer-pr...
• [4] matheson.com/insights/fig-top-5-at-5-15-01-2026/
• [5] centralbank.ie/regulation/consumer-protection/consumer-pr...
• [6] centralbank.ie/regulation/consumer-protection/consumer-pr...

What Changed

• - Removal of 7 natural persons from Annex 8, which lists designated individuals subject to asset freezes and other restrictive measures related to the Ukraine situation.
• Update to the SESAM sanctions database (SECO Sanctions Management), Switzerland's authoritative list aligned with EU sanctions.
• No new designations or additional prohibitions introduced; this is a delisting that narrows the scope of sanctions application.

Suggested Considerations

• Screen and release assets: Review client portfolios and frozen assets linked to the 7 delisted persons; release any previously frozen assets unless other sanctions apply (e.g., via GwG AML checks).
• Update internal systems: Refresh sanctions screening tools with the latest SESAM data to avoid erroneous freezes or compliance breaches.
• Report to SECO if applicable: If assets were frozen and are now releasable, notify SECO of prior relationships; conduct GwG Art. 6 due diligence and report suspicions to the Money Laundering Reporting Office (MROS) under Art. 9 GwG if unresolved.
• Document changes: Maintain audit trails of screening adjustments to demonstrate compliance with ongoing supervisory obligations.

Key Dates

References

• [1] finma.ch/de/news/2026/02/20260226-sanktionsmeldung-russla...
• [2] finma.ch/de/news/2026/02/20260225_sr-946-231-176-72/
• [3] finma.ch/de/news/2025/10/20251030-sr-946-231-176-72/
• [4] finma.ch/news/2022/03/20220304-sr-946-231-176-72/
• [5] seco.admin.ch/seco/de/home/Aussenwirtschaftspolitik_Wirts...
• [6] finma.ch/news/2025/05/20250516-sr-946-231-176-72/
• [7] finma.ch/de/news/2026/02/20260219_sr-946-231-09/
• [8] finma.ch/dokumentation/internationale-sanktionen-und-terr...

What Changed

• The CFTC FAQs address implementation questions arising from two prior staff positions:
• Tokenized Collateral Guidance (CFTC Staff Letter 25-39): Established the framework allowing futures commission merchants (FCMs) and designated contract markets (DCMs) to accept digital assets as...
• No-Action Position (CFTC Staff Letter 26-05): Provided temporary relief permitting FCMs to accept payment stablecoins, Bitcoin, and Ether as customer margin collateral, subject to specific...
• How registered entities should operationalize tokenized collateral acceptance
• Compliance with notification and operational risk management requirements

Suggested Considerations

• *Immediate (0–30 days):
• *Asset Classification Audit: Map every crypto asset in your portfolios, products, or platforms against the five-category framework (digital commodities, digital collectibles, digital tools, stablecoins, digital securities) established in the March 17 joint interpretation.
• *Investment Contract Review: Identify any assets subject to active issuer promises of essential managerial effort—those remain securities regardless of category and cannot be treated as digital commodities.
• *FAQ Implementation Review: Obtain and review the full CFTC FAQs (available at https://www.cftc.gov/PressRoom/PressReleases/9200-26) to identify specific operational questions relevant to your entity type.
• *Notification Protocol Establishment: If relying on the no-action relief for tokenized collateral, establish procedures to notify the CFTC of significant operational, system, or cybersecurity issues affecting digital asset collateral use (required for first three months of relief).

Key Dates

References

• [1] sec.gov/newsroom/press-releases/2026-30-sec-clarifies-app...
• [2] consumerfinancialserviceslawmonitor.com/2026/02/cftc-and-...
• [3] klgates.com/Crypto-in-2026-The-Democratization-of-Digital...
• [4] genfinity.io/2026/03/17/sec-cftc-final-rule-digital-commo...
• [5] compliance-risk.com/sec-cftc-joint-crypto-asset-interpret...
• [6] cftc.gov/csl/26-09/download
• [7] sec.gov/files/rules/interp/2026/33-11412.pdf
• [8] fintechweekly.com/news/sec-bitcoin-ether-solana-digital-c...

What Changed

• The Bank of England is implementing the following design changes:
• Theme Selection: Wildlife native to Britain will feature on all denominations (£5, £10, £20, £50) of the next banknote series, replacing historical figures such as William Shakespeare, Winston...
• Monarch Continuity: King Charles' portrait will continue to appear on all notes.
• Security Integration: Wildlife imagery has been selected partly for its effectiveness in developing banknotes with easily recognizable and distinguishable security features.
• Scope Expansion: The design may incorporate additional natural elements including plants and landscapes to complement wildlife imagery.

Suggested Considerations

• *Monitor the summer 2026 consultation: Track the announcement of the wildlife expert panel's curated species list and participate in the second consultation if relevant to your operations
• *Plan for authentication updates: Currency handlers and retailers should prepare staff training programs for new security features once designs are finalized
• *Update systems and procedures: Payment processors and financial institutions should plan for gradual transition protocols as new notes enter circulation
• *Engage with BoE communications: Subscribe to Bank of England announcements regarding final design decisions and implementation timelines
• *Prepare customer communications: Financial institutions should develop materials explaining the design change and new security features to customers

Key Dates

References

• [1] straitstimes.com/world/europe/wildlife-to-replace-humans-...
• [2] bankofengland.co.uk/news/2025/july/boe-launches-consultat...
• [3] deccanherald.com/world/rest-of-world/wildlife-to-replace-...
• [4] bankofengland.co.uk/banknotes/help-us-design-our-next-ser...
• [5] blog.westminstercollection.com/2025/07/30/new-designs-for...

What Changed

• The regulatory update encompasses four substantive modifications:
• Annex 3: Expansion of the goods list subject to export/import restrictions
• Annexes 12, 13, and 14: Updates to the list of sanctioned persons, enterprises, and organizations subject to asset freezing and transaction prohibitions
• SESAM Database: The Swiss sanctions management database (SECO Sanctions Management) has been updated to reflect all changes, published urgently on the WBF website The changes represent a total...

Suggested Considerations

• *Implement Prohibitions: Execute all transaction bans and restrictions specified in the updated ordinance annexes
• *Asset Freezing: Immediately freeze all assets and funds of sanctioned persons, enterprises, and organizations identified in the updated SESAM database
• *Mandatory Reporting to SECO: Report all affected business relationships to the State Secretariat for Economic Affairs within required timeframes
• *Enhanced Due Diligence: Conduct additional investigations under Article 6 of the Anti-Money Laundering Act (GwG) when suspicious indicators arise
• *Suspicious Activity Reporting: If enhanced due diligence cannot eliminate suspicions, file mandatory reports with the Money Laundering Reporting Office (Meldestelle für Geldwäscherei) under Article 9 GwG without delay

Key Dates

References

• [1] finma.ch/de/news/2026/03/20260310-sr-946-231-143-6/
• [2] vbs.admin.ch/de/newnsb/AHVXWVwmFK-qQRkHOC33Z
• [3] eda.admin.ch/de/newnsb/AHVXWVwmFK-qQRkHOC33Z
• [4] finma.ch/de/news/2026/02/20260219_sr-946-231-09/
• [5] finma.ch/de/dokumentation/internationale-sanktionen-und-t...
• [6] finma.ch/en/documentation/international-sanctions-and-com...
• [7] finma.ch/dokumentation/internationale-sanktionen-und-terr...
• [8] finma.ch/en/news/

What Changed

This is a non-binding discussion paper, not a regulatory change or new requirement; it poses 16 questions on topics including legal recognition of tokenised instruments, governance, infrastructure, funds (e.g., tokenised MMFs and ETFs), payments, and risks like operational resilience and interoperability. It highlights needs for policy intervention to avoid fragmented "walled gardens," ensure central bank money's role, and address challenges in fractionalisation, transparency, and settlement finality, but no mandates are imposed yet.

Suggested Considerations

• Review DP12 (PDF available via CBI site) and prepare/ submit responses to the 16 questions by 5 June 2026, focusing on legal clarity, risks, funds tokenisation, and enablers like interoperability.
• Engage in CBI's structured stakeholder dialogues to influence future frameworks.
• Assess internal DLT/tokenisation pilots or plans against discussed risks (e.g., operational resilience, scalability) and opportunities (e.g., fractional ownership, 24/7 liquidity).

Key Dates

References

• [1] arthurcox.com/insights/central-bank-issues-discussion-pap...
• [2] fireblocks.com/report/executive-tokenization-reading-list
• [3] ogier.com/news-and-insights/insights/a-comprehensive-revi...
• [4] centralbank.ie/news/article/press-release-building-econom...
• [5] centralbank.ie/publication/discussion-papers
• [6] centralbank.ie/news/article/press-release-central-bank-se...
• [7] lawsociety.ie/gazette/top-stories/2026/feb/global-tension...

What Changed

• - Crowdfunding: New Q&A (2601) on use of fiduciary (nominee) structures in equity crowdfunding, clarifying permissible structures for service providers.
• MiCA (CASPs): Updates include clarification on withdrawal requirements under Article 75 (2320); fixed overheads calculation (2349); interests from client funds at credit institutions (2486); fiat...
• EMIR (CCPs): New Q&As on AAR threshold calculation (2418, 2779), AAR representativeness obligation (2776, 2777), and AAR stress testing (2778), building on ESMA's supervisory briefing for...
• Transparency Directive: New Q&A (2775, effective 1 January 2027) on IFRS 18 and APMs interaction; updated Q&As (effective 1 January 2027) on measures in/outside financial statements (1868), interim...

Suggested Considerations

• Review and update policies: CASPs must align withdrawal processes (Art. 75), overhead calculations, client fund interest handling, fiat payout mechanisms, offer/placing distinctions, and trading platform compliance with Title II.
• Crowdfunding firms: Assess and document use of nominee structures per Q&A 2601.
• CCPs/counterparties: Implement AAR reporting for thresholds, representativeness (with subcategory identification and trade reporting examples), and stress testing; reference ESMA's supervisory briefing for compliance models.
• Issuers/reporters: Revise APM disclosures for IFRS 18 compatibility, ensuring prominence, clear definitions, and consistent presentation inside/outside statements effective 1 January 2027.
• General: Integrate Q&As into compliance training, internal audits, and NCA reporting; monitor ESMA's Questions and Answers section for full texts.

Key Dates

References

• [1] esma.europa.eu/sites/default/files/2026-02/Newsletter_Jan...
• [2] regulationtomorrow.com/2025/10/esma-publishes-new-micar-q...
• [3] natlawreview.com/article/investment-management-client-ale...
• [4] practicalesg.com/2026/01/esma-issues-guidance-on-avoiding...
• [5] esma.europa.eu/press-news/esma-news/esma-simplifies-mifid...
• [6] esma.europa.eu/press-news/esma-news/esma-publishes-superv...
• [7] funds-europe.com/one-size-fits-none-supervision/
• [8] cryptoadventure.com/esma-warns-crypto-perpetual-derivativ...

What Changed

• - Crypto Restrictions: Complete ban on providing any crypto services to Russian nationals and companies; prohibition on transactions involving specific ruble-backed crypto assets, such as the...
• Payment Systems: Expansion of bans on using certain specialized messaging services for payment traffic.
• Trade/Goods Bans: Expanded list of goods contributing to Russia's military/technological strengthening, including metals for weapon systems, fuel production products, and acyclic hydrocarbons (key...
• Sanctions List Expansion: Builds on December 12, 2025 addition of 64 persons/organizations; Swiss list now aligns fully with EU's, covering ~2,600 targets subject to asset freezes related to Ukraine...
• Related EU 19th package details (adopted by Switzerland) include sanctions on Rosneft/Gazprom Neft, shadow fleet ships, new banks, payment systems like Mir/SPFS, and import bans on LNG/acyclic...

Suggested Considerations

• Implement all prohibitions immediately: Block crypto services to Russian nationals/companies; halt transactions with ruble-pegged stablecoins like A7A5; cease use of banned messaging services for payments.
• Screen and freeze assets of sanctioned persons/entities (~2,600 total); report affected business relationships to SECO.
• Conduct additional due diligence under Art. 6 GwG on suspicions; if unresolved, file immediate suspicious activity report to money laundering reporting office under Art. 9 GwG (SECO report does not exempt this).
• Update sanctions screening tools, client onboarding, and transaction monitoring for new crypto/trade restrictions; review exposures to energy/finance goods listed.

Key Dates

References

• [1] finma.ch/de/news/2026/02/20260226-sanktionsmeldung-russla...
• [2] tangens-akademie.de/export-import-zoll/russland-belarus-s...
• [3] finma.ch/de/news/2025/12/20251212-sanktionsmeldung-russla...
• [4] seco.admin.ch/seco/de/home/Aussenwirtschaftspolitik_Wirts...
• [5] finma.ch/de/news/
• [6] finma.ch/de/dokumentation/internationale-sanktionen-und-t...
• [7] finma.ch/en/news/

What Changed

• No immediate binding regulatory changes are imposed by the Plan itself; it is a forward-looking roadmap outlining planned initiatives rather than new rules. Key elements include:
• Modernisation of payments framework: Consolidation of PSR into FCA, with HMT consultation response in Q1 2026; data/operational enhancements to Faster Payments and Bacs by end-2026.
• Infrastructure upgrades: Short-term resilience improvements to Faster Payments and Bacs (end-2026); exploration of regulated stablecoins for on-chain settlement (H1 2026).
• Safeguarding enhancements: FCA Supplementary Regime effective May 2026, with engagement Jan-Apr 2026.
• Standards and open banking: Industry input on standards body (Feb-Mar 2026 assessment); HMT Data (Use and Access) Act SI in Q4 2026.

Suggested Considerations

• Review the full Plan on GOV.UK (https://assets.publishing.service.gov.uk/media/699f2bc6c497bac082bc76bc/Payments_Forward_Plan_.pdf) and map initiatives to your firm's operations, prioritizing safeguarding, infrastructure, and stablecoins.
• Engage proactively: Provide FCA views on standards body (by Feb 2026); participate in Jan-Apr 2026 safeguarding engagement; prepare for VRP rollout (live payments expected Q1 2026).
• Stablecoin firms: Submit sandbox applications by 18 Jan 2026.
• Monitor and plan: Track Regulatory Initiatives Grid for 2027; assess capacity for sequenced initiatives; ensure compliance readiness for May 2026 safeguarding rules and end-2026 infrastructure changes.
• Internal audit: Evaluate current adherence to PSRs/EMRs, especially safeguarding, ahead of consolidation.

Key Dates

References

• [1] aoshearman.com/en/insights/financial-services-horizon-rep...
• [2] assets.publishing.service.gov.uk/media/699f2bc6c497bac082...
• [3] fca.org.uk/news/speeches/role-fca-and-psr-delivering-nati...
• [4] taylorwessing.com/de/insights-and-events/insights/2026/01...
• [5] fintechfutures.com/regulations-compliance/fca-pushes-stab...
• [6] twobirds.com/en/insights/2026/uk/uk-payments-and-cryptoas...
• [7] hoganlovells.com/en/publications/the-payments-newsletter-...
• [8] pwc.co.uk/industries/financial-services/understanding-reg...

What Changed

• The February 2026 update to Annex 8 of the Ukraine Sanctions Ordinance introduces modifications to Switzerland's designated persons and entities list related to Russia sanctions.
• 22 natural persons and 42 companies/organizations subject to asset freezes and supply prohibitions
• 116 vessels (primarily tankers in Russia's shadow fleet circumventing oil price caps) subject to purchase, sale, and service prohibitions
• 45 companies in third countries subject to stricter export controls targeting critical goods for Russia's military-industrial complex
• 5 Russian banks and 4 foreign branches subject to transaction prohibitions due to use of Russian payment systems

Suggested Considerations

• *Implement all prohibitions specified in updated Annex 8 across all business lines and customer relationships
• *Freeze assets of all newly designated natural persons and entities; block transactions with designated entities
• *Report to SECO all affected business relationships within required timeframes, documenting:
• Customer identification and beneficial ownership
• Transaction history with designated parties

Key Dates

References

• [1] finma.ch/de/news/2025/12/20251212-sanktionsmeldung-russla...
• [2] hub.hslu.ch/economiccrime/konvergenz-von-aml-und-sanction...
• [3] seco.admin.ch/dam/seco/de/dokumente/Aussenwirtschaft/Wirt...
• [4] finma.ch/de/dokumentation/internationale-sanktionen-und-t...
• [5] finma.ch/de/news/
• [6] gwp-consulting.de/de/news/1018_2026-01-28_newsletter_risk...
• [7] finma.ch/en/news/
• [8] finews.com/news/english-news/61482-david-newns-sdx-dlt-to...

What Changed

• - Establishes a high-level framework of principles for cooperation between FCA and IFR, focusing on effective regulation at the football-financial services nexus.
• Outlines how the organizations will work together, including information sharing on matters like club owners' financial dealings, licensing compliance, and enforcement where financial services...
• Builds on prior MoUs (e.g., FCA-UKGC models) by addressing regulatory overlaps, with IFR gaining powers for investigations, enforcement sanctions, and revenue distribution resolutions under the...

Suggested Considerations

• Review and map exposures: Firms should assess football-related client portfolios for IFR overlap (e.g., loans to clubs, owner financing) and prepare for dual FCA-IFR scrutiny.
• Enhance information sharing protocols: Update compliance policies to respond promptly to IFR requests for data on regulated activities (e.g., under IFR's clause 65 powers), mirroring FCA's existing MoU frameworks.[https://www.fca.org.uk/news/statements/mou-independent-football-regulator-fca]
• Incorporate IFR factors in due diligence: For owner suitability, align with IFR tests (fit/proper custodians, resource adequacy); flag potential divestment risks in advisory services.
• Monitor joint enforcement: Participate in escalation procedures if disputes arise, ensuring internal records of regulatory remit discussions.

Key Dates

References

• [1] assets.publishing.service.gov.uk/media/65f8b232ca3670001a...
• [2] mayerbrown.com/en/insights/publications/2022/01/a-busted-...
• [3] blackstonechambers.com/documents/The_New_Football_Regulat...
• [4] transparencytaskforce.org/wp-content/uploads/2025/04/Foot...
• [5] gov.uk/government/news/government-publishes-independent-r...
• [6] lawinsport.com/topics/item/the-football-governance-act-20...
• [7] fca.org.uk/publication/mou/mou-lb.pdf

What Changed

• - Permanent expansion of eligible CCP collateral to include public guarantees, public bank guarantees, and commercial bank guarantees, with specified conditions for acceptance.
• Criteria for deeming debt instruments as eligible financial instruments under CCP investment policies.
• Requirements for highly secured arrangements to deposit emission allowances as margins or default fund contributions. These build on EMIR 3's measures to broaden collateral scope and entity coverage,...

Suggested Considerations

• Review and Respond to Consultation: CCPs, clearing members, NFCs, and clients should analyze the paper, prepare responses to Annex 1 questions by 30 April 2026, and submit online; indicate confidentiality if needed.
• Assess Internal Policies: CCPs must evaluate current collateral, investment, and emission allowance frameworks against proposed conditions; clearing members/NFCs should model impacts on liquidity and margin posting.
• Monitor Developments: Track ESMA's final report and RTS submission; prepare for potential supervisory expectations on guarantee acceptance and debt instrument eligibility post-2026.
• Engage with Industry: Join associations like EACH for coordinated feedback on risk-based approaches and proportionality.

Key Dates

References

• [1] esma.europa.eu/press-news/esma-news/esma-consults-guarant...
• [2] eachccp.eu/wp-content/uploads/2026/01/EACH-Response-ESMA-...
• [3] esma.europa.eu/press-news/consultations/consultation-guar...
• [4] cliffordchance.com/content/dam/cliffordchance/briefings/2...
• [5] eurelectric.org/publications/joint-associations-letter-ca...
• [6] generationimpact.global/news/esma-emir3-draft-rts-partici...
• [7] gibsondunn.com/derivatives-legislative-and-regulatory-wee...
• [8] deutsche-boerse.com/resource/blob/4898032/f3790a0ea1a0ebb...

What Changed

• This is not a regulatory change document but a governance clarification with compliance implications:
• Reframing of independence: Central bank independence is characterized as an "anchor" enabling long-term decision-making rather than isolation from society.
• Credibility framework: Credibility depends on competence, engagement, coherence, and public trust—not institutional distance alone.
• Accountability emphasis: Independence requires continuous dialogue with society and other economic governance institutions; it "does not mean isolation."
• Historical validation: The speech references the 1960s-1970s macroeconomic instability under political pressure versus post-pandemic effectiveness of credible central banks in controlling inflation.

Suggested Considerations

• *Understand CBI decision-making philosophy: Recognize that CBI supervisory decisions are grounded in long-term economic stability objectives, not short-term political cycles.
• *Align governance with credibility principles: The speech identifies four credibility pillars—competence, engagement, coherence, and public trust. Regulated firms should ensure their governance frameworks reflect these principles in their own operations.
• *Monitor 2026 supervisory priorities: The speech references CBI's published 2026 Regulatory and Supervisory Priorities, which include maintaining resilience to geopolitical risks, securing consumer and investor interests, and delivering new responsibilities under Access to Cash legislation.

Key Dates

References

• [1] centralbank.ie/news/article/press-release-building-econom...
• [2] centralbank.ie/news/article/press-release-gabriel-makhlou...
• [3] centralbank.ie/news/article/speech-governor-makhlouf-head...
• [4] centralbank.ie/news-media/governors-content/governor-spee...
• [5] centralbank.ie/news/article/blog-the-role-of-economics-du...
• [6] centralbank.ie/news-media/speeches
• [7] centralbank.ie/news/article/capital-horizon-loans-clone--...
• [8] centralbank.ie/news-media/blog

What Changed

The current version (17 February 2026) represents the most recent update to the CSSF's FATF-aligned jurisdiction risk framework. Based on the available search results, the document establishes two primary regulatory categories: High-Risk Jurisdictions (Category 1): Jurisdictions designated by FATF as having strategic deficiencies in their AML/CFT regimes, requiring enhanced due diligence and, where appropriate, counter-measures.

Suggested Considerations

• *For High-Risk Jurisdictions:
• Apply enhanced due diligence and monitoring measures to business relationships and transactions with designated jurisdictions
• Increase the frequency and timing of transaction controls
• Select transaction patterns requiring further examination and obtain detailed information on transaction purposes
• Maintain enhanced mechanisms for reporting suspicious activity to the FIU

Key Dates

References

• [1] cssf.lu/en/Document/annex-of-circular-cssf-22-822-11/
• [2] cssf.lu/wp-content/uploads/cssf22_822_annexe_eng_271025.pdf
• [3] cssf.lu/en/Document/annex-of-circular-cssf-22-822-10/
• [4] cssf.lu/en/Document/circular-cssf-22-822/
• [5] cssf.lu/en/Document/annex-of-circular-cssf-22-822-7/
• [6] cssf.lu/en/Document/annex-of-circular-cssf-22-822-8/
• [7] cssf.lu/en/anti-money-laundering-and-countering-the-finan...
• [8] caceis.com/regwatch/june-2025/

What Changed

• - Introduction of standardized AML/CFT data collection: CSSF mandates uniform reporting formats for collecting data on AML/CFT risks, controls, and practices across supervised sectors, building on...
• Alignment with ongoing AML/CFT enhancements: Complements recent governance-focused circulars (e.g., Circular 26/906 on central administration and risk management for payment/e-money institutions) by...
• No explicit new obligations beyond preparation for data submission, but implies deeper integration of tax-related AML indicators and sub-sector risk updates, as seen in related CSSF activities.

Suggested Considerations

• Assess and document AML/CFT data readiness: Inventory current risk assessments, transaction monitoring logs, KYC processes, SAR filings, and third-party oversight records in standardized formats; map to proportionality factors (e.g., transaction volumes, outsourcing).
• Update governance and controls: Ensure compliance functions have independence, direct board reporting, and audit coverage of AML/CFT; test ICT resilience for monitoring continuity.
• Conduct internal reviews: Perform gap analyses against Circular 26/906 (e.g., fund safeguarding, escalation protocols) and recent conference topics (e.g., terrorist financing, tax indicators); remediate deficiencies with board-approved plans.
• Prepare for submission: Designate resources for data compilation; cooperate fully with CSSF/FIU requests, including transfer-of-funds information under EU 2015/847.
• Engage auditors: Leverage approved auditors for validation of AML/CFT effectiveness ahead of collection.

Key Dates

References

• [1] financialcrime.lu/2026/01/20/CSSF-Circular-26-906/
• [2] cssf.lu/en/anti-money-laundering-and-countering-the-finan...
• [3] cssf.lu/en/2026/01/looking-back-on-the-2026-cssf-aml-cft-...
• [4] kpmg.com/lu/en/insights/tax-and-compliance/navigating-the...
• [5] cssf.lu/wp-content/uploads/S_17_PSF_SP_JTC-Luxembourg-S.A...
• [6] cssf.lu/en/Document/2026-aml-cft-conference-dedicated-spe...
• [7] cssf.lu/en/Document/circular-cssf-26-904/
• [8] cssf.lu/wp-content/uploads/PSF-SP_2026_AML_conference.pdf

What Changed

• There are no direct regulatory changes or new requirements imposed by this Exchange of Letters. It is a non-binding agreement focused on:
• Sharing regulatory knowledge and best practices.
• Supporting financial services development in both jurisdictions.
• Promoting links between GIFT City and UK markets. The letters affirm commitment to developing the regulatory relationship, with an additional step of posting an FCA Financial Services Attaché to the...

Suggested Considerations

• binding nature. Recommended proactive steps for compliance teams:
• Review and download the full Exchange of Letters (PDF available via FCA site) to understand shared priorities.
• Assess current India/GIFT City exposures and prepare for potential future information-sharing requests or aligned standards.
• Monitor FCA news for follow-up developments, such as joint guidance on fintech or market access https://www.fca.org.uk/news.
• Engage with FCA international teams if planning cross-border activities in GIFT City.

Key Dates

References

• [1] international-adviser.com/uk-and-eu-regulators-sign-mou-o...
• [2] insidethefalseclaimsact.com/fca-cooperation-guidelines/
• [3] rpc.cfainstitute.org/sites/default/files/docs/comment-let...
• [4] a-teaminsight.com/blog/uk-fca-dc-outpost-signals-deeper-g...
• [5] taxguru.in/finance/ifsca-uk-fca-sign-exchange-letters-boo...
• [6] fca.org.uk/news
• [7] governmentcontractslegalforum.com/2024/05/articles/fca/fa...
• [8] mas.gov.sg/news/media-releases/2022/mas-and-ifsca-to-purs...

What Changed

• - Enhanced validation checks for the 2026 RoI submission: Applies ESA-defined checks (last updated April 2025) to more data fields to improve data quality, compared to prior cycles.
• Specific error resolutions detailed, including requirements for LEI code communication to CSSF beforehand, correct reference date ('2025-12-31') in file naming, plain-CSV files in predefined .zip...
• Mandatory inclusion of all tables (even empty) in FilingIndicators.csv set to 'true', with matching identification codes across parent-child records.
• Builds on prior CSSF guides, emphasizing eDesk role "DORA Reporting" assignment and ESAs' technical standards. No new regulatory requirements under DORA itself; this refines technical submission...

Suggested Considerations

• Assign "DORA Reporting" role in eDesk to dedicated employee(s) per user guide.
• Communicate LEI code to CSSF line supervisor prior to first submission to enable upload.
• Prepare RoI in plain-CSV files within .zip following ESAs' folder structure/file naming (reference date '2025-12-31'); include all tables in FilingIndicators.csv (even empty, set to 'true').
• Test submissions against listed error codes (e.g., ICTO007 for LEI, identification mismatches); resolve per guidance sections (e.g., Sections 3.2.2, 5.1.2, 6).
• Consult ESAs' EBA resources (data point model, validation rules, FAQs) and CSSF guides (e.g., submission guide, guidance tables).

Key Dates

References

• [1] cssf.lu/en/2025/04/dora-submission-timeframe-for-register...
• [2] cssf.lu/en/ict-and-cyber-risk-for-dora-entities/
• [3] cssf.lu/wp-content/uploads/Guidance-for-interpretation-an...
• [4] arendt.com/our-expertise/regulatory-consulting/regulatory...
• [5] cssf.lu/en/Document/guidance-for-interpretation-and-resol...
• [6] thomasmurray.com/compliance-digest/dora-register-informat...
• [7] deloitte.com/lu/en/our-thinking/future-of-advice/after-do...

What Changed

• The regulatory landscape for UK open banking is undergoing fundamental restructuring:
• Transition of regulatory authority: The FCA is becoming the primary regulator for open banking, replacing the Joint Regulatory Oversight Committee (JROC).
• Future Entity establishment: A new standards-setting body will become the primary UK standard-setting organization for open banking APIs, responsible for setting and maintaining common standards for...
• Independent assessment process: KPMG will evaluate competing proposals from industry participants to determine which organization should lead the Future Entity establishment.
• Legislative framework: HM Treasury will introduce legislation granting the FCA new rulemaking powers for open banking under the Data (Use and Access) Act 2025.

Suggested Considerations

• *For industry participants and trade associations:
• *Engage with the assessment process: Participate in the independent assessment by submitting proposals or supporting existing proposals for Future Entity leadership
• *Arrange FCA Q&A sessions: Organizations interested in leading Future Entity establishment should contact the FCA directly to schedule one-hour Q&A sessions ahead of the independent consultancy process launch
• *Coalesce behind proposals: Industry should decide which proposal option should lead the next phase of work, with the FCA commissioning assessment of either multiple proposals or a single industry-supported proposal
• *Prepare for VRP implementation: Ensure systems and processes are ready for live Variable Recurring Payments transactions expected in Q1 2026

Key Dates

References

• [1] thefintechtimes.com/open-banking-faces-imminent-decision-...
• [2] regulationtomorrow.com/eu/open-banking-process-to-establi...
• [3] aoshearman.com/en/insights/financial-services-horizon-rep...
• [4] twobirds.com/en/insights/2026/uk/uk-payments-and-cryptoas...
• [5] jdsupra.com/legalnews/uk-fca-letter-to-trade-associations...
• [6] fca.org.uk/publication/correspondence/letter-trade-associ...
• [7] fca.org.uk/news/statements/independent-assessment-support...
• [8] gov.uk/government/publications/recommendations-on-payment...

What Changed

• The primary regulatory change is a downward adjustment of the Russian crude oil price cap:
• Previous cap: USD 47.6 per barrel
• New cap: USD 44.1 per barrel
• Effective date: February 1, 2026 This modification targets Russia's shadow fleet and circumvention mechanisms.

Suggested Considerations

• *Implement price cap enforcement: Update transaction monitoring systems to flag and block crude oil transactions exceeding USD 44.1 per barrel from Russian sources
• *Asset freezing: Continue blocking assets of sanctioned persons and entities; verify no new transactions circumvent the lower threshold
• *Reporting obligations: Report affected business relationships to SECO in accordance with the Sanctions Ordinance
• *Enhanced due diligence: Beyond SECO reporting, conduct additional investigations under Article 6 of the Money Laundering Act (GwG) when suspicious indicators arise
• *Suspicious activity reporting: If enhanced due diligence cannot resolve suspicions, file reports with the Financial Intelligence Unit (FIU) under Article 9 GwG without delay

Key Dates

References

• [1] finma.ch/de/news/2025/12/20251212-sanktionsmeldung-russla...
• [2] hub.hslu.ch/economiccrime/konvergenz-von-aml-und-sanction...
• [3] ad-hoc-news.de/boerse/news/ueberblick/sanktionen-eu-versc...
• [4] finma.ch/de/news/2025/08/20250813-sanktionsmeldung-ukraine/
• [5] de.euronews.com/2026/01/29/eu-russland-hochrisiko-geldwas...
• [6] finma.ch/de/news/2026/01/20260130-sr-946-231-176-72/
• [7] finma.ch/de/dokumentation/internationale-sanktionen-und-t...
• [8] finma.ch/de/news/

What Changed

This is not a mandatory regulatory change but a voluntary testing service launched by the FCA; no new enforceable requirements are imposed. Key elements include a holistic focus on the AI system (model + deployment context, risks, governance, human-in-the-loop, evaluation, input/output controls) rather than isolated foundation models. The program features three phases: Discovery, Framework validation, and AI system testing (quantitative/qualitative), emphasizing live monitoring, governance, and risk management. It complements the FCA's Supercharged Sandbox for earlier-stage AI exploration.

Suggested Considerations

• Review FCA's Terms of Reference (PDF) for eligibility, focusing on mature POCs and enterprise-level AI systems.
• Submit application form via FCA portal by 2 March 2026 if ready for live testing; contact suptech@ fca.org.uk for queries.
• Prepare documentation on AI system components (model, context/risks, governance, human oversight, evaluation, controls) for three-phase process.
• Assess internal governance, data, risk frameworks, and monitoring for AI readiness; consider non-participation but monitor for future FCA expectations.
• Firms not selected should use insights from first cohort (e.g., evaluation frameworks) to strengthen internal AI practices.

Key Dates

References

• [1] fintechnews.ch/london/fca-ai-live-testing-uk/79617/
• [2] plenitudeconsulting.com/news-insights/fca-announces-ai-li...
• [3] jdsupra.com/legalnews/uk-fca-second-cohort-of-ai-live-tes...
• [4] fca.org.uk/news/news-stories/applications-open-second-coh...
• [5] fca.org.uk/news/blogs/ai-live-testing-how-it-can-support-...
• [6] corporate-adviser.com/fca-launches-safe-space-for-ai-depl...
• [7] finextra.com/pressarticle/108568/applications-now-open-fo...
• [8] lewissilkin.com/insights/2026/01/29/fca-launches-review-a...

What Changed

This is not new rulemaking but illustrative guidance applying existing Consumer Duty rules from FG 22/5 and PRIN 2A.5.3R, which mandate communications that are clear, fair, not misleading, meet retail customers' information needs, are understandable, and support effective decisions. Key emphases include pre-transaction disclosure of: amount remitted (GBP), applied exchange rate (explaining markups as consumer costs), recipient amount (local currency), variable/fixed fees, total fees, and intermediary/recipient bank fees where applicable.

Suggested Considerations

• Review and update pre-transaction communications (e.g., websites) to prominently display all required pricing elements before commitment: GBP amount, exchange rate/markup, recipient amount, fees (fixed/variable/total), and intermediary warnings.
• Ensure markups are framed as consumer costs, not obscured (e.g., avoid "zero cost" claims despite markups).
• Monitor communication effectiveness regularly under Consumer Duty to confirm good outcomes, enabling cost comparisons and informed choices.
• Apply principles to all channels; proactively disclose fee variability and third-party impacts.

Key Dates

References

• [1] hoganlovells.com/en/publications/consumer-duty-uk-fca-rai...
• [2] regulationtomorrow.com/eu/fca-publishes-good-and-poor-pra...
• [3] fca.org.uk/publications/good-and-poor-practice/consumer-d...
• [4] financialregulation.linklaters.com/post/102kay1/crystal-c...
• [5] jdsupra.com/legalnews/fca-findings-on-international-payme...
• [6] lexisnexis.co.uk/legal/guidance/the-fcas-consumer-duty
• [7] regulatoryandcompliance.com/2025/10/streamlining-consumer...

What Changed

• - Consolidated complaints return: Replaces five existing returns (DISP 1 Annex 1, Consumer Credit Return (CCR), Funeral Plans (FP), Claims Management Companies (CMCs), and Electronic Money and...
• Permission-based reporting: Firms report only sections relevant to their regulated permissions, targeting reporting to specific activities.
• Simplified nil returns: Proportionate approach allows upfront selection for firms with no complaints.
• Removal of group reporting: Shifts to individual legal entity-level reporting for greater transparency and oversight.
• Updated complaints taxonomy: Revised categories reflect modern products/services, reducing use of 'Other' and improving categorization.

Suggested Considerations

• Review and update internal complaints recording, categorization, and reporting systems to align with new consolidated return, taxonomy, permission-based sections, and vulnerability data points.
• Eliminate group-level aggregation; implement entity-level reporting.
• Integrate FCA Vulnerability Guidance into complaints processes for identification and reporting.
• Test and prepare for fixed 6-monthly submissions via FCA systems; complete nil return simplifications where applicable.
• For Retail Banking, Insurance, Payment Services, and CMCs: Retain and adapt contextualised data capture.

References

• [1] regulationtomorrow.com/eu/fca-ps-25-19-improving-the-comp...
• [2] abc.ukgigroup.com/fca-publishes-policy-statement-ps25-19-...
• [3] fca.org.uk/publications/consultation-papers/ps25-19-impro...
• [4] finreg.aoshearman.com/uk-fca-finalises-policy-on-streamli...
• [5] complyport.com/ps25-19-fca-reforms-to-complaints-reportin...
• [6] addleshawgoddard.com/en/insights/insights-briefings/2025/...