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Each month, we leverage data from our Horizon Scanning Regulatory Deadlines Calendar to bring you a glimpse of the key response deadlines and legislation effective dates coming up, so you can plan and take action around some of the most important regulatory developments unfolding right now.

In May, there are 37 regulatory deadlines on the horizon — with 21 key consultation periods coming to an end and requiring a response, and 16 actionable deadlines to be aware of coming into effect.

What are the regulatory deadlines to watch in May?

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The Anti-Money Laundering Council of the Philippines (AMLC) has issued new guidelines on transaction reporting and compliance submissions for covered individuals. The guidelines which apply to all firms that are covered by the Anti-Money Laundering Act prescribe a number of salient changes to their transaction reporting requirements including; reinstating some low risk transactions as reportable transactions, the designation of additional low risk transactions, the introduction of a new file type for suspicious transaction reports, and more.��

Chapter II, Part 1, Section 1.18 and Section 1.19 which impose new file name formats and require multi-factor authentication to access the AMLC portal takes effect on May 1, 2025.

Brazil

On February 5, 2025, the Central Bank of Brazil (BCB) issued Normative Instruction No. 590, which amends procedures for the registration of companies contracted by financial and payments institutions to assist with data sharing and fraud detection.��

Specifically, the normative instruction provides that such contracted companies must be registered in the BCB’s Entities of Interest Information System (Unicad). Financial and payments institutions must indicate in the Unicad portal if they have elected not to contract these services. Additionally, registration must be carried out within ten days of contracting services or in the event of not contracting them. The normative instruction takes effect on May 2, 2025.

Belgium

The Belgian parliament has passed and officially published the “Law of March 25, 2025 relating to the digital operational resilience of the financial sector and containing various provisions”.

The law implements Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA), and partially transposes Directive (EU) 2022/2556 as regards digital operational resilience for the financial sector into national legislation. The law amends various Belgian laws to implement DORA. This law enters into effect 10 days from its publication in the official gazette on May 8, 2025.

Spain

The Spanish National Securities Markets Commission (CNMV) has published Circular 2/2025, which establishes reserved statements templates for crypto-asset service providers (CASPs) and simplifies companies’ reporting obligations. The new standards determine the information to be submitted by CASPs, including data essential to their activity pursuant to Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA).

The circular includes possible obligations that allow entities to be prepared to meet any requirements they may receive from the CNMV. The new standards align the reporting of national financial advisory firms with that of other investment firms and improve the information of entities as a whole. The circular enters into force on May 14, 2025 and amends four previous CNMV circulars: Circular 1/2021, of 25 March, Circular 1/2010, of 28 July, Circular 5/2009, of 25 November and Circular 1/2018, of 12 March. It also repeals Circular 1/2011, of 21 January.

Hong Kong

The Hong Kong Monetary Authority (HKMA) has issued its refined measures on real-time fund transfers made by customers on a real-time basis through “Type C1 credit transfers 1” of the Faster Payment System (FPS) and intra-bank fund transfers of similar nature.

Under the refined measures, authorised institutions are encouraged to conduct a mandatory name matching process for all applicable fund transfers irrespective of the transaction amounts. The HKMA states that it expects authorised institutions to implement these measures by May 31, 2025.

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The ����žž PaymentsCompliance Horizon Scanning tool shows you real-time updates on regulatory deadlines and trends across 140+ global jurisdictions, including all US states, at the click of a button. Its Regulatory Deadlines Calendar feature sets out effective dates for published legislation, closing dates for consultation periods on proposed regulatory developments, and deadlines for specific requests for information by regulatory authorities.

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We’ve only shown you a snapshot of May’s deadlines.

Want to see them all? Book a demo with a member of our team, who can show you the full Regulatory Deadlines Calendar for this month.��