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CySEC Focuses on Targeting Money Laundering

CySEC Focuses on Targeting Money Laundering

The Cyprus Securities and Exchange Commission has sent out a directive which requires that additional targeted training should be provided by regulated entities to their staff especially in the area of suspicious activity monitoring.

According to the National Risk Assessment (NRA) on the prevention and detection of money laundering and terrorist financing, vulnerabilities were identified in the Securities and Administrative Service Providers (‘ASPs’) sectors, concerning the effectiveness of the regulated entities’ compliance function, the anti-money laundering and countering the financing of terrorist (AML/CFT) knowledge of staff and the effectiveness of suspicious activity monitoring and reporting. To that effect, an Action Plan was formed on the basis of the NRA results to remedy the vulnerabilities identified and recorded in the NRA Report.

In particular, the Action Plan requires that additional targeted training should be provided by regulated entities to their staff, especially in the area of suspicious activity monitoring, reporting and typologies.

The aim is to mitigate and manage the risks of money laundering and terrorist financing effectively in relation to internal reporting and reporting to MOKAS (the Legal Service’s Unit for Combating Money Laundering).

The money laundering compliance officer should then be allowed to have direct and timely access to other information, data and documents which may be of assistance to him/her and which is available to the obliged entity, and when they have reasonable suspicion that monetary sums, irrespective of the amount, constitute proceeds of illegal activities or relate to terrorist financing, should ensure that MOKAS is immediately notified.

Regulated entities are also obliged now to submit a relevant report and provide complimentary information after a relevant request by MOKAS.

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