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Compliance: All CySEC-Regulated Companies Must Follow EU AML Rules

Compliance: All CySEC-Regulated Companies Must Follow EU AML Rules

The ever-changing, fast-growing arena of the regulatory landscape and the challenge posed due to the frequency of the introduction of new and more complex regulatory frameworks was one of the main issues discussed at the 3rd International Compliance Forum on October 6. The panel discussing this, comprised a prestigious panel of regulators both from Cyprus and other EU Member states.

The panel included Demetra Kalogerou, Chair, Cyprus Securities and Exchange Commission, Giancarlo Pellizzari, Head of Banking Supervision Data Division, Directorate General Statistics, European Central Bank, Germany and Marios Neoptolemou, BSc, ACA, CFA, Senior Officer and Head of the On-site & Non-SSM Functions Department Supervision Division, Central Bank of Cyprus.

The panel discussed the main challenges that each authority is currently facing and how they see the evolution of Cyprus’ regulatory framework over the last decade and especially over the last four years following its immense remediation.

It was also noted that over the last decade, a trend towards enhanced transparency has been noted which has led to an exceptional turbulence in the global regulatory framework and increased complex regulatory requirements. This has caused an enhanced compliance function both in terms of resources as well as technical competency.

Demetra Kalogerou  stated the importance of compliance for CySEC which regulates 650 companies that have to focus on compliance. The Chairwoman mentioned that this is a way of increasing efficiency in a company and should not pose a threat to the management of an organisation. It is also important to have a team of compliance and different functions, not just one person in order to assess complaints coming into the company.

Kalogerou added that Cyprus is no longer an offshore centre. “After entering the EU in 2004, Cyprus is a European Union country that has to follow all the AML rules and especially when it comes to fiduciary companies.” She also referred to risk-based tools which are essential to supervise entities because technology and computerization are very important for facilitating the assessment of companies.



The 3rd International Compliance Forum presents the latest international institutional policy trends, developments and challenges in the broad sector of regulatory compliance. As well as the best international practices governing the composition and functioning of a Board of Directors. The forum will brings together not only banks and other financial institutions, insurance companies, investment firms, accounting/audit/tax companies, fiduciary service providers, trust companies and law firms, but also various relevant governmental authorities and regulatory bodies.



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