Cyprus AML aims to capture current and future developments in respects to money laundering, terrorist financing, regulatory compliance, legislative changes and best practices in respects to money laundering and terrorist financing matters in Cyprus.
Cyprus AML In practice
I have been working amidst Cyprus AML issues for several years. My focus has always been offering services to Cyprus companies, funds, and trusts. As well as the various type of possible shareholder structures that are associated with them such as listed entities, partnership funds, registered umbrella funds, and others.
Review, Adjust, Adapt
Cyprus AML is evolving. Every day the existing compliance procedures are reviewed, adjusted and adapted to respond to the equally evolving financial crime attempts. With the Financial Action Task Force hard at work monitoring the sufficiency of the financial system as well as local regulators such as the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission, the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus pushing regulations to its members this category of posts will be very interesting.
With matters to consider as a priority being transaction monitoring, client acceptance, risk categorization of clients, the new CySEC directive to it’s members as well a the best practices issued by ICPAC there is an abundant of commentary to prepare and share upon. I hope you enjoy reading the blog, let me know what you think
Cyprus AML Publications
Cyprus does not follow OFAC Sanctions, however in most cases local business are caught by OFAC Sanctions even if they are not aware.
In an attempt to enhance the credibility and reliability of the Cyprus Investment Programme, the Cabinet of Ministers issued a new list of prohibited individuals to which the Cyprus Investment Programme will be restricted.
The Russian sanctions, are in place since 31 July 2014 the latest council decision extends them to 31st of January 2020, what sanctions are applied and who do they apply to?
The language of documents collected for KYC purposes should be in the Greek or English language in accordance with the CySEC directive and if not then such documents should be accompanied by a true translation
Recent amendment to the CySEC law has provided increased powers to CySEC to request information, enter and search premises
Cyprus being a full member of the European Union recently adopted national legislation to transpose EU Directive 2015/849 generally referred to as the ‘4th AML Directive’ into national legislation. How has the national legislation been applied though and is it sufficient?