CySEC starts assessment of money laundering and terrorist financing risks
Cyprus Investment Firms (CIFs) will have to submit information with the Cyprus Securities and Exchange Commission (CySEC), as a part of a National Risk Assessment (NRA) of Anti Money Laundering and Counter Terrorist Financing Measures.
The Cypriot watchdog has earlier today published a circular, informing CIFs, among other regulated entities, of the necessity to submit requested information not later than November 18, 2015.
The regulatory demands apply to a number of CySEC-regulated entities, including Cyprus Investment Firms that were authorized and operated before 31/10/2015.
The check will be conducted in accordance with the internationally accepted and recognised methodology of the World Bank. The purpose of the assessment is to identify, evaluate and understand the money laundering and terrorist financing risks at a national level which is essential for the implementation and development of a national anti-money laundering/countering the financing of terrorism regime.
The NRA is expected to be completed by the end of 2016. The resulting report and the recommendations will be submitted to the Cyprus Government, the Cypriot regulatory authorities and the private sector for implementation.