Cyprus Financial Regulation Enforcement Agencies Intensify Fight Against Money Laundering and Terrorist Financing

As part of a global effort to combat money laundering and terrorist financing, Cyprus’ financial regulation enforcement agencies are stepping up their efforts to provide a stronger framework for addressing new threats to the international financial system. To achieve this, institutions must perform thorough and regular risk assessments and implement adequate controls to mitigate risks.

Know-Your-Customer Procedures: A Critical Requirement

Know-Your-Customer procedures, including enhanced due diligence for high-risk customers, remain a critical requirement in the fight against money laundering and terrorist financing. Boards and senior management are increasingly seeking to build integrated, risk-based, and efficient anti-money laundering (AML) compliance control programs.

PwC Cyprus: Expertise in AML Compliance

In response to the growing demands of AML regulations, PwC Cyprus has developed expertise in performing money laundering vulnerability assessments, compliance program evaluations, and related gap analysis. The company’s professionals can help clients develop a recommended approach for enhancing risk management and implementing operational solutions that ensure adherence with AML regulatory requirements.

Services Offered by PwC Cyprus

• AML Risk Assessments: Conducting AML risk assessments in line with regulatory requirements and best practices.
• Policy Development: Preparing or updating policies and procedures to ensure compliance with regulatory requirements.
• Suspicious Activity Monitoring: Improving the function and performance of suspicious activity monitoring systems and processes.
• Internal Audits: Enhancing the quality of internal audits.
• Customer Due Diligence: Designing and implementing effective customer due diligence processes.
• Background Checks: Performing background checks on legal or physical persons to support Know-Your-Customer procedures.
• Compliance Training: Training senior executives and employees on compliance topics and regulatory expectations.
• AML Compliance Control Programs: Creating effective and sustainable AML compliance control programs.

Benefits of Working with PwC Cyprus

By working with PwC Cyprus, financial institutions can gain greater confidence that their AML compliance controls are specifically designed, efficiently implemented, and sufficiently robust to effectively manage risks and regulatory requirements.