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AML/CFT Law: CBC Empowered to Take Disciplinary Measures

The Central Bank of Cyprus (CBC) has been empowered by the Anti-Money Laundering and Combating the Financing of Terrorism Law (AML/CFT Law) to take disciplinary measures against supervised entities that fail to comply with AML/CFT regulations.

Disciplinary Measures

According to section 59(6A) of the AML/CFT Law, the CBC may impose:

• Financial fines
• Amend or suspend licenses
• Revoke licenses
• Remove directors and officials from their positions, including Money Laundering Compliance Officers and Heads of Internal Audit Units and Regulatory Compliance Units

Additionally, the CBC can take corrective measures in accordance with section 41(D) of the Business of Credit Institutions Law (66(I) of 1997), as amended.

National Risk Assessment

The National Risk Assessment Report was published by the Ministry of Finance in November 2018. The report identified deficiencies in the regulatory framework and effectiveness of procedures for combating money laundering and terrorist financing. The CBC will actively participate in the next round of the NRA.

CBC Directive for Prevention of Money Laundering and Terrorist Financing

The CBC has issued a directive on preventing money laundering and terrorist financing, which includes guidelines for supervised entities to follow in order to prevent money laundering and terrorist financing.

International Cooperation

Cyprus has been actively engaged in international efforts to combat money laundering and terrorist financing. The country is a member of:

• Financial Action Task Force (FATF)
• Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

Useful Links

• CBC Directive for Prevention of Money Laundering and Terrorist Financing
• National Risk Assessment Report
• Implementation of Provisions of Resolutions or Decisions of United Nations Security Council (Sanctions) and of Decisions and Regulations of Council of European Union (Restrictive Measures) Law 58(I) of 2016
• CBC Sanctions Directive
• EU Directives on Prevention of Use of Financial System for Purposes of Money Laundering or Terrorist Financing

International Sources

• United Nations Security Council Resolutions
• United Nations Office on Drugs and Crime
• European Union Restrictive Measures (Sanctions) in Force
• EU Sanctions Map
• Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)
• Financial Action Task Force (FATF)

Other Useful Information Sources

• Cyprus Financial Intelligence Unit - ‘MOKAS’
• European Commission
• European Banking Authority
• Basel Committee on Banking Supervision

The CBC’s AML/CFT efforts are designed to protect the financial system from money laundering and terrorist financing, while also supporting international cooperation and compliance with EU and global standards.