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Combating Money Laundering and Terrorist Financing: CBC Takes Measures
The Cyprus Banking Corporation (CBC) has taken a range of measures to combat money laundering and terrorist financing, in accordance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law.
Imposition of Financial Fines and Licence Revocation
Under the AML/CFT Law, the CBC is empowered to impose financial fines on supervised entities that fail to comply with AML/CFT regulations. In addition, the CBC may suspend or revoke the licence of a supervised entity found to be in non-compliance.
Targeted Financial Sanctions
The CBC is responsible for ensuring compliance with targeted financial sanctions imposed by the United Nations Security Council and the European Union. The CBC has issued a directive outlining the requirements for supervised entities to implement these sanctions.
National Risk Assessment
In 2018, the Cypriot authorities conducted a national risk assessment of AML/CFT measures, in accordance with international standards set by the Financial Action Task Force (FATF) and European legislation. The report identified deficiencies in the regulatory framework and effectiveness of procedures followed by stakeholders, and recommended corrective action.
CBC Participation in Next Round of National Risk Assessment
The CBC will actively participate in the next round of the national risk assessment, aimed at identifying and addressing any remaining deficiencies.
Useful Links and Documentation
For more information on AML/CFT regulations and guidelines, please refer to the following links:
- CBC Directive for the prevention of money laundering and terrorist financing (fifth edition)
- The Prevention and Suppression of Money Laundering Laws of 2007-2021 (unofficial consolidation)
- The Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions) and of the Decisions and Regulations of the Council of the European Union (Restrictive Measures) Law 58(I) of 2016
- CBC Sanctions Directive
- National Risk Assessment
- DIRECTIVE (EU) 2015/849 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC
- REGULATION (EU) 2015/847 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006
Other Useful Information Sources
For further information on AML/CFT regulations and guidelines, please refer to the following sources: