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CBC Takes Disciplinary Action Against Senior Officials

The Cyprus Broadcasting Corporation (CBC) has announced that it is taking disciplinary action against several senior officials, including the Money Laundering Compliance Officer and Heads of Internal Audit and Regulatory Compliance Units.

Background

According to a statement released by the CBC, the move comes in response to concerns over compliance with anti-money laundering and counter-terrorism financing regulations. The CBC is empowered by law to take such measures under section 59(6A) of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law.

Disciplinary Action

The disciplinary action is part of a broader effort by the CBC to strengthen its supervision and enforcement of anti-money laundering and counter-terrorism financing regulations. The move follows a recent report from MONEYVAL, a monitoring body for anti-money laundering and counter-terrorism financing efforts, which highlighted several areas where Cyprus needs to improve its compliance.

In related news, the CBC has announced that it will be participating in the next round of the National Risk Assessment (NRA) of Anti-Money Laundering and Counter-Terrorist Financing Measures. The NRA is a critical tool for identifying risks and vulnerabilities in the financial sector and for developing targeted measures to mitigate those risks.

Wider Effort

The CBC’s actions are part of a wider effort by the Cypriot government to strengthen its anti-money laundering and counter-terrorism financing regime. In recent years, Cyprus has implemented several laws and regulations aimed at improving its compliance with international standards on these issues.

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