Financial Crime World

Title: Cyprus Cracks Down on Financial Crimes: AML-CFT Regulators Lead the Charge

AmidstStrict EU Directives and International Scrutiny, Cyprus Bolsters Its Defense Against Financial Crimes

  • Cyprus is updating its laws and legislation to align with AML-CFT regulations as a European Union member
  • Regulators are taking a leading role in combating financial crimes

AML-CFT Regulators: The Shield Against Illicit Activity

  • A network of dedicated public officials, including the Central Bank of Cyprus, MOKAS, the Authority for the Supervision and Development of Cooperative Societies, the Securities and Exchange Commission, the Council of the Cyprus Bar Association, and the Council of the Institute of Certified Public Accountants
  • Key players in ensuring the financial system’s integrity

Enforcing Compliance: Which Entities Must Adhere?

  • Financial institutions in Cyprus, including banks, investment companies, Money Transfer Companies, stock exchange companies, accountants, casinos, and other financial service providers
  • Ongoing AML and know your customer (KYC) checks during onboarding and transactions
  • Customer Due Diligence (CDD) controls to assess customer risk levels
  • Failure to comply results in fines from both the Government of Cyprus and the European Union

Focus on Northern Cyprus: Bringing AML Legislation to the North

  • Historically susceptible to money laundering activities in financial institutions and casinos
  • Enacted the Prevention of Money Laundering Law in 1999
  • Renewed attention to strengthening regulations in line with EU directives and FATF guidelines

Enhancing AML Controls in Northern Cyprus

  • Growing focus on fighting money laundering with increased inspections
  • New AML law expected to be more effective against financial crimes
  • Training provided by the Financial Crimes Investigation Board from Turkey and the European Union

AML Audits and Compliance in Cyprus and Northern Cyprus

  • Routine audits of casinos and financial institutions in Cyprus and the Turkish Republic of Northern Cyprus
  • Penalties for non-compliance, including fines and a damaged reputation

Sanction Scanner: Helping Cyprus Businesses Navigate AML Compliance

  • Tailored technologies for Cypriot businesses to meet local and international AML requirements
  • Contact Sanction Scanner or request a demo today to bolster your organization’s defenses against financial crimes