Financial Crime World

Title: Navigating the Complex World of Financial Regulation Compliance in Cyprus: Expert Guidance from PwC Cyprus

Cyprus: A Challenging Regulatory Landscape for Investment Firms

Cyprus, as a European Union (EU) member state and a thriving financial services hub, is home to over 200 investment firms regulated by the Cyprus Securities and Exchange Commission (CySEC). The ever-changing regulatory landscape for these firms poses a significant challenge in keeping up with the latest regulations and managing compliance costs.

Expert Guidance from PwC Cyprus

PwC Cyprus, a leading professional services firm, is committed to helping investment firms navigate the complex regulatory environment. With a dedicated team of regulatory experts, PwC Cyprus offers an integrated and practical approach to compliance, ensuring firms remain compliant while gaining operational benefits.

Key Regulatory Expertise

PwC Cyprus’ extensive expertise covers a range of key regulations, including:

  • Licensing
  • MiFID II/MIFIR
  • CRD IV
  • FATCA
  • CRS
  • EMIR
  • AML

Licensing: Streamlining the Compliance Process

Securing a license is integral for firms looking to operate in Cyprus. PwC Cyprus assists clients by preparing or reviewing application packages and helping them set up their operations to comply with CySEC requirements, saving valuable time and resources.

Adapting to MiFID II/MIFIR: Overcoming the Challenges

MiFID II/MIFIR, effective since January 2018, significantly impacts firms providing investment services. PwC Cyprus’ team of experts helps clients address the interdependencies with other regulations, assess the impact on strategic priorities, and seize opportunities while mitigating threats.

  • Understanding regulatory changes
  • Assessing potential impact
  • Maximizing benefits and minimizing threats

CRD IV: Thriving in a Robust Capital and Liquidity Framework

CRD IV, which prioritizes a robust capital and liquidity framework, introduces challenges for firms and raises questions about efficient use of capital and liquidity resources. PwC Cyprus offers expertise in establishing policies and procedures and optimizing capital consumption and allocation.

FATCA and CRS: Effectively Managing Business Systems and Processes

FATCA and the OECD Common Reporting Standard (CRS) impose significant obligations on financial institutions, fundamentally altering the way they do international business. PwC Cyprus offers guidance on conducting a gap analysis and defining specification requirements for individual IT platforms.

  • Understanding regulatory requirements
  • Conducting a gap analysis
  • Defining specification requirements

EMIR: Implementing a Pan-European Regulatory Regime

EMIR, which reformed the global OTC derivatives market regulation, impacts all investment firms engaging in derivative transactions. PwC Cyprus guides firms in implementing operational, credit, liquidity, and market risk strategies, and optimizing management information systems.

AML: Proactively Addressing Anti-Money Laundering and Countering Terrorist Financing

The fight against money laundering and terrorist financing is a priority for financial regulators worldwide. PwC Cyprus provides expertise in understanding laws and regulations and assessing and analyzing current policies and procedures against the key provisions.

  • Staying updated with AML regulations
  • Assessing current policies and procedures
  • Implementing effective AML measures