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Cyprus Eyes Tighter Measures Against Financial Crimes with Sanctions Screening
As part of its efforts to combat financial crimes, Cyprus has been updating its legislation to comply with European Union directives and regulations. The country’s anti-money laundering (AML) measures have been internationally evaluated several times in recent years by the Council of Europe Committee Moneyval, with the aim of combating financial crimes.
A Network of Watchful Officials
A network of watchful officials known as Anti-Money Laundering and Countering the Funding of Terrorism (AML-CTF) regulators leads the fight against money laundering and terrorist financing in Cyprus. These regulatory agencies enforce strict laws and rules to identify and prevent illegal financial activity, playing a crucial role in protecting the integrity of the financial system.
Key Players in AML-CTF Regime
In Cyprus, several AML-CTF regulators work together to achieve this goal. The key players include:
- Central Bank of Cyprus
- Unit for Combating Money Laundering (MOKAS)
- Authority for the Supervision and Development of Cooperative Societies
- Securities and Exchange Commission
- Council of the Cyprus Bar Association
- Institute of Certified Public Accountants
Compliance Requirements
To comply with AML-CTF regulations, various entities operating in Cyprus must perform specific tasks. These include:
- Banks
- Investment companies
- Money transfer companies
- Stock exchange companies
- Accountants
- Casinos
- Other financial service providers
These entities must conduct customer due diligence (CDD) controls during customer onboarding, monitoring processes, and transactions.
Issues in Turkish Republic of Northern Cyprus (TRNC)
However, a recent review by external regulators found that financial institutions and casinos in the TRNC were vulnerable to money laundering. The lack of sufficient AML legislation in TRNC provided opportunities for financial crimes.
Strengthening AML Legislation
To address this issue, TRNC has strengthened its AML legislation in recent years to align with EU directives. Inspections are increasing, and the Financial Crimes Investigation Board from Turkey is providing training for financial institutions and casinos. AML audits by regulators of casinos and financial institutions are also on the rise.
Ensuring Compliance
For businesses operating in Cyprus, ensuring compliance with AML-CTF regulations is crucial to maintaining the integrity and stability of the nation’s financial sector. Sanction Scanner offers advanced technologies tailored to support Cypriot businesses in managing regulatory compliance effectively.
By using Sanction Scanner, financial institutions and casinos can meet global and local AML requirements, ensuring heightened security and peace of mind.
Contact Us
Contact us today or request a demo to learn more about how Sanction Scanner can help your business stay compliant with AML-CTF regulations.