Cryptocurrencies and AML. How to stay compliant

Since their inception, cryptocurrencies have exploded as an alternative way to trade currency. However, many stakeholders still do not understand cryptocurrency or its impact on anti-money laundering (AML). That needs to change as cryptocurrency adoption continues to grow. The majority of cryptocurrency transactions are for legitimate purposes. However, cryptocurrency’s place outside the traditional financial system…

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Russian Sanctions and the obligations of CySEC Regulated Entities

Sanctions regimes against Russia are changing fast. The three main sanctions regimes targeting Russia so far are the United States, European Union & the United Kingdom. On 25 February 2022, the EU decided to freeze the assets of Russia’s President Vladimir Putin and and its foreign affairs minister Sergey Lavrov. In addition, the EU imposed…

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2021 MLCO Report – Previous findings and Guidance

As we enter into the reporting period, CX Financia’s  Compliance team has produced a helpful overview of the previous year’s reporting. This will help you prepare  for the upcoming reporting obligations. As part of its supervision role, CySEC conducts an annual assessment of all the Annual Reports of the MLCO (the ‘Reports’). This assessment relates…

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Register of Ultimate Beneficial Owners (“UBOs”) Updates

The Registrar of Companies and Intellectual Property Department has recently conducted an information campaign. The campaign was inviting all legal entities in the Registrar of Companies, to disclose their UBOs in the UBOs Register. The deadline to complete this procedure is the 12 March 2022. At CX Financia we get lot of enquiries in relation…

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CySEC’s requirements for Heads of Compliance and MLCOs

Cyprus Securities and Exchange Commission (the “CySEC”) from time to  time performs onsite inspections to its Regulated Entities to assess their compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law (‘the Law’) and the CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing (‘the Directive’). Although CySEC…

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The new law on the protection of whistleblowers

Parliament of Cyprus has recently passed a law on the protection of whistleblowers. This is an important step in cracking down on corruption in the public sector. The new legislation called “the Protection of Persons Reporting Breaches of Union and National Law of 2022” (the Law), applies to the reporting of breaches of EU or Cyprus…

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The Cyprus Investment Firm (‘CIF’) licensing process

In our previous article, we have talked  about  the main provisions of a CIF. One of the most common inquiries we receive relates to the procedure in order to set-up a CIF, through the Cyprus Security and Exchange Commission (the ‘CySEC’) and  the fees payable, accompanied by the CIF application of a new license and…

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Cyprus Investment Firms (CIFs) – All you need to know

The financial sector in Cyprus is continuously growing. Our company has been successfully obtaining licences for our clients for the authorisation of Investment Firms (CIFs), Investment Funds (AIFS and AIF Managers) and Electronic Money Institutions (EMIs). We fully support them in setting up their business, maintaining it operational and addressing their post-licensing challenges and requirements. We undertake, advise and…

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Compliance risks: What you don’t timely manage can hurt you

As global regulations and stakeholder expectations increase significantly, organizations are exposed to a greater degree of compliance risk than ever before. Compliance risk is a threat to a company’s financial, organizational, or reputational standing resulting from violations of laws, regulations, codes of conduct, or standards of practice. Cyprus Investment Firms (‘CIFs’), Alternative Investment Funds (‘AIFs’)…

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Extension of TPR by CySEC

Establishment of Temporary Permission Regime (‘TPR’) UK MiFID II firms became non-EU financial institutions no longer benefiting from the so-called “MiFID II” passport post-Brexit. Due to this, Cyprus Securities and Exchange Commission (‘CySEC’), established a TPR. Please find more information in our previous article regarding TPR here. Notification to TPR Entities in relation to the…

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