Financial Compliance & Licensing Services in
- Looking for a smooth and secure path to meet all your regulatory obligations?
Our Financial Compliance & Licensing Services in Cyprus experts ensure your business setup is fully aligned with all local and international laws, saving you time and stress.
- Is your business ready for new financial regulations and reporting requirements?
Our proactive approach helps you stay ahead of regulatory changes and implement robust systems to meet all reporting obligations with ease.
Financial Compliance & Licensing Services in Cyprus
In a modern, competitive and dynamic financial environment, it is harder than ever to navigate regulatory requirements. Failure to comply may result in tough fines, bad publicity and business hazards that will definetely jeopardize the future of your business. At CX Financia, our reputation is to offer you holistic services that aim to secure your business, make sure that all rules are followed and you are also free to focus on growth.
Our professional team will make compliance more of a strategic asset rather than a heavy liability and enable you to develop a strong and stable operation.
Regulatory Compliance
Our entire repertoire of regulatory compliance solutions is offered to help your business comply with all applicable regulations and standards. We are proactive and will ensure you are ahead of the changes in regulations and remain competitive in the market. Our financial advisory is meant to offer a comprehensive support to your business.
This includes:
- Regulatory Compliance & Licensing: We navigate you through the multifaceted process of acquiring, sustaining, and renewing regulatory licenses. We also provide services in creating and executing effective Anti-Money Laundering (AML) and Know Your Customer (KYC) programs, drafting and filing the necessary regulatory reports, as well as ensuring that these are followed by continually monitoring changes in the regulations and updating them.
- Risk Management/Internal Audits: We will help you to recognize, measure and mitigate operational and financial risks. To reinforce your internal risk management structure, our professional team performs detailed internal audits to understand that your processes and controls are appropriate.
- Entities For Sale: We offer complete support to purchase or sell regulated financial entities, covering the due diligence to the final transaction.
Risk Management Services
A successful and a well established financial business depends on effective risk management. We collaborate with you to recognize, evaluate and handle the possible threats, transforming risks into solvable challenges. We aspire to develop a risk management system not only reactive in nature, but also a component of your strategic planning.
Our services cover:
- Risk Identification and Assessment: Identifying the operational, financial and reputational risks unique to your business model.
- Policy and Procedure Development: The development and application of effective risk management organization-specific policies.
- Internal Audits: Have proper internal audits to make sure that your procedures and controls are well-functional and conformed.
- Mitigation Strategies: The creation of workable and viable mitigation measures to reduce exposure to risk factors.
Entities for sale Services
In addition to compliance, we have strategic corporate services to assist your business to grow and expand.
Here is how we support your business:
- Due Diligence: We conduct a thorough due diligence of the regulatory position and regulatory compliance record of the firm.
- Regulatory Management: We do all the licensing applications and regulatory approvals of the change of ownership.
- Corporate Support: We handle the legal and corporate side of the sale as well as all the needed paperwork.
- Post-Acquisition Integration: We help the new owners to revise policies and systems to maintain on-going compliance.
Internal Audits
Internal audit is one of the foundations of a strong compliance structure within the financial sector. Our services give an independent and thorough audit of the operations of your firm to meet all the requirements of the regulatory bodies.
- Mainstream of Compliance: Our internal audit provides a thorough, unrestricted audit of your firm operations, and ensures full compliance with the stringent regulatory demands of CySEC.
- Proactive Risk Management: We assess internal controls and risk management processes to determine and deal with the weaknesses proactively.
- Ensures Transparency: Our audits provide assurance that your business is in compliance with the relevant laws, strengthened against risk and is operationally sound and worthy of trust.
Financial Licensing Cyprus (CySEC & CBC)
The most important step that every financial firm needs to take in order to operate in Cyprus is to obtain the right license to operate within the legal framework. We also offer a broad outline to be used to sail through this complicated procedure with self-confidence.
- Prerequisite: We give detailed instructions on how to obtain the right license to be in operation in Cyprus.
- Expert Applications Process: Our staff takes care of the entire licensing application process to CySEC including initial consultation and the submission of all the necessary documentation.
- Smoothed Route to Approval: We use our extensive experience in the Cypriot regulatory system to shape your route to regulatory approval with a sound basis of compliance.
FAQ
What are Financial Compliance & Licensing Services?
The services are set to assist financial services companies to comply with the rigid regulatory standards of their sector. The licensing services assist new companies in receiving the required legal obligation to conduct business (e.g., a CySEC license), whereas the compliance services ensure the continuity of compliance with all the regulations and the avoidance of penalties.
Who needs financial compliance services in Cyprus?
All the companies who offer financial services in or out of Cyprus are obligated to operate under the local and EU regulations. These are but not limited to Investment Firms, Fund Managers, Fintech companies, Electronic Money Institutions and Payment Services Providers.
Why should we use a third-party for compliance services?
The hire of an external partner would give your firm specialized expertise and a pool of highly professional employees without having to bear the expense and administrative overhead of a department. This is how you can keep up to date with the changing regulations, reduce risk and can get on with your core business.
What is the first step to get started with your services?
The first is a consultation where your needs in business are discussed. We will analyse the objectives of your firm and present operations so as to offer a specific approach and a road map towards realising and sustaining full regulatory compliance in Cyprus.
Do I need a physical office and local directors in Cyprus to get licensed?
Yes. Regulated firms in Cyprus must have a physical office and local substance. This normally involves a registered office address, a local management team and the provision of adequate number of qualified personnel.
What are the ongoing compliance obligations after my license is approved?
Regulated companies are required to follow a stringent list of continuous requirements. They are the constant reporting to CySEC, the constant capital adequacy, the external and internal audit on the annual basis, and the compliance with all the requirements of AML and KYC compliance.