CySEC’s requirements for Heads of Compliance and MLCOs

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…

AML and Crypto Assets

AML and Crypto Assets

In a little over a decade, Bitcoin and other crypto assets have progressed from an idea to an economic phenomenon. We have seen cryptocurrencies explode as a viable way to trade currency. Due to its very nature and initial lack of regulation, it resulted in a large stream of illicit activity – namely money laundering.…

Creating a Strong AML Compliance Culture

Creating a Strong AML Compliance Culture – Tips for the Internal Audit Department

In our previous article titled Creating a Strong AML Compliance Culture, we talked about the elements of a strong compliance environment. Here, you can find our top tips for the Internal Audit Department. With concerns over compliance and protection for investors constantly increasing, Internal Auditors are now faced with new responsibilities in the development and review…

Compliance Challenges for Today’s Financial Service Providers

Compliance Challenges for Today’s Financial Service Providers: Webinar Catch Up

We have often talked about the importance of creating a Strong AML Compliance Culture, and the many challenges firms face in order to comply more efficiently and effectively with ever-changing regulations. Recently, CX Financia Director Xenia Neophytou had the opportunity to participate in a webinar hosted by Taxlinked, the first online community designed and created…

Strong AML Compliance Culture

Creating a Strong AML Compliance Culture

In its efforts to remain in full compliance with the European framework for tackling money laundering and terrorist financing, the Republic of Cyprus is constantly implementing changes to its local laws, in order to ensure alignment with EU Directives and Regulations. One of the fundamental pillars of the Cypriot economy is the financial services and…

5th AMLD

Cyprus Beneficial Ownership Register and other highlights of the amendments the 5th AMLD

Each member state in the EU should have transposed the 5th Anti Money Laundering Directive (AMLD) into national legislation by the 10th of January 2020. By making significant changes to the existing regulatory framework, EU member states aim in becoming more reactive to the continually evolving threat of Money Laundering and Terrorist Financing.  Furthermore, the AML 6th Directive is…