Cyprus Investment Firms And Providers Of Fiduciary Services – New Anti-Money Laundering Requirements

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Cyprus Securities and Exchange Commission has issued a circular to Cyprus Investment Firms and providers of fiduciary services supervised by CySEC setting out their reporting obligations under anti-money laundering legislation.
Cyprus Finance and Banking

The Cyprus Securities and Exchange Commission (CySEC) has issued a circular to Cyprus Investment Firms and providers of fiduciary services supervised by CySEC setting out their reporting obligations under anti-money laundering legislation.

The supervised entities are required to submit Form 144-08-11 "Monthly Prevention Statement for the Prevention of Money Laundering and Terrorist Financing" to CySEC no later than fifteen days after the end of each month.

Form 144-08-11 is available for download on the CySEC website. It includes information on amounts over €10,000 received from clients in cash and on reports submitted regarding money laundering and terrorist financing. A "nil return" must be submitted even where no client funds are held, no cash receipts above €10,000 occur and no reports on money laundering or terrorist financing are submitted.

You can view a copy of the circular setting out the detailed requirements by following this link.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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