The Cyprus Securities and Exchange Commission ('CySEC') has issued a circular (C284 dated 5 November 2018) to entities it regulates drawing their attention to a notice issued by the USA authorities regarding dealings with individuals or entities in Iran and reminding them that both the EU Commission and the Financial Action Task Force designate Iran as a high-risk third country with strategic deficiencies in its anti-money laundering regime calling for enhanced due diligence measures.
Under article 64(1)(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, regulated entities must apply enhanced customer due diligence measures when dealing with natural persons or legal entities established in high-risk third countries, and CySEC expects that all regulated entities will take this into consideration when applying customer identification and due diligence procedures.
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