The Cyprus Securities and Exchange Commission ('CySEC') has announced the results of its latest annual assessment of regulated entities' compliance with their anti-money laundering obligations under the Prevention and Suppression of Money Laundering and Terrorist Financing Law and CySEC Directive DI144-2007-08. For the purposes of the assessment regulated entities are required to submit compliance officers' annual reports and internal audit reports on the prevention of money laundering and terrorist financing, together with relevant board minutes. The latest announcement relates to the year 2016, in respect of which the documents were submitted to CySEC in 2017.
In the course of its review CySEC identified a number of common and recurring weaknesses and deficiencies, which it requires regulated entities to rectify without delay. CySEC will cover these issues in its future assessments and compliance checks in order to ensure that they have been effectively addressed.
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.