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A Limassol-based fintech startup, eCredo, plans to revolutionise e-payments with quick and low-cost transfers, as high street banks continue to charge high rates, frustrating customers who are seeking alternative ways to do business. “E-payment is the electronic means of making payments in what is still a developing sector of the economy,” said a senior eCredo executive. “We are a young business, although we have more...
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CySEC Announcement dated 17th December 2019 on the “ AML Compliance Officers’ ” Examinations The Cyprus Securities and Exchange Commission (CySEC) would like to inform all the interested parties that it will initiate the conduct of the examinations for the certification of the Anti-Money Laundering Compliance Officers (AMLCOs) in February 2020. The said examinations are conducted by CySEC to contribute in the Republic’s effort to...
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  Circular C343 dated 25.10.2019 regarding the thematic review of best execution obligations of Cyprus Investment Firms (CIFs) CySEC carried out a review of the Best Execution arrangements put in place by CIFs to ensure compliance with the provisions of Article 28 of the Investment Services and Activities and Regulated Markets Law (“the Law”). Circular C343 sets out CySEC’s observations and draws the attention to...
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Following the successful conclusion of a rigorous approval process covering matters that relate to KYC, Compliance and Ethics Standards, IBM Global Business Services, the largest consulting services organization in the world, has approved MNK RISK CONSULTING LTD as a QUALIFIED IBM SUPPLIER. Past and current client engagements include large-scaled consulting projects with central banks and international financial institutions.
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CySEC issued Circular C334 (“the Circular”) dated 07.08.19 requiring from all CIFs to keep in a separate EU Bank account an additional cash buffer in case there is a need for an extraordinary contribution to the Investors Compensation Fund (“ICF”). In particular: The minimum additional cash buffer amount is set at 0.3% of the eligible funds and financial instruments of a CIF’s clients as at...
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