Circular C260 (Regarding common and recurring weaknesses and/or deficiencies and best practice standards identified during onsite inspections performed by CySEC in relation to the prevention of money laundering (“ML”) and Terrorist Financing (“TF”))

MNK Risk Consulting > News > Regulatory Developments > Circular C260 (Regarding common and recurring weaknesses and/or deficiencies and best practice standards identified during onsite inspections performed by CySEC in relation to the prevention of money laundering (“ML”) and Terrorist Financing (“TF”))

Although CySEC has observed significant improvement in the internal procedures and measures applied by Regulated Entities to prevent ML and TF,

in compliance with the AML Law and AML Directive, CySEC has also identified common and recurring weaknesses and/or deficiencies in Regulated Entities’ compliance with the AML Law and AML Directive, in the following areas:

  • Client Due Diligence
  • Timing of verification of the Client’s identification
  • Termination of the business relationship with Clients
  • Ongoing monitoring of Clients’ accounts and transactions
  • Internal suspicious reporting and reporting to MOKAS

CySEC’s expects that: Regulated Entities shall uphold their duty to maintain and improve the systems, controls and procedures for the prevention of ML and TF, since non-compliance with AML Law and AML Directive will be subject to the administrative sanctions. Please refer to the Circular for further details on each of the areas referred to, above.

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are necessary for the website to function and cannot be switched off in our systems.

In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services