Circular C277 (Article 5A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (“the Law”))

MNK Risk Consulting > News > Regulatory Developments > Circular C277 (Article 5A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (“the Law”))

Through the Circular, CySEC introduces amending Law No. 13(I)/2018 which amends Article 5A of the Law, and provides for the following:

  • “It is forbidden to persons that are trading in goods such as precious stones or metals, motor vehicles, works of art and / or antiques, in the context of their business activities to receive payment in cash in an amount equal to or exceeding €10.000, disregarding whether the transaction is executed via a single transaction or via multiple transactions which appear to be linked between them.”
  • “Persons that are trading in goods such as precious stones or metals, motor vehicles, works of art and / or antiques, in violation of above mentioned paragraph, commits a criminal offense and, in the event of conviction, he /she shall be subject to a fine that does not exceed ten percent (10%) of the amount received in cash.”

CySEC’s expects that: Regulated Entities comply with the above provisions.

Note: The above is an unofficial translation of the Circular (original text is in Greek).

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