We wish to inform you on the latest Circular C488 issued by CySEC on EU Council’s Restrictive Measures and other sanctions against Russia in response to the crisis in Ukraine.
With respect to the targeted restrictive measures and/or any other additional Restrictive Measures/Sanctions which may be imposed in the future against Russia in response to the crisis in Ukraine, all Regulated Entities are required to take the following actions:
- Implement appropriate actions/measures and/or freeze immediately all funds and/or economic resources that are held, administered or managed on their behalf or on behalf of other persons associated with the business relationship.
- Inform CySEC, by Thursday, 3 March 2022, at the latest, using the email address aml@cysec.gov.cy, whether they have such business relationships or not. This notification must include the name of all individuals/businesses that are subject to the restrictions, the type of the assets that have been frozen (e.g. cash, financial instruments) and their total value.
- In the case of further Restrictive Measures/Sanctions which may be imposed against Russia in response to the crisis in Ukraine, all Regulated Entities must inform CySEC within a reasonable timeframe, as defined in point (ii) above.
We remain at your disposal for any clarifications and/or assistance needed.