Regulatory Alerts2023-07-19 | C588C588 - EBA’s Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector
The Cyprus Securities and Exchange Commission (CySEC) issued Circular C588 to inform regulated entities of the European Banking Authority’s fourth Opinion on money laundering and terrorist financing risks. The circular mandates that these entities consult the EBA’s findings to enhance their anti-money laundering systems and comply with risk-based due diligence procedures. This requirement stems from the need to address emerging threats such as crypto assets and cybercrime while improving the effectiveness of transaction monitoring and suspicious activity reporting.
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