Regulatory Alerts2019-02-01
Central Bank of Cyprus Directive for the Prevention of Money Laundering and Terrorist Financing
The Central Bank of Cyprus issued this fifth edition directive to mandate that all credit institutions implement comprehensive internal control procedures and risk management systems to prevent money laundering and terrorist financing. The regulation requires the appointment of an Anti-Money Laundering Compliance Officer, enforces strict customer identification and due diligence protocols, and establishes rigorous standards for reporting suspicious transactions to MOKAS. Furthermore, it imposes obligations regarding record keeping, staff training, and the submission of regular prudential statements to ensure ongoing regulatory compliance.
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