Regulatory Alerts2023-12-11 | C607CySEC Circular C607: MOKAS Strategic Analysis Report 2020-2022
The Cyprus Securities and Exchange Commission issued Circular C607 to inform regulated entities about the Financial Intelligence Unit's first Strategic Analysis Report covering 2020 to 2022. The report analyzes money laundering and terrorist financing trends derived from Suspicious Transaction Reports, foreign FIU disclosures, and requests from law enforcement and customs authorities. CySEC urges regulated entities to utilize this feedback to enhance their understanding of suspicious activity reporting and improve the quality of information submitted to MOKAS and police.
TO : Regulated Entities i. Cyprus Investment Firms (‘CIFs’) ii. Administrative Service Providers (‘ASPs’) iii. UCITS Management Companies (‘UCITS MC’) iv. Self-Managed UCITS (‘SM UCITS’) v. Alternative Investment Fund Managers (‘AIFMs’) vi. Self-Managed Alternative Investment Funds (‘SM AIFs’) vii. Self-Managed Alternative Investment Funds with Limited Number of Persons (‘SM AIFLNP’) viii. Companies with sole purpose the management of AIFLNPs ix. Small Alternative Investment Fund Managers (‘Small AIFMs’) x. Crypto Asset Service Providers FROM : Cyprus Securities and Exchange Commission DATE : 11 December 2023 CIRCULAR NO. : C607 SUBJECT : MOKAS’ Strategic Analysis Report 2020 – 2022 The Cyprus Securities and Exchange Commission (‘CySEC’) wishes with this Circular to inform the Regulated Entities of the following: In November 2023, the Financial Intelligence Unit of Cyprus (‘MOKAS’) issued its first ever extended Strategic Analysis Report 2020 – 2022 (‘Report’). The Report aims to provide the Regulated Sector with important information and feedback addressing money laundering and terrorist financing trends and patterns, as these emerge from the context and nature of the Suspicious Transaction Reports (STRs) / Suspicious Activity Reports (SARs) submitted to the FIU by obliged entities during 2020-2022, Requests and Spontaneous Disclosures from foreign FIU’s as well as Requests from Cyprus Police Authorities and from the Cyprus Customs and Excise Department.
The CySEC considers the Report to be of assistance to Regulated Entities, especially in regards to enhancing their understanding of SARS and STRs, so as to further improve the quality of information provided to MOKAS and Law Enforcement Authorities-Police. Sincerely, Dr. George Theocharides Chairman, Cyprus Securities and Exchange Commission