Regulatory Alerts2020-03-01
Central Bank of Cyprus Directive for Compliance with UN Security Council Resolutions and EU Council Decisions
The Central Bank of Cyprus issued this directive to mandate that supervised institutions implement comprehensive sanctions compliance programs aligned with UN Security Council Resolutions and EU regulations. Institutions are required to conduct regular sanctions risk assessments, establish robust screening and freezing procedures for designated persons, and maintain detailed records of matches and investigations. The directive further stipulates strict reporting obligations to the Central Bank and outlines supervisory powers and enforcement measures for non-compliance.
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