Regulatory Alerts2024-09-17 | C657CySEC Circular C657: FATF Report on Implementation of Recommendation 15 by VASP Jurisdictions
The Cyprus Securities and Exchange Commission issued Circular C657 to alert regulated entities to the Financial Action Task Force's report on the implementation status of Recommendation 15 regarding virtual assets. The circular highlights Cyprus's improved compliance rating from 'Partially Compliant' to 'Largely Compliant' and urges entities to apply a risk-based approach when engaging with jurisdictions that have not effectively regulated or banned virtual asset service providers. Regulated entities are required to utilize the FATF's assessment table to identify higher-risk jurisdictions and implement appropriate money laundering and terrorist financing mitigation measures.
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