Regulatory Alerts2024-08-07 | C655CySEC Findings on Compliance Officers' Annual Reports and Internal Audit Reports for 2022
The Cyprus Securities and Exchange Commission issued Circular C655 to communicate the results of its 2022 risk-based assessment of Anti-Money Laundering and Terrorist Financing reports submitted by regulated entities. The regulator identified recurring deficiencies in the analytical depth of Compliance Officers' reports, the scope of Internal Audit reviews, and the timeliness of submissions, requiring immediate corrective actions. Entities are mandated to address these weaknesses in future reporting cycles to avoid strict administrative sanctions for non-compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law.
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