Regulatory Alerts2024-08-08 | C656C656 - Common weaknesses and good practices in AML/CFT inspections
The Cyprus Securities and Exchange Commission issued Circular C656 to inform regulated entities of common deficiencies and good practices identified during 2022 and 2023 anti-money laundering and counter-terrorist financing inspections. The document highlights critical failures in risk management manuals, customer due diligence, source of funds verification, and suspicious transaction reporting, while outlining effective practices such as enhanced senior management oversight and robust transaction monitoring. Regulated entities are required to implement necessary corrective measures to ensure compliance with legal obligations and avoid administrative sanctions for non-compliance.
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