CySEC procedures for national risk assessment of anti- money-laundering measures
Nov 10, 2015
As reported previously, the Cyprus regulatory authorities recently announced their intention to carry out a comprehensive national risk assessment of measures to combat money laundering and terrorist financing with the assistance of the World Bank and in accordance with the World Bank’s internationally accepted and recognised methodology.
This assessment is now in progress and is expected to be completed by the end of 2016, following which a report and recommendations will be submitted to the Cyprus government, the various regulatory authorities and the private sector for implementation.
The Cyprus Securities and Exchange Commission (“CySEC”) is carrying out the assessment for entities that it regulates, including Cyprus investment firms, UCITS management companies, alternative investment management companies, self-managed alternative investment funds and administrative service providers. It has now published questionnaires that all such entities that were authorised and active at 31 October 2015 are required to complete and return to CySEC no later than 18 November 2015.
This assessment is now in progress and is expected to be completed by the end of 2016, following which a report and recommendations will be submitted to the Cyprus government, the various regulatory authorities and the private sector for implementation.
The Cyprus Securities and Exchange Commission (“CySEC”) is carrying out the assessment for entities that it regulates, including Cyprus investment firms, UCITS management companies, alternative investment management companies, self-managed alternative investment funds and administrative service providers. It has now published questionnaires that all such entities that were authorised and active at 31 October 2015 are required to complete and return to CySEC no later than 18 November 2015.
