Cysec issues guidance to regulated entities

Posted on 18 Mar 2019

The Cyprus Securities and Exchange Commission (the “CYSEC”) has issued Circular C299 subject to which it provides guidance on identifying, assessing and understanding the Risk of Terrorist Financing in Financial Centres. More specifically, the CYSEC notes to regulated entities that the review of the MONEYVAL Guidance as this was issued in July 2018 relating to the prevention of Terrorist Financing to be considered by the regulated entities for the purposes of identifying, assessing and understanding TF risks for the implementation of adequate and appropriate policies, controls and procedures so as to mitigate and manage TF risks effectively, as per article 58(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007.

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