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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Consultant
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Counsel
  • Cayman Islands

CySEC announces results to the onsite inspections for AML/TF

On 21 April 2021, the Cyprus Securities and Exchange Commission (CySEC) issued circular 437 relating to the onsite inspections performed on Regulated Entities (Members), assessing their compliance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law and the applicable CySEC Directives.

A number of good practices were identified however some common weaknesses were also observed. As a result, CySEC stipulates further recommendations for its Members to implement, in addition to the measures already outlined to enable full compliance.

Good practices identified in the following areas:

  • EU/UN Sanctions screening
  • AML/Combating Financing of Terrorism (CFT) Risk Assessment
  • Ongoing monitoring
  • Increased AML/CFT staff training
  • AML/CFT internal control measures
  • Record keeping

Weaknesses/deficiencies identified in the following areas:

  • Customer due diligence (CDD) measures
  • AML/CFT risk assessments
  • Transaction Monitoring

A continuous effort is required to ensure that the AML/CFT processes are adequate, as the consequences of failing to manage the associated risks are serious and could lead to severe financial and reputational damage to the Members, the industry and the country.

The Circular 437 can be found here.