MOKAS annual report on money laundering activities in Cyprus
On 23 June 2023, the Cyprus Securities and Exchange Commission (CySEC) announced the release of the Annual Report for 2022 by the Unit for Combating Money Laundering (MOKAS). The report provides a comprehensive analysis of Suspicious Activity Reports (SARs), Suspicious Transaction Reports (STRs), and the Additional Information File AIF-S or AIF-T.
In general, MOKAS has received a total of 1,901 reports from obliged entities of which, 1,375 were SARs and the remaining 526 reports were STRs.
An analysis of the major reporting sectors reveals that:
- Most of the reports, being 803, were submitted by foreign obliged entities through the Financial Intelligence Units (FIUs) of their home state
- Banking institutions followed by submitting 476 reports
- Investment companies reported 251 instances of suspicious activities
Additionally, the report highlights common indicators of suspicion that triggered the submission of reports to MOKAS, supported by actual example instances.
It also emphasises the importance of international cooperation, with evidence of significant interactions between Cyprus and foreign FIUs. The majority of the requests from foreign FIUs were sent by Ukraine, Latvia, and Russia whereas the majority of requests from Cyprus to foreign FIUs were sent to Romania, Greece, and Germany.
CySEC encourages all Regulated Entities to consider the Annual Report, as it offers valuable insights into money laundering trends, patterns, and indicators.
CySEC’s Circular can be found here.
MOKAS annual report can be accessed here.