CySec issued a Circular regarding National Risk Assessment of Anti Money Laundering and Counter Terrorist Financing Measures 

The Cyprus Securities and Exchange Commission (CySec), the financial regulator of Cyprus, has issued a Circular to inform Regulated Entities the following:

1) National Risk Assessment (‘NRA’)

In accordance with the international standards set by the Financial Action Task Force (‘FATF’) and the relevant European directives on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing, the CySEC, in collaboration and coordination with other regulatory authorities have  decided to conduct a risk assessment on a national level, following the  internationally accepted and recognised methodology of the World Bank.

The purpose of the NRA is to identify, assess and understand the money laundering and terrorist financing risks at a national level which is essential for the implementation and development of a national anti-money laundering/countering the financing of terrorism regime. The exercise will allow the regulatory authorities to identify any deficiencies in the regulatory framework and to assess the efficiency of the procedures, currently followed by all stakeholders involved, in order to take corrective measures.

The NRA is at its early stages and it is expected to be completed by the end of 2016.
The resulting report with the recommendations will be submitted to the Cyprus  Government, the Cypriot regulatory authorities and the private sector for  implementation.

CySEC would like to stress the great importance of the project for the country’s  efforts to reinforce the fight against the use of the financial sector for money  laundering and terrorist financing. The project will also contribute significantly  towards the reinstatement of Cyprus as a reputable international financial centre  and will facilitate substantially the various assessments of our country that are  carried out from time to time. CySEC will work closely with all the Regulated Entities  and the associations that represent them, as their input is vital to the successful  completion of the NRA.

Read more on the Circular C092 CIFs,UCITS,AIFMs, SM AIFs, ASPs National Risk Assessment-electronic submission of info for more information regarding 2) Information requested by the Commission, 3) General Comments for the completion and submission of the forms, 4) Method of creating and submitting the Forms to the CySEC

Source: CySec

 

---