CySec has issued a Circular for the Regulated Entities in Cyprus
The Cyprus Securities and Exchange Commission (CySec) has issued a circular to remind the Regulated Entities of the following, noting the well-known principle that ignorance of the Law is no defence.
According to Article 68C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (‘the Law’), the provision of false or misleading evidence or information and false or forged identification documents of customers or ultimate beneficial owners, is a criminal offence.
In particular, Article 68C, which was added to the Law with amending Law no. 58(I)/2010, states the following:
‘ In the event that the customer of a person engaged in financial or other business activities, or a person who is authorised to act on behalf of the customer, or a third person according to paragraph (a) of subsection (2) of section 67, on whom the person engaged in financial or other business activities relies for the performance of the procedures for customer identification and due diligence measures, knowingly provides false or misleading evidence or information for the identity of the customer or of the ultimate beneficial owner or provides false or forged identification documents, is guilty of the offence and, in case of conviction, is subject to imprisonment not exceeding 2 years or to a pecuniary penalty of up to €100.000 or to both of these penalties.’
Source: CySec – Reminder to Regulated Entities
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