Cyprus regulator and certified accountants join forces to fight money laundering

Pedro Gonçalves
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Cyprus regulator and certified accountants join forces to fight money laundering

The Cyprus Securities and Exchange Commission (CySEC) and the Institute of Certified Public Accountants of Cyprus (ICPAC) have signed a strategic partnership to tackle money laundering and terrorist financing.

"On the basis of this Memorandum of Understanding (MoU), the organisations will cooperate with each other to prevent of the financial system being used for the purposes of money laundering or terrorist financing in the administrative services sector," said a joint statement.

Under the agreement, CySEC and ICPAC will also address issues and violations of legislation with a common objective to ensure compliance of the supervised entities

The MoU was signed by CySEC chairwoman Demetra Kalogerou and ICPAC chairman Demetris Vakis.

Earlier in May, CySEC  sent out a directive requiring additional targeted training be provided by regulated entities to their staff especially in the area of suspicious activity monitoring.

The aim od the directive is to mitigate and manage the risks of money laundering and terrorist financing effectively in relation to internal reporting and reporting to MOKAS (the Legal Service's Unit for Combating Money Laundering).

In the past six years, CySEC has imposed a total of €25.5m in fines on regulated entities. Specifically, the Commission carried out 16 separate investigations, which resulted in the imposition of a total of €18.5m in administrative fines, not only on listed companies but also on executive and non-executive members of BoDs.

 

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