AML/CTF compliance in Cyprus
MemberCheck's solutions for Cyprus
Who is Cyprus's AML/CTF Supervisor?
Cyprus Financial Intelligence Unit - (MOKAS)
MOKAS, Cyprus’ financial intelligence agency, is the unit charged with fighting money laundering. It serves as the central watchdog for receiving, requesting, analysing, and disseminating suspicious activity data and other relevant details relating to illegal money laundering and terrorism funding. MOKAS primary roles are as follows:
How to comply with MOKAS regulations in Cyprus
The law mandates all Financial Institutions (FIs) and designated non-financial businesses and professions (DNFBPs) must develop and enforce effective and sufficient enforcement programs to protect their businesses, and the financial system in general, from being used for money laundering or terrorism financing purposes. Essentially, this program is intended to accomplish the following:
Independent audit of the AML/CTF compliance program
It is not enough to put an AML/CTF compliance program into motion. An independent evaluation must oversee and review the software. Financial institutions (FIs) and Designated Non-Financial Business and Professions (DNFBPSs) should periodically review their anti-money laundering and counter-terrorism financing (AML/CTF) programs to ensure their effectiveness and to identify new risk factors. The auditors must be adequately trained to guarantee the reliability of their reports. Among other things, but not exclusively, the independent audit should:
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.