CY - Cyprus

AML/CTF compliance in Cyprus

cyprus image

MemberCheck's solutions for Cyprus

Scan your clients against global PEP & Sanction data sources.

Keep up to date on any risks associated with your client by leveraging reliable global media.

Assess and mitigate the risk of doing business with high-risk clients with our Enhanced Due Diligence service.

Who is Cyprus's AML/CTF Supervisor?

cyprus continent

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:

How can
MemberCheck Help?

We provide our clients with a secure and simple solution for scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise, and reduce the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance, for auditing purposes.

MemberCheck Dashboard User Interface
Flexigroup-Limited-Logo.png
The_Co-operative_Bank_(New_Zealand)_logo

* 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.

Make your AML/CFT compliance effortless with MemberCheck