Home / Regulatory Developments / Circular C196 (“the Circular”) dated 31.03.17 regarding Section 68(c) of Law 188(I)/2007

Circular C196 (“the Circular”) dated 31.03.17 regarding Section 68(c) of Law 188(I)/2007

Through the Circular, CySEC reminds  the Regulated Entities of a well-known principle that “ignorance of the Law is no defence”. As per Section 68(c) of Law 188(I)/2007, 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. Particularly, as per Section 68(c) that was added in Law 188(I)/2007 via amending Law 58(I)/2010, the below is mentioned:

“In the event that the client of a person engaged in financial or other business activities, or a person who is authorised to act on behalf of the client, or a third person according to Section 67(2)(a) of Law 188(I)/2007, on whom the person engaged in financial or other business activities relies for the performance of the procedures for client identification and due-diligence measures, knowingly provides false or misleading evidence or information for the identity of the client 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 two (2) years or to a pecuniary penalty of up to €100.000 or to both of these penalties.”

 

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