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1. Circular C278 (Financial Action Task Force (“FATF”) Public Consultation on the Draft Risk-Based Approach Guidance for the Securities Sector)

10/08/2018
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MNK Risk Consulting > Regulatory Developments > 1. Circular C278 (Financial Action Task Force (“FATF”) Public Consultation on the Draft Risk-Based Approach Guidance for the Securities Sector)

Through the Circular, CySEC wishes to inform the Regulated Entities about the following:

  • The FATF Guidance focuses on risk-based approach (“RBA”) for the securities sector, it takes into account the experience gained by the public authorities and the private sector over the years and includes an annex on suspicious activity indicators in relation to securities.
  • The purpose of FATF Guidance is to outline the key principles involved in applying an RBA approach to AML/CFT in the securities sector and assist in the risk-based design and implementation of applicable AML/CFT measures.

The Consultation Paper on the Risk-Based Approach Guidance is addressed to countries and their competent authorities, including AML/CFT supervisors of the securities sector, and the Financial Intelligence Units, and practitioners in the securities sector including securities providers and intermediaries and external examiners for AML/CFT purposes.

CySEC’s expects that: Any Regulated Entities wishing to respond to the Consultation Paper on the Risk-Based Approach Guidance, may do so (on a voluntarily basis) by sending their comments directly to the FATF (FATF.Publicconsultation@fatf-gafi.org), by Friday 17th August 2018, the latest. CySEC encourages Regulated Entities to respond.