Through the Circular and following Circular C219, CySEC wishes to remind the Regulated Entities of the Risk Factors Guidelines issued by the Joint Committee of the European Supervisory Authorities (“ESAs”), regarding simplified and enhanced customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions. Particularly:
- Regulated Entities shall apply these Guidelines for the purposes of complying with the requirements set out in Articles 58(a), 58(d), 58(h), 58A, 61(2), 62(2), 63 and 64 of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007.
CySEC’s expects that: Regulated Entities fully comply with the said Guidelines (which have entered into force on the 26th June 2018) and are able to demonstrate that the AML/CFT policies, controls and procedures they have in place are appropriate in view of the ML/TF risks that have been identified.