Home / Regulatory Developments / Circular C277 (Article 5A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (“the Law”))

Circular C277 (Article 5A of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (“the Law”))

Through the Circular, CySEC introduces amending Law No. 13(I)/2018 which amends Article 5A of the Law, and provides for the following:

  • “It is forbidden to persons that are trading in goods such as precious stones or metals, motor vehicles, works of art and / or antiques, in the context of their business activities to receive payment in cash in an amount equal to or exceeding €10.000, disregarding whether the transaction is executed via a single transaction or via multiple transactions which appear to be linked between them.”
  • “Persons that are trading in goods such as precious stones or metals, motor vehicles, works of art and / or antiques, in violation of above mentioned paragraph, commits a criminal offense and, in the event of conviction, he /she shall be subject to a fine that does not exceed ten percent (10%) of the amount received in cash.”

CySEC’s expects that: Regulated Entities comply with the above provisions.

Note: The above is an unofficial translation of the Circular (original text is in Greek).

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