Cyprus, which is a member of the European Union, is obliged to comply with the AML directives of Cyprus is updating its legislation in order to comply with EU directives and regulations. Cyprus is audited by the European Union and the OECD in the Anti-Money Laundering field. Also, Cyprus's AML measures have been internationally evaluated several times in recent years by the Council Europe Committee Moneyval. Cyprus aims to combat financial crimes with these AML measures.
• The Central Bank of Cyprus
• The Unit for Combating Money Laundering (MOKAS)
• The Authority for the Supervision and Development of Cooperative Societies
• The Securities and Exchange Commission
• The Council of the Cyprus Bar Association
• The Council of the Institute of Certified Public Accountants
Cyprus is more effective in combating financial crimes with its AML regulations.
• Prevention of money laundering
• Prevention of terrorist financing
• Prevention of corruption,
• Prevention of bribery
• Prevention of tax evasion
Banks, investment companies, money transfer companies, stock exchange companies, accountants, casinos and other financial service providers have to comply with AML and CFT regulations in Cyprus. These entities are responsible for performing certain AML and KYC controls during customer onboarding and monitoring processes and during customer transactions. Companies should determine the customer risk level with Customer Due Diligence controls. Under AML laws in Cyprus, organizations are required to notify MOKAS of suspicious situations during controls. Organizations that do not comply with AML regulations are fined by the Government of Cyprus and the European Union.
Sanction Scanner ensures that your company complies with global and Cyprus AML regulations. Sanction Scanner helps you to meet end-to-end AML regulatory requirements with our solutions developed with artificial intelligence. Sanction Scanner provides real-time data to its users.
In the past review by external regulators, financial institutions and casinos in the Turkish Republic of Northern Cyprus (TRNC) were vulnerable to the Prevention of Money Laundering. Since the Turkish Republic of Northern Cyprus does not have sufficient legislation on AML, it is estimated that criminals have committed large amounts of financial crimes in the past through financial institutions and casinos. In addition, the lack of sufficient knowledge and expertise of AML in financial institutions provided opportunities for financial crimes.
Prevention of Money Laundering Law of the Turkish Republic of Northern Cyprus was published in 1999. TRNC has anti-money laundering (AML) legislation for more than 20 years; this has been strengthened in recent years to align with EU directives. In their recent statements, officials of the Central Bank of the TRNC say that more attention is paid to the fight against money laundering and that inspections are increasing. The new AML law, in line with EU directives and FATF regulations, is expected to be more effective in the fight against financial crimes in the Turkish Republic of Nothern Cyprus. In the Turkish Republic of Northern Cyprus, the Financial Crimes Investigation Board (from Turkey) and the European Union organize training for financial institutions and casinos.
AML audits made by regulators to casinos and financial institutions are increasing. Organizations that do not meet AML obligations remain vulnerable to financial crimes. Organizations that fail to comply with AML, face risks of fines and loss of reputation. Sanction Scanner helps financial institutions and casinos in Cyprus meet global and local AML requirements.
With our Anti-Money Laundering Compliance Software, you can control all processes from customer onboarding to customer transactions. Financial institutions and casinos can detect financial crimes such as money laundering, terrorist financing, corruption and bribery with our Sanction and PEP Screening Service. Once you have detected suspicious transactions, you can block the transaction and prepare a Suspicious Activity Report. We ensure end-to-end AML compliance of financial institutions and casinos.
• Reduce your workload while performing your AML compliance checks.
• Identify risks in the customer onboarding and monitoring process.
• Reduce false positives in your internal controls.
• Detect suspicious transactions without delaying customer transactions.
• Perform background checks on employee and pre-employee processes to support KYC procedures.