The Cyprus Securities and Exchange Commission has recently issued guidance and information on the main themes arising from its latest on-site inspections assessing the compliance of regulated entities with their obligations under anti-money laundering legislation.
According to the findings of CySEC following the recent inspections, there has been an overall improvement and strengthening in the internal policies and controls implemented by regulated entities.
The findings however also brought to light several areas requiring attention such as the need for better communication between the compliance department and senior management of companies some deficiencies in the data used to compile client’s economic profiles and record keeping of such and weaknesses in client identification procedures.