Guidance on Identifying, Assessing and Understanding the Risk of Terrorist Financing in Financial Centres

On 1 March 2019, the Cyprus Securities and Exchange Commission (“CySEC”) issued Circular 299/28.02.2019 (the “Circular 299”) to regulated entities in Cyprus. The Circular 299 is a summary of its findings based on the guidance on Identifying, Assessing and Understanding the Risk of Terrorist Financing in Financial Centers (the “Guidance”). The Guidance was examined and endorsed by Moneyval Committee of the Council of Europe at its 56th Plenary meeting in Strasbourg back in July of 2018. 

Circular 299 is addressed to Cyprus Investment Firms (CIFs), Administrative Service Providers (ASPs), UCITS Management Companies, Internally managed UCITS, Alternative Investment Fund Managers (AIFMs), Internally managed Alternative Investment Funds (AIFs) as well as Alternative Investment Funds with Limited Number of Persons (AIFLNPs), and Companies with sole purpose the management of AIFLNPs for their review and actions on the matters of the Guidance. 

In electronic form, Circular 299 is available here.

For further information on this matter, please contact Dimitris Papoutsis or any member of our Financial Services team or your usual contact at Elias Neocleous & Co LLC.