Summary of CySEC's Circular C410
Memo #53-2020
CySEC Circular No: C410
Date: 26/10/2020
Subject: Information to be submitted on the basis of the ESAs Joint Guidelines on Cooperation and Information Exchange between the Supervisory Authorities of Credit and Financial Institutions – (the ‘’AML / CFT Colleges Guidelines”)
Purpose: Information to be submitted on the basis of the “AML / CFT Colleges Guidelines”.
In Summary:
CySEC has issued the Circular C410 on 26/10/2020 in order to inform the Cyprus Investment Firms ('CIFs'), the Branches of Investment Firms, located in Cyprus, where their head office is situated in another Member State or in a third country, the Undertakings for Collective Investment in Transferable Securities ('UCITS'), the UCITS Management Companies ('UCITS MC'), the Alternative Investment Fund Managers ('AIFMs'), the Alternative Investment Funds ('AIFs'), the Alternative Investment Funds with a Limited Number of Persons ('AIFLNPs'), and the Companies with sole purpose the management of AIFLNPs, that they must submit to CySEC the Form AML-CFT Colleges (‘the Form’).
CySEC informs that it is essential to gather information on Regulated Entities and their establishments (including parent undertakings, subsidiaries (whether direct or indirect holdings, branches and other group companies), in other Member States or in third countries, and facilitate compliance with the AML/CFT College Guidelines. Therefore the above mentioned Regulated Entities must submit to CySEC the Form.
The “AML/CFT College Guidelines” refers to the ESAs Joint Guidelines on Cooperation and Information Exchange between the Supervisory Authorities of Credit and Financial Institutions, issued by ESAs to clarify the practical modalities of supervisory cooperation and information exchange, and to create a common framework that supervisors should use to support effective oversight of cross border groups from an AML/CFT perspective and also from a more general prudential perspective.
The CySEC has issued the Circular C384 on 30/04/2020 that is relevant to ESAs Joint Guidelines on Cooperation and Information Exchange between the Supervisory Authorities of Credit and Financial Institutions - “The AML / CFT Colleges Guidelines”.
With this Circular C410 CySEC informs the above mentioned Regulated Entities that they must submit to CySEC the Form “AML-CFT Colleges” by 15:00 hrs, Tuesday, 10 November 2020, at the latest, via the CySEC’s Transaction Reporting System (‘TRS’).
It is noted that the Form is regarded as being successfully submitted to CySEC only when a NO ERROR indication feedback file is received.
CySEC further notes that the Form must be completed and submitted to CySEC by all Regulated Entities that were authorised by September 30, 2020. In this respect, Regulated Entities that were authorized by August 31, 2020, but have not made use of their authorisation must also submit the Form.
This Circular C410 also provides information about, the steps for successful submission of the Form, general comments for the Form, method of creating, signing and submitting the Form to the CySEC and how the Regulated Entities may communicate with CySEC for any support they may need with the Form.
The Form AML-CFT Colleges can be found on the following link: https://www.cysec.gov.cy/legislation/financial-crimes/forms/88138/
Read the CySEC Circular C410
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