Summary of CySEC's Circular C566
Memo #20-2023
CySEC Circular No: C566
Date: 20/04/2023
Subject: MOKAS Strategic Analysis Report - Financial Intelligence Information for Combating Trafficking in Human Beings
Purpose: To inform Regulated Entities for a Strategic Analysis Report issued by MOKAS.
In Summary:
CySEC has issued the Circular C566 on 20/04/2023 to inform the CIFs, ASPs, UCITS Management Companies, Internally managed UCITS, AIFMs, Internally managed AIFs, Internally managed AIFLNPs, Companies with sole purpose the management of AIFLNPs, Crypto Asset Service Providers and the Small AIFMs under Law 81(I)/2020, that MOKAS has issued the Strategic Analysis Report - Financial Intelligence Information for Combating Trafficking in Human Beings (‘Report’).
This Report is an Operational Alert outlining red flag indicators and typologies to support financial investigators, obliged entities and all stakeholders involved, in identifying potential instances of trafficking in human beings so that the related activity can be reported to the Cyprus FIU via Suspicious Transaction/Activity Reports (STRs and SARs).
This Report is primarily meant for obliged entities such as financial institutions, with a reporting obligation to MOKAS, as well as for Law Enforcement and Supervisory Authorities.
This Report provides guidance to reporting institutions.
CySEC notes that the STRs / SARs constitute one of the main weapons in the fight against financial crimes, including trafficking in human beings.
CySEC further notes that all Regulated Entities are requested to carefully read the Report and follow and incorporate in their policies and procedures the guidance/instructions/good practices included therein.
The Strategic Analysis Report - Financial Intelligence Information for Combating Trafficking in Human Beings issued by MOKAS can be found attached to this Circular C566.
Read the CySEC Circular C566
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