Summary of CySEC's Circular C580
Memo #34-2023
CySEC Circular No: C580
Date: 07/06/2023
Subject: Guidance on identifying, assessing and understanding Terrorist Financing risks in the context of Crypto Assets activities
Purpose: To notify all Regulated Entities about the issuance of the Guidance on identifying, assessing and understanding Terrorist Financing risks in the context of Crypto assets activities.
In Summary:
CySEC has issued the Circular C580 on 01/06/2023 to inform the Cyprus Investment Firms (‘CIFs’), Administrative Service Providers (‘ASPs’), UCITS Management Companies (‘UCITS MC’), Self-Managed UCITS (‘SM UCITS’), Alternative Investment Fund Managers (‘AIFMs’), Self-Managed Alternative Investment Funds (‘SM AIFs’), Self-Managed Alternative Investment Funds with Limited Number of Persons (‘SM AIFLNP’), Companies with sole purpose the management of AIFLNPs, Small Alternative Investment Fund Managers (‘Small AIFMs’) and the Crypto Asset Service Providers, about the issuance of the guide "Guidance on identifying, assessing and understanding Terrorist Financing risks in the context of Crypto assets activities".
This Guidance was prepared to provide guidance for the Regulated Entities of the CySEC to identify, assess and understand the Terrorist Financing risks in relation to Crypto Asset activities, in order to implement adequate and appropriate policies, controls and procedures so as to mitigate and manage those risks effectively.
CySEC informs that this Guidance is available on CySEC’s website.
CySEC further informs that considers this Guidance to be of assistance to Regulated Entities engaging in or seeking to engage in crypto-asset activities to support their understanding of their terrorist financing obligations to prevent and combat the financing of terrorism and how they can effectively comply with these obligations.
CySEC urges all Regulated Entities to study this Guidance.
The Guidance on identifying, assessing and understanding Terrorist Financing risks in the context of Crypto assets activities can be found on the following link: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=59f161ee-be47-400d-9135-fe53935c349b
Read the CySEC Circular C580
Read more news at Regulatory News
