Read the CySEC Circular C614
Memo #02-2024
CySEC Circular No: C614
Date: 10/01/2024
Subject: European Banking Authority’s (‘EBA’) public Consultation Paper on two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures
Purpose: CIFs and CASPs for EBA's public Consultation Paper on two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures.
In Summary:
CySEC has issued the Circular C614 on 09/01/2024 to inform the Cyprus Investment Firms (‘CIFs’) and Crypto Asset Service Providers (‘CASPs’) that the European Banking Authority’s (‘EBA’) launched on 21/12/2023 a public consultation on two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures (‘Guidelines’).
Restrictive measures are binding on any person or entity under the jurisdiction of Member States.
One set of draft Guidelines is addressed to financial institutions and prudential supervisors and sets common, regulatory expectations regarding the role of senior management, internal governance and risk management in the restrictive measures’ context.
A second set of draft Guidelines, addressed to PSPs and CASPs, sets out what PSPs and CASPs should do to be able to comply with restrictive measures when performing transfers of funds and crypto-assets and focus, in particular, on know your customer (KYC), screening and due diligence.
CySEC informs that the Regulated Entities can submit comments for the EBA's consultation paper by 24/03/2024. They must visit the following link and click on the ‘Submit response’ button. All contributions received will be published by the EBA following the end of the consultation, unless requested otherwise:
CySEC encourages the Regulated Entities to respond to the said consultation paper.
The EBA's public consultation can be found on the following link:
Read the CySEC Circular C614
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