Read the CySEC Circular C647

Memo #32-2024
CySEC Circular No: C647
Date: 20/06/2024

Subject: New section on CySEC’s website regarding Terrorism Financing (TF) / Proliferation Financing (PF)  
Purpose: To inform Regulated Entities that the section «Terrorism Financing (TF)/Proliferation Financing (PF)» has been added to CySEC’s website.

In Summary:

CySEC has issued the Circular C647 on 20/06/2024 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, Crypto Asset Service Providers (‘CASPs’) and Small AIFMs that CySEC has added on its website the section «Terrorism Financing (TF)/Proliferation Financing (PF)».

This section includes useful information and publications on TF/PF, as well as relevant notifications.

With this Circular C647, CySEC emphasizes that, according to Article 58(d) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended (the ‘Law 188(I)/2007’), the Regulated Entities should apply adequate and appropriate policies, controls and procedures which are proportionate to their nature and size, so as to effectively mitigate and manage the risks of money laundering and terrorist financing.
Furthermore, CySEC’s Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing, amended (the ‘Directive’), includes examples of suspicious transactions/activities related to terrorist financing, in Part B of the Third Appendix.
Also, CySEC notes that the Regulated Entities should have in place effective processes to identify, assess, monitor, manage and mitigate PF risks.
CySEC urges the Regulated Entities to continuously monitor, inter alia, the section «Terrorism Financing (TF)/Proliferation Financing (PF)» on CySEC’s website, including the notifications to be sent for useful information and publications on TF/PF, through the RSS Service, ensuring their full compliance with their relevant legal obligations for preventing TF and PF.
The section «Terrorism Financing (TF)/Proliferation Financing (PF)» can be found on the following link: 

Read the CySEC Circular C647

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