CySEC circular regarding anti-money laundering measures

The Cyprus Securities and Exchange Commission has issued a circular (C196 dated 31 March 2017) to entities it regulates reminding them of their obligations under article 68C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, and emphasising that ignorance of the law is no defence.

Article 68C of the anti-money laundering law, which was added in 2010 by means of amending Law 58(I)/2010, makes it a criminal offence to provide false or misleading evidence or information and false or forged identification documents relating to customers or ultimate beneficial owners. The offence is punishable by up to two years’ imprisonment, a fine of up to €100,000 or both.

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