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ARTICLE · 13 JANUARY 2022

Cyprus National Risk Assessment

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The Ministry of Finance of the Republic of Cyprus recently published the National Risk Assessment (the 'NRA') on Money Laundering and Terrorist Financing...

CyprusGovernment, Public Sector
Elena Kanarini
Elena Kanarini
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Virtual Asset & Virtual Asset Service Providers | National Risk Assessment

The Ministry of Finance of the Republic of Cyprus recently published the National Risk Assessment (the 'NRA') on Money Laundering and Terrorist Financing ('ML/TF') risks of Virtual Assets ('VA') activities and Virtual Asset Service Providers ('VASPs') (available here).

The Cyprus Securities and Exchange Commission (CySEC) recently published the Circular C478 to inform the Regulated Entities on the results of the National Risk Assessment (the 'NRA') which all Regulated Entities should take into consideration when assessing AML/CFT risks; the NRA provides information to the Regulated Entities to carry out their own risk assessment of ML/TF risks in relation to VA activities in compliance with AML/CFT Law. The results of the NRA consist to be an important source of information for the Regulated Entities in identifying and assessing money laundering and terrorist financing risks.

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