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ARTICLE · 15 OCTOBER 2024

Regulatory Insights August - September 2024

KPMG in Cyprus
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We are pleased to present our regulatory Insights August - September 2024 edition, which outlines the latest updates on regulatory developments in Cyprus and Europe.

European UnionFinance and Banking
Eleni Neocleous
Eleni Neocleous
Eleni Poyiadji
Eleni Poyiadji
Marie-Hélène Angelides
Marie-Hélène Angelides
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ANTI-MONEY LAUNDERING

FATF updates methodology for assessing compliance and effectiveness of AML/CFT/CPF systems

On 29 August 2024, the Financial Action Task Force (FATF) updated its methodology for assessing countries' technical compliance with FATF Recommendations and the effectiveness of AML/CFT/CPF systems. This revised methodology will guide FATF's fifth round of evaluations and emphasises a comprehensive understanding of countries' risks, contexts, and effectiveness in achieving AML/CFT/CPF outcomes. The assessment process focuses on two main areas:

Effectiveness: evaluations will prioritise the effectiveness of laws and policies in protecting the financial system from abuse. Countries must show they have robust frameworks tailored to their specific risks. The assessment team will examine 11 key areas to assess how effective a country is in combating these issues.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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