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Business carried out by Cyprus banks no different from elsewhere, MONEYVAL says June 17, 2013
2013-07-03 09:42:47

The business carried out in Cyprus banks is not intrinsically different from international business carried out in other jurisdictions, a special assessment of the effectiveness of customer due diligence measures in Cyprus’ banking sector by MONEYVAL says.

In its assessment the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), notes that it conducted the assessment after being invited to do so in March by Eurogroup Working Group President Thomas Wieser. This was agreed between Cyprus and its Eurogroup partners “as part of the preparations for an adjustment programme that would underpin the assistance” agreed to be granted to the country.

In general, it is noted, “the banks interviewed demonstrated high standards of knowledge and experience of AML/CFT issues, an intelligent awareness of the reputational risks they face and a broad commitment to implementing the customer due diligence requirements set out in the law and in subsidiary regulations issued by the Central Bank of Cyprus”.

Implementation of customer due diligence measures as described by the banks appeared strong under most headings. At the same time the assessment finds that “all banks have procedures in place to determine the identity of the beneficial owner controlling the customer”.

Source: Press and Information Office

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