Summary of CySEC's Circular C582
Memo #35-2023
CySEC Circular No: C582
Date: 23/06/2023
Subject: Annual Report of the Unit for Combating Money Laundering (MOKAS) for 2022
Purpose: To inform the Regulated Entities that MOKAS has published its Annual Report for the Year 2022.
In Summary:
CySEC has issued the Circular C582 on 23/06/2023 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, Small Alternative Investment Fund Managers (‘Small AIFMs’) and the Crypto Asset Service Providers, that the Unit for Combating Money Laundering (‘MOKAS’) has published its Annual Report for 2022 (‘Annual Report’).
MOKAS receives and analyses suspicious transaction reports and suspicious activity reports which are submitted by Obliged Entities.
The Annual Report for the Year 2022 includes operational, strategic and statistical analysis of the Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs) as well as the Additional Information File AIF-S or AIF-T. It also analyses the most commonly selected indicators of suspicion that triggered the submission of Reports to MOKAS for 2022, with reference to useful real-life case examples.
In accordance with the Annual Report, a notable percentage increase in the reports which were received by Financial Technology Companies (Fintech) based in other member states is recorded, which is indicative of the global trend in the increasing use of digital technology in the financial market.
In Year 2022, MOKAS has received 1901 reports (526 Suspicious Transactions Reports and 1375 Suspicious Activity Reports) from obliged entities.
CySEC encourages the Regulated Entities to study the Annual Report and make use of the information provided.
The MOKAS Annual Report for the Year 2022 can be found on the following link:
Read the CySEC Circular C582
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