On April 25th and 26th, 2024 experts of the Latvijas Banka Anti-Money Laundering Department participated in an experience sharing visit to the supervisory authorities in Cyprus.
During a visit to Central Bank of Cyprus, experts discussed the data and tools used for information analysis in the risk assessment of ML/TF as well as the risks associated with investment program conditions at financial institutions. Experts shared experiences regarding the interaction between on-site and off-site supervision processes. Also the risks of financial institutions, including the risks of EU sanctions, in connection with the conditions of the investment program were discussed.
On the second day discussions took place at the Cyprus Securities and Market Commission regarding the framework for the supervision of non-bank financial institutions (investment firms, AIFs, UCITS and management companies, CASPs and Crowd Funding Service Providers), including the pre-authorisation process of funds for the provision of financial services, the prudential framework, the risk assessment methodology and the criteria and approach for determining supervisory priorities.
The experience sharing visit to Cyprus was organized under the implementation of the European Economic Area (EEA) grant-funded project “Improvement of knowledge of employees in combating money laundering in Latvia”.
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