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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Jermaine Case
Jermaine Case
  • Jermaine Case

  • Associate
  • British Virgin Islands
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Senior Associate
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

FATF guidance to trust companies on the risk-based approach

On 23 July 2019, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. 331 for the updated FATF’s risk-based approach guidance for Trust and Company Service Providers (TCSPs).

The FATF guidance highlights that it is the responsibility of the senior management of TCSPs to foster and promote a culture of compliance as a core business value. They should ensure that TCSPs are committed to manage ML/TF risks when establishing or maintaining business relationships.

It includes a general presentation of the risk based approach and provides specific guidance for the TCSP sector and for their supervisors. The FATF guidance was developed to make sure it reflects expertise and good practices from within the industry. It emphasises how supervisory frameworks can help ascertain whether accurate and up-to-date beneficial ownership information on legal persons and legal arrangements is maintained by TCSPs and made available in a timely manner to competent authorities when required.

FATF’s guidance can be found here.

CySec’s circular 331 can be found here.