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.