On 7 October 2019, the Cyprus Securities and Exchange Commission (CySEC) issued Circular No. C399 adopting the new Terrorist Financing Risk Assessment Guidance, released by the Financial Action Task Force (FATF).
The Guidance provides best-practice approaches, relevant information sources and practical examples for regulated entities to consider when assessing terrorist financing risk on a country-by-country basis. The Guidance covers key considerations when determining the relevant scope and governance of terrorist financing risk assessment and practical examples to overcome information sharing challenges related to terrorist financing.
CySEC expects that regulated entities take due account and apply the Guidance, which will assist them in the assessment of terrorist financing risk and implementation of applicable counter-terrorism financing measures, as per the provisions of paragraph 12(4) of the CySEC’s Directive for the prevention and suppression of money laundering and terrorist financing.
The FATF’s guidance can be found here.
The CySEC’s Circular can be found here.