Cyprus regulates AML/CTF through MOKAS and the Prevention and Suppression of Money Laundering Activities Law. See the obligations and how MemberCheck supports them.
Last updated
Cyprus splits AML/CTF supervision across sector authorities. The Central Bank of Cyprus supervises banks, payment and electronic money institutions; CySEC supervises investment firms, funds, trust and company service providers and crypto-asset service providers; the Superintendent of Insurance covers insurers; and ICPAC and the Cyprus Bar Association cover accountants and lawyers. MOKAS is a separate body, the national financial intelligence unit, which receives, analyses, and disseminates suspicious activity data and cooperates with domestic and foreign partners. As an EU member state, Cyprus transposes the EU Anti-Money Laundering Directives into national law.
Financial institutions and designated non-financial businesses and professions must build effective compliance programmes that recognise and report suspicious transactions, apply the know-your-client principle, keep adequate records, and escalate suspicions to a compliance officer and to MOKAS. These programmes must be reviewed by an independent audit.
MemberCheck helps teams meet these obligations by screening customers and entities against global sanctions, PEP, and adverse-media data, verifying identities, and monitoring risk continuously, with a clear audit trail behind every decision.
AML/CTF supervision is split by sector. The Central Bank of Cyprus covers banks, payment and electronic money institutions; CySEC covers investment firms, funds, trust and company service providers and crypto-asset service providers; the Superintendent of Insurance covers insurers; and ICPAC and the Cyprus Bar Association cover accountants and lawyers.
Cyprus's financial intelligence unit, a separate body from the supervisors. It collects, analyses, and disseminates suspicious activity data, cooperates with other FIUs, issues guidance, and can order the postponement of transactions.
As an EU member state, Cyprus transposes the EU Anti-Money Laundering Directives into national law, aligning customer due diligence and reporting duties with the wider EU framework.
Financial institutions and DNFBPs must have their AML/CTF compliance programmes independently reviewed for effectiveness, adequacy of risk assessment, and quality of due diligence and reporting.
As a MONEYVAL member, Cyprus has its AML/CTF framework assessed against the FATF standards that shape expectations for financial institutions and designated businesses.
Supervision is split by sector. The Central Bank of Cyprus supervises banks, payment and electronic money institutions; CySEC supervises investment firms, funds and crypto-asset service providers; the Superintendent of Insurance covers insurers; and ICPAC and the Cyprus Bar Association cover accountants and lawyers. MOKAS, the Unit for Combating Money Laundering, is the separate financial intelligence unit that receives and analyses suspicious activity reports.
The Prevention and Suppression of Money Laundering Activities Law is the principal statute, transposing the EU Anti-Money Laundering Directives into national law.
Cyprus is an EU member state and a member of MONEYVAL, the Council of Europe body that assesses AML/CTF regimes against the FATF 40 Recommendations.
MemberCheck screens customers and entities against global sanctions, PEP, and adverse-media data, verifies identities, and monitors risk continuously, with an audit trail behind every decision.
Book a walkthrough with our compliance team and screen a real case in the first session.
