Independent third party evaluation of the implementation of Cyprus’ Anti Money Laundering framework

17-4-2013 — /europawire.eu/ — As agreed with the International Monetary Fund, the European Commission, and the European Central Bank (“the programme partners”) and following the Eurogroup decisions taken in March 2013, Cyprus has commissioned, on the basis of agreed terms of reference with the programme partners, an independent third party evaluation of the implementation of its Anti Money Laundering framework (“AML”), by an independent firm and Moneyval of the Council of Europe.

The Central Bank of Cyprus with the agreement of the programme partners, has appointed Deloitte Financial Advisory S.r.l. as the independent firm to carry out the review in relation to the effective implementation of Customer Due Diligence measures by a sample of major Cypriot banks with regards to deposits and loans. Deloitte Financial Advisory S.r.l. is an affiliate of Deloitte Italy S.p.A., the Italian member firm of Deloitte Touche Tohmatsu Limited.

Moneyval visited Cyprus from 19 to 31 March 2013 and is in the process of completing its assessment in accordance with the terms of reference. Deloitte is in the process of carrying out their review.

As agreed by all parties and the troika, the key elements of the engagement are published as an Appendix to this announcement.

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Appendix – KEY ELEMENTS FOR A THIRD PARTY AML AUDIT OF THE EFFECTIVE IMPLEMENTATION OF CDD MEASURES WITH REGARD TO DEPOSITS AND LOANS   – http://www.centralbank.gov.cy/media/pdf/Appendix.pdf