The Financial Intelligence Unit (MOKAS) and the Cyprus Compliance Association (CCA) signed a Strategic Memorandum of Understanding (MoU), reinforcing their shared commitment to strengthening cooperation and practical engagement in the prevention and combating of financial crime and terrorism financing.
CCA said in a press release that "the collaboration reflects a common objective to enhance structured dialogue and cooperation between the public and private sectors, supporting a more coordinated and forward-looking response to evolving risks, emerging typologies, and regulatory expectations within the financial crime landscape."
"This strategic collaboration constitutes an important milestone in strengthening engagement between MOKAS and the compliance community in Cyprus and establishes a structured framework for ongoing cooperation," the press release noted, adding that "the framework includes the exchange of non-confidential, non-operational insights, dialogue on typologies and regulatory developments, and the organisation of joint awareness, training, educational, and knowledge-sharing initiatives for compliance professionals and other relevant stakeholders.’"
CCA further said that "amongst other initiatives, the Parties will focus on organising joint events and specialised training programmes addressing areas where enhanced attention and collective effort are considered necessary, including evolving financial crime threats, emerging trends relating to terrorism financing, sanctions-related risks, misuse of financial channels and corporate structures, and the increasing complexity of compliance obligations."
"Particular emphasis will also be placed on the importance of continued alignment between supervisory expectations, institutional priorities, and market practices," it pointed out.
According to the press release, as part of this cooperation, the CCA and MOKAS will jointly organise an upcoming seminar dedicated to terrorism financing.
The seminar will bring together professionals from both the financial and non-financial sectors, providing a platform for practical insights, exchange of experience, and discussion of current challenges, typologies, regulatory developments, and supervisory expectations in relation to terrorism financing risks, CCA said.
Commenting on the signing of the MoU, Maria Kyrmizi Antoniou, Head of the MOKAS, pointed out that “this Memorandum of Understanding reflects our shared commitment to strengthening communication, promoting awareness, and supporting initiatives that contribute to the effectiveness of Cyprus’ AML/CFT framework and the protection of the integrity of the financial system.”
On her part, Andrea Moundi, Chair of the CCA, noted that “this strategic collaboration bears particular importance for the Cyprus Compliance Association, as it reflects a significant step towards strengthening engagement between the compliance profession and the competent authority responsible for combating money laundering and terrorism financing in Cyprus.”
The MoU was signed on 8 May.
(Source: CNA)
