Compliance Risk Management Services

Eltoma Corporate Services can assist with: Compliance Function Establishment & Implementation, including Compliance Function Outsourcing.

  • Establish the legislation requirements for your company.
  • Client risk categorisation, customer due diligence and client documentation requirements, linked to Company’s Client Acceptance Policy.
  • Documentation filing & retrieval.
  • Compliance procedure drafting and review/updated procedures, following regulatory legislation amendments.
  • AML Manual drafting.
  • New Client Checklists design, to support the compliance process, custom designed for the business industry.
  • Annual Review Client Checklists design, to support the compliance process, custom designed for the business industry.
  • Standard Induction AML Training.
  • Establish the reporting and record keeping requirements, including FIU (Financial Intelligence Unit) reporting.
  • General AML enquiries helpdesk, including live chat option.

KYC Documentation Compliance Services

  • Documentation receipt & review.
  • Documentation validity compliance checks, name & international passport check, including MRZ verification.
  • Review completed with international sanctions list/designated persons/PEPs.

CIF CySEC License

  • The Investment Firms Act of 2002 (the "Act") provides the legal framework for the provision of investment services as well as for the registration, regulation of operations and supervision of CIFs. The Act governs the provision of investment and non-core services in Cyprus, as well as the provision of investment and non-core services from within Cyprus. CIFs must be licensed by the Cyprus Securities & Exchange Commission (CySEC), which is the relevant regulatory and supervisory authority.
  • Assist with identifying & satisfying conditions of license.
  • Application for CIF – completion of necessary documentation/application.
  • Regulatory inspections & post investigation remediation.
  • Full documentation retrieval to support CIF License application.
  • Collaboration with KPMG throughout the full process.

Furthermore, our Compliance Department can provide:

  • Guidance on the proper application and interpretation of regulatory standards.
  • Implementation and support of effective policies, procedures and practices for regulated types of activities regarding AML/CFT policies.
  • Training the staff on key compliance issues.
  • Provide analysis and control of compliance with regulatory norms, detection of offenses / inconsistencies with the regulatory framework (Due Diligence, internal investigations, consideration of client complaints).
  • Regular reports to management on compliance issues.
  • Identification, assessment and management of compliance risks.

For more information on all Cyprus compliance matters, contact us, we'd be happy to answer any queries you have. 

Take the next step, we are here to help.

Register a Cyprus company.
Open a Cyprus bank account.

  Resources:

Information Security & Factors that Contribute to Data Leakage in the Ukrainian & UK Banking Sector

Information Security & Factors that Contribute to Data Leakage in the Ukrainian & UK Banking Sector

One of the most important regulatory banking documents on information security is the Regulation on bank secrecy and confidential information, which exists in every bank. This document entered into legal force by the banking sector’s order.

Troika Lenders Visit Cyprus Following Withdrawal From Bailout Programme

Troika Lenders Visit Cyprus Following Withdrawal From Bailout Programme

Representatives from the troika of Cyprus’ international lenders, the International Monetary Fund, European Commission and the European Central Bank, recently visited Cyprus for conducting their 4th post-scheme investigation following the islands recent withdrawal from the economic adjustment programme as agreed with the terms of the bailout.

The EC's Plans to Reduce NPLs in Europe May be Beneficial for Cyprus

The EC's Plans to Reduce NPLs in Europe May be Beneficial for Cyprus

Last month, the European Commission proposed an ambitious and comprehensive package of measures to tackle non-performing loans (NPLs) in Europe, making the most out of the promising progress already made in reducing risks in the banking sector.

Anti-Money Laundering measures: The Policy of Combating the Legalisation for Laundering Illicit Income

Anti-Money Laundering measures: The Policy of Combating the Legalisation for Laundering Illicit Income

Money laundering is the act of transforming money or other money obtained as a result of any illegal activity, in money or investments that appear legal, so that their illegal source cannot be traced.

Yellowslip Conversion from MEU1 to MEU3 for UK Nationals Living in Cyprus

Yellowslip Conversion from MEU1 to MEU3 for UK Nationals Living in Cyprus

Following the result of the referendum of 23rd June, Britain will in due course be leaving the European Union. The British High Commissioner outlined the processes currently being followed within government to prepare for the Brexit negotiations in order to find an outcome for the UK nationals living abroad in Cyprus.

ICOs: Can Accountants & Companies Benefit from Their Distribution?

ICOs: Can Accountants & Companies Benefit from Their Distribution?

Initial Coin Offerings (ICOs) are proving to be a common and trendy new way for businesses to raise capital, however what role are Accountants playing in this dynamic market?

The Cyprus Passport Scheme Under Scrutiny Again, However Should it be?

The Cyprus Passport Scheme Under Scrutiny Again, However Should it be?

A number of recently released documents show that the Cyprus passport by investment or naturalisation scheme remains a profitable source of revenue for the island, making almost €5 billion since it started in 2008 and granting EU citizenship to 1,654 foreign investors and their families.

Cyprus vs Malta: Tax & Investment Considerations

Cyprus vs Malta: Tax & Investment Considerations

Malta and Cyprus undeniably have the most favourable citizenship by investment programmes in Europe. Many individuals are using such schemes as a means of significant wealth protection and gaining dual nationality; while smaller economies within the EU receive financial compensation for the privilege.