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:

Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?

Have the Many Benefits of Offshore Banking Left the Industry Open to Abuse?

The overseas banking industry is a billion-dollar business. Its no surprise that during the last decade, criminals have discovered ways to circumvent and exploit the system, ultimately giving the offshore world a bad reputation. This article looks at the many benefits associated with overseas banking; and how this has left the industry open to abuse.

An Overview of Offshore Banking & its Benefits

An Overview of Offshore Banking & its Benefits

Generally speaking, overseas or offshore banking has garnered a bad reputation in the financial world. Usually the term is synonymously used with embezzlement, money laundering and tax evasion; evoking reminiscent scandals such as the Panama Papers.

Crypto-currency Start-ups Buying False Reviews is Destablising Reputable Investment Sources

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When cryptocurrency issuers want reviews for their coins, reports have surfaced that several prominent companies have been found offering money to advertisers in exchange for positive appraisals.

Is the Era of Shell Companies Coming to an End?

Is the Era of Shell Companies Coming to an End?

The Honourable Dr. Orlando Smith, Premier and Minister of Finance has announced that the BVI Government will take all reasonable steps to address European Union concerns about economic substance and a new Legislation is intended to be in force by the end of December 2018 in order to avoid the European Union Black List of Tax Heaven Jurisdictions.

Regulatory Update: BVI Economic Substance Act 2018

Regulatory Update: BVI Economic Substance Act 2018

In 2016, the Council of the EU pledged to start advocating tax transparency and fairer taxation within Europe and consequently worldwide. After the EUs Code of Conduct Group (COCG) on taxation investigated BVI practices, they found a number of concerns regarding legitimate substance requirements for companies and limited partnerships doing business in and through BVI.

Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Information on the Payment of Cyprus Taxes for Pensions & Rental Income

Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.

Cyprus Regulatory Update: Shell Company Definition & Exceptions

Cyprus Regulatory Update: Shell Company Definition & Exceptions

The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:

Singapore Variable Capital Company VCC: New Features & Benefits

Singapore Variable Capital Company VCC: New Features & Benefits

The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.