Deloitte Financial Advisory to evaluate Anti Money Laundering in Cyprus

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images (1)Deloitte will be in charge of evaluating the implementation of Cyprus’ Anti-Money Laundering (AML) framework, together with Moneyval of the Council of Europe. Preliminary key findings are expected around the 20th of April. International lenders will then report to the Euro group on the level of implementation of the preventive measures by the financial institutions, based on the results of the investigations. Moneyval visited Cyprus from the 19th to the 31st of March and will complete the report soon. Deloitte will be in charge of carrying out the review. According to CB, Deloitte will work on a review ‘in relation to the effective implementation of Customer Due Diligence (CDD) measures by a sample of major Cypriot banks with regards to deposits and loans’. Moneyval will focus on the effectiveness of anti-money laundering implementation while the independent auditor will look at the measures implemented by the credit institutions to prevent criminals from being the beneficial owners of customer deposits in, or loans from, Cypriot credit institutions.