The Cyprus Securities and Exchange Commission ("CySEC") has announced the detailed arrangements for regulated Administrative Service Providers ("ASPs") to submit information regarding the year 2017 for the purposes of risk-based supervision.
All ASPs which were authorised and undertaking activities at 31 December 2018 are required to complete form RBSF-ASP, which is available on the CySEC website, and submit it online via CySEC's Transaction Reporting System by 23 May 2018. The data reported should be based on audited financial statements.
The reporting process incorporates the Risk-Based Supervision Guidelines jointly issued by the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, which became applicable from 7 April 2018. The guidelines were issued under the Fourth EU Anti-Money Laundering Directive, which was incorporated into Cyprus law by Law 18(I)/2018. The reporting form includes the new classification of high-risk customers contained in the new law. Several other new questions and sections have been added to the form in order to gather information on issues including the number of customers considered to be high net worth individuals as at the reference date, the transparency and complexity of products and services, the size of customers' transactions and geographic analyses of customers and other counterparties.
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