EU Adopts 17th Sanctions Package Against Russia
The European Union has adopted its 17th package of sanctions against Russia, intensifying efforts to restrict Moscow’s ability to finance and sustain its war in Ukraine. This comprehensive set of measures targets critical sectors of Russia’s economy and military infrastructure. Cracking Down on Russia’s “Shadow Fleet” A key component of the new sanctions is aimed […]
Analysis of the Potential Consequences of Non-Compliance with CySEC’s AML and Sanctions Regulations
Compliance with financial regulations is a fundamental requirement for entities operating under the supervision of the Cyprus Securities and Exchange Commission (CySEC). Regulatory breaches, particularly in Anti-Money Laundering (AML) and sanctions regulations, can lead to severe consequences, affecting not only the non-compliant firm but also its directors, employees, and stakeholders. This article explores the potential […]
EU Set to Prepare 17th Sanctions Package Against Russia
The European Union is preparing its 17th package of sanctions against Russia, with the European Commission finalizing the proposal and presenting it to Member States. The package primarily targets Russia’s shadow fleet, proposing restrictions on nearly 150 additional oil tankers used to evade sanctions, which would bring the total to over 300 if approved. Sanctions […]
Central Bank of Cyprus: Announcement regarding new Directive to strengthen anti-money laundering measures and improve access to financial services
On 2 May 2025, the Central Bank of Cyprus (CBC) announced the adoption of a new Directive (Κ.Δ.Π. 120/2025) focused on preventing money laundering and the financing of terrorism. This updated framework aims to modernize how financial institutions approach compliance, while also making it easier for individuals and businesses to access banking services. The CBC […]
The Hidden Risks of Relying on AI for AML Decisions in Professional Services
Artificial Intelligence (AI) is making its presence felt in the professional services sector, particularly among small firms that provide administrative, accounting, audit, and legal support. While these organisations may not yet use large automated systems for AML compliance, individual practitioners are increasingly turning to AI tools for guidance and decision support. This shift, while understandable, […]
Navigating the New EU AML Regulation: Key Changes and Implications for Compliance
This article is based on the AML Regulation Factsheet by Accountancy Europe, which outlines the latest changes introduced by the European Union’s Anti-Money Laundering (AML) reform. It highlights the key compliance obligations for accountants, auditors, tax advisors, and other obliged entities, providing insights into how these changes will impact their operations and what steps they […]
Global Corruption: Insights from the 2024 Transparency International Index
Transparency International’s Corruption Perceptions Index (CPI) for 2024 reveals persistent global challenges in combating public sector corruption. The CPI evaluates 180 countries and territories, assigning scores from 0 (highly corrupt) to 100 (very clean), based on perceived levels of public sector corruption. The 2024 CPI indicates that over two-thirds of countries scored below 50, highlighting […]
AML & KYC in the Age of Deepfakes
Artificial Intelligence is transforming our world, enabling innovation across industries and unlocking operational efficiencies once thought impossible. But with progress comes risk. The same tools enhancing productivity are now being weaponised to undermine the very systems we rely on to verify identity, prevent fraud, and uphold regulatory compliance. A recent and troubling example involves Polish […]
Cyprus Debates Casino Cash Limits Amid Money Laundering Concerns
In December 2024, the Cypriot Parliament passed legislation prohibiting cash transactions exceeding €10,000 as part of its efforts to combat money laundering and financial crimes. This law, effective from 1 January 2025, applies to various transactions, including those related to goods, services, and real estate. Violations could lead to fines amounting to 10% of the […]
European Commission Launches Sanctions Helpdesk
The European Commission has introduced a new centralized resource to support small and medium-sized enterprises (SMEs) in navigating the complexities of sanctions compliance. The EU Sanctions Helpdesk aims to assist SMEs in adhering to EU sanctions worldwide, helping to mitigate compliance risks and associated costs. With over 40 sanctions regimes in place globally, the Helpdesk […]
European Parliament Adopts Sanctions-Related Resolutions
On 12 and 13 March 2025, the European Parliament adopted a series of resolutions reinforcing its commitment to using sanctions as a key foreign policy tool. These resolutions address various sanctions regimes, including those targeting Russia, Syria, Sudan, and human rights violators under the Global Human Rights Sanctions Regime. The measures aim to uphold international […]
Global Terrorism Index 2025 – Key Global Trends and Patterns in Terrorism
The Institute for Economics and Peace has published the Global Terrorism Index (GTI), which outlines the main trends in global terrorism. While there were declines in both deaths and attacks in 2024, these gains were undermined by the ongoing expansion of terrorism. In 2024, the number of countries experiencing a recorded terrorist incident rose from […]