Anti-money laundering Compliance
Compliance with anti money laundering (AML) legislation is an integral part of contemporary business. AML compliance programmes help businesses uncover suspicious activity associated with criminal acts, including money laundering and terrorist financing. The main goal is to identify risks and maintain processes and internal regulations that would shield a business from facilitating unlawful conduct and allow it to report promptly to the regulators any suspicious transactions. With increasing business opportunities and the expansion of regulatory framework against corruption, bribery and money laundering, AML compliance is no longer simply a matter of corporate social responsibility but a strict legal obligation.
Our firm advises clients on their obligations arising from Cyprus AML legislation and we recommend appropriate preventative measures. We advise on risk assessments, preparation and implementation of compliance programmes, policies, controls, manuals and procedures, customer due diligence and processes which identify red flags in order to detect and report suspicious activities and maintain proper record keeping. We also advise on appropriate training and internal audit mechanisms and provide legal advice on the obligations of companies operating in Cyprus in relation to anti-money laundering laws and regulations applicable in Cyprus.
Sanctions
Restrictive measures (sanctions) are an essential tool in the common foreign and security policy of the European Union, through which it can intervene where necessary to prevent conflict or respond to emerging or current crises. Sanctions are intended to bring about a change in policy or activity by targeting non-EU countries, as well as entities and individuals, responsible for the malign behaviour at stake. Navigating sanctions and trade regulations can be an overwhelming challenge for multinational corporations, small businesses, and private individuals alike.
We also assist clients in carrying out their business within Cyprus in compliance with economic sanctions, export controls and national security restrictions imposed by the Cyprus authorities or otherwise applicable within Cyprus as a result of rules and regulations promulgated by the United Nations and the European Union or as a result of local legislation. We represent private and public companies and individuals, covering compliance and defense matters. Our recent work includes advice and representation in primary and secondary sanctions imposed U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), representation in relation to the U.S. Department of Justice (DOJ) investigations, asset forfeiture proceedings, obtaining OFAC licenses for transactions in or involving sanctioned countries and entities, advice and representation in relation matters pending before the Advisory Committee of Financial Sanctions (SEOK), civil and criminal enforcement of sanctions violations, white collar defense and related litigation.
Investigations
We undertake internal investigations and inquiries in businesses where misconduct is identified or suspected. This may relate to employee misconduct, disciplinary issues, conflicts of interest, breach of policies, theft, bribery or corruption. We use modern IT capabilities and follow streamlined methodologies in order to collect and analyse evidence, maintain forensic imaging that can be used in Court processes if necessary, conduct interviews with parties involved, issue our findings and recommendations and represent the organisation before any authority or tribunal which may intervene. We also advise on whistleblower policies which sufficiently protect employees to freely communicate their concerns regarding illegal or unethical practices of any entity, such policies being critical to assist organisations with their ethics and compliance programmes.
