Three developments require attention this week. New EU and UN restrictive measures have been published by the CBA — all obliged entities must screen against updated sanctions lists immediately. AMLA has opened public consultations, the first practical sign of the new EU AML Authority engaging with obliged entities. Most significantly, ASPs (administrative service providers) are now classified as Financial Institutions for CRS purposes, creating a new reporting obligation for the TCSP sector. ICPAC has also issued a sanctions alert and a technical alert, likely mirroring the same updates.
New sanctions designations are in force — all obliged entities must immediately update screening lists and review client files for matches; asset-freezing obligations apply from the date of publication.
Administrative service providers are now classified as Financial Institutions under the Common Reporting Standard — TCSPs, law firms, and accountants offering ASP services must determine whether they have CRS reporting obligations and register with the Cyprus Tax Department if not already done.
The EU Anti-Money Laundering Authority is running its first public consultations — obliged entities in all sectors should monitor these, as AMLA will assume direct supervisory responsibility for selected high-risk obliged entities from 2027.
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