Nicosia, Cyprus. Mokas and the Cyprus Compliance Association (CCA) have signed a strategic memorandum of understanding to strengthen cooperation in preventing and combatting financial crime and terrorist financing in Cyprus.
Agreement and objectives
According to a CCA statement, the agreement was signed on May 8 and reflects a shared objective of reinforcing structured dialogue and cooperation between the public and private sectors. The CCA said the cooperation aims to support a more coordinated and future-oriented approach to addressing evolving risks, new typologies and regulatory requirements in combatting financial crime, including challenges linked to emerging regulatory and legal frameworks.
Framework for ongoing cooperation
The CCA said the strategic cooperation is intended to strengthen ties between Mokas and the compliance community in Cyprus and to establish a structured framework for ongoing cooperation. The framework includes the exchange of non-confidential, non-operational information and views, dialogue on typologies and regulatory developments, and joint awareness actions, educational programmes and knowledge-sharing initiatives for compliance professionals and other stakeholders.
Planned joint actions and focus areas
The statement said both parties will organise joint events and specialised training programmes in areas requiring increased attention and collective effort. These include evolving financial crime threats, trends linked to terrorist financing, sanctions-related risks, abuse of financial channels and corporate structures, and the growing complexity of compliance obligations.
Alignment and upcoming seminar
The statement added that emphasis will be placed on continuous alignment between supervisory expectations, institutional priorities and market practices. As part of the cooperation, Mokas and the CCA will jointly organise an upcoming seminar dedicated to terrorist financing risks.
What areas of financial crime compliance do you think require the most immediate training and awareness efforts in Cyprus?