CySEC Signs New Memorandum of Understanding with Bank of Russia

According to an announcement made by the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), the watchdog signed an updated Memorandum of Understanding (MoU) with the Bank of Russia today.

The move comes after the Russian monetary authority received some additional functions related to the transfer of powers of the Federal Financial Markets Service (FFMS) to the Bank of Russia. The central bank will now oversee and regulate both the banking and the securities sectors.

Cyprus has been serving as an offshore zone for Russian money for a number of years, and a big chunk of the uninsured depositors who suffered in the aftermath of the Cypriot banking crisis were Russian nationals.

With the integration of CySEC and the Bank of Russia's efforts toward Anti-Money Laundering (AML) Anti-Money Laundering (AML) Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Anti-money laundering (AML) is a term that describes laws, processes, and regulations that are intended to prevent illegally obtained funds from being disguised as income gained through legitimate means. The fundamental purpose of the AML laws is to help safeguard, detect, and report suspicious activity including the predicate offenses to money laundering and terrorist financing, such as securities fraud and market manipulation.Most exchanges have AML measures that include identity verification Read this Term) and tax-evasion preventative practices, there will likely be stricter enforcement and greater transparency going forward.

According to the MoU, the exchange of information between the regulators will be facilitated to tackle more effectively prospective violations of securities laws.

The document was signed in Moscow, in the presence of the presidents of Cyprus and Russia, by CySEC chairwoman Mrs. Demetra Kalogerou and the governor of the Bank of Russia, Mrs. Elvira Nabiullina, as part of an official visit of a Cypriot delegation to Russia.

This move comes just months after Russian money began fleeing the country in search of safer alternatives. While the Cypriot banking sector is still licking its wounds from the sovereign debt crisis, it remains one of the preferred destinations for Russian investors to park their money in.