New Form for the AML/CFT Monthly Prevention Statement (MPS) for CySEC regulated entities

The Cyprus Securities and Exchange Commission (CySEC) has released Circular C567 to notify regulated entities about the new version of the AML/CFT Monthly Prevention Statement (MPS) Form. The new version of the form needs to be submitted every month using CySEC’s Transaction Reporting System (TRS), instead of the CySEC Portal.

Regulated entities subject to CySEC’s Directive for the provisions of the prevention and suppression of money laundering and terrorism financing are:

• Cyprus Investment Firms (CIF)
• Investment Fund Management Companies (MC)
• Crypto-Asset Services Providers (CASP)
• Administrative Service Providers (ASP)

It is worth noting that this is the first time that CASP entities become subject to regulatory reporting obligations under the supervision of CySEC.

Starting from May 2023, the new MPS Form will replace the current Form 144-08-11. The first submission of the new form shall refer to the month of April 2023. After this initial submission, the new form will need to be submitted on a monthly basis and within 15 days from the end of each month.

The new MPS Form has been developed as an Excel file and is comprised of the following four parts, to be completed by regulated entities:

1. General Information – requesting information regarding the file, the reference date and reporting period, as well as the reporting entity and the person responsible.
2. Section A – requesting detailed information on ‘cash deposits’ exceeding the amount of €10,000.

In this context, cash deposits refer to deposits made by customers in the forms of:

1. Cash – currency, bearer-negotiable instruments, commodities used as highly-liquid stores of value and prepaid cards,
2. Crypto assets subject to mixing,
3. Anonymity Enhanced Tokens,
4. Other deposits of assets that bear the characteristic of anonymity similar to cash.

This section requires a breakdown analysis of the cash deposits received in the different forms stated above, as well as the different types of Anonymity Enhanced Tokens utilised.

3. Section B – requesting information regarding to the suspicious reports submitted internally and to MOKAS, relating to the cash deposits reported in section A.
4. Validation Tests – requiring all tests to take the TRUE value in order for the form to be successfully submitted.

Regarding the naming convention, TRS username_yyyymmdd_MPS-type of regulated entity,

• the TRS username denotes the TRS credentials of the regulated entity,
• the yyyymmdd the end date of the reporting period, and
• the MPS-type of regulated entity the acronym used for the type of the regulated entity, such as
  • MPS-CIF for Cyprus Investment Firms
  • MPS-CASP for Crypto-Asset Services Providers
  • MPS-MC for Investment Fund Management Companies
  • MPS-ASP for Administrative Service Providers

For more regulatory reporting obligations CIF, CASP and MC must meet in 2023, please visit the SALVUS Regulatory Reporting Obligations Calendar^TM.

Do not hesitate to contact us via email at info@salvusfunds.com if you require additional information or support with the submission of the new MPS Form; our Regulatory Compliance team is ready.

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