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compliance cases

road safety traffic cameras

Enhancing Road Safety: Traffic Camera Alerts on Cyprus Roads

Cyprus roads now feature yellow lines with white camera symbols to alert drivers of traffic cameras ahead, enhancing compliance with traffic rules and improving road safety. These visual cues aim to reduce accidents by informing drivers in advance of fixed camera locations, prompting them to drive more cautiously and adhere to speed limits.

compliance ubo disclosure

30,000 Companies Face Fines for Non-Compliance

Nearly 30,000 businesses in Cyprus face fines for failing to disclose their Ultimate Beneficial Owners (UBOs), with penalties starting at €200 and increasing by €100 daily. Shareholders and directors of noncompliant companies may also be held accountable, posing a threat to both the nation’s reputation and the survival of smaller enterprises.

compliance governance

Strengthening Supervision: CySEC’s 2024 Agenda for Investment Firms

CySEC’s 2024 agenda focuses on intensifying supervision of Cypriot Investment Firms (CIFs), emphasizing crossborder activities and complex financial products distribution. The regulatory authority aims to enforce robust internal governance, compliance systems, professional conduct, client onboarding, marketing standards, and sustainability integration while utilizing technology to enhance market oversight.

compliance regulatory oversight

Regulatory Oversight in Cyprus: A New Era Begins

Cyprus is ramping up its regulatory oversight with a new authority targeting professional service providers, championed by Finance Minister Makis Keravnos to combat money laundering and bolster transparency. Despite opposition from local professional associations, the government is pushing for stricter oversight to enhance compliance and restore the nation’s international reputation.

most significant tags: golden passports european commission

The Persistent European Commission and the Scandal of the “Golden” Passports

The European Commission is expressing ongoing dissatisfaction with Cyprus’s slow revocation process of “golden” passports, which were granted inappropriately and illegally under the Investment Programme. Cyprus is facing 70 noncompliance cases against EU directives and regulations, putting it at risk of hefty fines. The Commission has been issuing warning letters about the scandal since 2015, and has now escalated the matter by sending a reasoned opinion, the final step before referring a country to the European Court. Cyprus is also facing challenges in environmental matters, labor issues, and refugeemigration management.

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