CySEC says cash payments of €10k banned

The Cyprus Securities and Exchange Commission notified supervised companies that accepting €10,000 or more in cash payments is considered a criminal offence under the anti-money laundering law and is punishable by up to one tenth the amount of the cash payment.

A recent amendment to legislation now adds traders of motor vehicles to other professionals affected by the law, CySEC said in a circular issued to supervised entities on Wednesday.

Until now, the law, which bans cash amounts €10,000 or more in a single or several payments related to each other, was restricted to the activities of persons trading in precious stones or precious metals, artwork or antiques.

CySEC is the supervisor of companies listed on the Cyprus Stock Exchange, investment firms, fiduciary services providers and other.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.