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CySEC says cash payments of €10k banned

first_imgBy Stelios OrphanidesThe 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.You May LikeMarlins PlaceUse your imagination and decorate this classic wooden block set for the mom-to-be and the kids!Marlins PlaceUndoHistory Daily60 Remarkable Photos That Shine A New Light On HistoryHistory DailyUndoTrips ShopNew Website Finds the Cheapest Flights from Rowland HeightsTrips ShopUndo Film review: Child’s Play ***UndoRussian opposition leader Navalny hospitalised for allergic reactionUndoCyprus’ Dothraki warriorUndoby Taboolaby Taboolalast_img

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