This follow-up report sets out the progress that Cyprus has made in improving its level of compliance with the FATF standards, since their 2019 mutual evaluation.

The follow-up report also assesses the implementation of new international requirements for virtual asset service providers established in the revised FATF Recommendation 15. Cyprus’ rating on the implementation of this revised Recommendation has been downgraded from “largely compliant” to “partially compliant”.

Cyprus is “compliant” with 16 of the forty FATF Recommendations, “largely compliant” with 20 Recommendations and “partially compliant” with four Recommendations (non-profit organisations, correspondent banking, new technologies, and powers of law enforcement and investigative authorities). Cyprus has no “non-compliant” ratings.

https://www.fatf-gafi.org/publications/mutualevaluations/documents/fur-cyprus-2022.html