The Cyprus Institute of Certified Public Accountants (ICPAC) and the Cyprus Compliance Association (CCA) have signed a Memorandum of Understanding (MoU) aimed at strengthening corporate governance, transparency and compliance practices across the Cypriot market, according to an ICPAC statement.

Under the agreement, the two bodies set out a long-term framework for cooperation, seeking to upgrade the professional environment through the exchange of expertise, closer monitoring of regulatory developments and more aligned approaches to risk management, compliance, anti-money laundering procedures and sanctions.

Moreover, the organisations aim to expand professional education and continuous training, saying the partnership will support higher service quality and help safeguard the interests of the business community and wider society.

The cooperation also covers regular communication and the exchange of non-confidential information, along with joint studies, research work and participation in public consultations on regulatory and corporate-compliance issues.

In addition, ICPAC and the CCA will jointly develop training initiatives, including conferences, workshops and specialised seminars, while exploring new professional programmes and certifications to further strengthen the market.

CCA’s president Andrea Moundi Savvides welcomed the agreement, saying on her personal social media that “this MoU marks a valuable step toward strengthening governance, compliance and risk-management practices in Cyprus.”

She added that the two sides look forward to working together through training and knowledge-sharing initiatives, noting that the partnership is expected to contribute to “a more resilient and forward-looking professional environment”.

The memorandum was signed by ICPAC president Odysseas Christodoulou and Moundi Savvides.