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New regulations regarding AML (June 2016)

The Central Bank of Cyprus issued an amendment to the Directive regarding money laundering and terrorist financing following the international trend towards stricter AML regulation of the banking services industry.

The main provisions of the amendment are:

  • Enhanced “Know-Your-Client” procedures, including the requirement to interview clients either face to face or via video call.

  • Enhanced procedures regarding the on-going monitoring of account transactions.

  • Corporate clients should provide banks their audited financial statements for the previous two years. Corporate clients residing in jurisdictions where audited financial statements are not required by law should provide management accounts instead.

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