Anti-Money Laundering Compliance

Trust and Professionalism Since 1988

Anti-Money Laundering Compliance

Cyprus, as an EU member-state, is bounded by the national law on the Prevention and Suppression of Money Laundering and Terrorist Financing of 2007 and the Directives of the European Parliament on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

Subsequently, legal entities are being regulated by Financial Intelligence Units and Governmental Authorities, more specifically by the Cyprus Bar Association (CBA). The Anti-Money Laundering Committee of the CBA is obliged to collect information and examine the files of clients of all Law Firms in Cyprus periodically. The AML Legislation is superior to the GDPR Legislation.

Prior to the commencement of a business relationship, Lawyers are obliged to collect all information on the client’s identification and economic profile – known as the due diligence procedure. Additionally, Lawyers are obliged to undertake, update and review information on the economic profile of their clients periodically, either on a yearly basis or even three years, depending on the client risk assessment.

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