Media & Resources
Central Bank of Cyprus amended Directive on the money laundering and terrorism prevention.
DATE: May 16, 2016 | AUTHOR: atlawyers
Central Bank of Cyprus amended Directive on the money laundering and terrorism prevention. According to the amendments all banks shall conduct meetings with their clients to update and confirm their data. If a client is a legal entity such meeting shall be held with the ultimate beneficial owner in the following cases: the client was introduced to the bank through a third party, the total debits/credits on the account exceed €100.000 annually, the client bears other characteristics which would render him a high risk client. Banks shall obtain their clients’ audited financial statements as well.