As required by Cyprus Law, firms are obliged to ensure that they do not, directly or indirectly, assist the legitimization of proceeds from crime or the financing of terrorism.
In this regard, our firm must abide by the provisions of the Prevention and Suppression of Money Laundering Activities Law of 2007 (hereinafter the “Law”) and the Central Bank of Cyprus Directive on the Prevention of Money Laundering and Terrorist Financing (hereinafter the “Directive”).
Our firm is committed to ensuring that we comply with the obligations set out in the Law and the Directive and for this reason we maintain policies, procedures and control systems aimed at preventing money laundering and terrorist financing and the reporting to the relevant authorities of any cases of such conduct we may know or suspect.
In accordance with our anti-money laundering policy, we always ensure that we have a good working knowledge of our clients’ business and financial background as well as information on the purpose and intended nature of any transaction on which we agree to act.
In accordance therefore with our money laundering policy, our firm will require the following information and documents as part of its Know-Your-Client procedures:
For individuals
- Copy of passport
- Proof of residential address (usually by means of a copy of a utility bill or bank statement)
- Signature sample
- Full contact details
- Reference letter from a bank, lawyer or accountant
For corporate entities
- All of the above, plus
- Copy of all constitutional documents
- Details on the individual(s) exercising ultimate effective control of the entity
- Annual audited accounts
Information regarding shareholders and directors (if these are legal entities then information must be obtained as to the physical person behind these entities).
Where copies of documents are produced, then these must either be apostilled or certified as true copies of the original by a foreign lawyer or accountant or relevant body.
Further to the above, our firm reserves the right to require additional documentation or information on the client or the specific transaction.
For more information please contact us.