The Central Bank of Cyprus has amended its AML and Terrorist Financing Directive, which is based on the provisions of the respective EU Directive, by enhancing the KYC requirements for commercial banks, requiring them “to ensure, through their own procedures the verification of the identity and economic profile of their customers.”
The CBC has also strengthened the requirements regarding the handling of business relationship with third parties that undertake the KYC and Due Diligence procedures for the bank’s customers.
They stated that the current amendment is a part of the continuous effort to strengthen their regulatory framework in order to prevent money laundering and terrorist financing.
The amendment of the Directive is available through the official website of the Central Bank of Cyprus under:
Source: Central Bank of Cyprus