Cyprus amends anti-money laundering regulation
New directive increases requirements for verification of customers’ identities
The Central Bank of Cyprus has amended its anti-money laundering (AML) directives, increasing the requirements on banks to verify their customers' identities and activities. There is a particular focus on new accounts opened by "third parties" on behalf of other companies or individuals.
Several of the amendments require Cypriot banks to verify the identity of the customers behind the third parties within three months of the initial opening of an account. Banks must "verify data and information
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