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Cyprus Central Bank Bolsters AML, CTF Directive

by Lorys Charalambous, Lowtax.net, Cyprus
13 April, 2016

The Central Bank of Cyprus has announced it has updated its Directive on the prevention of money laundering and terrorist financing.

The Central Bank said the Directive bolsters the "know your customer" principle and credit institutions' obligations to verify the identity and economic profile of their customers through their own processes.

It also strengthens the requirements regarding the handling of business relationships with third parties, on which the credit institutions depend for the execution of the identification procedures and due diligence of their customers, the Bank said.

The Central Bank of Cyprus said the amendments are part of continuous efforts to strengthen Cyprus's regulatory framework, with the aim of enforcing a zero-tolerance approach to deficiencies or weaknesses that might lead to money laundering or terrorist financing or both. The amendments follow consultation with credit institutions operating in Cyprus.

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