Since the enactment of the Prevention and Suppression of Money Laundering Activities Law 2007 No. 188 (I) /2007 which is in conformity with the European Union’s Directives in the anti-money laundering field, all law offices in Cyprus have to comply with certain formalities and/or obligations and have to implement certain strict procedures intended to prevent the use of our services for money laundering.
The national obligations as set out in the Law are related to:
- Requiring identification of customers when entering into business relations, (referred to in KYC Questionnaire Form 1);
- Collecting information related to complex and unusual operations or operations without economical justification or linked to illicit operations;
- Κeeping for use as evidence all copies of all documents collected for identification purpose or for transactions justification;
- Abstention from entering into a business relationship or refusal to execute any operation for which it was not possible to obtain relevant or acceptable information;
- Suspicious transaction reporting or mandatory reporting to Cyprus Financial Intelligence Unit for the Combating of Money laundering