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Practical commentary on the legal developments that affect businesses and individuals in Cyprus.
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Banking & Finance
The Central Bank of Cyprus (‘CBC’) has issued last February 2019 the 5th edition of the Directive on the Prevention of Money Laundering and Terrorist Financing (‘the CBC AML/CFT Directive’) which replaced the previous 4th edition of December 2013 as well as the amendments to the fourth edition of April 2016 and July 2017. The new… Read More
Banking & Finance
The Central Bank of Cyprus issued on 02/11/2018 a Circular to the commercial banks of Cyprus defining the term "shell company". This Circular comes following an earlier Circular dated 14/06/2018 which signified the intention of the Central Bank to adopt a definition of shell companies. The June Circular caused a lot of unrest and uncertainty… Read More
Banking & Finance
The Central of Cyprus (CBC) informed last week the commercial banks of the island that it will amend the Anti Money Laundering Directive to include a new definition of shell companies. The aim of the CBC is “force” commercial banks to cease any business relationship with companies coming from zero tax jurisdictions like Seychelles, Belize and the BVI and introduce… Read More
Banking & Finance
The School of Law of UClan Cyprus organised a very interesting AML Seminar last Saturday 19/05/2018. The seminar entitled “How to Structure an Anti-Money Laundering/Counter-Terrorist Financing Compliance Manual” was presented by the experts in the field Mr. George Chr. Pelaghias (lawyer and certified anti-money laundering specialist, founding member of ACAMS and member of its board of directors an
Banking & Finance
Many international clients feel a disappointment when, after opening a bank account with a Cypriot bank, discover that bank charges and commissions are too expensive for their budget. Consequently, we urge clients to check the bank commissions charges before committing to a specific bank. From our review , Bank of Cyprus is the most expensive… Read More
Banking & Finance
A Cyprus company is a European Company. As such a Cyprus company is acceptable by European banks for the opening of merchant accounts provided that certain preconditions are met on behalf of the applicant. What is a merchant account? A merchant account is a special kind of bank account that exists for the purpose of… Read More
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