Our firm works in line with the latest international and EU regulations on preventing money laundering and terrorist financing. As the laws and regulations for the fight against money laundering and terrorist financing become more demanding every year, our firm's focus in this area is to assist and ensure that all of our clients are fully compliant with these laws and regulations.

In order to be in accordance with this demanding legal framework aiming to combat money laundering, thorough and regular AML risk assessments and adequate controls to mitigate the risks should be taken.

In this respect, specific procedures referred to as Know-Your Customer (“KYC”) need to be followed and include, among others, the performance of enhanced due diligence measures for customers categorized as high risk, thus rendering the KYC procure a critical requirement in complying with these laws and regulations.

Why is KYC required:

  • Identify and verify the identity of the clients
  • Compliance with global AML and KYC legislation and regulations
  • Assess and manage the risk of the company

Our firm, based on our clients’ needs, offers tailor-made and in-depth reports for individuals/organizations. Our in-depth, detailed reports in AML and KYC compliance aim to help the reduction of the client’s business risk exposure and reputation. We can assist the monitoring of firms regulated by CySEC to comply with the relevant legislation and also ensure that financial institutions are in line with the relevant regulations set by the Central Bank of Cyprus.

It is worth noting that our firm is also a member in the LexisNexis World Compliance Online Search Tool which enables us to manually screen prospective clients, agents and business partners through the database maintained which is linked to more than 50 risk categories (including sanctions, foreign officials and state-owned enterprises) and perform enhanced due diligence.

Our Services:

  • Conduct an AML risk assessment in accordance with the relevant regulations and best practices
  • Conduct KYC procedures and perform background checks on legal or physical persons to support KYC procedures
  • Create effective and sustainable AML compliance control programs
  • Tailor-made design and implementation of effective due diligence processes based on the clients’ needs
  • Improve the performance of the client’s suspicious-activity monitoring systems and processes
  • Provide training through seminars to senior management and employees on topics ranging from specific matters of compliance to regulatory expectations and industry practices
  • Review or assist in the preparation and update of the client’s KYC policies and procedures to ensure compliance with the regulatory requirements
  • Assist in or establish client risk categorization, customer due diligence and client documentation requirements, linked to the company’s AML Rules and Regulations.
  • Compliance procedure drafting and review/update procedures, following regulatory legislation amendments.
  • Assisting in the drafting of the Clients’ AML Manual, based on the needs and business activities of the client.
  • Lay down processes for the annual review and update the client checklists design, aiming to support the compliance process and are custom designed based on the business industry of the client.
  • Assist in the establishment of the reporting and record-keeping requirements.
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