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:
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.