Cyprus enacted the appropriate legislation and has taken effective regulatory and other measures by putting in place suitable mechanisms for the prevention and suppression of money laundering and terrorist financing activities. Moreover, Cyprus is committed to apply all the requirements of international treaties and standards in this area and, specifically, those resulting from the European Union Directives.
Know-Your-Client (KYC) refers to the regulatory compliance mandate imposed on service providers to implement a Customer Identification Program and perform due diligence checks before doing business with a person or entity pursuant to the requirements of the Prevention and Suppression of Money Laundering Activities Law (hereinafter to be referred to as “the Law”), enacted on 13/12/2007. Under the Law, which came into force on 1 January 2008, the Cyprus legislation has been harmonised with the Third European Union Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (Directive 2005/60/ΕC).
As part of our obligation to meet KYC compliance requirements and verify a prospective client’s identity we require to be furnished with information on the prospective shareholders of a Company reaching up to the level of the ultimate beneficial owner including:
- Legal name and other name used
- Permanent residential address
- Certified passport copy
- Utility bill or bank account statement
- Bank or professional reference
- Short CV
- Personal details and source of funds
- Business activity analysis form
- Name & registration details of the company
- Registered address
- Operating address of the company
- Telephone/Fax Number
- Certificate of incorporation
- Memorandum & Articles of Association
- Certificates of Directors, Shareholders and Registered office
- Identity and proof of address for all directors and shareholders holding over 10% of the share capital of the company
- KYC documents for any company which is a significant shareholder of this company.
TRUSTS & FOUNDATIONS
- Names of trustees, settlors and beneficiaries
- Names and addresses of the founder, the managers/directors and the beneficiaries
- KYC documents for the trustees, signatories and all beneficiaries.
All information given to us by prospective clients is kept fully confidential.