Cryptocurrencies and AML. How to stay compliant

Cryptocurrencies and AML. How to stay compliant

Since their inception, cryptocurrencies have exploded as an alternative way to trade currency. However, many stakeholders still do not understand cryptocurrency or its impact on anti-money laundering (AML). That needs to change as cryptocurrency adoption continues to grow. The majority of cryptocurrency transactions are for legitimate purposes. However, cryptocurrency’s place outside the traditional financial system…

Register of Ultimate Beneficial Owners in Cyprus

Register of Ultimate Beneficial Owners in Cyprus – what you should know

What is the Ultimate Beneficial Owner register? The Ultimate Beneficial Owner (“UBO”) register is a national database containing information regarding UBOs. The implementation of the UBO register is a requirement under the 4th AML Directive (Directive 2015/849). Cyprus implemented the UBO register by designating the Department of Registrar of Companies and Official Receiver (the “Registrar”)…

5th AMLD

Cyprus Beneficial Ownership Register and other highlights of the amendments the 5th AMLD

Each member state in the EU should have transposed the 5th Anti Money Laundering Directive (AMLD) into national legislation by the 10th of January 2020. By making significant changes to the existing regulatory framework, EU member states aim in becoming more reactive to the continually evolving threat of Money Laundering and Terrorist Financing.  Furthermore, the AML 6th Directive is…