Regional Guide

Guide Sanction Scanner


Global AML Guide

1. Are there any sanctions imposed against Cyprus?
    There are no sanctions imposed against Cyprus.
2. What are the regulatory institutions in Cyprus?
    Central Bank of Cyprus, The Authority for the Supervision and Development of Cooperative Societies, The Securities and Exchange Commission, The Council of the Institute of Certified Public Accountants, The Council of the Cyprus Bar Association, The Unit for Combating Money Laundering.
3. Who are the local regulatory authorities in Cyprus and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    The Ministry of Finance, The Ministry of Justice and Public Order, The Police, The Customs and Excise Department, The Association of Cyprus Commercial Banks, The Association of Internal Banks.
4. What is the status of Cyprus’s FATF?
    Cyprus is the member of MONEYVAL. MONEYVAL is entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.
5. Which global regulations Cyprus have to comply with?
    Both natural and legal persons in Cyprus must be aware of the UN and EU lists, and refrain from acting against the sanctions and measures imposed. Apart from UN Sanctions and EU Restrictive Measures, Cyprus has no legal obligation to enforce or implement any other sanctions.
6. What are AML obligations of the businesses in Cyprus?
    Customer identification procedures and due diligence measures, ongoing monitoring of accounts and transactions, politically exposed persons, fraudulent tax crimes as predicate offenses and risk management systems.
7. What are the local AML laws and regulations in Cyprus?
    “The implementation of the provisions of the United Nations Security Council Resolutions or Decisions (Sanctions) and the European Union Council Decisions and Regulations (Restrictive Measures) Law 58(I) of 2016”,
    “The Prevention and Suppression of Money Laundering Activities Amending Law 184(I) of 2014”,
    “The Prevention and Suppression of Money Laundering Activities Amending Law 18(I) of 2016”,
    “The Prevention and Suppression of Money Laundering Activities Amending Law 13(I) of 2018”
8. What are the penalties for failure to comply with anti money laundering law in Cyprus?
    The Implementation of the Provisions of the United Nations Security Council Resolutions or Decisions (Sanctions) and the European Union Council Decisions and Regulations Law of 2016 imposes penalties for non-compliance of up to two years’ imprisonment, a fine of €10,000 pr both for individuals and a fine of €300,000 for corporate bodies.
9. What are the contact details of the relevant regulators in Cyprus?
    Ministry of Foreign Affairs
    Presidential Palace Avenue, 1447 Nicosia Cyprus
    T: (+357) 22 651000
    F: (+357) 22 661 881

    Law Office of the Republic of Cyprus
    Unit for Combating Money Laundering (MOKAS), PO Box 23768, 1686 Nicosia, Cyprus
    T: (+357) 22 446 021
    F: (+357) 22 317 063

    Central Bank of Cyprus
    Department of Licensing and Regulatory Compliance, PO Box 25529, 1395 Nicosia Cyprus
    T: (+357) 22 714 300
    F: (+357) 22 374 940

    Ministry of Finance
    Advisory Body on Financial Sanctions, Corner of Michael Karaoli & Gregori Afxentiou, 1439 Nicosia, Cyprus
    T: (+357) 22 601 172
    F: (+357) 22 302 018

    Ministry of the Interior
    Civil Registry and Migration Department 1457, Nicosia, Cyprus
    T: (+357) 22 804 405
    F: (+357) 22 403 961

    Department of Lands and Surveys
    Ministry of the Interior, Headquarters of the Department of Lands and Surveys, 29 Michalakopoulou, 1455 Nicosia, Cyprus
    T: (+357) 22 804 900, +357 22 804 817
    F: (+357) 22 766 547

    Ministry of Energy
    Commerce, Industry and Tourism, Department of Registrar of Companies and Official Receiver, Corner of Makarios III Avenue & Karpenisiou Street, “XENIOS” Building, 1427 Nicosia, Cyprus
    T: (+357) 22 404 301, +357 22 404 302
    F: (+357) 22 304 887

    Trade Services (Imports/Exports Licensing Section)
    Ministry of Energy, Commerce, Industry and Tourism, Trade Services (Imports/Exports Licensing Section), 6 Andrea Araouzou Street, 1421 Nicosia, Cyprus
    T: (+357) 22 867 100
    F: (+357) 22 375 120, +357 22 304 759

    Ministry of Justice and Public Order
    125 Athalassas Avenue, 1461 Nicosia, Cyprus
    T: (+357) 22 805 920/1
    F: (+357) 22 805 969

    Cyprus Police
    European Union and International Police Cooperation Directorate, Cyprus Police, Cyprus Police Headquarters
    T: (+357) 22 607 825
    F: (+357) 22 607 894

    Cyprus Securities and Exchange Commission
    Cyprus Exchange and Securities Commission, 27 Diagorou Str, 1097 Nicosia, PO Box 24996, 1306 Nicosia
    T: (+357) 22 50 6600
    F: (+357) 22 50 6700
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
    Yes. Law provides that any person who violates such sanctions or measures is guilty of an offence. The sentence of such conviction may either be imprisonment or a fine.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
    In order to reduce the risk of money laundering, obliged organizations need to know who their customers really are and identity their risks. There are Know Your Customer, Customer Due Diligence, Transaction Monitoring applications recommended by regulators. Sanction Scanner enables financial institutions in Cyprus to comply with Anti-money laundering laws locally and globally. Financial institutions meet AML requirements in customer recruitment processes with our AML Name Screening Software. Businesses can become compliant with MOKAS regulations with Sanction Scanner solutions. You can contact us to get information about our AML solutions.