In April 2016, the Central Bank of Cyprus issued an amendment to its Directive to Credit Institutions for the Prevention of Money Laundering and Terrorist Financing. The amendment requires Credit Institutions to obtain copies of recent audited financial statements of all their customers (including companies, partnerships, foundations, clubs/unions, trusts and other legal entities, self-employed natural persons, natural persons the income of whom derives from legal persons controlled by them in any way), for the better understanding of their activities as well as the source and use of their funds/assets. In cases where there is no obligation for the customer to prepare audited financial statements or where these are not available (at least for the previous two years) the Credit Institutions shall obtain recent management accounts.
CPM can help
To help you comply with the requirements of the Central Bank of Cyprus when you maintain or wish to open a bank account in Cyprus, CPM provides tailor-made accounting and bookkeeping services to meet the exact requirements of each of our clients. Our team of experienced and qualified accounting professionals provides the full range of accounting and bookkeeping services including the preparation of periodic management accounts. Please contact us.