On May 2, CYP CB published the money laundering directive 2025.
CYP CB announced publication of the Prevention of money laundering and terrorist financing directive of 2025 in the Official Gazette dated May 2, 2025.
An FAQs document provides clarifications on key provisions of the directive.
Document dated May 2, 2025, received from CYP CB May 6, summarized on May 9.
Purpose
Revised directive introduces a modern and enhanced compliance framework for banks and other obliged entities, and assists businesses in relations with the financial sector.
Updating of business relationships proportional to risk level of each customer.
Permits the use of copies of identification documents (instead of originals), making the process faster and easier and enables the use of alternative proof of identity for citizens who are unable to comply due to health issues or physical disabilities.
Provides flexibility regarding proof of residential address, such as allowing verification through government-issued documents or electronic utility bills.
Effectiveness
The directive will enter into force on Jun. 2, 2025.
