Central Bank of Cyprus to Unveil Revised Anti-Money Laundering Directive on May 2

The Central Bank of Cyprus (CBC) has announced that it will publish an updated directive on the prevention of money laundering and terrorist financing on May 2, aiming to bolster compliance standards for banks and other supervised entities while simplifying certain procedures for individuals and businesses.

In a statement issued on Tuesday, the CBC outlined the dual purpose of the revised directive, which it said is designed for the “introduction of a modern and enhanced compliance framework for banks and other obligated entities.” At the same time, the directive is intended to “facilitate citizens and businesses in their dealings with the financial sector through the simplification of procedures where possible.”

According to the CBC, the directive seeks to strike a balance between maintaining strong regulatory oversight and offering practical improvements to the user experience in the financial system. This effort, the Bank believes, will “support and strengthen the competitiveness of the economy as a whole.”

The official unveiling of the revised directive will take place on Friday, when CBC technocrats will present the full framework in detail. The presentation will place particular emphasis on elements designed to assist private individuals and businesses in navigating financial processes more efficiently.

By fLEXI tEAM