What is the KYC procedure in Cyprus?

Cyprus has been quick to adopt the Fourth Anti-Money Laundering (AML) Directive as a legislative proposal. In a bid to comply with the new reform, the following are the obligatory requirements in Cyprus:

Individual Beneficial Owner:

  • Passport copy verified by an endorser (like a notary)
  • Utility bill no older than 3 months proving residential address
  • Original bank reference letter

Ownership of Legal Entity:

Verified copy of Certificate of Incorporation and in the case of a change of name, a legal certificate
Verified copy of the Memorandum and Articles of Association
Evidence of the registered office address of the legal entity
Verified Register of Directors and Secretaries of the legal entity
Verified Register of Members of the legal entity
Verified copies of the share certificates (i.e. Bearer/in the name of nominees/registered shares)
Certificate / Evidence of ownership of the legal entity
Description of the entity’s structure and an endorsement of it
Passport copy and original bank reference of each owner of the legal entity

Ownership of a Listed Company:

Same procedure as for the legal entities along with:
Documents listing the shareholders owning more than 10%.
Verified copy of the Stock Exchange listing of the company in the relevant country
Statement by the Board of Directors on the seniority of individuals in the company
Latest audited accounts information

Ownership of a Trust or Company owned by a Trust:

All required documents of the Trust verified
All required documents of the Settlor verified
All required documents of the Beneficiaries
Declaration and evidence of ownership of the trust

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