The Central Bank of Cyprus (CBC) will publish a revised directive on the prevention of money laundering and terrorist financing on May 2, according to an announcement released on Tuesday.
The updated framework aims to strengthen compliance obligations for banks and other supervised entities.
It will also help to ease procedures where feasible for citizens and businesses interacting with the financial system.
The CBC stated that the purpose of the revised directive is the “introduction of a modern and enhanced compliance framework for banks and other obligated entities”.
It added that it will help facilitate “citizens and businesses in their dealings with the financial sector through the simplification of procedures where possible”.
Furthermore, the directive seeks to strike a balance between robust oversight and practical simplification, in an effort the CBC believes will “support and strengthen the competitiveness of the economy as a whole”.
During the official release on Friday, technocrats from the bank will present the new directive in detail, with particular emphasis on the sections aimed at assisting both private individuals and businesses in navigating financial procedures.
