Current developments in the Cyprus Banking sector.
As at July 2019. I am publishing this article as additional guidance to our clients that operate a bank account through a company in Cyprus or wish to open a...
What are shell companies?
The Central Bank of Cyprus issued on 02/11/2018 a Circular to the commercial banks of Cyprus defining the term “shell company”. This Circular comes following an earlier Circular dated 14/06/2018...
How over-compliance in the banking sector threatens to kill Cyprus as a business center.
Cypriot banks are under extreme pressure, the last few months, by their regulator, the Central Bank of Cyprus, as regards the opening and operation of bank accounts of companies belonging...
The Central Bank of Cyprus proposes new definition on shell companies.
The Central of Cyprus (CBC) informed last week the commercial banks of the island that it will amend the Anti Money Laundering Directive to include a new definition of shell companies....