Anti-Money Laundering Consulting

Cyprus, as a member of the European Union and a strategic jurisdiction for international business, applies a robust regulatory framework to prevent money laundering and terrorist financing. At Vonturm, we offer specialised AML consulting services in Cyprus designed to help companies and professionals comply with their obligations under the Prevention and Suppression of Money Laundering Law (L.188(I)/2007) and related EU directives.

Our team supports fiduciaries, administrative service providers (ASPs), investment firms, crypto-asset providers, and corporate structures with a pragmatic, risk-based approach that meets regulatory standards without disrupting operations.

AML Framework and Risk Exposure in Cyprus

Cyprus applies a multi-layered AML regime, enforced by supervisory authorities including:

• CySEC (for investment firms and crypto providers)

• ICPAC and Cyprus Bar Association (for accountants and lawyers)

• CRSD (Company Registrar and Department of Registrar of Companies)

• Central Bank of Cyprus (for banks and payment institutions)

Failure to comply with AML obligations may result in administrative fines, criminal liability, reputational damage, and restrictions on business activity. Vonturm provides assistance to help you implement a compliant AML system that meets both regulatory expectations and FATF standards.

AML Manuals, Internal Procedures, and Documentation

We draft and update internal AML documentation tailored to your specific business model, client profile, and sector.

Our services include:

• AML and CFT policies and procedures in line with local law and EU directives

• Risk-based client acceptance frameworks (KYC/KYB)

• Customer risk assessment templates and scoring models

• Enhanced due diligence (EDD) guidelines

• Procedures for monitoring, recordkeeping, and suspicious activity reporting (SAR/STR)

• AML compliance checklists and audit-ready documentation

All materials are developed to withstand regulatory inspections and internal audits, and to ensure consistency across your compliance function.

Training and Capacity Building

Cypriot law requires regulated entities to train employees regularly on AML obligations. We offer:

• Custom training sessions for compliance officers, directors, and front-line staff

• Sector-specific modules (e.g. real estate, fiduciary, crypto, forex, law firms)

• Workshops on recent case law, enforcement trends, and international typologies

• Guidance on red flags, beneficial ownership opacity, and sanctions screening

• Training for MLCOs on their statutory obligations and risk reporting

Training can be delivered in English or Greek and adapted for online, on-site, or hybrid formats.

AML Audits and Gap Analysis

We perform independent AML audits for self-assessment, internal control enhancement, or third-party assurance purposes. Our audits cover:

• Compliance with AML Law 188(I)/2007 and Directive DI144-2007-08

• Review of KYC files and client onboarding practices

• Assessment of internal procedures and control effectiveness

• Sample testing of transactions and monitoring records

• Internal reporting chains and escalation processes

• Readiness for CySEC or ICPAC inspections

Our reports include findings, risk ratings, and clear action points to address identified weaknesses.

Sanctions Screening, Beneficial Ownership & UBO Compliance

Given the evolving global sanctions landscape—especially concerning Russia, Belarus, Iran, and other high-risk jurisdictions—companies in Cyprus must remain vigilant about:

• EU and OFAC sanctions exposure

• Screening clients, shareholders, and counterparties against updated lists

• Verifying and documenting the Ultimate Beneficial Owners (UBOs)

• Submitting and updating UBO data on the Cyprus Beneficial Ownership Register

• Assessing risks associated with trusts, nominee structures, and layered ownership

We help you implement effective screening tools, due diligence practices, and reporting routines to mitigate exposure and ensure defensible compliance.

Ongoing AML Support and MLCO Advisory

We offer outsourced compliance support, especially to small and mid-sized firms that do not have a dedicated internal MLCO. Our team provides:

• Ongoing regulatory updates and impact assessments

• Drafting and submission of periodic reports to supervisory authorities

• Advisory on suspicious activity reports (SARs) and reporting thresholds

• Assistance during AML inspections and enforcement proceedings

• Temporary or long-term MLCO support functions

Our consultants include professionals with prior regulatory and forensic experience, capable of translating regulatory obligations into operational solutions.