Nearly 30,000 businesses in Cyprus face fines for failing to disclose their Ultimate Beneficial Owners (UBOs), with penalties starting at €200 and increasing by €100 daily. Shareholders and directors of noncompliant companies may also be held accountable, posing a threat to both the nation’s reputation and the survival of smaller enterprises.
The employment of asylum seekers in Cyprus is strictly regulated, with a ninemonth work restriction in place upon their arrival. Employers must adhere to these laws to avoid fines or imprisonment, with an automated notification system helping to ensure compliance and alignment with EU regulations.
CySEC’s 2024 agenda focuses on intensifying supervision of Cypriot Investment Firms (CIFs), emphasizing crossborder activities and complex financial products distribution. The regulatory authority aims to enforce robust internal governance, compliance systems, professional conduct, client onboarding, marketing standards, and sustainability integration while utilizing technology to enhance market oversight.
Infocredit Group secured the prestigious ‘Best KYC Solution 2024’ award at the Sigma Eurasia Awards, showcasing their cuttingedge KYC and AntiMoney Laundering tools. The Cyprusbased firm’s consecutive win in Dubai solidifies their position as industry leaders in compliance solutions, with a global footprint spanning Malta, the UK, and the UAE.
Cyprus is ramping up its regulatory oversight with a new authority targeting professional service providers, championed by Finance Minister Makis Keravnos to combat money laundering and bolster transparency. Despite opposition from local professional associations, the government is pushing for stricter oversight to enhance compliance and restore the nation’s international reputation.
Improper disposal of medical waste in Cyprus is a pressing concern, with only a fraction of private doctors adhering to regulations. Efforts, such as awareness campaigns and fines, are being made to improve waste management practices and reduce health and environmental risks.
The European Commission is expressing ongoing dissatisfaction with Cyprus’s slow revocation process of “golden” passports, which were granted inappropriately and illegally under the Investment Programme. Cyprus is facing 70 noncompliance cases against EU directives and regulations, putting it at risk of hefty fines. The Commission has been issuing warning letters about the scandal since 2015, and has now escalated the matter by sending a reasoned opinion, the final step before referring a country to the European Court. Cyprus is also facing challenges in environmental matters, labor issues, and refugeemigration management.
