Read the CySEC Circular C721
Memo #45-2025
CySEC Circular No: C721
Date: 10/07/2025
Subject: Application of section 62(2) of the Prevention and Suppression of Money Laundering Activities Law of 2007 (L. 188(I)/2007)
Purpose: To inform Regulated Entities regarding the obligation to verify the identity of the customer and the beneficial owner, in accordance with section 62(2) of the AML Law.
In Summary:
CySEC has issued the Circular C721 on 09/07/2025 to inform the Cyprus Investment Firms, Administrative Service Providers, UCITS Management Companies, Internally managed UCITS, Alternative Investment Fund Managers, Internally managed AIFs, Internally managed AIFLNPs, Companies with sole purpose the management of AIFLNPs, Crypto Asset Service Providers and the Small AIFMs under Law 81(I)/2020, regarding section 62(2) of the Prevention and Suppression of Money Laundering Activities Law 188(I)/2007 (the ‘Law’), regarding the obligation to verify the identity of the customer and the beneficial owner.
This Circular C721 replaces Circular C367.
Section 62, subsections (1) and (2), of the Prevention and Suppression of Money Laundering Activities Law 188(I)/2007 provides when to apply customer due diligence and identification procedures.
This Circular C721 includes a number of points that CySEC would like to draw the attention of Regulated Entities
Read the CySEC Circular C721
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