AML, KYC, KYB and Sanctions Disclosures

Review draft. Customer and merchant agreements take effect only after legal approval, publication and any required acceptance.

Identity and business verification

A regulated provider may need to verify an individual’s identity, eligibility and payment purpose. Business checks can include registration, representatives, ownership and beneficial owners, expected activity and supporting evidence.

Ongoing due diligence

Requirements depend on the provider, risk and applicable law. The responsible entity may request information about activity or source of funds, refresh previously collected evidence and screen relevant parties. Any approved automated decision process must be explained with applicable rights and review arrangements.

Responsible compliance entity

For a Cyprus-supervised payment or electronic money institution, the Central Bank of Cyprus describes the national AML and counter-terrorist financing framework. The service disclosure must name the entity responsible for verification, monitoring and escalation and explain any authorized service providers acting for it.

Restrictions and communications

Pending or incomplete verification may limit functionality. Sanctions or legal obligations may require an instruction to be blocked or activity to be reported. Communications must respect lawful confidentiality restrictions. A verified channel must explain permissible next steps and requests for correction.

Handling verification records

Collect required information only through the approved secure channel. Identify the controller, purposes, lawful bases, authorized recipients, retention and rights before processing real identity documents.

Approval and publication requirements

Identify the obliged entity, compliance and escalation responsibilities, secure collection and verification providers, legal basis, retention and review routes.