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At LYNCORD, we provide support to organizations operating in high-risk and highly regulated sectors, where AML/CTF compliance is more than just a formality, but the foundation of sustainable business.

In Cyprus, anti-money laundering and counter-terrorism financing (AML/CTF) requirements apply to a wide range of organizations, from financial institutions to professional services.

These obligations are based on national legislation and EU directives. We work with two main categories of obligated entities:

Financial institutions

Financial institutions that are supervised primarily by the Central Bank of Cyprus (CBC) and the Cyprus Securities and Exchange Commission (CySEC).

  • Banks and other credit institutions
  • Electronic money issuers and payment institutions (EMI, PI)
  • Cyprus Investment Firms (CIFs) and Asset Management Companies
  • Crypto asset management service providers (CASPs)

Designated Non-Financial Businesses and Professions (DNFBP)

This category includes various professional groups that are at increased risk of being used for money laundering:

  • Administrative Service Providers (ASPs): These include company formation agents, trust service providers and corporate administrators.
  • Accountants and Auditors: All members of the Institute of Certified Public Accountants of Cyprus are monitored for compliance with AML/CTF requirements.
  • Lawyers and Law Firms: Lawyers who are members of the Cyprus Bar Association are required to comply with AML/CTF regulations, particularly when dealing with real estate, company formation and trusts.
  • Realtors and developers: Agents are required to verify clients and funding sources for major real estate transactions. This sector is overseen by the Real Estate Registry Council.
  • Casinos and gambling service providers: Including online gaming and betting, these operators are supervised by the National Betting Authority (NBA).
  • Dealers in high value goods: Dealers in precious metals, stones and works of art are subject to AML/CTF laws for transactions of €10,000 or more.
  • Non-profit organizations (NPOs): Some NPOs are required to comply with AML/CTF regulations to prevent misuse of funds.

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