ARTICLE · 04 MARCH 2021

Amendment Of Cyprus AML Law – Crypto Assets

A. Karitzis & Associates L.L.C

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The Cyprus Parliament has approved on 18 February 2021 an amendment to the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188 (I) 2017 (the "AML Law"),...

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A. Karitzis & Associates L.L.C

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I. Amendment of Cyprus AML Law

The Cyprus Parliament has approved on 18 February 2021 an amendment to the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188 (I) 2017 (the "AML Law"), which has been issued in the Official Gazette on 23 February 2021 and has therefore become effective. The amended AML Law implements the EU Directive 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the "5^th AML EU Directive").

II. Introduction of the Crypto Asset Services Providers in Cyprus AML Law

One of the key changes introduced by the amended AML Law is the introduction of the notion of "Crypto Assets Service Providers" which are included in the definition of "Obliged Entities" (entities that are obliged to abide by the AML Law) and are defined as the persons that provide one of the below services:

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