ARTICLE · 01 MARCH 2019

EU AML Framework Developments On UBO Registers And Early Structuring Considerations

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The specific provisions for the creation and operation of the Trusts register will be determined in relevant Regulations which are being drafted.

CyprusGovernment, Public Sector

Vassos Paraskevas

A. Background Information on AML framework and developments

Currently the EU is placing significant attention to AML/CFT in light of the increasing numbers of terrorist attacks as well as the continuous revelations of the failure of the banking system to properly implement the AML laws and regulations and prevent money laundering. The ECB is heavily criticized for failing its supervisory role and penalties imposed on banking institutions have increased from millions to hundreds of millions and the notion of a single supervisory mechanism is promoted.

At the moment all member states should have transposed the 4th EU AML directive (AMLD4) into their national law. Cyprus has completed the transposition on the 3rd of April 2018.

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