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Prevention and Suppression of Money Laundering Activities (Amendment) Law of 2012
22.06.2012
业务领域: 银行和抵押融资业务, 欧盟法业务

Prevention and Suppression of Money Laundering Activities (Amendment) Law of 2012

The aim of the amendment is to harmonise Cyprus law with Article 19 of EU Directive 2009/110 on electronic money institutions. It is reminded that the harmonisation with the said directive was mainly achieved with the approval of the Electronic Money Law of 2012 on 14 June 2012. However, since at the EU level, Directive 2009/110 addresses, inter alia, “Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”, a relevant amendment of Cyprus law [Law 188(I)/2007 as amended by Law 58(I)/2010] was also necessary.

In particular, under the amendment, the Prevention and Suppression of Money Laundering Activities Law now makes reference to the Electronic Money Law, in order to be clarified that the Central Bank of Cyprus has been appointed as the supervisory authority with regard to electronic money institutions that were granted authorisation to carry out business.

Furthermore, it is also provided that the (Commissioner of the) Authority for the Supervision and Development of Co-operative Societies shall also exercise supervision over the branches or agents of co-operative institutions that have been granted authorisation by a competent authority in another EU member state.

According to the new provisions [new Section 63 (2) (d)], the maximum monetary value to be stored in an electronic device, where it is not possible to recharge, is €250 (instead of €150 provided until now), as regards payment transactions outside Cyprus. With regard to payment transactions in Cyprus, the ceiling is €500. In the said cases, the provisions regulating the process of identification of beneficial owners as well as the provisions on customer due diligence measures shall not be applied.

The law also provides that, where an electronic device is possible to recharge, a limit of €2500 is imposed on the total amount transacted in a calendar year. In this case, the requirements of Section 26 (prohibition from issuing electronic money at a premium or at a discount) and Section 27 (redeemability) of the Electronic Money Law shall be applied.

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