KYC is an acronym for “Know your Customer”, a term used for customer identification process as per Cypriot Legal System. The customer indemnification procedure is when banks and law firms obtain information about the identity and address of the customers. This process helps to ensure that banks’ services, as well as the Law offices, are not misappropriated. The KYC procedure is to be completed by the banks while opening Bank accounts and also when is needed to update the same. In regards to the Law firms, the customer identification procedure is part of the anti-money laundering laws and regulations, which aim to prevent the practice of generating income through illegal and criminal actions.
The KYC – Interview forms need to include the below information as per Cyprus Law:
- Personal Details:
- Name
- Surname
- Father’s name
- Nationality
- date of birth
- Marital status and other
- Financial Information
- Annual income
- Source of Income: Outgoing Payment Countries and other
- Individual’s Connection in corporate structure (if applicable)
- Company name: in which the individual participates
- Connection to the Company, i.e. Beneficial owner, nominee shareholder, etc
- State countries to which you are citizen / tax resident: Tax Residency / Taxpayer Number
- Supporting Documentation: depending on the jurisdiction, documents may vary. If any document is not available, official equivalent documents should be provided.
- Documents should be certified as true copies of the originals cannot be provided:
- Notary Public
- A senior authorized officer of a recognized bank
- An authorized officer of an Embassy
- Qualified Lawyer or Accountants acting with the European Union or any third country considered as having equivalent AML measures to the European Union Directives.