Introduction
The new Measures against Money Laundering Act (the "MAMLA") promulgated in the
Obligated entities
Some of the main types of obligated entities specifically listed in the "MAMLA" are the following:
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other payment service providers;
- financial institutions;
- currency exchange offices;
- insurers, reinsurers and insurance intermediaries
- management companies
- statutory auditors;
- persons that, by way of their business, provide accounting services and/or tax consultancy services, as well as persons that, as their principal business or professional activity, provide assistance in any form or advice on tax matters;
- persons that, by way of their business, provide legal advice;
- persons that, by way of their business, provide: a registered office, correspondence address, business accommodation and/or other related services for the purposes of the registration and/or operation of a legal person or other legal entity, providing nominees etc.;
- wholesalers;
- assessment of any potential risk arising from suspicious clients/transactions,
- Preparation of the full package of documentation to ensure you are compliant
Non-compliance with the "MAMLA" provisions can lead to severe sanctions upon the establishment of violations by competent authorities.
Obligations
With the adoption and enforcement of "MAMLA", three main groups of obligations have been imposed on all types of obligated entities.
I. A general obligation for all legal entities registered in
A "BENEFICIAL OWNER" OR "UBO" is defined in § 2(1) of the additional provisions of the MAMLA as a physical person who ultimately owns or controls a legal person or another entity, or a person or persons on whose behalf a transaction or an activity is carried out.
II. The "obligated entities" referred to
III. In order to implement the above-mentioned internal rules, the entities referred to
Our team of dedicated professionals at
-
analysis of your company's clients,
Do no hesitate to contact our Country Manager - Mr. Ioannis Kesisis at +359 2 988 69 77 (Ext.2306) or ioannis.kesisis@eurofast.eu and our Senior Legal Adviser Mrs. Sylvia Marushkina at sylvia.marushkina@eurofast.eu
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Mr Ioannis Kesisis
Group Cypress Centre
5 Chytron Str
P.O.Box 24707
E-mail: Maria.savva@eurofast.eu
URL: www.eurofast.eu/
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