Home Business Anti Money Laundering ACIFF Highlights New European ...

ACIFF Highlights New European Anti-Money Laundering Regulations

Anti Money Laundering

Business Honor
21 March, 2025

ACIFF's meeting stresses the importance of adapting to new European Anti-Money Laundering compliance regulations.

The Association of Cyprus International Financial Firms (ACIFF) recently emphasized Anti-Money Laundering (AML) compliance in its annual general meeting. The conference addressed the evolving regulatory landscape, with a focus on the new European AML Package and how this will affect Cypriot financial institutions.

George Karatzias, a member of the Executive Board of the Central Bank of Cyprus (CBC), provided the most significant changes introduced by the new AML regime. One of the most significant developments is the creation of the Anti-Money Laundering Authority (AMLA), which will be the EU's central supervisor. The new regulations significantly expand compliance requirements to include cryptocurrency service providers (CASPs), real estate agents, luxury goods traders, crowdfunding platforms, and even football clubs.

One of the key aspects of the new AML rules is the Europe-wide limit for cash transactions at €10,000. This threshold will enhance traceability and minimize the scope for money laundering through big cash payments. Further, more stringent transparency requirements have been introduced for disclosure of beneficial owners of companies so that financial dealings and company structures become more open.

The updated AML framework also requires more effective transaction monitoring systems, forcing businesses to invest in advanced risk-detection technologies to identify suspicious transactions. This increased focus on compliance requires businesses to act swiftly and deploy the necessary technological solutions in order to stay competitive in the financial space.

With the continuously changing financial backdrop, ACIFF has committed itself to serving the interests of members by offering advisories and learning programs that prepare them to make sense of this regulatory transformation. The association also seeks to instill a vibrant and sustainable economic climate in Cyprus, which shall keep companies attuned to complying with the emerging AML requirement and operating at full efficiency with the rest of the European supervisory regime.