Compliance Risk Management Services

Eltoma Corporate Services can assist with: Compliance Function Establishment & Implementation, including Compliance Function Outsourcing.

  • Establish the legislation requirements for your company.
  • Client risk categorisation, customer due diligence and client documentation requirements, linked to Company’s Client Acceptance Policy.
  • Documentation filing & retrieval.
  • Compliance procedure drafting and review/updated procedures, following regulatory legislation amendments.
  • AML Manual drafting.
  • New Client Checklists design, to support the compliance process, custom designed for the business industry.
  • Annual Review Client Checklists design, to support the compliance process, custom designed for the business industry.
  • Standard Induction AML Training.
  • Establish the reporting and record keeping requirements, including FIU (Financial Intelligence Unit) reporting.
  • General AML enquiries helpdesk, including live chat option.

KYC Documentation Compliance Services

  • Documentation receipt & review.
  • Documentation validity compliance checks, name & international passport check, including MRZ verification.
  • Review completed with international sanctions list/designated persons/PEPs.

CIF CySEC License

  • The Investment Firms Act of 2002 (the "Act") provides the legal framework for the provision of investment services as well as for the registration, regulation of operations and supervision of CIFs. The Act governs the provision of investment and non-core services in Cyprus, as well as the provision of investment and non-core services from within Cyprus. CIFs must be licensed by the Cyprus Securities & Exchange Commission (CySEC), which is the relevant regulatory and supervisory authority.
  • Assist with identifying & satisfying conditions of license.
  • Application for CIF – completion of necessary documentation/application.
  • Regulatory inspections & post investigation remediation.
  • Full documentation retrieval to support CIF License application.
  • Collaboration with KPMG throughout the full process.

Furthermore, our Compliance Department can provide:

  • Guidance on the proper application and interpretation of regulatory standards.
  • Implementation and support of effective policies, procedures and practices for regulated types of activities regarding AML/CFT policies.
  • Training the staff on key compliance issues.
  • Provide analysis and control of compliance with regulatory norms, detection of offenses / inconsistencies with the regulatory framework (Due Diligence, internal investigations, consideration of client complaints).
  • Regular reports to management on compliance issues.
  • Identification, assessment and management of compliance risks.

For more information on all Cyprus compliance matters, contact us, we'd be happy to answer any queries you have. 

Take the next step, we are here to help.

Register a Cyprus company.
Open a Cyprus bank account.

  Resources:

How Initial Coin Offerings Differ from Initial Public Offerings

How Initial Coin Offerings Differ from Initial Public Offerings

Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.

Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries

Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries

Thorough analysis of the nature, content and determinants of the offence of misappropriation of public funds by officials, it gives grounds to reach the conclusion that a lot of different reasons somehow ‘provoke’ and ‘give the possibility’ to commit this offence.

Notional Interest Deduction: A Useful Tool for Cyprus Companies

Notional Interest Deduction: A Useful Tool for Cyprus Companies

The corporate income tax rate of a Cyprus-resident company is 12.5% on its global taxable revenue, with unilateral credit for related foreign tax suffered. Moreover, non-Cyprus residents are not liable to pay Cyprus withholding taxes on payments. Frequently, the effective corporate tax rate is much lower, or even as low as nil, due to various tax exemptions and allowances.

How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes

How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes

The recent implementation and increasingly stringent tax developments globally can affect companies with offices in different countries; rendering them non-viable if certain factors are not carefully considered.

The Legal Consequences of the Unlawful Transfer of Personal Client Data to Third Parties: UK Case Study

The Legal Consequences of the Unlawful Transfer of Personal Client Data to Third Parties: UK Case Study

As per English common law, banks are liable to both criminal and civil proceedings. According to the case of Bank of Scotland v A, banks have an ability to choose between criminal and civil liability in litigation with their customer. Nevertheless, ‘the last bit’ of this choice has to be decided by the court.

Dormant Companies: A Definition by the Cyprus Inland Revenue Dept

Dormant Companies: A Definition by the Cyprus Inland Revenue Dept

Following Circulars No.2011/11 and No.2011/5, this article will explain what a "dormant company" is, its symptoms and consequent requirements. The following is an extract from PART 1.7 of the "Company Income Statement" form (EP 4), whereby a definition of a dormant company is considered to be a company that meets the following conditions:

How to Effectively Use Software to Improve the Purchasing Process Within your Company

How to Effectively Use Software to Improve the Purchasing Process Within your Company

Companies all over the world rely on controls over expenditure at the point of logging a supplier invoice or receipt, which over time can cause difficulties in producing timely and reliable account management.

Information Security & Factors that Contribute to Data Leakage in the Ukrainian & UK Banking Sector

Information Security & Factors that Contribute to Data Leakage in the Ukrainian & UK Banking Sector

One of the most important regulatory banking documents on information security is the Regulation on bank secrecy and confidential information, which exists in every bank. This document entered into legal force by the banking sector’s order.