Introduction
Cyprus has elevated its ultimate beneficial owner (UBO)
reporting status by implementing all of the mechanisms for the
creation, operation and maintenance of a UBO register. The UBO
register is a requirement emanating from the amended Fourth EU
Anti-money Laundering Directive (4AMLD). The 4AMLD was transposed
into national legislation on 3 April 2018 by the Prevention and
Suppression of Money Laundering and Terrorist Financing Law
(13(I)/2018), Article 61A(4)(a) of which specifically provides for
the introduction of a UBO register. According to a 21 December 2020
announcement by the Companies Registrar Department, as amended,
relevant entities must submit information on their UBOs for
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Almost all countries increased regulation of the crypto finance industry in 2020. The COVID-19 pandemic provoked a significant boost of digital crimes, including money laundering, terrorist financing, online black marketing and other related criminal activity.
Certain jurisdictions have already implemented the legal framework, while others are just getting ready to do so. Although even pending legislative initiatives may make a big difference in the near future of the global financial system.
BASIS ID compliance team gives you an overview of the regulatory changes in crypto finance 2020- early 2021.
BASIS ID is a company of the ZignSec group. The software of BASIS ID verifies over 3,000 government-issued documents from more than 190 countries.
Introduction
As part in a chain of reforms proposed by the European
Commission, in 2015 the European Union (the “EU”)
adopted a modernised regulatory framework encompassing the Fourth
Anti-Money Laundering Directive 2015/849 (the “AMLD
IV”). The AMLD IV is a milestone in the Commission s
Action Plan to remedy the undoubtable shortcomings of
Europe s anti-money laundering framework evident by several
money laundering cases and terrorist attacks. Despite the lack of
harmonisation and successful implementation across the EU, in June
2018, the European Parliament proceeded with the publishing of the
Fifth Anti-Money Laundering Directive 2018/843 (the “AMLD
V”), forming one of the latest weapons of the EU in the fight
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