On 2nd November 2018 the Central Bank of Cyprus (“CBC”) issued the revised Circular named “Shell companies / entities” into which there was a definition and clarification as to which legal entities are considered to fall under that category and under which circumstances a Cyprus Bank Institution, or Electronic Money Institution is permitted to engage in business relations with such entities.

Whistleblowing is when an employee, contractor or suppliers decides to pass by the normal management channels and procedures in order to report suspected wrongdoings at work environment, i.e. speaking out in a confidential matter. It is becoming an increasingly significant element in efforts to make both state and private power accountable to the public. It is considered to be an essential element in a healthy corporate culture and should be part of the internal control environment.

The interiors of your company should reflect your company’s image and personality and must inspire employees and clients alike.

The 5th Money Laundering Directive (5AMLD) will come into force on the 10th January 2020.

Sepaga EMI, is a Canadian-owned Electronic Money Institution founded in Cyprus in 2015. The company offers its clients wallet accounts and an online portal where they can transact globally - faster and cheaper. It is licensed by the Central Bank of Cyprus and officially begun operations in 2017