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All companies must have a bank account, but opening accounts is not always an easy process by reason of international transparency and anti-money laundering initiatives. Some banks will not plan to work with non-resident companies in this direction. Other part will be agreed to open a bank account for companies that cooperate with a recognized and licensed service provider from their "approved list".
Due diligence is the first thing that all banks are conducting. It concerns not only the accounts opening process, but transactions as well. The procedure of the bank account opening is shifting not only from bank to bank, but even between the divisions of one bank. In order to pass the application process properly certified or notarized and translated documents have to be prepared.
Cyprus has a complicated and progressive financial services branch that is totally compliant with EU legislation and directives. Banking is a massive and intrinsic part of the sector. Nowadays there are over 40 Cypriot and international banks conducting their activity in Cyprus with various arrangements and practices of commercial banking. All banks have correspondent networks around the world and provide both traditional and specialized financial transactions.
The Central Bank of Cyprus which follows the directives of the Basel Committee and the European Union on banking regulation, is the supervisory authority in Cyprus. Cyprus banking and financial services legislation is matching with international best practices and is totally compliant with EU, OECD, FATF, FSF and MONEYVAL standards.
ATCA Co. Ltd has long-established experience in the banking sector in Cyprus, and we always advise our assistance with the banking sector and the adherence of all procedures related to this direction. Customers’ preferences are always o the first place, but it should be taken into the account the fact that an account can be opened quicked and on fruitful terms in well-known and recommended banks.