Elias Neocleous & Co LLC is pleased to contribute to Legal Industry Reviews (LIR) Cyprus and to be recognized by its council among the top 10 law firms in Cyprus, with an article by our Partner, Kyriaki Stinga, and our Deputy Compliance Officer, Dorina Mastora. The article explains that enhanced due diligence (EDD) should be understood not as a burdensome or compliance obligation, but as a practical, risk-based tool that enables institutions to gain a clear understanding of higher-risk clients and make informed, and well supported decisions. It emphasizes that effective EDD focuses on quality and relevance of information, addressing ownership and control, the nature and purpose of the business relationship, source of funds and source of wealth, and transactional behaviour, all in proportion to risk. Senior management involvement, ongoing monitoring, and structured documentation are highlighted as essential, particularly for PEPs and complex relationships. Ultimately, the article demonstrates how well-implemented EDD strengthens governance, aligns legal and operational realities, and supports Cyprus's alignment with EU standards and its reputation for credible regulation.
You can read the full article here.