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Legal & Regulatory Framework

Anti Money Laundering and Counter Terrorism Financing

Wolfsberg Questionnaire 

AML Statement 2024

CRS
About CRS
Τhe Common Reporting Standard (CRS) is aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS.

For more information you may visit:

http://www.oecd.org/tax/automatic-exchange/ 

http://www.oecd.org/ctp/exchange-of-tax-information/automatic-exchange-financial-account-information-common-reporting-standard.pdf 


Relevant Information:

Τhe Common Reporting Standard (CRS) and its implementation in Cyprus (Available only in Greek)
FATCA
About FATCA

FATCA, which stands for Foreign Account Tax Compliance Act, is intended to make United States tax subjects who hold assets outside the United States correctly file tax returns to the United States tax authorities the IRS. Τhe Common Reporting Standard (CRS) is aiming at improving international tax compliance and preventing tax evasion, through the automatic exchange of information between the countries that implement CRS. AstroBank έ is registered under Model 1 IGA and the Global Intermediary Identification Number (GIIN) is 1B9FTR.99999.SL.196


Relevant Information:

AstroBank Information 

Frequently Asked Questions

DAC6

The EU Directive 2018/822, (commonly known as DAC6) sets tax disclosure rules on mandatory reporting of cross – border arrangement that fall within one of a number of categories called “hallmarks”, for taxpayers and intermediaries. Astrobank Public Company Limited (‘’the Bank’’) falls within the definition of ‘intermediary’ and it is  therefore obliged to disclose the cross boarder arrangements that trigger any of the hallmarks as identified during the provision of banking services to customers. The Directive has a retrospective effect as the obligation to report reportable arrangements dates back to 25 June 2018. The Cyprus Tax Department has incorporated the EU Directive into the Cypriot legislation and has set the first submission of information by 30 September 2021 for reportable cross boarder arrangements that have been made between 25 June 2018 and 31 August 2021. From 1 September 2021, reportable cross boarder arrangements must be disclosed within 30 days from the date of execution.

The Bank must comply with the obligations imposed by the legislation and according to the information possessed by the Bank, it will evaluate the possible reportable arrangements. If you have any questions about DAC6, please consult your professional tax adviser.  As a Financial Institution, we are not allowed to provide you with any tax advice nor disclose whether your arrangements are reportable/ reported or not.

For more information you may visit:

EU Directive 2018/822

https://www.mof.gov.cy/mof/tax/taxdep.nsf/dac6_en/dac6_en?opendocument

MiFID II

The Markets in Financial Instruments Directive (MiFID) sets out the institutional framework of operation for the harmonisation of markets in financial instruments in Europe. Below you may find more detailed information on what it is and how it affects you as an investor.

Mifid II Information

GDPR

The Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, the so called General Data Protection Regulation ‘GDPR’ came into force on the 25th May 2018.

Our privacy policy and cookies explains how we process your personal data.

PSD2

The European Directive 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, the so called PSD2 was harmonised within the Cyprus legislation as the Payment Services Law 2018 (L. 31(I)/2018).

Your rights when making payments in Europe.