The Central Bank of Cyprus (CBC), professional regulatory bodies and business stake holders agreed on ten steps to rationalise banking procedures such as Know-Your Client (KyC) and client due diligence, speeding up banking transactions vital for the economy, while ensuring compliance with the EU and international anti money-laundering regulations, the CBC Governor Constantinos Herodotou announced on Monday.
These issues have been discussed in a wide meeting convened by the Herodotou, in the presence of CEOs and compliance officers of Commercial Banks, the Cyprus Chamber of Commerce and Industry, the Employers and Industrialists Federation and professional regulatory bodies such as the Cyprus Bar Association and the Cyprus Institute of Certified Public Accountants along with Invest Cyprus and the Cyprus Investment Funds Association.
The meeting covered comp
Source: Cyprus News Agency