The Central Bank of Cyprus (CBC) said it has fined Bank of Cyprus, Cyprus’ largest lender, with €277,000 over violations of the anti-money laundering law conducted in the period 2008 until 2015.
An AML audit in the bank was carried out in 2020, the CBC said.
In a press release the CBC said that within the remit of its supervisory role, the regulator may take, under subsection (6) of section 59 of the Prevention and Suppression of Money Laundering Activities Law of 2007, as subsequently amended (“the Law”), any of the measures listed therein in the event of non-compliance by a supervised person with the provisions of Part VIII of the Law or its relevant Directives.
Source: Cyprus News Agency