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Cyprus - CBC fines BoC €277,000 over AML violations between 2008 and 2015


The Central Bank of Cyprus (CBC) has fined Bank of Cyprus, Cyprus’s largest lender, €277,000 over violations of the anti-money laundering law from 2008 until 2015.

In a press release, the Central Bank 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.

The CBC said:

  • “In this respect, the CBC, on the basis of findings emanating from the examination conducted during 2020, decided on 20 October 2021 to impose measures in the form of a fine on Bank of Cyprus Public Company Ltd, amounting to €277,000,
  • For failure to comply with certain provisions of the Law and of the CBC Directive to Credit Institutions for the Prevention of Money Laundering and Terrorist Financing, April 2008 (Third Edition) and December 2013 (Fourth Edition), during the period 2008 to 2015,”
  • Adding that if the fine is paid within a specified time limit, the amount will be reduced by 15% to €235,450.

Sources from the Bank of Cyprus said the bank intends to appeal to the Administrative Court against the fine as well as against the ruling.

The bank also noted that:

  • The transactions concern legacy cases, recalling the work made by the bank in the field of AML with actions such as the termination of over of 10,600 clients’ accounts which correspond to a turnover exceeding €6 billion.