Cyprus: Billions lost in cash crackdown on money laundering

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November 11 2018

Even depositing the cash received for your wedding, a fairly simple banking task in the past, has apparently become arduous in recent days, as lenders enforce strict anti-money laundering rules in a bid to shed the image of a tax haven that Cyprus has been carrying and has been the source of many problems throughout the years.

The crackdown has cost banks a lot of business and oftentimes annoyed customers who have banked with the same institution for decades; but lenders do not appear concerned over the business they are turning away and continue to enforce strict compliance practices across the board.