The Central Bank of Cyprus (CBC) has levied a fine of €790,000 ($893,781) on Bank of Cyprus Public Company Ltd for failure to comply with the country’s AML/CFT law during 2015-19.
As part of its supervisory role, CBC can take a host of measures, facilitated by Cyprus’ AML/CFT law, when a supervised person/entity fails to comply with its provisions. The CBC does allow the person/entity the opportunity to be heard before it takes a final decision.
If the Bank of Cyprus Public Company Ltd pays the fine within the specified time limit, the CBC will reduce the amount by 15%.
Source: Central Bank of Cyprus