Insider
The imposition of a fine of € 277,000 on Bank of Cyprus Public Company Ltd was decided on October 20 by the Central Bank of Cyprus (CBC) following audit findings carried out in 2020.
According to a relevant announcement of the CBC, the fine was imposed due to non-compliance of the Bank of Cyprus “with specific provisions of the Law as well as the CBC Directive to the credit institutions for the Prevention of Money Laundering and Terrorist Financing”.
As it is clarified, the findings concern the period 2008 to 2015. “In case the fine is paid within a specified time limit, the amount will be reduced by 15%, ie to € 235,450”, adds the CBC.
It should be noted that, as Bank of Cyprus sources told Insider, there is the possibility of appealing to the Administrative Court.
