News Local Central Bank imposes a € 0.71 million fine on CBD bank for...

Central Bank imposes a € 0.71 million fine on CBD bank for non-compliance with AML rules

The Central Bank of Cyprus announced today that it has imposed a fine amounting to €715,000 on the Cyprus Development Bank Ltd due to non-compliance with anti-laundering laws and directives.

The imposition of sanctions in the form of a fine was decided following on-site examinations conducted by CBC officials in the period 2014 – 2016, the CBC said in a press release.

“The CBC, on the basis of findings emanating from on-site examinations conducted in the period 2014 – 2016, decided on 21 May 2018 to impose sanctions in the form of a fine on Cyprus Development Bank Ltd amounting to €715,000 for failure to comply with certain provisions of the Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2016 and of the Directive issued by the CBC for the Prevention of Money Laundering and Terrorist Financing, December 2013 (Fourth Edition),” he CBC said.

If the fine is paid within a specified time limit, it will be reduced by 15% or €107,250, the CBC added.

(CYPRUS NEWS AGENCY)

Top Stories

Greek PM: Observing covid measures vigilantly can prevent new lockdown

Prime Minister Kyriakos Mitsotakis issued a renewed call to the Greek public to observe health measures against the dispersion of the novel coronavirus, in...

Nine new coronavirus cases detected out of 2,893 tests

The Ministry of Health has announced that 9 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

People must observe health protocols, Minister of Health stresses

Minister of Health, Constantinos Ioannou, said on Thursday that the goal is not to impose strict measures but rather to make people understand that...

Staff object to use of Famagusta Hospital as Reference Hospital

Doctors and nurses of the Famagusta General Hospital are up in arms about the continued use of it as the island's Reference Hospital for...

Papadouris sues Auditor General

Former Commissioner for Mountain Communities Giannakis Papadouris filed a lawsuit against Cyprus' Auditor General Odysseas Michailides, through the Christos Pourgourides & Sia law firm. As...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...