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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)

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