Insider Business Central Bank imposes €100,000 fine on Societe General Bank Cyprus

Central Bank imposes €100,000 fine on Societe General Bank Cyprus

The Central Bank said on Wednesday that it has imposed an an administrative fine of €100,000 on Societe Generale Bank – Cyprus Ltd.

In an announcement on its website,  it said the governor of the Central Bank of  Cyprus, exercising the powers vested in her by section 42 of the Business of Credit Institutions Laws of 1997 to (Νο.3) of 2018, decided on January 29, to impose the fine because of the bank’s failure to comply with the provisions of section 18(1)(b) of the Business of Credit Institutions Laws of 1997 to (Νο.3) of 2018, and paragraph 6(a) of the Central Bank of Cyprus Directive on Governance and Management Arrangements in Credit Institutions of July 2014, in regard with the composition and the functioning of its management body.

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