Compliance

The Bank’s Group Compliance Division (GCD) provides independent oversight of the management of the Bank’s compliance with laws, regulations, guidelines and internal rules relevant to the activities of the Bank in the jurisdictions in which it operates. 

The role of the GCD includes the following:

  • Oversee, coordinate, monitor and facilitate compliance with existing laws, rules and regulations through the implementation of the Bank’s compliance system and program in accordance with the requirements of the Central Bank of Cyprus (CBC) and other regulatory authorities, including but not limited to the identification and control of compliance risks, prudential reporting obligations as well as compliance training
  • Track and evaluate all new regulations or amendments to existing regulatory issuances and disseminate these immediately to the implementing units for their information and action
  • Initiate requests for policy pronouncements or revisions to ensure new regulations are made part of the Bank’s policies and procedures
  • Provide guidance, advisories and training to employees on significant laws and regulations.
  • Report to senior management and to the Board on significant compliance issues
  • Liaise with the regulatory authorities and appear before their bodies upon summons to clarify matters related to the compliance system
  • Annually prepare a report to the CBC on the Bank’s compliance with the Central Bank’s Directives
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