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Our Bank’s New Culture of Values

The Bank of Cyprus has engaged since beginning of year 2014 in a very demanding and rigorous anti-financial crime remediation programme which has successfully been implemented by the end of year 2015.  Today’s compliance function of Bank of Cyprus is one of the highest international standards which amongst others adhere to the principles of the US Patriot Act and local and EU law.

This strict programme had as a result until 31 December 2017 the following:

Since 2014:

  • Decrease of the international business clientele portfolio by 33%.
  • Termination of around 80% of relationships with professional intermediaries introducing customers to the Bank, leading to a decrease of this portfolio of intermediaries from 1.601 to 324.

Since 2015:

  • Termination/suspension of 5.359 customer relationships solely on compliance/financial crime reasons corresponding to over €3.6 billion of turnover and yearly net profitability of €10.5 million.
  • Rejection of 2.937 potential new customer relationships

Following the successful implementation of this uniquely robust framework, the Bank of Cyprus received independent recognition of its proven spectacular transformation which led to the establishment of its new corporate culture of ethics, as follows:

  • Our Bank has successfully been listed on the London Stock Exchange (one with the most demanding and strict corporate governance codes internationally) and is today the only corporation in Cyprus that fully complies with both the London Stock Exchange Code and the Cyprus Stock Exchange Code.
  • Positive comments and feedback received by various Regulatory Authorities on the new level of compliance and corporate governance of Bank of Cyprus.
  • Our Bank won the 2016 Award for Best Practices to Reduce Corruption and Strengthen Transparency, by Transparency International (Cyprus)
  • Our Bank won the 2017 Best Corporate Governance Award, Cyprus, by World Finance (UK).
  • Our Bank has won the 2017 and 2018 Bank of the Year Award (Cyprus) of Corporate Insider's Business Excellence Awards.

This new culture of values of our new Bank forms the hallmark of the relationship with our shareholders, customers, regulators and other stakeholders!


BOC AML flyer