Continued Wins against Financial Crime

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 2018 the following:

Since 2014:

  • Decrease of the international business clientele portfolio by 31%.
  • Termination of around 82% of relationships with professional intermediaries introducing customers to the Bank, leading to a decrease of this portfolio of intermediaries from 1.601 to 287.

Since 2015:

  • Termination/suspension of 8.070 customer relationships solely on compliance/financial crime reasons corresponding to over €4.5 billion of turnover and yearly net profitability of €13.3 million.
  • Rejection of 4.354 potential new customer relationships

 

Cyprus: Continued wins against money laundering

Tone from the Top

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