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. 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 2021 the following:
- Decrease of the international business clientele portfolio by 41%.
- Termination of relationships with professional intermediaries introducing customers to the Bank.
- Termination/suspension of 17.586 customer relationships solely on compliance/financial crime reasons corresponding to over €6.9 billion of turnover and yearly net profitability of €21.7 million.
- Rejection of 8.099 potential new customer relationships
Cyprus: Continued wins against financial crime