Awards and Recognitions

Compliance Division of Bank of Cyprus Public Company Ltd

Our Commitment to Excellence: Awards and Recognitions

The Compliance Division of Bank of Cyprus Public Company Ltd has sustainably demonstrated outstanding performance and dedication to maintaining the highest compliance and governance standards. Our team's relentless commitment to excellence has been recognized by esteemed institutions and industry leaders. Below is a list of prestigious awards and recognitions that we have received over the years.

2025

• Bank of Cyprus Achieves Prestigious ISO 37301 Certification

A Milestone in Compliance Excellence

Exciting Milestone: ISO 37301 Certification Achieved!

Bank of Cyprus Public Company Ltd has successfully achieved ISO 37301 certification for its compliance function. This prestigious certification marks a significant milestone for both the Bank and the Cypriot banking sector.

What is ISO 37301?

ISO 37301 is a comprehensive standard that outlines the requirements and guidelines for establishing a robust compliance management system (CMS). It emphasizes a risk-based approach to compliance, ensuring that organizations effectively identify, assess, manage, and report compliance risks. By adhering to ISO 37301, our Bank demonstrates its unwavering commitment to ethical behavior, legal compliance, and continuous improvement.

Our Journey to Certification

The certification process was rigorous, involving meticulous reviews of our policies, processes, reports, and monitoring activities. The certification body examined the exchange of information between the Compliance Division, the Board of Directors, Board Committees, and the Regulator. Multiple interviews were conducted with the Compliance Division’s executive team members, including the CEO, the Chairman of the Board, and other Board members. An independent audit by a prestigious advisory firm, confirmed the effectiveness of the compliance processes before the actual certification audit.

Commitment to Continuous Improvement

ISO 37301 is not a one-time certification but a commitment to continuous improvement. By regularly evaluating and updating our compliance management system, we can adapt to evolving regulatory requirements and emerging risks. This proactive approach enables us to stay ahead of potential compliance issues and maintain a high standard of operational excellence.

Building Trust

This certification is not merely an award; it represents an independent and official validation of the effectiveness of the Bank’s compliance function and its adherence to international best practices in compliance management. It reinforces and strengthens the trust between the Bank and its various stakeholders, including clients, investors, and the Regulator.

We are proud of this achievement and remain committed to maintaining the highest standards of compliance and governance.

Click here to view the relevant Policy Statement.

 

2024

• Best Compliance Team in the Banking Sector - Gold & Platinum Awarded by Compliance Association Greece

This prestigious award recognizes our excellence in compliance management and our proactive approach to regulatory challenges in the overall Greek economy.

Receiving both the GOLD (Best Compliance Team in the Greek Banking and Financial Institutions Sector) and PLATINUM (Best Compliance Team in all Sectors of the Greek Economy) awards, underscores our outstanding performance and commitment to upholding the highest standards in compliance and governance in the Greek economy.

We are proud of these achievements and remain dedicated to maintaining our reputation as a leader in compliance and governance. Our success is a testament to the hard work, expertise, and unwavering commitment of our entire team and the lighthouse for our future direction!

2023

• Best Corporate Governance Corporation (UK) - Awarded by World Finance (UK)

Winning this award for the overall UK region underscores our continued leadership in corporate governance and reaffirms our position as a model institution in the financial industry.

• The Institutional Shareholder Services (ISS) upgraded our Bank’s Corporate Governance & Business Ethics rating (as part of its overall ESG Corporate Rating) from D+ in 2018, to B.

• The Morgan Stanley Capital International (MSCI) upgraded the Bank ‘s ESG Rating from A in 2020, to the impressive AA for its Corporate Governance.

 

2022

• Silver Winner of the Best Compliance Team Award - Awarded by International Compliance Association

This is the first recognition of our Compliance team on an international level!  This award celebrates our team's ability to navigate complex regulatory environments while ensuring adherence to compliance standards and promoting ethical conduct within the organization.

 

2020

• Best Corporate Governance Corporation (Cyprus) - Awarded by World Finance (UK)

This award acknowledges our exceptional corporate governance practices amongst all institutions in Cyprus and our commitment to transparency, integrity, and accountability in all our operations.

• Special Recognition Award for Best Banking Governance Europe - Awarded by Ethical Boardroom Magazine (UK)

This special unique recognition on a European level, highlights our innovative approach to banking governance, setting a benchmark for excellence in the European banking sector.