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:

Since 2014:

• Decrease of the international business clientele portfolio by 41%.
• Termination of relationships with professional intermediaries introducing customers to the Bank. 

Since 2015:

• 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

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