The Central Bank of Cyprus (CBC) has slapped a €790,000 fine on Bank of Cyprus for the latter’s violation of certain provisions of the law relating to money laundering.

In an announcement, the CBC said its decision related to findings made in 2018 and 2019. It said Bank of Cyprus had failed to comply with certain provisions of the ‘Prevention and suppression of money laundering activities and financing of terrorism’ law.

No further details were given.

The fine imposed can be reduced by 15 per cent if paid within a certain timeframe.