Bank of Cyprus (BoC) has taken silver in the ‘Best Compliance Team’ category of the 2022 ICA Compliance Awards.

The inaugural Awards, held as a hybrid event on May 19, recognise the outstanding achievements, innovation and teamwork in financial crime and regulatory compliance.

BoC had initially been shortlisted amongst 28 other contestants from all over the world, including: Lloyds Bank, APS Bank, Virgin Media O2, Shell T&S, Alfa Bank, Aegean Airlines, PWC (London).

“The supporting information was strong and it was evident from the information supplied that modern, engaging, effective and collaborative compliance is key for this team/organisation,” noted the judicial committee in awarding BoC with the prestigious international award.

This is an outstanding achievement, not only for the Bank of Cyprus, but also for Cyprus, as the lender becomes the island’s first organisation to be internationally accredited as having the most effective, modern and engaging compliance function.

Commenting on the unique honour, BoC Compliance Director Marios Skandalis said it was testament to the Bank’s outstanding performance and results in compliance and governance over recent years, rendering Bank of Cyprus one of the most well-governed institutions, both regionally and, now, globally.

A full list of the 2022 ICA Compliance Awards winners and highly commended may be viewed here.