The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Compliance Association (CCA) have signed a Memorandum of Understanding (MoU), according to an official announcement.

Keve explained that the MoU aims to strengthen business compliance and support small and medium-sized enterprises (SMEs) in Cyprus.

The MoU was signed on Monday at the Keve headquarters in Nicosia by chamber president Stavros Stavrou and CCA president Andrea Moundi Savvidi, marking the start of what both organisations described as a dynamic partnership.

The agreement aims to enhance cooperation between the two bodies through joint actions and initiatives, including education and training on regulatory compliance, compliance support services, networking and knowledge exchange, as well as the sharing of information and collaboration in events organised by Keve and the CCA.

The partnership also seeks to create a supportive framework for SMEs to address regulatory challenges more effectively, thereby improving their sustainability and competitiveness.

“Through our cooperation with the Cyprus Compliance Association, we are providing businesses with the tools and knowledge they need to adapt, comply and grow in a demanding regulatory environment, while also enhancing the credibility of the business ecosystem,” said Keve president Stavros Stavrou during the ceremony.

From the perspective of the CCA’s honorary president Marios Skandalis, the MoU represented a pioneering initiative.

“This Memorandum is not intended to promote the compliance profession but to strengthen and further enhance the resilience of the business sector operating in Cyprus,” he said.

He added that the agreement would establish a common language between compliance officers, businesses and the public, enabling solutions to shared challenges and acting as a catalyst for the smooth functioning of businesses and the attraction of sustainable investments.

CCA president Andrea Moundi Savvidi said the signing of the MoU was only the beginning of a broader vision.

“This beginning is based on shared values, a common philosophy and a common vision for a stronger, more resilient and more responsible business environment in Cyprus,” she said.

“Compliance is not an obstacle but a catalyst for trust and growth for the entire business ecosystem,” she added.