aml Archives - Cyprus Mail

Mokas has approached president’s former law firm in wake of OCCRP report

George PsyllidesAugust 28, 2019August 28, 2019

By George PsyllidesAugust 28, 2019August 28, 20190731

The anti-money laundering unit Mokas said Wednesday it had already asked President Nicos Anastasiades’ former law firm for information regarding a report linking the company...

Business

Moneyval officials in Cyprus for financial-sector review

Staff ReporterMay 17, 2019

By Staff ReporterMay 17, 20190557

A team from the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, also known as Moneyval, arrived in...

Cyprus

Banks need to speed up due diligence, CBC governor says

Source: Cyprus News AgencyMay 16, 2019May 20, 2019

By Source: Cyprus News AgencyMay 16, 2019May 20, 20190388

New Central Bank Governor Constantinos Herodotou, has called on Cypriot banks to invest in technology and staff training to speed up due diligence checks on...

Cyprus

Casinos, offshore banking keeps north on money-laundering radar

George PsyllidesApril 5, 2019April 5, 2019

By George PsyllidesApril 5, 2019April 5, 20190246

Casinos and the offshore banking sector in the breakaway Turkish Cypriot state in the north of the island remain areas of concern for money laundering...

Cyprus

Shell companies directive helps money laundering fight: Moody’s

Source: Cyprus News AgencyNovember 12, 2018

By Source: Cyprus News AgencyNovember 12, 20180193

The central bank’s (CBC) new directive on shell companies is credit positive for Cypriot banks, because the specific definitions of shell companies will help eliminate...

Cyprus

Billions lost in cash crackdown on money laundering

George PsyllidesNovember 11, 2018November 11, 2018

By George PsyllidesNovember 11, 2018November 11, 20180670

EVEN depositing the cash received for your wedding, a fairly simple banking task in the past, has apparently become arduous in recent days, as lenders...

Business

Cyprus finds its economy entangled in US-Russia tug-of-war

Stelios OrphanidesMay 29, 2018May 29, 2018

By Stelios OrphanidesMay 29, 2018May 29, 2018063

By Stelios Orphanides While the increasingly stricter anti-money laundering (AML) practices applied in the Cypriot financial system in recent years are already disgruntling businesses, the...

Cyprus

CBC fines RCB Bank €800,000 citing failure to comply with AML law

Stelios OrphanidesDecember 1, 2017

By Stelios OrphanidesDecember 1, 2017095

The Central Bank of Cyprus said it fined RCB Bank €800,000 citing the Russian-owned lender’s failure to comply with provisions of anti-money laundering legislation. “The...