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22 March, 2019
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Russian deposits down by 5 billion

Cyprus banks closed 20000 accounts in 4 years

Panayiotis Rougalas

According to information provided by the Central Bank of Cyprus more than 20000 foreign accounts have been closed by Cypriot banks since 2014 as a result of efforts to enforce the anti-money laundering directives.

A result of efforts to enforce the anti-money laundering directives

The decline of Russian deposits in relation to the total portfolio of the Cypriot banking industry has been halved. Russian deposits in 2014 were at 9.9%, while in November 2018 the sum stood at 5.5% of Cypriot Banks’ assets.

Considering that total deposits in Cyprus amount to roughly 50 billion Euros, a reduction of 4.5% - 5% amounts to 5 billion in capital outflows.


Cyprus  |  Economy  |  Russia  |  Money  |  Banks  |  Deposits  |  AML

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