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The Central Bank of Cyprus announced Tuesday that it has imposed a fine amounting to €715,000 on the Cyprus Development Bank Ltd due to non-compliance with anti-laundering laws and directives.
The imposition of sanctions in the form of a fine was decided following on-site examinations conducted by CBC officials in the period 2014 – 2016, the CBC said in a statement.
“The CBC, on the basis of findings, decided to impose sanctions in the form of a fine on Cyprus Development Bank amounting to €715,000 for failure to comply with certain provisions of the Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2016 and of the Directive issued by the CBC for the Prevention of Money Laundering and Terrorist Financing, December 2013 (Fourth Edition),” the CBC said.
If the fine is paid within a specified time limit, it will be reduced by 15% or €107,250, the CBC added.
The bank said it fully respected the decision and would comply, it also noted the fine dates back to infractions of the past but since then it has implemented all recommndations of the Central Bank, CBD said
