Strict regulations and the ensuing measures implemented to address deficiencies in the financial sector following the financial crisis of 2008 have yielded results.
Kathimerini reported on Sunday that JPMorgan will soon be the third correspondent bank handling transactions in US dollars for Cyprus based banks.
Currently Citibank and Bank of New York Mellon provide US dollar services and the addition of JPMorgan is seen as a vote of confidence in the islands' capacity to enforce the required regulatory framework and an indication of compliance with US and EU standards.
Cyprus has been eager to shed its past image with the Central Bank and the Finance Ministry working to inform international partners of the reforms that have been implemented.
Reportedly the Pillsbury Winthrop Shaw Pittman Law Firm was tasked with presenting in New York the new laws adopted and compliance with international standards.