THE CENTRAL BANK OF CYPRUS HAS CLOSED ALMOST 126,000 SUSPICIOUS ACCOUNTS SINCE 2018

The Central Bank of Cyprus has reported on the measures taken by the regulator in the fight against money laundering and the financing of terrorism (AML/CFT). Since the end of 2018, Cypriot banks have terminated relationships with 42,728 suspicious companies and closed 125,782 accounts.

The Central Bank's statement notes that the regulator is responsible for ensuring that supervised organizations comply with targeted financial sanctions adopted and imposed by the UN Security Council and the EU. As the supervisory authority, it requires all credit institutions to apply the anti-money laundering and counter-terrorist financing law to reduce any potential risks.

To assess the level of compliance by credit institutions with the legal framework, the Central Bank conducts in-depth on-site inspections, special checks, and continuous off-site monitoring.

"As part of the ongoing efforts to further strengthen supervisory capacity in 2019, the Central Bank initiated the process of recruiting personnel, as a result of which, by 2022, the staff of the AML/CFT department was increased by 50%," the regulator's statement says.

It is also noted that since 2015, the Central Bank of Cyprus has imposed fines related to AML/CFT inspections in 13 cases.