The Central Bank of Cyprus (the CBC) has announced that in
accordance with the provisions of the Prevention and Suppression of
Money Laundering and Terrorist Financing Law of 2007-2013 (the Law)
it intends to publish on its web site details of administrative
fines it imposes on credit, payment and electronic money
institutions for failure to comply with the provisions of the Law,
any directives issued under it by the CBC, or Regulation (EC)
1781/2006 of the European Parliament and the Council.
The CBC considers that the publication of such information will be
an important indication of the effectiveness and efficiency of the
supervisory framework for the prevention of money laundering and
terrorist financing, and that it will increase transparency and
improve public confidence in the financial sector.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
