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Cyprus Eastern Forum Index » Banking & Insurance » Cyprus banks step up fight against money laundering
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Cyprus banks step up fight against money laundering 
Post: #1   PostPosted: Thu May 31, 2018 8:25 am Reply with quote
Steve - SJD
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Cyprus banks step up fight against money laundering

Local banks have closed or suspended accounts of foreign clients as they step
up efforts to combat money laundering.

Bank of Cyprus has closed or suspended the accounts of 5359 Russian and
Ukrainian clients, leading to a loss of 3.6b in turnover and a corresponding
impact on revenue and profits. The BoC has also slashed the number of
intermediaries to 324 from 1601 and rejected 2937 prospective new clients in
the period 2015 to 2017. Over the same period, the number of Russian and
Ukrainian clients fell by 60% while deposits from these... [
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Cyprus banks step up fight against money laundering 
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