10/12/2015 12:27
The central bank of Cyprus by a decision dated 9 December 2015 , decided to impose sanctions in the form of a fine on FBME Bank Ltd (Cyprus Branch) amounting to €1,2 mn.
The decision was taken on the grounds of failure by FBME to comply with sections pertaining to the prevention and suppression of money laundering activities law of 2007 to 2013, the directive issued by the CBC for the prevention of money laundering and terrorist financing, December 2013 (Fourth Edition), and the Regulation (EC) No. 1781/2006 of the European Parliament and of the Council on information on the payer accompanying transfers of funds.
According to the CBC's announcement, the omissions and / or weaknesses identified arise from the findings of the on-site inspection conducted in 2014, and relate to the level of compliance of the branch in relation to the legal and regulatory framework for the prevention of money laundering and terrorist financing.
The decision was taken on the grounds of failure by FBME to comply with sections pertaining to the prevention and suppression of money laundering activities law of 2007 to 2013, the directive issued by the CBC for the prevention of money laundering and terrorist financing, December 2013 (Fourth Edition), and the Regulation (EC) No. 1781/2006 of the European Parliament and of the Council on information on the payer accompanying transfers of funds.
According to the CBC's announcement, the omissions and / or weaknesses identified arise from the findings of the on-site inspection conducted in 2014, and relate to the level of compliance of the branch in relation to the legal and regulatory framework for the prevention of money laundering and terrorist financing.
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