The Central Bank of Cyprus (CBC) wishes to announce that in accordance with the provisions of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2013-2013 (the “Law”), it intends from now on to publicise on its web site the imposition of administrative fines on credit, payment and electronic money institutions whenever they fail to comply with the provisions of the Law or the relevant Directives issued by the CBC and the Regulation 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, increase transparency and thus the public’s confidence in the financial sector.