The Central Bank of Cyprus (“CBC”), within the remit of its supervisory role, under section 25(1) of the Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025 (the “Law”) and in the event of non-compliance by a payment service provider with any provision of the Law or any Directive, circular and/or notice issued by the CBC pursuant to the Law, may impose an administrative fine ranging from one thousand euros (€1,000) to eighty five thousand euros (€85,000). Such decisions are based on the procedures and principles of administrative law, thus the CBC, inter-alia, provides the person concerned the opportunity to be heard before taking a final decision.
In this respect, the CBC decided on 4 December 2025 to impose measures in the form of an administrative fine amounting to €5,000 on G.A.P. Vasilopoulos Public Limited (LEI code 213800LNN5X9FH8XHD78), because of its failure to comply with certain provisions of the Law.