Report of an alleged infringement

Wednesday, 6 October 2021

The Financial Conduct Section (FCS) of the Central Bank of Cyprus (CBC), has posted on its website a template for the reporting of an alleged infringement in respect of legislation which designates the CBC as the competent Authority. The template is directly accessible by clicking here

The «Report of an alleged infringement» may be completed and submitted to the FCS by an employee or a client of an institution / company that is supervised by the CBC, i.e. Credit Institution / Credit Acquiring Company / Payment Institution / Electronic Money Institution, who considers that the institution / company is in breach or omits to comply with certain legislative provisions.

The CBC may conduct an investigation, in accordance with the powers vested on it by the relevant legislation and take actions as provided thereby; for example, it may request relevant information from the institution and/or may conduct on-site inspections. Moreover, in case it establishes non-compliance or omission, it may, after calling the institution into apology, take supervisory measures and/or impose administrative sanctions.