The Central Bank of Cyprus (CBC) has decided the imposition of fine amounting to €89.000 against Alpha Bank Cyprus Ltd for failing to comply with specific Laws and Directives.
The Central Bank of Cyprus (CBC), within the remit of exercising its supervisory role, may take, under subsection (6) of section 59 of the Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2013, all or any of the measures listed therein in the event of non-compliance by a supervised person with the legal and regulatory framework for preventing and combating money laundering. The decision is based on the procedures and principles of administrative law, therefore the CBC, inter-alia, provides the person concerned the opportunity to be heard before taking a final decision.
Therefore the CBC, by a decision dated 1 September 2014, decided to impose sanctions in the form of a fine on Alpha Bank Cyprus Ltd amounting to €89.000 for failure to comply with sections 58(e), 61(1)(d), 62(6), 64(2) and 69(1)(b) and (d) of the Prevention and Suppression of Money Laundering Activities Laws of 2007to 2013 and paragraphs 51, 109 to 112, 143, 144, and 146 to 149 of the CBC Directive issued under Article 59 (4) of the said Law.
The omissions and / or weaknesses identified arise from the findings of the special audit conducted in 2013, and relate to the implementation of due diligence measures and identification of high risk customers and thorough monitoring of their transactions.
The fine was determined after taking into consideration the type of infringements (mostly of a technical nature), corrective measures and actions taken by the Alpha Bank Cyprus Ltd from the date of the audit to date, as well as the cooperation and determination shown by the bank to improve its procedures and measures taken for the implementation of due diligence and identification of high risk customers as well as thorough monitoring of their transactions.
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