On 9 December 2015 the CBC, decided to impose sanctions in the form of a fine on FBME Bank Ltd (Cyprus Branch) amounting to €1.200.000 for failure to comply with

1. sections 58, 60(d), 61(1), 62(6), 64(1)(c), 64(2), 68C, and 68(1) of the Prevention and Suppression of Money Laundering Activities Law of 2007 to 2013,
2. paragraphs 2, 3, 18(iv), 18(ix), 27, 28-30, 38, 42, 54, 55, 72-77, 87-95, 103, 104(viii), 124, 129(ii), 129 (iii), 149, 160, 162-168, 186 and
3. 214 of the Directive issued by the CBC for the Prevention of Money Laundering and Terrorist Financing, December 2013 (Fourth Edition) and
4. articles (4) and (5) of the Regulation (EC) No. 1781/2006 of the European Parliament and of the Council on information on the payer accompanying transfers of funds.

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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