Cypriot Bank Officials Set to Present AML Progress in the U.S.

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Senior representatives from four of Cyprus’ major banks will travel to the U.S. on September 16 to present the strides they’ve made in anti-money laundering (AML), sanctions enforcement, and management of foreign accounts. As reported by Panayiotis Rougalas in Kathimerini, the delegation includes officials from Bank of Cyprus, Hellenic Bank, Eurobank Cyprus, and Astrobank. They are scheduled to meet with key U.S. officials in Washington, D.C., and New York.

This annual “roadshow” serves as an opportunity for Cypriot banks to reassure U.S. partners that significant changes have been made to Cyprus’ banking practices since the financial crisis of 2013. This effort has been ongoing since 2017 and aims to showcase the banks’ adherence to international financial standards and regulations.

Throughout the visit, Cypriot bankers will engage with members of Congress, executives from the State Department, Treasury, and the Department of Justice, as well as officials from the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). These U.S. agencies play a key role in overseeing financial crimes and sanctions enforcement.

A notable achievement in recent years has been the expansion of Cypriot banks’ relationships with U.S. correspondent banks for dollar transactions, growing from just one partner to five. One of the major meetings scheduled during the trip will be with Citibank.

“Since 2013, Cyprus’ banking operations have undergone significant transformations,” said Marios Skandalis, head of regulatory compliance at Bank of Cyprus, who will be part of the delegation. He emphasized that the visit is crucial for sharing information and proving that Cypriot banks have adapted to new financial regulations.

Over the last five years, as part of a broader regulatory effort, Cypriot banks have cut ties with 42,728 shell companies and closed 125,872 related accounts, according to data from the Central Bank of Cyprus.

The Council of Europe’s 2023 Moneyval report praised Cyprus for its AML progress, granting the country positive ratings in 37 out of 40 recommendations. Cyprus’ next evaluation will take place in May 2025.

Despite this progress, Cyprus has occasionally been associated with financial controversies, including the FinCEN Files and Cyprus Papers. However, these latest efforts show a clear commitment by the country’s banks to maintain regulatory compliance and stay on the right path.

Source: knews.kathimerini.com.cy

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