CBC imposes fine to Banque SBA Cyprus for non-compliance with Law against money laundering

      
The decision, it adds, is based on the procedures and principles of administrative law, thus the CBC
The Central Bank of Cyprus (CBC) has decided to impose measures in the form of a fine on Banque SBA Cyprus amounting to €750,000, because of its failure to comply with certain provisions of the Law and of the CBC Directive to Credit Institutions for the Prevention of Money Laundering and Terrorist Financing, 5th edition of February 2019.
In a press release, CBC says that within the remit of its supervisory role, may take, under subsection (6) of section 59 of the Prevention and Suppression of Money Laundering Activities Law of 2007, as subsequently amended, any of the measures listed therein in the event of non-compliance by a supervised person with the provisions of Part VIII of the Law or its relevant Directives.
The decision, it adds, is 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, on the basis of findings emanating from the examination conducted during 2023, decided on 29 September 2026 to impose measures in the form of a fine on Banque SBA Cyprus (LEI code: 213800X5TSY4F7M3X732), amounting to €750,000, because of its failure to comply with certain provisions of the Law and of the CBC Directive to Credit Institutions for the Prevention of Money Laundering and Terrorist Financing, 5th edition of February 2019.
Source: CNA

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