Nicosia.- The Cyprus Central Bank has imposed a fine of €1,145,000 on Hellenic Bank for omissions and/or weaknesses identified during an on site inspection in September 2014 regarding previous years and in relation to the implementation of due diligence measures and customer identification procedures.
In a press release, the Central Bank has said that “if the fine is paid before 20 July 2016 this will be reduced by 15% or €171,750”. At the same time it has noted that the imposition of the fine does not constitute identification of incidents of money laundering.
“Following the completion of the on site examination and before the imposition of the administrative fine, Hellenic Bank provided acceptable to the CBC assurances as to the assumption of corrective measures,” it adds.
In a press release the Hellenic Bank has stated it has “agreed to settle a €973,250 financial penalty issued by the Central Bank of Cyprus (“CBC”), relating to controls omissions and weaknesses in the implementation of due diligence measures and customer identification procedures, as part of the Company’s anti-money laundering (“AML”) and know-your-customer (“KYC”) framework.”
“Hellenic Bank has made significant progress in rectifying these issues, following an independent review and subsequent restructuring of part of its business initiated since September 2014 and overseen by the Board of Directors,” the bank has said, adding that “as part of this restructuring, a number of client accounts has been closed.”