Central Bank of Cyprus fines Banque SBA Cyprus €750,000 for failing to comply with certain AML/CFT requirements

CBC has imposed a €750,000 administrative fine on Banque SBA Cyprus following findings from a supervisory examination conducted in 2023. The bank was found to have failed to comply with certain requirements under Cyprus’s AML/CFT legislation and the CBC’s AML/CFT Directive for credit institutions. The announcement does not specify the individual breaches, but the case highlights continued supervisory scrutiny of banks’ AML/CFT compliance and…