Halister News

(Bloomberg) -- Central Bank of Cyprus says it decided to impose EU1.15m fine on Hellenic Bank “for failure to comply with certain provisions of the Prevention and Suppression of Money Laundering Activities.”

• Hellenic Bank says will settle the penalty before July 20, thus securing 15% reduction
• Penalty relates “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,” lender says in separate statement
  • Penalty is result of audit conducted in Sept. 2014, “does not relate to any identification of incidents of suppression of proceeds from any illegal activities” bank says
• Central Bank of Cyprus “considers it necessary to clarify that, following the completion of the onsite examination and before the imposition of the administrative fine, Hellenic Bank provided acceptable to the CBC assurances as to the assumption of corrective measures”