The progress that has been achieved in the Cypriot banking system in the fight against money laundering, with the implementation of advanced regulations and the implementation of reform actions, was presented at a web seminar organised by the Association of Banks with the presence of executives from businesses and organisations mainly in the US.
As mentioned in the web presentation entitled "establishing a culture of compliance", a revolution in banking culture and procedures has reduced the exposure of Cypriot banks to high-risk jurisdictions, mitigated reliance on third parties, and addressed strict policies with respect to shell companies, which has led to cooperation with four correspondent banks in terms of US dollar transactions compared to just one a few years ago.
(CNA)
CUP
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