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Central bank fines Bulgarian Central Cooperative Bank ,e1/425k citing AML violation.

The Central Bank of Cyprus said that it fined the Cyprus branch of the Central Cooperative Bank of Bulgaria e1/425,000 citing the latter's failure to comply with the provisions of the anti-money laundering legislation.

The Central Bank of Cyprus's decision was taken on May 26, the supervisory authority said in a statement on its website on Tuesday.

The central bank added that decisions of this type are "taken based on administrative law procedures, i.e. the Central Bank of Cyprus, asks, among other things, the affected party to offer explanations before the final decision is taken".

The post Central bank fines Bulgarian Central Cooperative Bank e1/425k citing AML violation appeared first on Cyprus Mail .

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Publication:Cyprus Mail (Cyprus)
Geographic Code:4EXCY
Date:May 31, 2016
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