News

Banks in Cyprus can expect continued scrutiny of their efforts to mitigate risk associated with accounts held by offshore clients following the island nation's first assessment of its money-laundering vulnerabilities. Cypriot officials said a review from July 2015 to November 2017 found banks as the only type of financial institution at high risk of exposure to money launderers and other financial criminals, followed by law firms, accounting firms and other types of companies that provide trust and incorporation services disproportionally to foreign clients. "The banking industry is clearly targeted by criminals to layer and consolidate their illicit proceeds," officials claimed...