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ECONOMY

New CBC Governor Warns Over Delays on Foreign Transactions

New CBC Governor Warns Over Delays on Foreign Transactions

Constantinos Herodotou, the new Governor of the Central Bank of Cyprus (CBC), called on the Cypriot banks to invest in technology and staff training to speed up due diligence checks on lawful transactions for anti-money laundering (AML), the Cyprus News Agency reports.

Noting that there are many examples where businessmen opt to carry out their lawful transactions in other countries due to delays in the Cyprus banking system, Herodotou said the Cypriot banks take more time to carry out due diligence checks compared with their EU peers, although AML directives are the same for all member-states.

“The banks should invest on staff training and technology for more effective combating of money laundering, reducing negative impact on lawful activities at the same time,” he said, addressing an event organised by the Cyprus Chamber of Commerce and Industry (CCCI).

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