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RCB Bank Responds to CBC’s Imposition of Fine

RCB Bank Responds to CBC’s Imposition of Fine

With regard to the financial penalty issued by the Central Bank of Cyprus, RCB Bank Ltd will respect the CBC’s decision and has settled it in a timely manner. The fine relates to past audits that took place from 2014 to 2016 inclusive, which identified internal improvement areas, and did not relate to any identification of incidents of money laundering.

Following the CBC’s audits, the Bank further enhanced all the areas identified and implemented in full the recommendations of the CBC. Over the past 3 years, RCB Bank Ltd has continued to assess and improve its governance and compliance risk policies, and strengthened its procedures in line with the updated regulatory framework and international best practices.

RCB Bank Ltd continues to implement strictest policies with respect to client on-boarding and anti-money laundering. It remains committed to maintain high standards and a conservative approach, with further continuing investments into its systems and human resources.

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