SATURDAY, 13 AUG 2022

 

CONNECT

Facebook Linked In Twitter
IMH LTD

US Invests $280bn In High Tech To Compete With China

Greece Exits Enhanced Surveillance Programme 12 Years After Bailout

IMH LTD

ECONOMY

Agreement Reached On Ten Steps To Speed Up Banking Procedures

Agreement Reached On Ten Steps To Speed Up Banking Procedures

The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders agreed on ten steps to rationalise banking procedures such as Know-Your Client (KyC) and client due diligence, speeding up banking transactions vital for the economy, while ensuring compliance with the EU and international anti money-laundering regulations, the CBC Governor Constantinos Herodotou announced on Monday.

These issues have been discussed in a wide meeting convened by the Herodotou, in the presence of CEOs and compliance officers of Commercial Banks, the Cyprus Chamber of Commerce and Industry, the Employers and Industrialists Federation and professional regulatory bodies such as the Cyprus Bar Association and the Cyprus Institute of Certified Public Accountants along with Invest Cyprus and the Cyprus Investment Funds Association.

The meeting covered complaints often expressed by businesses, that strict procedures followed by banks such as the KYC and due diligence imposed by AML laws obstruct financial activity in Cyprus’ service-based economy.

“We have concluded on a total of ten measures, which will be implemented so that the procedures will be more efficient,” Constantinos Herodotou, the CBC Governor said in statements following the meeting, adding that more meetings will follow to examine the progress made “so that we could see practical results for the economy.”

Responding to a question over the measures that have been decided, Herodotou said that a working group will be established involving the banks, and all stakeholders with the participation of the CBC “which will make sure that any measures agreed on more efficient procedures will comply with the European regulations.”

He also said that the CBC has set up a financial conduct service which will assess the complaints made to the regulator on these issues “so that we could point out measures that would be appropriate.”

“Surely if we all change our approach somewhat, all stakeholders, more effective procedures could be achieved and that is what we have discussed today,” the Governor stressed, stating that all, both the regulatory bodies, business representatives, the Banks and the CBC alike, should contribute to enjoy positive benefits for the economy.

The Association of Cyprus Banks (ACB) in a press release issued after the meeting said the banks “have listened carefully” the concerns and thoughts of the economic stakeholders with regard to promote ways of increasing the productivity of the Cypriot economy.

 “As Cyprus banking sector we reaffirmed our intention to implement further best practises and substantive proposals which would boost productivity and competitiveness as well as Cyprus’ brand name abroad as a reliable business destination”, the ACB added.

Source: CNA

MORE ON ECONOMY

Trade Deficit Up By €1.12 Billion In First Half Of 2022, CyStat Data Show

Trade deficit was up by €1.12 billion in the first half of 2022, data released by the ...

Cyprus Stock Exchange Market Capitalisation Of Shares Reached €1.90 Billion In July

The market capitalisation of the shares traded in Cyprus Stock Exchange reached €1.90 ...

Eurostat: Exports In Services In Cyprus Almost At Pre-Pandemic Levels In 2021

EU member states exported services worth a total of 1027 billion euro to countries ...

FROM AROUND GOLDNEWS

   

Epic Invests In Renewable Energy Sources To Battle Climate Change

Epic, as a pioneering company, is investing on green and sustainable development, aiming to the reduction of the company’s ecological footprint and ...
   

New Residence Permits Reach Pre-Pandemic Levels In Cyprus And The EU, According To Eurostat

New residence permits issued in the European Union, as well as in Cyprus, to non-EU citizens in 2021 reached pre-pandemic levels, according to data on first ...
   

US Invests $280bn In High Tech To Compete With China

US President Joe Biden has signed a law committing $280bn (£232bn) to high tech manufacturing and scientific research amid fears the country is losing ...
   

Property Values In Cyprus Continue Upward Trend In Q2 2022

KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for Q2 2022.
   

Greece Exits Enhanced Surveillance Programme 12 Years After Bailout

Greece will be "turning a page in its modern history" as the European Commission confirmed on Wednesday that the country will exit its enhanced ...
   

PASCAL Schools Join Leading Education Group Globeducate

PASCAL Schools have joined Globeducate, one of the world´s leading K12 education providers, with 55+ premium bilingual and international schools, and online ...
   

Eurostat: Young Air Transport Workers Most Affected By Pandemic's Impact On Sector

The decline in passengers in air transport as a result of the COVID-19 pandemic had a pronounced effect on younger workers due to staff reductions by airlines ...
   

Cyprus One Of Few Countries That Implemented Central State Aid And De Minimis Registry

Commissioner for State Aid Control Stella Michaelidou has welcomed the fact that her Office has taken the lead at European level and has been an example for ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

bloomberg_19/7-28/9
cyta_road_show_9/8-21/9

IMH LTD