NICOSIA, Cyprus, Nov. 1, 2016 /PRNewswire/ -- PrivatBank announced that it has fully complied with financial regulations in Cyprus.
This is in response to recent allegations by the Central Bank of Cyprus regarding money laundering, which imposed a fine on the Ukrainian bank.
PrivatBank highlighted the statement by the Head of Banking Supervision at the Central Bank, Yiangos Demetriou, who clarified that the recently imposed fine was related to gaps in the implementation of antimony-laundering framework. The supervisor's audit did not reveal any actual case of money laundering and, if it had, the case would have been referred to Mokas, the country's anti-money laundering squad.
PrivatBank also highlighted that they will continue to operate in Cyprus to provide essential financial services and continue to work closely with the Central Bank in a transparent and effective manner.
The Bank intends to pay the imposed fine ahead of the specified amount of time.
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