Cyprus banks challenging money laundering associations

December 24, 2018 - 1:38 am

NICOSIA, Cyprus (AP) — The chief of the Cyprus Association of Banks say Cypriot lenders are concerned that their adoption of some of the toughest anti-money laundering regulations in the world has not been fully recognized abroad.

Association Director Michalis Kammas told The Associated Press Monday that banks are challenging "outdated perceptions" and are working to raise awareness about reform efforts.

Kammas says more rigorous supervision and directives have led to the closure of a "significant number" of bank accounts since 2014.

Prior to a 2013 banking sector crisis that brought Cyprus to the brink of bankruptcy, the east Mediterranean island nation, which is a member of the European Union, was hounded by allegations that it was a tax and money laundering haven.

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