Central Bank of Cyprus Imposes €750,000 Fine on Banque SBA for AML Violations

The Central Bank of Cyprus has fined Banque SBA Cyprus €750,000 for violations of anti-money laundering (AML) and counter-terrorism financing regulations. This decision, announced on Tuesday, stems from an audit conducted in 2023, which revealed breaches of both Cyprus' AML law and the guidelines set forth by the Central Bank of Cyprus.