Central Bank of Cyprus imposed a €1.5m fine on Ukrainian PrivatBank

Having reviewed the Ukrainian bank in May 2015 in terms of its compliance with anti-money laundering regulations, the Cyprus CB has imposed a €1.5 million fine. It is reminiscent of the earlier fine that FBME and Hellenic Bank also received on the same grounds. Implementation of the European Union Fourth Anti-Money Laundering Directive forces Central Banks of other EU countries to be more fastidious about the transparency of the European banking system. Another outstanding example is the Central Bank of Ireland issuing a €3.3 fine on Ulster Bank.


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