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CBC Fines Banque SBA Cyprus €750,000 for AML Compliance Failures

CBC Fines Banque SBA Cyprus €750,000 for AML Compliance Failures

First seen 30 Sep 2026, 20:29 UTC • •
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ThreatCluster AI
ThreatCluster •September 30, 2026 at 21:38 UTC
  • •Banque SBA Cyprus fined €750,000 for AML compliance failures.
  • •The fine is based on findings from a 2023 examination by the CBC.
  • •No details of specific breaches or criminal activities were disclosed.

The Central Bank of Cyprus (CBC) fined Banque SBA Cyprus €750,000 due to non-compliance with national anti-money laundering laws following a 2023 examination. The decision was made on September 29, 2026, and announced on September 30. The CBC identified failures related to the provisions of the AML law and its supervisory directives but did not disclose specific details regarding the breaches or any identified criminal activities. The fine does not indicate that criminal money laundering was confirmed, as no illicit transactions were reported. The CBC's enforcement action is based on section 59(6) of the Prevention and Suppression of Money Laundering Activities Law of 2007, as amended. The announcement emphasizes that the penalty is a compliance finding rather than evidence of criminal wrongdoing.

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Timeline

2023-01-01
CBC examination conducted
The Central Bank of Cyprus conducted an examination of Banque SBA Cyprus to assess AML compliance.
Fincrimecentral
2026-09-29
Fine imposed on Banque SBA Cyprus
The Central Bank of Cyprus decided to impose a €750,000 fine on Banque SBA Cyprus for AML compliance failures.
Fincrimecentral
2026-09-30
Fine announced publicly
The Central Bank of Cyprus publicly announced the €750,000 fine against Banque SBA Cyprus.
Fincrimecentral

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Common questions

What specific compliance failures were identified?
The articles did not disclose specific compliance failures or details of the breaches identified during the examination.
Is there any indication of criminal activity?
No, the fine does not indicate any confirmed criminal money laundering activities; it is a compliance finding.
What should affected institutions do?
Institutions should review their AML compliance measures and ensure they align with the CBC's directives to avoid similar penalties.