Cyprus is the most noncompliant among European countries in terms of reporting suspicious transactions, according to a peer review conducted by the European Securities and Markets Authority.

Of the national competent authorities reviewed, that of Cyprus was found to be noncompliant with both the supervision of suspicious transactions and order reports requirements and response to poor-quality or suspected nonreporting of dubious trades and associated enforcement actions. Norway and Romania were also found noncompliant with the supervision of STOR requirements. Liechtenstein is the other country found noncompliant with response to poor-quality or suspected nonreporting of dubious trades and associated enforcement actions.

The authorities in Belgium, France, Italy, the Netherlands, Portugal and the U.K. were found to be fully compliant with at least four of six areas of assessment, ESMA said Dec. 12.

The peer review looked at 31 national authorities. Overall, ESMA said they were "performing well."