The Central Bank of Cyprus fined RCB Bank Ltd. €800,000 for violating laws and regulations against money laundering and terrorist financing.
The fine relates to past audits that took place from 2014 to 2016 and identified areas where RCB Bank could have improved, the lender said Dec. 1. The audits did not necessarily identify incidents of money laundering, it noted.
The bank said it has further enhanced all the areas identified in the audits and fully implemented the recommendations of the central bank.
RCB Bank said it will respect the central bank's decision and has settled the fine in a timely manner. The central bank said the fine would be reduced by 15%, or €120,000, if it is paid within a specified time limit.