End of banking secrecy in Cyprus and the European Union

The era of absolute banking secrecy has ended in the European Union and the Republic of Cyprus due to strict transparency and anti-money laundering (AML) regulations. Banks are now legally mandated to collect extensive personal data to establish financial profiles for their clients. This information includes transaction history, travel patterns, employment status, debt levels, and real estate ownership. Sources such as Artemis Interbank Information Systems, JCC Payment Systems, land registries, and company registries provide additional data for these assessments. All digital transactions, including card usage and e-banking, leave traceable footprints that are monitored by modern data analytics systems. While banks process this information, they are required to remain compliant with the General Data Protection Regulation (GDPR). Financial institutions monitor these details to combat fraud and fulfill regulatory obligations. Customers are now routinely required to provide significantly more documentation when opening or updating accounts.