Central Bank of Cyprus fines Banque SBA €750,000 for AML failures

The Central Bank of Cyprus (CBC) imposed an administrative fine of €750,000 on Banque SBA Cyprus on September 29, 2026. This disciplinary action follows an extensive regulatory inspection conducted in 2023, which identified significant lapses in the bank's compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) protocols.

The penalty was issued under the authority of the Prevention and Suppression of Money Laundering Activities Law of 2007. Specifically, the findings indicated that the institution failed to adhere to the provisions outlined in Part VIII of the legislation and related CBC directives. The central bank confirmed that the decision adhered to standard administrative law procedures, which include granting the supervised entity an opportunity to present explanations prior to the final ruling.

This measure highlights the ongoing supervisory focus of the Central Bank of Cyprus regarding the rigorous enforcement of financial oversight. While the fine concludes the formal process regarding the 2023 inspection findings, it underscores the persistent efforts of regulatory authorities to maintain institutional compliance with international anti-money laundering standards.