Cyprus’ Hellenic Bank Hit With Big Penalty

NICOSIA -Hellenic Bank, Cyprus’s second biggest lender, said on July 15 it has agreed to pay a 973,250-euro ($1.075 million) fine issued by the country’s Central Bank.

The penalty was for controls omissions and weaknesses in the implementation of due diligence measures and customer identification procedures as part of the company’s anti-money laundering and know-your-customer framework, it was reported.