The Central Bank of Cyprus has announced that it imposed a €1.2 million fine on the Tanzania-based FBME citing the bank’s failure to comply with anti-money laundering legislation and preventing the financing of terrorism.
According to an official statement by the Central Bank, “The omissions and / or weaknesses identified arise from the findings of the on-site inspection conducted in 2014, and relate to the level of compliance of the branch in relation to the legal and regulatory framework for the prevention of money laundering and terrorist financing.”