Cyprus: Cementing a Culture of Compliance in Cyprus

Following the 2013 Cyprus financial crisis, the Cypriot banking industry launched a comprehensive reform program. Their goal was to bring the Cyprus compliance regime and the stability of the banking sector to the highest of global standards. Progress has been judged positively by Moneyval, rating agencies, and US correspondent banks, which have increased their presence in Cyprus. This is a unique accomplishment in the era of de-risking. The keys to success have been the development of unique compliance programs, their dynamic implementation in a front-line jurisdiction, and the creation of a culture of compliance.

Guidehouse, in partnership with Pillsbury and in cooperation with the Association of Cyprus Banks were pleased to put together a panel of industry experts from Bank of Cyprus and Hellenic Bank to discuss the culture of compliance and how to build long lasting, sustainable, and locked-in improvements.