Arms-length banking a problem for AML in Cyprus

Cypriot regulators trying to rebuild the island's reputation are taking shots at the use of "introducers" acting for foreign customers

The Cypriot presidential palace in Nicosia

Cyprus's banking industry – with total assets of 7.5 times GDP – not only embroiled the country in one of the most serious financial collapses of the Eurozone crisis; it has also given the island a reputation as a haven for tax evasion and money laundering. As the crisis intensified, Cyprus faced growing criticism of its anti-money laundering (AML) and due diligence procedures, which were said to have been lax enough to allow billions in Russian criminal money into the European banking system.


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