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
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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