Welcome to the 24th issue of our Newsletter ‘Beyond Compliance’
Due to the evolving geopolitical situation with Ukraine, and the dynamic sanctions imposed on Russia and Belarus by major authorities / countries, the Compliance Departments have been preoccupied in reviewing and analysing the various announcements / regulations in order to fully comply with the new Russian / Belarusian Sanctions regimes. The Bank of Cyprus fully complies with the sanctions regimes imposed by the US (OFAC and US Department of Commerce), the EU and HMT of the UK, and in this respect it has revised its monitoring systems and procedures and is in the process of revising the Bank’s risk appetite with respect to the specific markets.
In other developments in regards to Europe’s regulatory framework, as per the below newsletter, emphasis has been placed in increased investigations in order to deal with the formation of cartels in the EU sphere against anti-trust violations. The Commission opens up the possibility of ensuring that responsibility is attributed at the highest possible level , meaning that subsidiaries may be liable for parent companies if they form part of the same economic unit engaged in the anticompetitive behaviour, addressed by the ground-breaking cartel decision in Sumal.