Welcome to the 19th issue of our Newsletter ‘Beyond Compliance’.

Bank of Cyprus Compliance Division wishes you and your families a Happy, Prosperous and Blessed New Year 2021!

2020 has been a very challenging year for the whole world in all aspects of our lives. Compliance could not be an exception; Compliance functions have been called to manage new risks stemming from the new working conditions, new operating practises that companies were forced to implement without enough time for preparation and planning as well as the new threats that emerged.

In addition to managing these challenges, in 2021, Bank of Cyprus Compliance Division enters a new phase with new strategic objectives. Having successfully completed the Compliance remediation phase as well as the embedding compliance phase, our action plan for 2021 focuses on the systemic and procedural efficiency and effectiveness, enhanced accountability via enhanced monitoring and tightening of compliance tolerance levels and cultural reform. These actions will form the prerequisite of gradually reforming the daily attitudes and behaviours of all, which will eventually reform the culture of our organization.