Bank of Cyprus Public Company Ltd

Cyprus's Consumer Protection Service found unfair terms in Bank of Cyprus standard mortgage contracts, including provisions concerning interest-rate changes, lien rights, account consolidation and set-off, notices and property-revaluation costs. The authority said the terms had appeared in 14,810 mortgage agreements since June 2021. In administrative decision 2025-15, announced on 24 September 2025, it imposed an €800,000 fine, ordered the terms to cease within 60 days and provided for a €1,000 daily fine for continued infringement. The authority also recorded cooperation and proposed improvements by the bank as mitigating factors. Source: https://consumer.gov.cy/gr/%CE%B5%CE%BD%CE%B7%CE%BC%CE%AD%CF%81%CF%89%CF%83%CE%B7/%CE%B1%CE%BD%CE%B1%CE%BA%CE%BF%CE%B9%CE%BD%CF%8E%CF%83%CE%B5%CE%B9%CF%82/%CE%B5%CE%BD%CF%84%CE%BF%CF%80%CE%B9%CF%83%CE%BC%CF%8C%CF%82-%CE%BA%CE%B1%CF%84%CE%B1%CF%87%CF%81%CE%B7%CF%83%CF%84%CE%B9%CE%BA%CF%8E%CE%BD-%CF%81%CE%B7%CF%84%CF%81%CF%8E%CE%BD-%CF%83%CE%B5-%CF%83%CF%85%CE%BC%CE%B2%CE%AC%CF%83%CE%B5%CE%B9%CF%82-%CF%83%CF%84%CE%B5%CE%B3%CE%B1%CF%83%CF%84%CE%B9%CE%BA%CF%8E%CE%BD-%CE%B4%CE%B1%CE%BD%CE%B5%CE%AF%CF%89%CE%BD

The Central Bank of Cyprus (CBC) imposed a €277,000 fine on 20 October 2021 and a €790,000 fine on 9 December 2021 for failures to comply with anti-money-laundering legislation and CBC directives. Bank of Cyprus reports that the first investigation concerned the AML framework applicable in 2008–2015 and that the second concerned files and transactions from 2015–2018. The bank paid discounted amounts but filed judicial-review proceedings against both decisions. The CBC sanctions register, checked on 1 September 2026, lists appeals 1320/2021 and 74/2022 as pending; this record therefore describes regulator findings under challenge, not final court judgments. Sources: https://www.centralbank.cy/en/administrative-sanctions-and-measures and https://www.bankofcyprus.com/globalassets/group/investor-relations/press-releases/eng/20230809-boch-interim-financial-report-2023_signed_final.pdf

The European Central Bank imposed a €575,000 administrative penalty on Bank of Cyprus Public Company Ltd on 2 February 2022. The ECB found that, despite an obligation to obtain prior supervisory approval, the bank intentionally made numerous capital or liquidity transfers to operating subsidiaries between September 2016 and December 2017 without approval. The ECB classified the breach as moderately severe and said it prevented proper assessment of the bank's prudential position. The ECB announcement notes the bank's right to challenge the decision; no challenge or annulment was identified in the three research passes. Source: https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220311_1~6c3bbddb80.en.html