Moody's: Positive Effect of Cypriot Central Bank Directive on Shell Companies

PUBLICATIONS / Articles / 2018 / Moody's: Positive Effect of Cypriot Central Bank Directive on Shell Companies
The Central Bank of Cyprus' unambiguous definition of shell companies is a positive outlook for the Cypriot banking sector, because of the potential to eliminate suspicious transactions, strengthen banks' anti-money-laundering (AML) practices and establishes uniform practices throughout the banking system, per the rating agency Moody's. 

The already reduced, but still outsized international banking sector continues to be put Cypriot banks under a spotlight by international press, as well as rating agencies, due to the transactional and short-term nature of the deposits from the offshore companies.

Nonetheless, the regulatory framework, and the local banking industry's AML practices, and customer due diligence procedures have strengthened over the years following heightened scrutiny from international and domestic financial regulators. 

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