A delegation from the Association of Cyprus Banks is currently in the United States, visiting Washington DC and New York, to highlight the progress of the Cypriot banking sector in anti-money laundering (AML), regulatory compliance, and sanctions implementation.
The delegation, which includes compliance officers from member banks, will be meeting with independent organisations, politicians, regulators, banks, and members of the media.
This visit forms part of the association’s ongoing campaign to enhance the international reputation of the Cypriot banking system, particularly in major financial centres like the US and Europe.
Michael Kammas, director general of the Association of Cyprus Banks, spoke to the Cyprus News Agency (CNA) about the long-term goals of this initiative.
“For years, the Association of Banks and its member banks have been implementing a communication campaign aimed at improving the image of the Cypriot banking sector abroad, especially in the major financial centres in the US and Europe,” he explained.
He further described the initiative as “one of the most successful projects of the banks, with a multiplier benefit for our sector, the local economy, and the name of our country internationally as a reliable business, trade and wider economic partner.”
Kammas also expressed optimism about this year’s mission, stating, “We are strongly confident that this year’s campaign will again be a success.”
Adding to the momentum, recent comments from the US ambassador to Cyprus, Julie Fisher, have reinforced the sector’s reputation.
Kammas emphasised that her remarks, made during a recent inter-bank seminar in Nicosia on compliance and sanctions implementation, were particularly significant.
“It is a substantial recognition, both for the banking sector and for our country’s economy,” he noted, referencing the ambassador’s praise for “the significant progress made by banks in the areas of AML, regulatory compliance and international sanctions implementation.”
The annual campaign, first launched in 2018, has been a key factor in the sector’s international outreach.
Since its inception, the number of correspondent banks in US dollars has increased from one to five, demonstrating the substantial benefits of these efforts.
Initially conceived during a difficult period for the banking sector, the campaign has since evolved into a wider drive to present the Cypriot economy as a trusted and reliable partner on the global stage.
