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Central Information Register: Upholding Banking Integrity In Cyprus

Overview

The Central Information Register (CIR) stands as a critical safeguarding mechanism, maintained by the Central Bank of Cyprus. This computerized system aggregates data on individuals and legal entities involved with dishonoured cheques, thereby ensuring the reliability of the nation’s payment network while providing financial institutions with essential insights into client conduct.

Regulated Registration Process

Registration occurs when a cheque is returned unpaid due to insufficient funds and is governed by strict criteria as stipulated by central bank directives. Whether it involves multiple instances of non-payment, a single high-value cheque, or repeated offenses within a specified time frame, the obligation to report lies with the commercial bank holding the account. The bank supplies detailed information—including account details, the cheque issuer’s name, and identities of key account controllers such as directors or authorized signatories—while the final decision rests solely with the Central Bank of Cyprus.

Consequences And Removal Procedures

Inclusion in the CIR carries significant financial and reputational repercussions. A registered individual may face the freezing of personal and commercial accounts, an inability to issue new cheques, diminished creditworthiness, and difficulties establishing new banking relationships. Professionals and business leaders particularly suffer reputational damage. However, those registered have recourse: a formal removal request can be submitted provided evidence is presented that they were not liable for the dishonoured cheques, debts have been settled, or the registration period has lapsed. This appeal is reviewed by the CIR Management Committee, which may seek further information from the reporting bank before rendering a decision.

Legal Clarifications And Supreme Court Rulings

A landmark Supreme Court decision (Case No.C.A.221/2015) elucidated the responsibilities surrounding the CIR. The ruling affirmed that the Central Bank of Cyprus retains exclusive authority to register an individual, while commercial banks are mandated only to provide verified information. The court highlighted that adherence to official documentation—such as corporate records and board meeting minutes—precludes allegations of defamation, provided that the data is accurate. This decision underscores the critical importance of maintaining up-to-date corporate records to prevent erroneous registrations.

In summary, the CIR process reflects a clearly defined institutional framework where commercial banks function as data conduits, and the Central Bank executes final determinations. Such procedural clarity is vital for upholding financial integrity and ensuring due process within Cyprus’s banking sector.

Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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