Cyprus Central Bank Fines Banque SBA Cyprus €750,000 Over Anti-Money Laundering Failures

by THEFUTURE.TEAM

October 1, 2026

The Central Bank of Cyprus has imposed a €750,000 administrative fine on Banque SBA Cyprus following shortcomings identified in a 2023 inspection focused on anti-money laundering and counter-terrorist financing compliance.

The decision, announced on September 29, falls within the Central Bank’s supervisory mandate under Cyprus’ legislation for the prevention and suppression of money laundering activities.

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Inspection Findings Triggered The Penalty

According to the Central Bank, the sanction was based on findings from its 2023 review of the bank’s compliance with specific provisions of the law and with the CBC’s directive to credit institutions on the prevention of money laundering and terrorist financing.

The Central Bank said section 59(6) of the Prevention and Suppression of Money Laundering Activities Law of 2007, as amended, gives it the authority to impose measures on supervised entities that fail to comply with Part VIII of the legislation or with relevant directives issued by the regulator.

Regulatory Due Process Was Followed

The CBC also noted that such decisions are made in line with administrative law procedures and principles, including the requirement to give the affected institution an opportunity to respond before a final ruling is issued.

After reviewing the findings of the 2023 inspection, the Central Bank concluded that an administrative fine of €750,000 was appropriate in the case of Banque SBA Cyprus.

Anti-Money Laundering Enforcement Remains A Priority

The failures cited by the regulator relate to provisions of the law and the fifth edition of the CBC directive to credit institutions on anti-money laundering and terrorist financing, issued in February 2019.

As Cyprus’ competent authority for enforcing anti-money laundering rules in relation to institutions under its supervision, the Central Bank continues to maintain a strict posture toward compliance breaches across the banking sector.

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Cyprus Fuel Prices Jump 24.6% In September As Energy Costs Continue To Climb

by THEFUTURE.TEAM

October 23, 2026

Fuel prices in Cyprus accelerated sharply in September 2026, rising 24.6% year on year, according to data released on Wednesday by Eurostat. The increase marks the second consecutive month of faster annual growth, following gains of 9.9% in July and 19.1% in August.

Monthly Gains Add To The Pressure

On a month-to-month basis, prices rose 6.8% for diesel and 3.8% for petrol between August and September. The rise in petrol was the smallest among the 26 European Union countries that recorded price increases.

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The European Union Sees A Steeper Annual Surge

Across the European Union as a whole, prices for fuels and lubricants for personal transport climbed 31.4% in September compared with the same month a year earlier. That followed annual increases of 16.9% in July and 23.8% in August.

According to Eurostat, 26 member states recorded a higher annual rate of increase in September than in both July and August, underscoring the breadth of the price surge across the bloc.

Largest Annual Increases Across The Bloc

The steepest year-on-year increases were recorded in Bulgaria, at 42.2%, Estonia, at 40.6%, and Lithuania, at 40.2%. Those were the only three countries where the annual rise exceeded 40%.

Another 12 countries reported annual increases above 30%, ranging from 30.3% in Portugal to 37.5% in the Czech Republic.

Hungary Recorded The Mildest Increase

Hungary posted the lowest annual increase, at 6.9%, followed by Ireland at 17.7% and Sweden at 19.9%.

Diesel And Petrol Trends By Month

EU diesel prices rose 5.9% between August and September, while petrol prices increased 6.7%. In the previous month, between July and August, the respective increases had been 8.3% and 3.3%.

Diesel prices rose in 26 member states. The largest monthly increases were recorded in Sweden, at 12.8%, Latvia, at 10.3%, and Poland, at 9.7%. The smallest increases were seen in Spain, at 2.4%, Croatia, at 2.5%, and Romania, at 3%.

In petrol, after Cyprus, the smallest monthly increases among countries with higher prices were recorded in Romania, at 4.2%, and Slovenia, at 4.6%.

At the other end of the scale, the sharpest petrol increases were reported in Sweden, at 13.8%, Poland, at 9.7%, and Estonia, at 9.5%.

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