A delegation from the Association of Cyprus Banks has been in the United States since yesterday as part of its annual presentations to showcase the progress of the Cypriot banking system in areas of anti-money laundering (AML), regulatory compliance, and sanctions enforcement.

The delegation, which includes compliance officials from Cypriot banks, will hold meetings and presentations in Washington and New York.

In a statement to the Cyprus News Agency, the General Director of the Cyprus Banking Association, Michalis Kammas, noted that for years, the Association and its member banks have been running a communications campaign aimed at improving the image of the Cypriot banking sector abroad, particularly in major financial centers in the U.S. and Europe.

"This is one of the most successful initiatives by the banks, yielding multiple benefits for our sector, the local economy, and Cyprus’s international reputation as a reliable business, commercial, and economic partner. We are confident that this year’s campaign will also be successful," Kammas added.

Kammas also highlighted recent comments by U.S. Ambassador to Cyprus, Julie Fisher, during a recent interbank seminar in Nicosia focused on compliance and sanctions enforcement.

"The U.S. Ambassador’s acknowledgment of the significant progress made by Cypriot banks in AML, regulatory compliance, and sanctions enforcement is a substantial recognition of both the banking sector and our country’s economy," he said.

The delegation, composed of professionals specializing in regulatory compliance from the Association’s member banks, aims to present the progress made by the Cypriot banking system in AML, compliance, and sanctions enforcement. The mission will last one week, with visits to New York and Washington, and will include meetings with independent organizations, policymakers, regulatory authorities, banks, and the media.

The annual presentation initiative began in 2018 and has already yielded positive results. Correspondent banks in U.S. dollars have increased from one to five. What started as a campaign during a challenging period for the banks has now evolved into a broader effort to enhance the international image of Cyprus’s economy.