Navigating Compliance: Insights from our Head of Compliance

28 Dec, 2023

Ancoria Bank’s Head of Compliance Function & Anti-Money Laundering Compliance Officer, Marianna Akkidou Mamantopoulou, offers her views in an interview in Gold magazine concerning the regulation and compliance requirements in the Cyprus Banking Sector.

In this interview Mrs. Akkidou emphasises the intricate balance between regulatory compliance, technological advancements, and global cooperation in safeguarding the integrity of the banking system. Moreover, she acknowledges the increasing regulatory requirements in the Cyprus banking sector, highlighting their necessity for financial stability and preventing illegal activities. However, she notes the challenges faced by both institutions and customers, such as significant investments in technology, training, and more detailed administrative processes. Striking a balance between regulation and fostering a conducive economic environment requires a Risk Based Approach, which demands expertise to mitigate risks effectively.

In addition, the matter of emerging technologies like blockchain, AI, and cybersecurity is discussed concerning their vital role in compliance. While they offer automated solutions for risk management, fraud detection, and efficient processes, understanding these technologies is crucial to identifying and managing associated risks.

Concerning the challenges Ancoria Bank has to encounter in implementing effective AML programmes, specifically Mrs. Akkidou mentions: “As a new bank established in 2016, Ancoria Bank implemented a robust and comprehensive compliance program based on transparency, honesty and integrity from the beginning, which is distributed to all levels and operations of the Bank”.

Read the full interview here.