A panel of sector experts at the 12th International Compliance Forum, presented by ECOMMBX have shared their view on the topic of ‘Cyprus 3.0: Reinvention, Reform & the Price of Trust’ and which examined AML improvements, FIU performance, crypto/gambling supervision, enforcement, and renewed trust.
The panellists also weighed in on the difference between enforcement vs perception and well as on the suggestion that between crypto, gambling, banking and payments, which sector learned fastest. The experts, in addition, shared their thoughts on whether supervision is credible or just louder.
The panel was made up of Maria Kyrmizi Antoniou, Senior Counsel of the Republic, Head of the Cyprus Financial Intelligence Unit -MOKAS,
Niki Charilaou, Manager, Financial Crime & Sanctions Compliance Dept, Bank of Cyprus, Maria Aristidou Demetriou, Chief Compliance Officer, Eurobank Limited, Ioannis Georgoulas, Chairman, ACEMPI and Andrea Moundi Savvides, Chairperson, Cyprus Compliance Association.
The discussion was moderated by Gregory Dellas, Group Chief Compliance & Risk Officer, ECOMMBX, Chair, ACAMS Cyprus Chapter and the Chairman of the conference.
Among other things, the panel suggested that enforcement alone is insufficient. It must be paired with effective supervision, clear regulatory collaboration, and open communication. Additionally, enforcement is inconsistently applied across sectors, and international variations in AML/CFT maturity create challenges for entities operating across jurisdictions.
The panellists also agreed that culture is critical to compliance success, elaborating that leadership must foster an ethical organizational culture rather than relying solely on metrics and financial incentives. The panelists emphasized that compliance culture must be cultivated from the top down, with compliance officers empowered to advocate for ethical standards alongside business performance.
It was also pointed out that the quality of STR reporting directly impacts results and that recent improvements in STR quality have led to increased criminal investigations and asset recovery outcomes in 2025.
It was also suggested that cross-sector collaboration is improving but needs strengthening. Correspondent banking relationships with Cyprus have improved significantly, with banks reconsidering previous departures from the market. However, misperceptions persist - some local banks view fintech and payment institutions as competitors rather than collaborative partners in the financial ecosystem.
The experts also noted that compliance professionals face Growing pressure and are increasingly burdened with multiple regulatory requirements (AML, sanctions, ESG, NICI, DORA), creating a risk of compliance burnout and talent exodus. The industry must balance comprehensive oversight with sustainable workloads, they said.
A hybrid approach to institutional success was also put forward with organizations that combine fintech attributes (speed, client-centricity, agility, data utilization) with traditional banking strengths (disciplined governance, reputation management) will be best positioned for long-term success and resilience.
Diamond Sponsor: ECOMMBX
Platinum Sponsor: Freedom Holding Corp.
Gold Sponsors: Treppides, XM
Silver Sponsors: Complyport, KPMG, Moebius, Zygos
Supporters: ACAMS Cyprus Chapter, ACCA, ACEMPI, CCA, ICAEW, Primetel, The Marshall Islands Registry
With the support of: ACB, ACFE, Cyprus Bar Association, CIF, CFA Society, CYFA, Institute of Internal Auditors
Communication Sponsors: CBN News, GOLD, IN Business
