Cyprus Compliance Association established with the support of the International Compliance Association

The Cyprus Compliance Association (CCA), dedicated to promoting the professional development of governance, risk and compliance professionals and experts, has recently been established with the full support of the International Compliance Association (ICA), the world's leading professional body in the field of regulatory compliance and financial crime.

According to a press release, the Cyprus Compliance Association officially launched its activities at an event at the University of Cyprus on 18 April. The event was addressed by Pekka Dare, the President of ICA, Marios Skandalis, Honorary President and Founding Member of CCA and Chief Compliance Officer of the Bank of Cyprus and Andrea Munti Savvidis, President and Founding Member of CCA and Global Director of Risk and Compliance at Harneys.

Entitled 'Financial Crime and Risks of Sanctions Evasion: The Regulators' View,' the event was attended by important figures from the private and public sector who are in key positions in this sector, while a discussion was held by senior representatives of the supervisory authorities of Cyprus (CySEC, Central Bank of Cyprus, Bar Association and ICPAC) for the development in the field of financial crime and the enforcement of international sanctions.

"The establishment of a non-profit Compliance organisation in Cyprus follows the development of the regulatory compliance profession in the country, which has grown significantly over the last decade, both in number of professionals and in terms of its position. From a simple control function, it has evolved into a strategic driving mechanism for all regulated and unregulated entities. Professionals are now looking to comply with international best standards and practices. To make this possible, businesses are allocating additional funding to regulatory compliance functions recognizing the importance of compliance and the negative consequences of non-compliance," the press release noted.

The President of ICA , Pekka Dare said, “Although ICA has worked in the region for many years, the launch of a body dedicated to compliance professionals in Cyprus means that the ICA will be able to work closely with the CCA , in recognition of the profession, expanding its reach in the country . We welcome the establishment of CCA and support the achievement of its exciting mission in Cyprus.”

"CCA 's mission is to be a catalyst of integrity and excellence for the areas of compliance, risk and governance through support, education and a community-focused forum. The CCA will work closely with the ICA to support the development of their members. Building strong working relationships with regulators and relevant government authorities in the public and private sectors, as well as providing learning and training capabilities and opportunities within the community, will be key to achieving CCA's goals," the press release continued.

Marios Skandalis, Honorary President and Founding Member of the CCA and Chief Compliance Officer of the Bank of Cyprus stated, “CCA aspires to be the primary and primary means of training and support for all governance, risk and compliance professionals in Cyprus. Our aim is not only to comply with the framework of strict laws and regulations, but also to successfully lead the establishment of an ethical culture by ensuring that it is successfully and sustainably integrated into their daily work. This will establish CCA as the cornerstone that will reflect the true reputation of our island.”

More information about the event can be found here (in Greek).