The Central Bank of Cyprus - CBC

The function of a bank regulatory body is to issue bank licenses and standardize the financial industry of their jurisdiction. The regulatory body for issuing bank licenses in Cyprus is the Central Bank of Cyprus (CBC). All individuals or companies seeking to acquire a Cyprus bank license must submit the relevant documents and complete the official application form to the CBC.

Central Bank of Cyprus explained

The CBC is the regulatory body of Cyprus that governs the financial sector on the island. It follows the recommendation of the Basle Committee on banking supervision and the EU Directives on banking regulations. The CBC is responsible for overseeing all on-site and off-site activities of banking institutions including management, loan portfolios and profitability of banks.

The main focus of the Central Bank of Cyprus is to make sure that customers of all banks in the Republic of Cyprus are provided with a safe and stable environment to conduct their banking activities. The CBC is determined to promote Cyprus as a jurisdiction that offers high levels of privacy and stable economic growth.

In order to achieve this, the CBC takes measures to ensure that all banking activity is conducted with efficiency and is supervised throughout. To obtain a Cyprus bank license, individuals and companies are required to fulfill specific criteria set by the regulatory body. This includes submitting relevant documentation detailing company structure, Memorandum and Articles of Association and any relevant information regarding the directors and shareholders. Additionally, there is a minimum capital that needs to be deposited in a Cyprus bank to demonstrate the financial standing of the applicant.