Cyprus banks worry progress going unnoticed

The chief of the Cyprus Association of Banks said Cypriot lenders are concerned that their adoption of some of the toughest anti-money-laundering regulations in the world has not been fully recognized abroad.

Association director Michalis Kammas told The Associated Press on Monday that banks are challenging “outdated perceptions” and are working to raise awareness about reform efforts.

Kammas says more rigorous supervision and directives have led to the closure of a “significant number” of bank accounts since 2014. [AP]