The Association would like to inform its members that as part of its overall efforts and initiatives to promote industry positions with key industry stakeholders, a meeting was held on Thursday 6th April 2023 between the CYFA and the ACB. The meeting’s purpose was to brief the ACB on the Association’s actions and exchange views on various matters faced by the ASP industry regarding banking practices and procedures.
During the meeting, the Association had the opportunity to comment on the limitations and the challenges posed to the industry due to the implementation by banking institutions of a stricter AML/FT regulatory framework, enhanced client onboarding procedures, and a widely adopted de-risking strategy. It was noted that current practices followed, exert increased pressure on legitimate businesses and consequently negatively affect the operations of industry service providers.
Furthermore, the Association noted that a vital parameter for improving banking practices is the digitalization of processes and the introduction of innovative technology, which will speed up processes, simplify procedures, reduce relevant costs, and have a positive effect on the industry as a whole.
In addition, CYFA highlighted the importance of increased coordination and collaboration between all stakeholders, as this would facilitate the exchange of ideas and the address of relevant challenges for the benefit of all parties involved.
The meeting concluded with a mutual understanding that both Associations will establish further communication to identify and address relevant issues that may arise. CYFA would further like to thank ACB officials for the opportunity given to discuss key industry matters under a very constructive and fruitful meeting, noting our comments and reassuring us that they will be relayed accordingly.
CYFA will continue to update members for any further developments.
