Deutsche Bank may soon return to Cyprus

Deutsche Bank is considering the possibility of returning to Cyprus, according to the president of the Association of Cyprus Banks (ACB).

The potential return would be as a US dollar correspondent bank. Until 2016, Deutsche Bank worked with Cypriot banks by processing international transfers in dollars. The cooperation ended due to money laundering risks.

It is reported that Cyprus’s financial sector has significantly strengthened in recent years, which is why Germany’s largest bank expressed interest in operating on the island again.

According to reports by Moneyval, the Basel Index, and the INCS Report, Cypriot banks have significantly improved financial flow controls. The number of USD correspondent banks increased from one to five. Deutsche Bank could become the sixth.