Central Bank of Cyprus Fines Payabl.Cy Ltd €350,000 Over AML Compliance Findings

Enforcement Action Announced Under AML Law 188(I)/2007

On 3 October 2025, the Central Bank of Cyprus (CBC) issued a public statement under the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007, as amended, confirming the imposition of an administrative sanction on Payabl.Cy Ltd.

The publication forms part of the CBC’s supervisory responsibilities within Cyprus’ anti-money laundering regulatory framework.

Regulatory Examination and Findings

In its announcement, the CBC outlined the following:

• The Central Bank of Cyprus (CBC), acting as the competent supervisory authority under the AML Law, carried out a regulatory compliance review.
• On 30 September 2025, the CBC resolved to impose an administrative monetary penalty on Payabl.Cy Ltd, formerly known as Powercash21 Ltd (LEI: 2138003UJXVWKJIH9G72).
• The financial sanction totals €350,000.
• The enforcement action is connected to compliance issues identified during an examination covering activities in 2020.
• The supervised entity was afforded procedural rights, including the opportunity to present its arguments before the authority reached its final decision.

Case Overview

Judicial Challenge Filed

Following the administrative measure:

• On 12 December 2025, Payabl.Cy Ltd lodged Appeal No. 1405/2025 before the Administrative Court of Cyprus.
• The appeal seeks judicial review of the CBC’s enforcement decision.

Public Record

The enforcement action is recorded in the Central Bank of Cyprus – Administrative Sanctions and Measures Register. The full official announcement is accessible via the Central Bank of Cyprus’ website.