Monthly Archives: May 2016

Administrative Court Decision Deemed Insignificant

27 May 2016

A ruling by Cyprus’s Administrative Court to reject the application from FBME Bank Limited to suspend the planned moves of the Central Bank of Cyprus to revoke the license of FBME’s local branch has been declared insignificant. FBME’s original application was made nearly 21 months ago to the Cyprus Supreme Court, and was in the form of a request for an interim judgment. The Administrative Court actually heard the case to relieve the backlog in the Supreme Court, and it is known that the Administrative Court does not usually grant interim measures.

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CBC’s Request for Personal Details Defies the Law

24 May 2016

The recent communication from the Central Bank of Cyprus (CBC) to account holders of the Cyprus branch of FBME Bank defies the law and all legal precedent, says FBME. The communication, called by the CBC a “statement of depositors’ particulars”, asks account holders to submit personal details and is a backdoor approach to have them apply for deposit guarantee payouts without being made aware that they are doing so.

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Head of US FinCEN Resigns

2 May 2016

The head of the US Department of the Treasury’s FinCEN agency, Jennifer Shasky Calvery is to leave the organisation, it has been announced. According to a FinCEN statement her last day will be 27 May 2016.

She joined FinCEN in 2012 and has led the agency in its recent controversial attacks on banking institutions, including FBME Bank, for what it claims are weak anti-money laundering controls. These claims against FBME Bank are currently the subject of legal actions in US courts.

Ms Shasky Calvery is said to be joining HSBC Bank.