Current State of Play

14 October 2014

FBME’s submission, based on the exhaustive investigation into its operations, has been delivered to the US Department of the Treasury’s FinCEN bureau. We understand it is now being read and considered. A copy of the Public Comment which accompanied this is available for download here.

FBME’s submission was made in accordance with the relevant rules on 22 September, thus allowing FinCEN an allocated period to study the response and decide on further action. The Bank has respectfully asked for FinCEN’s Notice of Finding and Notice of Proposed Rulemaking to be withdrawn. A copy of the current status can be accessed here.

Which will still leave to be resolved the “commandeering” of FBME’s Cyprus branch, as it was described by one American commentator. Whatever the original plan – and there are many motives that have been ascribed to this – it hasn’t gone well for the Central Bank of Cyprus. They have presided over a mess, damaging the country’s reputation, being responsible for people losing their jobs and causing harm to customers, employees and the Bank itself. Presumably they want a way out but at the moment they have a tiger by the tail, and they have to find a way of letting go.