18 July 2014
Given the current media coverage relating to recent US Department of the Treasury notices, FBME Bank seeks to clarify its position.
FBME Bank is shocked by the content of the US Department of the Treasury notice relating to the Bank, dated 15 July, that sets out allegations of weak Anti Money Laundering (AML) controls. The Bank confirms that it had no prior notification of this announcement nor has it had the opportunity to comment on or refute the various allegations set out in it.
The announcement is all the more surprising because, as a result of the financial uncertainty in Cyprus in the past two years, FBME Bank commissioned a detailed assessment by the German office of a leading international accountancy firm into its operations and practices, which found that the Bank’s services are indeed in compliance with applicable AML rules of the Central Bank of Cyprus and the European Union.
The Bank has been firmly committed to its anti-money laundering compliance program. The Bank is taking all immediate steps focused on compliance, and reaffirms its unequivocal commitment to resolving the issues raised in the Notice of Finding and Notice of Proposed Rule Making to FinCEN’s satisfaction.
FBME Bank continues to comply with European Capital Adequacy and Liquidity Standards and other healthy balance sheet ratios.