FBME Limited Rejects FinCEN’s Final Rule

24 July 2015

FBME Limited announces that it rejects the Final Rule made public yesterday, 23 July 2015, by the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury. This Final Rule fails to give appropriate weight to the evidence of forensic investigations and reports, and makes allegations which FBME Limited says are unwarranted.

FBME Limited states that it is confident that the compliance of FBME Bank’s systems, personnel and performance is consistent with the highest standards of international anti-money laundering (AML) controls and know-your-customer (KYC) practices, and considers the position taken by FinCEN to be disproportionate to the underlying facts, the conduct of FBME Bank and the interests of depositors and counterparties.

FBME Limited adds that it is shocked at FinCEN’s Final Rule in both the findings expressed and the terminology employed, especially given the full cooperation FBME Bank has extended to FinCEN over the past 12 months and the constructive dialogue that has taken place, and is studying all options.

FBME Bank is committed to observing international best practices at all times, believing that good corporate governance is an essential element to business success and the preservation of client interests. FBME Bank operates in full compliance with regulations of the Central Bank of Cyprus, which since the country’s accession to membership of the European Union are fully compliant with, if not stricter, than those set by European Directives, according to assessments carried out by the Moneyval Committee under the auspices of the Council of Europe and IMF.

Through the FBME Bank Code of Conduct for Directors and Code of Ethics for management and staff, FBME Bank is committed to shared values that guide all its activities. FBME Bank’s standards, policies, procedures and practices are in line with international corporate governance standards, and FBME Bank recognises basic human rights and anti-discrimination principles. Good corporate citizenship forms part of its core values.

FBME Limited will continue to comment on this issue and will ensure that clients, employees and affiliates are kept informed of developments.