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23.10.2020

News

Press release

29.05.2018

Media reports stating that Cypriot authorities have made recommendations for the transfer of accounts of Russian clients to RCB Bank are completely unfounded and false.

Following the meeting between US Treasury Department officials and the Cypriot authorities, the latter advised all banks operating in Cyprus on the need to further strengthen and enhance the client’s KYC and source of funds requirements as well as AML monitoring of client’s financial transactions. This applies to all customers of Cypriot banks and not only the clients of Russian origin. Such requirements are in line with US Treasury advice to combat potential channels for money laundering and terrorist financing worldwide as well as to ensure the implementation of the US sanctions regime.

Account closure notifications were received by clients who are not in compliance with those requirements, for instance, where a client did not provide satisfactory explanations on the nature and economic substance of the financial transactions or their counterparties, and did not disclose their tax declarations.

AML and KYC requirements are the same for all Cypriot banks and no exception can be made. RCB Bank Ltd meets all existing enhanced compliance standards as well as new requirements announced and introduced by the regulator. The enhanced compliance requirements result to many potential clients, especially not residing in Cyprus, being unable to pass account opening procedures or facing the need for account closure.

It is RCB’s firm belief that, in the long run, a better quality and more focused client base of the Bank with enhanced standards meets both the interests of the Bank and its clients.