Paphos People

The Bank of Cyprus has begun notifying its clients who are Russian citizens that their accounts will be closed, the Russian edition of Forbes magazine reported on Tuesday.

Forbes cited Main Partner Trust, a company that provides financial services to its clients in Cyprus and said it confirmed the information by a source in the banking sector.

According to the director of Main Partner Trust, Alyona Sakharova, the bank started sending information letters last week. In the notices sent to its customers, the bank notifies them that their accounts will be closed within two months from the moment they receive the notification because the user’s data does not meet the regulations of the “know your customer” procedure.

As Main Partner Trust explains, one of the reasons for these actions taken by the bank in relation to its Russian customers may be the status of a resident taxpayer in Russia.

FULL Story:- https://cyprus-mail.com/2023/04/18/bank-of-cyprus-closes-accounts-of-russian-clients-forbes/

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

And if they aren't happy about having their accounts closed, perhaps they could put some pressure on Putin!

Or better still, lets tell the EU and USA to Go Away and look for trading opportunities that suit the Island not some far flung political agenda.

If it werent for these Russians the Island would have been bankrupt years ago so we should actually be cherishing them, instead the Island suckles the titty of the EU. Putting the Island in jeopardy.

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Straight talking, no Gimmicks.

Live your dreams.

So, to get this straight you would rather Cyprus continued to take millions of dodgy Euros from equally dodgy Russians, sanctioned or not?

Like it or not, banks have a duty to KYC. Know Your customer. How can a bank ever know what a Russian account holder is up to, or where the money came from?

In simple answer, if the KYC were to be taken as a serious issue and not a form of personal control mechanism then each of the two previous statements would know that the amount of old UK money here is of even more dubious origin. But historically it was all ok.

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Straight talking, no Gimmicks.

Live your dreams.

Sadly, this forum seems to be turning into a conspiracy theorists site. Shame.

Just because there are a few bad apples doesn't mean the whole lot have to be thrown away.

You just have to look back over the past few years to see what is happening all around us.

Little by little our freedom of choice as an individual is being taken away......... and that's a fact.

Effsie, conspiracy theory site , shame ! The shame is ? As time goes by conspiracy theory is becoming conspiracy fact, in no time at all our complete existance will be on a government server and our data will be at their control . NOW a genuine threat is that our data can and is being hacked !
Convince me this does this does not happen !
it is only the tip of the iceberg as our online presents ever increases !
Still all that is say is just thoeries of a deranged individual !

Well if these Russians dont know what to do with this money, they could always buy our house !
Well its a thought

I have many clients from all regions including Russia, Uk Europe and many more all looking to buy so send me a message.

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Straight talking, no Gimmicks.

Live your dreams.