Cyprus Mail
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FBME card services trying to untangle themselves, assure customers  

FBME card services assured their clients that it was taking all necessary steps to minimise the effects after the Central Bank put FBME Bank under administration over money laundering allegations.

In a statement issued on Wednesday, FBME Card Services said it was a separate Cypriot company operating under the rules and regulations of the Central Bank of Cyprus and the rules and regulations of the international organizations of Visa and MasterCard from which it was licensed to process transactions with the use of their branded cards.

The company said it was not under the administrator’s scope but some difficulties have arisen, which affect the smooth and prompt processing of the financial and contractual obligations of the company to its merchants.

“FBME Card Services Ltd is in constant communication with the Central Bank of Cyprus and the local banks, in order to ensure that all the outstanding amounts will be duly credited in the accounts of its merchants and that its systems will return to full operation.”

However, because of the problems created by the Central Bank’s action, and in a bid to preserve the best interests of its clients until the resolution of the pending matters related to the completion of the transactions, FBME Card Services has temporarily suspended the processing capability of Visa and MasterCard from the IMSP POS terminals.

“We remain focused on the need for conserving the competition environment in the area of processing transactions with the use of cards, which was established with the launch of our company. From our side, we are undertaking all the necessary initiatives in order to resume operations normally the soonest possible.”

The Central Bank took control of FBME’s operations in Cyprus, following a report from the Financial Crimes Enforcement Network (FinCEN) of the US Treasury describing the bank as a “primary money laundering concern.”

 

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