A month ago we opened an account at the Bank of Cyprus (BOC) letting them know we intend to deposit under €100k as we have been moving funds held in other accounts in the EU for years.
All seemed good until we transferred the first amount of €30K. BOC then flagged the account and wanted to charge 0.5% on the deposit for so call ‘money laundering checks’. We had given them all required proof of source of funds, even the bank statements from the sending bank, before even opening the account which they accepted, so this is just a rip off.
Its a part of their bank process not a part of customer driven service. When they have ‘concerns’ they don’t tell you, they do checks and if they don’t like something they report you to MOKAS.
Worse still. We sold a car to a major and very well known dealer in Cyprus as we are downsizing. We were paid with a BOC cheque. We went to deposit it and wallop, BOC wanted 0.5% to process the payment for AML checks and this, even though it was from a BOC account (that they will have conducted proof of source on) to our BOC account. It was their cheque.
Another pure attempt at banking theft from customers. We moved to another bank, provided the same pre-open account information, not a single problem.