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By Stelios Orphanides While the increasingly stricter anti-money laundering (AML) practices applied in the Cypriot financial system in recent years are already disgruntling businesses, the...
Klyuev, Pavlov not among bank’s customers, FBME owners say
By Stelios Orphanides The former owners of FBME Bank, the Tanzanian lender branded by US authorities as a financial institution of primary money laundering concern, said...
Appeal against FBME US ban runs out of appellants
By Stelios Orphanides A US court denied an emergency joint motion filed by the lawyer of the dissolved Cayman Islands-based FBME Ltd on Thursday to...
Bank of Tanzania instructs FBME Bank to withdraw from appeal against FinCEN
Tanzania’s FBME Bank Ltd, the lender US authorities banned from accessing the US financial system, has withdrawn from a joint appeal against the decision citing...
Cooperation may speed up FBME liquidation, depositor pay-outs
The decision of the Bank of Tanzania to revoke the banking licence of FBME Bank Ltd and to liquidate it, has created a new situation...
US court dismisses FBME motion against ban
A US court rejected a motion by Tanzanian FBME Bank against a 2015 measure taken by the Financial Crime Enforcement Network (FinCEN) barring the lender...
FBME depositors get €29m in compensation in five months
Five months after the Central Bank of Cyprus triggered the deposit guarantee scheme for depositors of FBME Bank, most customers seem reluctant to claim even...
Tribunal orders Cyprus to allow FBME officials access to premises
The Arbitral Tribunal at the International Chamber of Commerce (ICC) in Paris has ordered Cyprus to grant the shareholders and directors of embattled FBME Bank...
FBME staff reach deal on payment of wages and benefits
Workers at FBME bank and a special administrator overseeing the shuttering of the embattled lender have come to an agreement regarding the payment of salaries...
US authorities ‘sleepwalked’ into shuttering FBME
A George Blumenthal professor of political economy and international and public affairs at Columbia University in the US has argued that the US treasury’s FinCEN...
War of words over FBME (Updated)
Alecos Markides, the lawyer representing the Tanzanian bank FBME which had its licence revoked, on Tuesday accused the Central Bank of Cyprus (CBC) of maliciousness,...
FBME says activiation of deposit scheme ‘designed to protect CBC, not depositors’
FBME Bank said on Sunday that the Central Bank of Cyprus (CBC) had triggered the deposit guarantee scheme so that the supervisory body could claim...
FBME says staff reduction costly, makes liquidation impossible
FBME Bank, the Tanzanian lender which had its licence revoked by the Central Bank of Cyprus and was shut out of the US banking system...
FBME takes legal steps to challenge redundancies ordered by CBC administrator
FBME Bank said late Saturday it would be fighting “the latest move” move by the Central Bank of Cyprus (CBC) and its administrator “to secure...
FBME administrator fires 130 following FinCEN decision
The special administrator appointed by the Central Bank of Cyprus informed most of the staff of FBME Bank, which had its licence revoked in December,...
US Treasury rules FBME ‘still a money laundering concern’
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final ruling imposing prohibition on the opening or maintaining of correspondent accounts for, or...
FBME heading back to court
By Elias Hazou THE Nicosia district court will next week continue hearing the case brought before it, where the Central Bank of Cyprus (CBC) is...
CBC to request FBME resolution order by Wednesday – reports
By Angelos Anastasiou Monday’s decision to revoke the banking licence of the Federal Bank of the Middle East (FBME) was part of the Central Bank...
FBME submits lengthy response to US Treasury
FBME Bank’s submission to the US Department of the Treasury’s FinCEN bureau in Washington has started. The Cyprus Central Bank took over administration of FBME...
FBME denies money laundering allegations
FBME Bank has denied money laundering accusations and said it will cooperate with the Central Bank of Cyprus (CBC), which took over its administration on...