FinCEN Archives - Cyprus Mail

Cyprus finds its economy entangled in US-Russia tug-of-war

Stelios OrphanidesMay 29, 2018May 29, 2018

By Stelios OrphanidesMay 29, 2018May 29, 2018048

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...

Business

Klyuev, Pavlov not among bank’s customers, FBME owners say

Stelios OrphanidesMay 23, 2018

By Stelios OrphanidesMay 23, 2018075

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...

Business

Appeal against FBME US ban runs out of appellants

Stelios OrphanidesOctober 10, 2017October 10, 2017

By Stelios OrphanidesOctober 10, 2017October 10, 2017025

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...

Cyprus

Bank of Tanzania instructs FBME Bank to withdraw from appeal against FinCEN

Stelios OrphanidesOctober 5, 2017

By Stelios OrphanidesOctober 5, 2017052

Tanzania’s FBME Bank Ltd, the lender US authorities banned from accessing the US financial system, has withdrawn from a joint appeal against the decision citing...

Business

Cooperation may speed up FBME liquidation, depositor pay-outs

Stelios OrphanidesMay 9, 2017May 9, 2017

By Stelios OrphanidesMay 9, 2017May 9, 2017042

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...

Cyprus

US court dismisses FBME motion against ban

Stelios OrphanidesApril 20, 2017

By Stelios OrphanidesApril 20, 2017014

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...

Cyprus

FBME depositors get €29m in compensation in five months

Stelios OrphanidesSeptember 8, 2016September 8, 2016

By Stelios OrphanidesSeptember 8, 2016September 8, 2016028

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...

Business

Tribunal orders Cyprus to allow FBME officials access to premises

Staff ReporterAugust 2, 2016August 2, 2016

By Staff ReporterAugust 2, 2016August 2, 2016013

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...

Cyprus

FBME staff reach deal on payment of wages and benefits

George PsyllidesApril 28, 2016

By George PsyllidesApril 28, 20169 62

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...

Cyprus

US authorities ‘sleepwalked’ into shuttering FBME

Staff ReporterApril 19, 2016April 19, 2016

By Staff ReporterApril 19, 2016April 19, 20164 33

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...

Cyprus

War of words over FBME (Updated)

Stelios OrphanidesApril 12, 2016April 12, 2016

By Stelios OrphanidesApril 12, 2016April 12, 2016034

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,...

Cyprus

FBME says activiation of deposit scheme ‘designed to protect CBC, not depositors’

Staff ReporterApril 10, 2016April 10, 2016

By Staff ReporterApril 10, 2016April 10, 20169 37

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...

Business

FBME says staff reduction costly, makes liquidation impossible

Stelios OrphanidesApril 6, 2016

By Stelios OrphanidesApril 6, 2016023

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...

Cyprus

FBME takes legal steps to challenge redundancies ordered by CBC administrator

Jean ChristouApril 3, 2016

By Jean ChristouApril 3, 201645 49

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...

Cyprus

FBME administrator fires 130 following FinCEN decision

Stelios OrphanidesMarch 31, 2016March 31, 2016

By Stelios OrphanidesMarch 31, 2016March 31, 2016025

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,...

Cyprus

US Treasury rules FBME ‘still a money laundering concern’

Jean ChristouMarch 27, 2016March 27, 2016

By Jean ChristouMarch 27, 2016March 27, 201617 57

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...

Cyprus

FBME heading back to court

Elias HazouJanuary 14, 2016February 9, 2016

By Elias HazouJanuary 14, 2016February 9, 20169 95

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...

Cyprus

CBC to request FBME resolution order by Wednesday – reports

Jean ChristouDecember 22, 2015December 23, 2015

By Jean ChristouDecember 22, 2015December 23, 20155 24

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...

Business

FBME submits lengthy response to US Treasury

Jean ChristouSeptember 23, 2014

By Jean ChristouSeptember 23, 2014028

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...

Business

FBME denies money laundering allegations

George PsyllidesJuly 19, 2014July 19, 2014

By George PsyllidesJuly 19, 2014July 19, 201439 115

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...