Collateral damage

Damage is done already to numerous customers of FBME bank in Cyprus. They can’t use their money and have to wait for things to change. At least, that is what most people think. There are some ways to transfer funds between accounts, fortunally.

The Federal Bank of the Middle East got into trouble in June 2014. FinCEN, as part of the US Treasury, closed their investigation on the bank and documented their findings in a strong report. The Central Bank of Cyprus immediately jumped in and took over the operational side of the bank. Although employees are still working at the bank, customers cannot withdraw anything from their accounts.

The solutions for FBME customers is that they can issue a bank check to themselves. This bank check must be deposited at another bank in Cyprus. Both bank accounts must have exactly the same account holder. A maximum of one thousand Euro per check is allowed and therefore must FBME customers need a long time before their funds are under their own control again.

Honest customers are being punished for things the crooks do. The FinCEN report stated that FBME is used by terrorist organisations in an effort to fund Hezbollah and do some money laundering activities. No wonder the Central Bank put a hold on its activities.

Anyway, customers who need a solution because they don’t want their hard earned cash to dissapear can read more about a solution here.

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