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Bank of Cyprus reviewing transactions


New member
Mar 18, 2022
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Heard from more or less trustworthy people that Bank of Cyprus is imposing additional checks on all transactions of Russian-owned Cyprus established companies, specifically, pausing all incoming and outgoing transactions, demanding a 1000 EUR fee for a "Review". Anyone had any troubles with that? Seems concerning
There are stricter policies from all banks due to the sanctions, especially for Companies that their main income and activities derive from Russia. They are more lenient when the UBO has another passport or residence elsewhere or where the company has actual presence and actually carrying out activities in Cyprus. The EURO 1,000 fee is not true. This potentially applies only for the opening of the account, as they are charging this fee for compliance when the applicant or the ubo is from a high risk country - but this only relates to the compliance fee for the opening of an account.