AL BANK OF 

Hum>>, 13.:

1 HF. GOVERNOR

Dear Sir,

Sub'ecl: 0 site insection of FBME Bank Crus Eranch's rocedures for the
revenuon of mane launderin and terrorist financin The Prevention and
Suression of Mona Launderin Activities Law Of 2007

We refer to the on-slte Inspection carried out at the FBME Bank Ltd. Cyprus Branch

by officers of the Central Bank 0! Cyprus ("the In collaboratlon the enema?
audltors PricewalerhouseCoopers 

 

CENTRAL BANK OF CYPRUS

rr - 

--Moreover. .2 appears that the branch did not are

Into account whether the country 0! mcorporattonloperatlons of the customer was a 
or the overall rIsk profile 0! these customers before consrdenng to offer to
them this type of service

Instances where the "hold mal' service was provrded were observed In the lollowrng

business Invest Ltd,-

FBME Bank Cyprus Branch has, therefore prima facte. tailed to act In accordance
with the provislons 0! sections 58(d) and 64(2) of the Law and paragraph 27 of the CBC
Dlrecttve In relation to the observations made under this paragraph 1(rr) 01 this letter

 

CENTRAL BANK OF (A