8.13 Interview of

 

Bank secrecy - always a big issue for Bank? Cyprus?

    

0 They wanted KYC, verification of identity. It was correctly done

Confidentiality issue was that CBC also wanted the U50 to be in client
file. asked what for, told them to come here and investigate and
they'll see we have all information. Why should I put it into a file
where any staff could see7 it's not a particular person who arouses
suspicion. It's a transaction, and then we go look who that is. Once
there is a suspicion, we could go look who UBO is and report it. To
support the clients and bank, whenever a customer wanted this kind of
confidentiality, I'd put a note in a file saying that all the identification
details were in an envelope sealed and held in original customer file,
which I had, and it was to be opened only when there was a need for
investigation or request from authority. This would include all details of
UBO. lcalled the Attorney General, said I was complying With law and
getting all information. He agreed law didn't say where I needed to file
it, so he said it wasn't against law ifl kept it separate He asked who
had a problem with it, and I said CBC. He offered to call them or send
a letter, put I said that was unnecessary. ljust wouldn't keep it in an
open file. This was only done for customers who really wanted
confidentiality.
- Why would they want that confidentiality
- Russians They didn't want their names out there for
blackmail purposes, etc They were concerned. was
getting whateverl needed according to the law
0 Did you ask reason why customers wanted info
confidential?
- Yes, of course. But wouldn't put that in the
file. Why should you. lwasjust making sure