- Bank secrecy and confidentiality. is there a particular concern about secrecy in Cyprus? 0 Not a fair question Money is discreet Would you want info about your accounts out there? - So bank keeps UBO info confidential. If correspondent bank asks, it Will not be asked No, if correspondent bank asks, everything related to compliance is given Things not related to compliance not given Would you like your name disclosed? And there is theft of information. Even governments are stealing information. - One allegation is that bank has a lot of shell companies. is that fair? . What does that mean, shell company7 Tell me one bank who doesn't. how about Delaware 0 What is shell company? - No I don't know because I don't understand meaning of shell company - A company with no actual trading a No, we don't have shells of this sort. Maybe one or two or three, but these are accounts that are dormant. But what is meaning of shell company - is it your customers who are concerned of confidentiality, or did you decide that on your own? it's not their name being kept confidential. We have a high degree of respecting their identity and accounts. But that doesn't mean we're committing a crime. If regulator needs info, they have access. Auditors have access. But AND COMMUNICATION ATTORNEY WORK PRODUCT those names are not circulated or in a server where you can put them on a disk and send them. in your view, if a correspondent bank has question and asks about suspicious transfer and asks who is behind the transaction, do you have any issue with the bank the Correspondent the information - i trust and respect my people and give them authority I don't interfere if person in that department sees fit to ive the name to the corres ondent he or she ive it