The largest bank in Cyprus, Bank of Cyprus, has closed about 20 thousand accounts of Russian clients since February 2022.
In 2014, Russians made up 4% of the bank’s client portfolio.
Today, this share has dropped to 0.4%, Frank Media reports, citing bank representative Karen Le Cannou.
This is due to changes in the bank’s policy and compliance with international compliance standards.
Bank of Cyprus left accounts only for Russian citizens of retirement age.
Le Cannu noted that the bank was guided by international standards, taking into account management risks.
The bank's position does not depend on the nationality of the client, but on the characteristics of the risks it provides.
In April 2023, Bank of Cyprus notified Russians that their accounts would be closed.
The reasons were tax residency in Russia, income from sanctioned businesses, remote work for Russian companies, and an “atypical” residence permit.
The bank confirmed that it had notified 4,000 clients with Russian passports who are not residents of the country.
This decision is also linked to the suspension of Russia's membership in the International Action Group on Money Laundering.
Author: Elena Gutyro
