SHARE OF RUSSIAN CLIENTS IN CYPRUS BANKS SHRINKS TO 2%

HomeNewsSHARE OF RUSSIAN CLIENTS IN CYPRUS BANKS SHRINKS TO 2%

There are no more than 2% of Russian clients in the Cypriot banks. They account for less funds than the local residents or the clients from other European states, the head of the Association of Cypriot Banks (ACB) Michael Kammas affirms.

The number of accounts under Russian names decreased by 37%, according to Kammas, and they now constitute less than 6% in the Cypriot banks. As Kammas points out, policies of the Central Bank of Cyprus allowed the local banks to “significantly improve their transparency”, introducing new strict standards. The banks stop working with accounts that do not meet these standards.

As of the summer 2018, the CBC has tightened screening requirements for the foreign customers, in particular, enhancing control over the private individual accounts and over the offshore companies.

Cyprus introduced tighter requirements for the Russian clients under pressure from the United States. As a consequence, a long-time leader of the Russian M&A market, in 2018 Cyprus dropped in the outsider group.