US forces Cypriot banks to crack down on accounts of Russian clients – report
Russians keeping their cash in Cypriot banks have been caught up in a massive audit of accounts by lenders and watchdogs in the island state. The step was reportedly triggered by pressure from Washington.
Banks in Cyprus now require Russian customers to confirm earnings and tax payments, to produce bank statements for the past year, as well as estate documents, title deeds of business ownership, and a detailed description of their enterprise, according to financial writer Elena Tofanyuk, as quoted by Russian daily Business FM. Previously, Russian clientele were required to produce only a passport and utility bills.
In February, the US financial authorities accused Latvia’s ABLV Bank of large-scale money laundering and threatened the lender with sanctions. The allegations evoked a run on deposits with the bank losing around €600 million ($695 million) in holdings, resulting in its liquidation.
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