Russian clients face closure of accounts in Cyprus's largest bank

The largest bank in Cyprus, Bank Of Cyprus, has sent notifications to Russian citizens about the closure of their accounts. The company Main Partner Trust, which provides services to clients in Cyprus, has brought this to attention.

The bank started sending out notices last week. Customers are told that their accounts will be closed within two months of receiving the letter because the user data does not comply with the rules of the Know Your Customer procedure.

The reason for closing an account may be tax residency in Russia or the presence of income from a sanctioned business in Russia.

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Also, account closure may be due to the presence of an atypical type of residence permit, e.g. type "F" or "visitor".

Main Partner Trust links the bank's decision to close the accounts of Russians to fears of British and American sanctions, which prohibit the provision of consulting, marketing, IT, legal, engineering services and companies and individuals from Russia.

Thus, Russian citizens who have accounts with Bank Of Cyprus may face problems related to the closure of their accounts due to non-compliance with the rules of the Know Your Customer procedure, as well as due to having an atypical type of residence permit or having income from a sanctioned business in Russia.