Advice needed on bank request

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ngliv New member

Member since 08 January 2025

nglivNew member08 January 2025 20:45:51

Hello,

We are UK citizens and have a bank account with Bank of Cyprus and a current housing loan with them taken many years ago - pre Brexit. We have been asked to provide data updates by the bank including all our UK bank statements to show / verify all our transactions i.e. inbound credits for our UK accounts. We are duly tax compliant and these do not pertain to cross border transactions between our UK and Cyprus bank accounts. Happy to comply with them but I am wondering what is the legitimacy for the request. Why does a Cyprus bank request statements from my various UK accounts to prove all my incoming transactions? I bank around the world in various countries and never had this request before. Any advice? As an EU bank, a third party and post brexit what is the legitimacy of the request to prove all my transactions pertaining to my UK accounts?

Toon Cyprus Expert

Member since 04 June 2011

ToonCyprus Expert09 January 2025 03:09:27

9889

An guessing tougher AML Legislation ...proving source of funds

charles533 Active member

Member since 04 February 2023

charles533Active member09 January 2025 04:21:58

Cyprus has been badly hit by AMLand other legislations. They have to prove to the EU on providing "source of funds". It is a numbers game and to ask the more legitimate entities is easier so when the "stats" emerge, they have done their so called due dilligence.

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