Notorious Cyprus and Tanzania bank, the Federal Bank of the Middle East (FBME) is closed since the summer of 2014. That makes my life into a difficult one. The majority of my companies' funds are blocked on the accounts in Cyprus and Tanzania. The only thing FBME does is writing about the situation on a one-sided webpage. The employees of the bank don't know what is happening either and due to the lack of proper information everyone seems to blame the Americans and the central banks as puppets in this disaster. But is this the truth?
When you don't get the information you need from your bank and the only comments they can give are pointed out in a hilarious white paper, you start looking around. This is how I found the only un-biased information portal on the web with information on FBME Bank that seems to be closer to the truth. Read the response to the FBME Bank Ltd. white paper and make up your own mind.
It is unfortunate that a bank with such a good customer service is involved in shady business and that industries that should be excluded from the financial services industries could open bank accounts and engage in almost all services at FBME. There have been numerous cases known that money was being laundered for prostitution and gambling. For the record, industries that are forbidden by law in Cyprus. If we open Pandorra's Box, probably a lot more garbage can be obtained. I wish I knew this all before. Banking with FBME has its price, a price I would not have paid if I knew all about this before.
Due diligence and know your client procedures are hot items these days. But how can one expect bank customers to start an investigation on a bank that does not only do everything to hide it's suspicious activities but does not even inform it's own employees about their wrong doing. This situation is turning into the laugh of the century and when I finally have my money, I will start to claim additional damages. I just want my money FBME!
When you don't get the information you need from your bank and the only comments they can give are pointed out in a hilarious white paper, you start looking around. This is how I found the only un-biased information portal on the web with information on FBME Bank that seems to be closer to the truth. Read the response to the FBME Bank Ltd. white paper and make up your own mind.
It is unfortunate that a bank with such a good customer service is involved in shady business and that industries that should be excluded from the financial services industries could open bank accounts and engage in almost all services at FBME. There have been numerous cases known that money was being laundered for prostitution and gambling. For the record, industries that are forbidden by law in Cyprus. If we open Pandorra's Box, probably a lot more garbage can be obtained. I wish I knew this all before. Banking with FBME has its price, a price I would not have paid if I knew all about this before.
Due diligence and know your client procedures are hot items these days. But how can one expect bank customers to start an investigation on a bank that does not only do everything to hide it's suspicious activities but does not even inform it's own employees about their wrong doing. This situation is turning into the laugh of the century and when I finally have my money, I will start to claim additional damages. I just want my money FBME!