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Bank Restrictive Measures-Cyprus
New restrictive measures 10th decree
The restrictive measures have been relaxed considerably we are attaching the latest measures issued on 25/04/2013 and are valid for 16 days as of 25/04/2013. The most important changes are the following:
a) Cashless payments or transfers of deposits/funds to accounts held abroad are allowed if they fall within the normal business activity of the customer upon presentation of justifying documents, for payments of up to €500.000 per transaction are not subject to the Committee’s approval. Provided that each credit institution shall ensure that the justifying documents presented in each case, justify the execution of the payment.
b) Cashless payment from €500.001 to €1.000.000 is subject to the approval of the Committee. A list of the requests for payments falling within this category shall be submitted to the Committee in a standardised electronic file in a format specified by the Committee. A request may be included in the list only if the credit institution is satisfied that the file content is consistent with the provisions of this Decree. The Committee in its decision, which shall be taken within 24 hours, shall take into account the liquidity buffer situation of the credit institution.
c) Cashless payment above €1.000.000 is subject to the Commission’s approval. The credit institution shall submit to the Committee a request for each payment as well as the necessary justifying documents The Committee in taking its decision takes into account the justifying documents and the liquidity buffer situation of the credit institution.
d) Cyprus institutions, which are either branches of foreign banks or at least 50% subsidiaries of foreign banks, and provided those institutions fulfil the conditions of the Central Bank of Cyprus as stated in the decree, are not subject to the restrictions, with regard their foreign clients. This does not apply automatically and those institutions which are either branches of subsidiaries of foreign banks in Cyprus, need to apply to the Central Bank of Cyprus in order to receive the necessary permission.
New funds credited in your accounts from abroad are exempt from the “restrictive measures on transactions” and can be used for any type of transaction, like Cyprus Bank used to work prior to the introduction of the restrictive measures(15/3/13).
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