Filenews 4 August 2022 - by Theano Thiopoulou
The Central Bank warns the public, businesses and in particular depositors that a "ghost" bank, called Sabax Bank, which does not hold an operating licence from the supervisory authority, operates in Cyprus.
Yesterday, with an announcement – warning on its website, the Central Bank states that "the entity named SABAX BANK, to which reference is made, on the following website: Home (sabaxbank.com) does not hold a licence to operate a credit institution by the CBC, in accordance with Article 4 of the Credit Institutions Operations Laws of 1997 to (No. 2) of 2022. It is also claimed by the Central that the document that appears on the website as a license certificate from the CBC is fake and has not been issued by the CBC!
The CBC urges the public, businesses and depositors, as before cooperating with credit institutions, to refer to its website and specifically to the register of credit institutions operating in Cyprus in order to be certified as to the credit institutions legally operating in the Republic of Cyprus".
On its website, Sabax Bank states "it is one of the best banks in Cyprus, offering a wide range of services for non-Resident Cyprus companies, attracting with affordable prices and the ability to open an offshore account for any kind of business". It is also noted that in 1998 SABAX BANK was founded by two private bankers and since then it has been working steadily and helping to develop business activities for each client.
"Since 2002, SABAX BANK has joined the international money transfer system, which usefully allows international transactions. Today, the bank supports Money Gram, Sigue Mone, Epayments, Skrill, Neteller, Payeer, Blockchain system, SWIFT and many other payment systems," its website states.
Recently, however, the announcements of the Hellenic Capital Market Commission to the investment community have been increasing, which draws their attention when dealing with investment companies. This is because ghost investment companies have been identified that advertise investments through their websites, but which are not supervised by any supervisory authority. In recent announcements, the Capital Market mentions names of companies that it does not supervise, cannot provide investment services or hold client money. It also points out that according to Law 4514/2018, the provision of investment services and the exercise of investment activities without permission from the Hellenic Capital Market Commission or the corresponding supervisory authority of another Member State of the European Union constitutes an offense, which is subject to serious criminal and administrative sanctions.
However, frequent warnings have also been issued by the Police, urging the public to be especially careful when receiving messages from online websites that are virtual but appear to be real.
CBC: Signed the charter of equality
The Central Bank has signed the Charter of Equality, Diversity and Inclusion of the European System of Central Banks. The aim of the Charter is to be a means of recognising and applying the principle of equal opportunities and diversity in every working environment of the European System of Central Banks (ESCB) and the Single Supervisory Mechanism (SSM). The Charter is a voluntary public commitment and reflects the common vision to eliminate discrimination and enhance integration into the work culture of the ESCB and the SSM. It sets out a number of principles and commitments reflecting the EU's fundamental rights towards adopting a strategy that takes into account diversity and equality issues. Accordingly, the participating institutions, by co-signing, confirm their common understanding that diversity and inclusion in the workplace enhance their efficiency and resilience.
INTERVENTION
Citizens to be more suspicious
Nowadays, when there is so much information, it is inconceivable that investors fall prey to sophisticates, either by phone, or by e-mails, or not to be interested in knowing who they are dealing with and to whom they give their money. When a company promises a lot or presents everything so nicely and ideally, we should start to ask questions. Unless we want to take the risk of an investment, in which case if there are consequences we will have to bear them. Of course, the sophisticates have their way, but the citizens should also not be so susceptible.
