Assistance to seafarers affected by the situation in Ukraine in opening bank accounts in Cyprus

This article briefly describes the arrangements made by financial institutions in the Republic of Cyprus to facilitate the opening of bank accounts for seafarers affected by the conflict between Ukraine and Russia.

The Shipping Deputy Ministry of Cyprus has published a circular numbered 17/2022 on 14^th April 2022 (the Circular) addressing all registered owners, registered bareboat charterers, managers and representatives of ships flying the Cyprus flag describing the arrangements by financial institutions in Cyprus to ease and aid the opening of bank accounts for seafarers affected by the gravity of the situation in Ukraine.

Cyprus Commercial Banks

In accordance with the Circular, the Cyprus Commercial Banks, namely the Bank of Cyprus, Hellenic Bank and the Eurobank, require the following documents for seafarers affected by the unfolding situation in Ukraine to open a bank account:

1. Submission of copy of passport duly verified as a true copy of the original by the employer or Digital ID (based on the instructions of the commercial bank in question).

2. Submission of proof of address in the form of:

• Copy of utility bill verified as true copy by the employer; or
• Employer letter/attestation providing confirmation of the residence address of the seafarer.

3. During the first 6 months after on-boarding, the financial institution may request to hold a virtual meeting (any form of video call) with the client, based on the on-boarding due diligence framework of that bank.

4. Submission of a duly completed and signed by the client, account opening form of the bank, verified by the employer as true copy or the client’s signature may also be obtained digitally.

5. Submission of any other document required by the bank to provide the requested services (Debit Card, Web Banking). Client’s signature will need to be verified by the employer as true copy or it may be obtained digitally.

6. Current account to be opened with a maximum monthly declared debit and credit turnover equal to the monthly salary of the client. No credit facilities will be assigned and debit card will be sent to the employer and pin number will be communicated as per the relevant bank’s internal policy.

 

ECOMMBX and SEPAGA

 

1. ECOMMBX

ECOMMBX provides payment services and banking solutions in Cyprus. In accordance with the Circular, minimum on-boarding requirements and the process (which will be performed in line with ECOMMBX’s on-boarding policy) for opening accounts for natural persons include the following:

1. Submission of valid official national identity card or passport (which does not expire within the next 6 months);

2. Submission of proof of permanent residence in the form of utility bill or tenancy agreement, which should not be more than 6 months old, or an alternative in case of non-availability (we can discuss);

3. Submission of individual’s employment contract;

4. Submission of valid telephone number;

5. If applicable, submission of valid employment visa or working permit;

6. Submission of completed account application form of ECOMMBX.

It is noted that the above documents/information would need to be collected apostilled or verified as a true copy of the original. In addition to the above, the individual would be screened for sanctions and adverse media. In order to be able to open an account with ECOMMBX, it is a precondition for the seafarer’s employer to have and to operate an account with ECOMMBX, and to perform the top-up payments in the seafarers’ individual accounts through its ECOMMBX account.

 

2. SEPAGA

The minimum requirements of SEPAGA to open an individual wallet for Russian nationals include the following:

1. Valid passport copy (if a second passport/citizenship is available, it should be provided);
2. Valid work permit/visa in any other country except Russia;
3. Corresponding/mail address (if available);
4. CV and/or pay slip and/or employment agreement;
5. Source of wealth and/or income details;
6. Projection of total amount of funds in the wallet (incoming & outgoing); and
7. Personal contact details and next of kin.

The minimum requirements of SEPAGA to open an individual wallet for Ukrainian nationals include the following:

1. Valid passport copy (if a second passport/citizenship is available, it should also be provided);
2. Corresponding / mail address (if available);
3. CV and/or pay slip and/or or employment agreement;
4. Source of wealth and/or income details;
5. Projection of total amount of funds in the wallet (incoming & outgoing); and
6. Personal contact details and next of kin.

Since the unfolding of the situation in Ukraine, more and more seafarers might find difficulties with their financial arrangements and bank accounts, it is noted that although the above-mentioned arrangements as provided in the Circular are made to facilitate the opening of a bank account in Cyprus, they are only in addition to the arrangements recommended by the Government of Ukraine in relation to payments to be made to Ukrainian seafarers.

It is also highlighted in the Circular that the Circular should be available on board all ships under the Cyprus flag and brought to the attention of all seafarers employed on board Cyprus flagged vessels.

 

By Munevver Kasif

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