Earlier today the Central Bank of Cyprus made the following statement:

“The CBC announces that, based on the powers afforded to it by the relevant legislation, starting today, it has taken over the administration of the FBME Bank branch’s operations in Cyprus,”

It appears the action is linked to a statement by the US Treasury Department (17/7/14) stating concerns about FBME’s Anti Money Laundering processes.
We have spoken to the bank and have been assured business will continue to operate “as usual”.