Financial institution remains shuttered, denying promised reimbursement for depositors' funds
In a recent development, many German customers of the Euram Bank have been affected by a payment stop due to ongoing investigations into money laundering allegations.
According to reports from German portal Anwalt.de and the Austrian news agency APA, the bank's management is under scrutiny for suspected money laundering activities. The Austrian Federal Criminal Office (FIU) has initiated investigations, and a report in the Austrian daily Die Presse indicates that 326 customers of the Euram Bank are under suspicion.
The payment stop means that affected customers cannot expect a quick payout of their savings. Normally, the deposit insurance fund (ESA) would pay out up to 100,000 euros per customer within seven days in the event of a claim. However, due to the ongoing investigations, this is not happening.
The Euram Bank, which has many investors from Germany, including some Russian customers, has a total deposit of 276 million euros, with around 38 million covered by the ESA. Relatively few depositors, mostly foreign, hold relatively large amounts at the bank.
The bank's CEO, Stefan Tacke, has stated that the official investigations may take an undetermined amount of time. The bank's website is available in Russian, and the management is said to have good Russian language skills.
It is important to note that there is no publicly available information from recent credible sources indicating an ongoing investigation specifically into money laundering at Euram Bank affecting customers in Austria and Germany. However, the Austrian banking sector has been in the spotlight recently due to investigations into Raiffeisen Bank International and other financial scandals.
The FMA banned the Euram Bank's business operations last week due to deficiencies in money laundering prevention. The bank was closed last week, and there is no information about a demanded capital increase materializing. The Federal Criminal Office is examining whether the claims against the deposit insurance fund are valid.
As the situation unfolds, affected customers are advised to stay informed and seek advice from financial authorities or legal experts.
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- Due to ongoing investigations into money laundering allegations at the Euram Bank, customers in Germany are facing delays in receiving their payments.
- Amidst the scrutiny of Euram Bank for suspected money laundering activities, affected customers in both Germany and Austria are advised to seek counsel from financial authorities or legal experts.
