Complaint Review: Caye Bank International Ltd. - Belize - San Pedro Town Ambergris Caye

Let's be fair about this.  All of the above sounds entirely reasonable.  So giving the benefit of the doubt let's just ask some reasonable questions; 

1.  If Caye Bank is, in fact, an international bank, why is it not a member of SWIFT? 

2. If Caye Bank is routinely processing wire transactions for clients and is in good standing with the banking community why then; 

- did it notify all clients late last year that all incoming and outgoing wire transfer services were suspended? 

- did it lie to clients thereafter saying they had secured a new correspondent bank when in fact they had only set up a corporate account with a money exchange operation which was not a corresdpondent bank and in fact later the money exchange operation terminated the relationship with Caye Bank? 

- did Caye Bank, an international bank (as the advertising goes) then inform clients that they were using a small community bank in Iowa as their correspondent bank? 

- And why then did that small community bank later then terminate its relationship with Caye Bank? 

- And again, then Caye Bank tries the same thing with a small farming community bank in Kansas? 

- And again, then why did that bank reject further relations with Caye Bank? 

3.  Why has this client been shunned and refused all attempted forms of communication he tried to make for six months? 

4.  Why did Caye Bank ignore the plight of this client and only respond after this public complaint was filed?

5.  Why has Caye Bank refused to engage in discussion with this client about several offered means of alternative resolutions which have been ignored?

The above questions are reasonable.  Caye Bank will not answer and does not have an answer because they expose the fact that the response they give above as being absolute bullshit. 

Had Caye Bank truly valued its client and acted in good faith from the beginning, none of this dirty laundry would need to be aired in public.  Once again their PR sounds great but this case proves it all to be a sham.  The handling of this is a good indicator of the type of management they have.

Caveat Emptor! 

Caye International Bank Ltd (CIBL) is a fully licenced and regulated bank who has repeatedly won the “Best Private Bank in Belize Award” in 2019 and 2018 and most recently the “Best Private Bank in Latin America” award.  These awards are based on a range of factors that include recommendations from top analysts, public filings, company documents, and sources within the financial industry.  These awards also reflect the superior customer service the CIBL team provides to their global clientele. 

CIBL, headquartered on Ambergris Caye, Belize, is the only international bank which conducts financial services with both individuals and corporations inside and outside of Belize.  Presently, the bank offers a full range of traditional and non-traditional banking services such as demand deposit accounts, savings accounts, CDs, multi-currency accounts (in over 80 currencies), mortgage, loan products, check clearing facilities, credit cards, a gold storage facility in Zürich Switzerland, investment management and access to brokerage services throughout the world.  The bank also has an informational online banking platform customers can access from anywhere in the world.

In addition to being internationally recognized as a superior banking facility, CIBL has the advantage of being the only bank in Belize with a direct relationship with a U.S. correspondent bank.  The value of this unique position in Belize, means additional due diligence is required of CIBL to comply not only with Belize rules and regulations but also U.S., European and International rules that effect global transactions.  CIBL is fully commitment to absolute global compliance to be able to serve the long-term interests of our customers and their needs.

Presently over 98% percent of our clients’ wire transfers are transacting smoothly. However, given the high standards and banking regulations to which CIBL must adhere, there are occasions in which it is not possible for the bank to process a client’s transaction request.  Some reasons a transaction request may be denied include:  incomplete client information, a transmission destined to high risk or prohibited country or circumstances where one of the parties involved on either end of the transaction triggers a wire stoppage by our global correspondent banks for any real or credibly alleged wrong doing by that customer, generally involving financial crimes.  Banking regulations in many instances hold that the bank may not disclose to the client the reason a transaction is denied. In some cases, the correspondent banks will not disclose to CIBL the reason a transaction is denied. While the CIBL understands the frustration this can cause to a client, the bank’s adherence to strict banking regulations is mandated by regulatory agencies which oversee Caye International Bank.

CIBL has been working diligently with it’s U.S. correspondent bank as well as it's regulators to find an amicable solution that addresses the needs of any client issues, while protecting the bank and its clients and shareholders.  CIBL successfully processes a large volume of international wire transfers per year and only a very tiny number of transactions generate issues that cannot be resolved.  The current case complained about is wholly unique, and the bank continues to work with all parties involved, including our regulators and correspondent banks to find an amicable solution that is complaint with all banking rules and regulations.

Customer satisfaction is of utmost importance to Caye International Bank as it strives to excel in this very complex and highly regulated global industry.