The Commercial Bank of Syria is a major player in the country's financial sector. It was founded in 1948 and has since become one of the largest banks in Syria.
The bank's history dates back to the 1940s, when it was established by a group of Syrian businessmen. It has undergone several expansions and mergers over the years, including the acquisition of several smaller banks.
One of the bank's notable features is its extensive network of branches, with over 100 locations across Syria. This makes it easily accessible to customers throughout the country.
The bank's services include a range of financial products, such as loans, credit cards, and investment accounts. It also offers online banking and mobile banking services, making it convenient for customers to manage their finances remotely.
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Treasury Lists as Primary Money Laundering Concern
The Treasury Lists as a primary money laundering concern for the Commercial Bank of Syria. This is because the bank's operations have been linked to the Syrian government, which is subject to US and EU sanctions.
The Treasury Department has specifically targeted the Commercial Bank of Syria for its alleged role in facilitating money laundering and other illicit activities. This has resulted in the bank being added to the Specially Designated Nationals (SDN) list.
The bank's connections to the Syrian government have been a major factor in its designation as a primary money laundering concern. The Syrian government has been accused of using the bank to launder funds and evade international sanctions.
The Treasury Department has identified the Commercial Bank of Syria as a key player in the Syrian government's efforts to circumvent international sanctions. This has led to increased scrutiny of the bank's activities and a heightened risk of money laundering.
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Bank Information
The Commercial Bank of Syria is a comprehensive financial institution that offers a wide range of services to meet the needs of both individuals and businesses.
One of the key services offered by the bank is opening various types of accounts, including current accounts, which can be beneficial for those who need to manage their finances on a daily basis.
The bank also provides cash withdrawal and deposit services, making it a convenient option for those who need to access their money quickly.
For secure storage, the bank offers safe boxes that can be rented by individuals and businesses.
In addition to these services, the bank offers money transfer services, allowing customers to send and receive money across different locations.
The Commercial Bank of Syria also provides personal loans to customers who need financial assistance.
Businesses can benefit from the bank's services, including bank guarantees, discounting of commercial bonds, and documentary credits.
The bank supports electronic services, making it easy for customers to manage their finances online.
The bank even has a mobile application that facilitates online banking, allowing customers to access their accounts and conduct transactions on the go.
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Regulatory Status
The Commercial Bank of Syria is a state-owned bank that operates under the supervision of the Syrian government.
It is licensed by the Central Bank of Syria, which is the country's central bank and regulatory body.
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The Central Bank of Syria is responsible for regulating and supervising all commercial banks in Syria, including the Commercial Bank of Syria.
The Commercial Bank of Syria is also subject to the country's banking laws and regulations, which are designed to ensure the stability and soundness of the banking system.
The bank's operations are monitored by the Central Bank of Syria to ensure compliance with these laws and regulations.
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Bank Overview
The Commercial Bank of Syria is a state-owned bank that provides financial support to the regime. It has a wide range of services tailored to meet the needs of individuals and businesses.
The bank offers various types of accounts, including current accounts, and provides cash withdrawal and deposit services. It also offers safe boxes for secure storage and money transfer services.
For businesses, the bank provides bank guarantees, discounting of commercial bonds, and documentary credits. These services make the Commercial Bank of Syria a pivotal player in the nation's financial sector.
You can contact the bank through its website, http://cbs-bank.sy/En-index.php, or by phone at +963 11 221 8890.
Frequently Asked Questions
What banks are in Syria?
There are several banks operating in Syria, including Bank Al-Sharq, Banque Bemo Saudi Fransi, and the Central Bank of Syria, among others. Some of the notable banks in Syria include Cham Bank, Ibdaa Bank, and alBaraka Bank Syria.
Is CSB a commercial bank?
CSB offers commercial banking products and services, indicating a commercial banking presence. It caters to corporate entities, further supporting its commercial banking role.
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