Sokin multi-currency account
- Thread starter Gjrwings
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No. Any reason they hit your radar over other providers? Did you see an advert by them pop up on YT or FB for example?
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
We have tried over 50 banks and EMI s but because we are nonprofit and extreme derisking just had constant rejections. At the same time made us dubious about any that show an interest, such as Sokin. Our first transaction needing to be done is over half a mil, so just being cautious.
Can you describe your activity and planned transactions?
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Sokin is a decent company. They don't have their own EMI or PI licenses; they only have FinTRAC in Canada and FinCEN in the US. For the EU and UK, they are distributors of Modulr, so you will get a NL EUR IBAN and local GBP receiving accounts. They also have multi-currency accounts via Banking Circle SA's Danish branch. They work decently well from my experience, but I've only tried it with a stable mid-5-figure monthly income, i.e., about 40-60K monthly. You'll also get local CAD and USD details from real banks - if that is of any benefit. They requested quite a lot of docs for account opening.
I'm not sure how they would perform with a large transaction to start, but I would assume that they would be quite a bit problematic regarding SOF and filling out a bunch of forms.
Depending on your company's jurisdiction and activity, if the turnover is high enough, you might be better off getting in touch directly with Banking Circle (which most of Sokin's accounts are from anyway) to have a dedicated account with them. If you request opening with the Danish branch, you will also have access to those XX of currencies. Banking Circle is mostly useful for businesses that benefit from opening multiple IBANs, though - like marketplaces that can create dedicated IBANs for every account. They generally don't open classic bank accounts because that's not really their business model - they earn much more from offering BaaS and issuing local / multi-currency accounts for FinTechs since they have some good correspondents.
If the activity is not high-risk (which would mean it wouldn't get approved by Sokin anyway), you might be better off doing your best to open an account at a real high-street bank. Although you can never trust banks, I'd say it's still more reliable than trying to pass hundreds of thousands through an EMI because they will always have questions and 'de-risk'. For a good turnover, I know people at Central European banks that won't ask questions 😉
Thank you ilke that's pretty comprehensive information. I had managed to onboard with Payoneer who uses Banking Circle as the Euro receiving account and Citi Bank for the US receiving account. But they closed my account after our benefactor (charity) in the US sent the second donation (recall we are a nonprofit philanthropic company in Cyprus). Now that account is blocked with 32K in it.
I'm busy going through compliance with Sokin at the moment. We are about to purchase property for €600k so I'm just a bit worried and don't have any good solutions except escrow. As mentioned we've been to over 50 banks and EMI's across the EU. If I was a criminal I'd understand but obviously derisking procedures are throwing the baby out with the bath water.
Hi JohnnyDoe, our activities are mostly philanthropic - building an arts center for trauma counseling, housing and helping abused and trafficked victims amongst others. Our turnover is around 100k a month for the first few years, but the purchase of land and building the art center will be a higher volume plus day to day expenses, salaries etc.
For Cyprus, is it not possible to open an account at BoC? I haven't had issues with them. Otherwise, for EMIs, I guess that the Cypriot Ecommbanx would work for this application. I think they shouldn't cause problems with these amounts. EQUALS in the UK is also a possibility.
Payoneer do sometimes close accounts above their risk appetite. I think they had issues with the size of individual transactions, or a SAR was filed in the US. With so many rejections, it would seem that you are somehow giving them a bad impression, maybe it's worth trying an introducer?
Boc is our personal bank, we've tried all the bricknMortar banks and a few EMIs in Cyprus and it's all the same”¦ nonprofits are too high risk even though the registrar is approving them. We've had 2 lawyers working the German sector for us, Lawyers in Limassol and another firm in Larnaca. It's actually starting to feel like we are in a twilight zone - this has gone on for almost 2 years.
Big yellow flag here - Sokin is a trading name of Plata Capital Ltd. Registered Office: Plata Capital Limited c/o Mishcon De Reya
https://www.lawgazette.co.uk/news/m...00-over-numerous-aml-failings/5111049.article
https://www.lawgazette.co.uk/news/m...00-over-numerous-aml-failings/5111049.article
I would not say so, MDR is one of the top UK law firms.
A fine of 0.1% of turnover 3 years ago seems quite irrelevant. And even then, the law firm is just a representative, CSP + address provider, it does not really influence the quality of the financial service.
MDR is silver circle but does have a reputation for being the biggest money laudnering catch by the SRA. Also, I personally don't like firms who list their lawyer's office as their official address.
where do you have this information from ?
OP did you succeed to find a EMI that could fit your needs? Have you tried the many mentioned already on OCT like currenxie, Zen, Revolut etc ?
Good EMI , They changed their infrastructure lately
Onboarding is little complicated and now they ask for a video call with UBO/ director to complete the KYC
Onboarding is little complicated and now they ask for a video call with UBO/ director to complete the KYC
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