Financial Times: Wise rebuked by European watchdog over money laundering controls

[linusAG]

Wise rebuked by European watchdog over money laundering controls​

source​

European regulators rebuked Wise, the London-listed fintech, over its anti-money laundering controls and forced the payments group into a formal remediation plan, according to five people familiar with the matter.

A review by the National Bank of Belgium, which supervises Wise in Europe, found in early 2022 that the fintech lacked proof of address for hundreds of thousands of customers, said three of the people.
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[wellington]

linusAG said:

Wise rebuked by European watchdog over money laundering controls​

​

source​

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To be fair this was true.

Think they've started clamping down since.

 

[Alexmorgan]

They need to know that closing innocent accounts is not the right way to control money launderers

Closing innocent people accounts will lead them to be close to the money launderers as they use them to clean their money

 

[Houdini]

They will deal with it, rest assured.

 

[Lord Palmerstone]

Could some enlightened individual (there are very many intelligent well read members here), tell me what's the meaning of 'Money Laundering' ....
The idea that keeping YOUR hard earnt money away from thieving Governments and their political agents, (the majority of which are the real corrupt money launderers) is an illegal action is ridiculous.
It is our absolute obligation to keep OUR finances/savings/monies away from these wasteful, inept and corrupt criminals!

 

[daniels27]

Lord Palmerstone said:
Could some enlightened individual (there are very many intelligent well read members here), tell me what's the meaning of 'Money Laundering' ....
The idea that keeping YOUR hard earnt money away from thieving Governments and their political agents, (the majority of which are the real corrupt money launderers) is an illegal action is ridiculous.
It is our absolute obligation to keep OUR finances/savings/monies away from these wasteful, inept and corrupt criminals!
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In short, you steal money from a bank. Laundering is then the process of concealing its dirty origins. That was the original meaning. It has since been applied to pretty much anything somebody dooes not want for personal reasons.

 

[Lord Palmerstone]

daniels27 said:
In short, you steal money from a bank. Laundering is then the process of concealing its dirty origins. That was the original meaning. It has since been applied to pretty much anything somebody dooes not want for personal reasons.
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It seems to me that in today's 'upgraded version' pushed by Central Banks, Governments, (corrupt western) Politicians etc it means if you try to move even $US50,000 from 'here to there' you must justify 'how/where' you got it, and why you are moving it? .................................... which is of course entirely your own business as a private individual. Furthermore, if in your line of work/business US$50,000 is not an untoward amount then the Financial Houses and their regulatory overlords should not have the right to question everything and anything ................................ IMHO

 

[daniels27]

Lord Palmerstone said:
It seems to me that in today's 'upgraded version' pushed by Central Banks, Governments, (corrupt western) Politicians etc it means if you try to move even $US50,000 from 'here to there' you must justify 'how/where' you got it, and why you are moving it? .................................... which is of course entirely your own business as a private individual. Furthermore, if in your line of work/business US$50,000 is not an untoward amount then the Financial Houses and their regulatory overlords should not have the right to question everything and anything ................................ IMHO
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In general you are right. But then, there are some other factors you need to consider which in part explains the actions.

• Banks are responsible to a big part for fraud related transactions. Rather than sending the 50k from your account to anywhere, they will ask you for the reason and warn you from fraud.
• Banks are responsible to a large part for money laundering they assist. You can check Wegelin, UBS, etc. they got big fines from the US. Forced by the governments, they are now doing their job of checking more carefully and thus will ask you for a proof. Most good banks are smart enough to see from a conversation and some documents how related your money to robberies, drug trafficking, etc. is.

Now for the latter, many idiots abuse cryptos for it. That's why banks are expected to do more checks on you. You can read about such personalities here:
[COLOR=#a7ffeb] E [/COLOR]

Thread 'Dubai?'​

Aug 18, 2024
Would there be many lawyers, accountants, bankers, ect... working together in dubai that have associates, connections, partners, ect... in other countries like switzerland, nordic countries, maybe singapore if an offshore banking client had more than a billion usd and they wanted to diversify their money in these countries? Who in dubai would stand out for being able to this the best? Would there be a lot of people or very little in dubai that can do this efficiently?

• edwardjenner
• Replies: 3
• Forum: Offshore Bank & EMI Accounts

@JohnLocke did not like him. Why should any bank want to deal with somebody like this? How would you as a bank act in order to get off @edwardjennner from your institute when the first 10k arrive?

 

[Lord Palmerstone]

daniels27 said:
In general you are right. But then, there are some other factors you need to consider which in part explains the actions.

• Banks are responsible to a big part for fraud related transactions. Rather than sending the 50k from your account to anywhere, they will ask you for the reason and warn you from fraud.
• Banks are responsible to a large part for money laundering they assist. You can check Wegelin, UBS, etc. they got big fines from the US. Forced by the governments, they are now doing their job of checking more carefully and thus will ask you for a proof. Most good banks are smart enough to see from a conversation and some documents how related your money to robberies, drug trafficking, etc. is.

Now for the latter, many idiots abuse cryptos for it. That's why banks are expected to do more checks on you. You can read about such personalities here:
[COLOR=#a7ffeb] E [/COLOR]

Thread 'Dubai?'​

Aug 18, 2024
Would there be many lawyers, accountants, bankers, ect... working together in dubai that have associates, connections, partners, ect... in other countries like switzerland, nordic countries, maybe singapore if an offshore banking client had more than a billion usd and they wanted to diversify their money in these countries? Who in dubai would stand out for being able to this the best? Would there be a lot of people or very little in dubai that can do this efficiently?

• edwardjenner
• Replies: 3
• Forum: Offshore Bank & EMI Accounts

@JohnLocke did not like him. Why should any bank want to deal with somebody like this? How would you as a bank act in order to get off @edwardjennner from your institute when the first 10k arrive?
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With regards to the secondary thread - I have actually just passed 30 years in UAE and know what goes on here.
The Govt of Dubai doesn't care, but the sovereign Govt controlled by AD does (they want to show the world that they are a responsible mature law abiding country). Dubai have their own ways, but must be careful as they do NOT wish their banks to be disconnected from the World Finance system (controlled by the flat disc wearers hence why they don't act more forcefully against the genocidal terrorist further up the Gulf), so its done a lot more quietly. And they also pay 'lip service' to the AML/KYC rules just to show the world regulators they are being compliant.

 

[daniels27]

Lord Palmerstone said:
With regards to the secondary thread - I have actually just passed 30 years in UAE and know what goes on here.
The Govt of Dubai doesn't care, but the sovereign Govt controlled by AD does (they want to show the world that they are a responsible mature law abiding country). Dubai have their own ways, but must be careful as they do NOT wish their banks to be disconnected from the World Finance system (controlled by the flat disc wearers hence why they don't act more forcefully against the genocidal terrorist further up the Gulf), so its done a lot more quietly. And they also pay 'lip service' to the AML/KYC rules just to show the world regulators they are being compliant.
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Yes, I would do the same. You easily become the enemy of the US and UAE with its emirates has quite a few on the verge of becoming the bad guys.