A client of mine is requesting an account in a brick and mortar bank for their Mauritius company as their account was recently been closed by their bank in Mauritius. They are operating in the affiliate marketing industry. UBOs are 1 Israeli and 2 Ukrainians. Any ideas? I suggested EMI but they do not want that?
Account for Mauritius company
- Thread starter Kyriacos Zographos
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Why was their account closed firstly? ca#"!
P.S Affiliate marketer is just another name for money launderer if paying agent is some BS small shell company with no credibility - hopefully your clients are not.
P.S Affiliate marketer is just another name for money launderer if paying agent is some BS small shell company with no credibility - hopefully your clients are not.
they are not. The business is legitimate as well as their business plan. But yes truth to be told the affiliate marketing serves the purpose you describe. So the banks in Mauritius decided that they don't want to take the risk so they no longer accept this business.
Mauritius seems to have become a pretty weird place recently.
Very strict on bank account openings, being closed (still!) for travel and investment purposes until at least October.
Having had beaches closed for over 4 months this year is also not making it very attractive.
Also very bad performance of the︀ stock market (MCB e.g.).
Although they have relaxed some visa requirements, it does not help︁ much if one can only reach that remote place with huge hassle.
Very strict on bank account openings, being closed (still!) for travel and investment purposes until at least October.
Having had beaches closed for over 4 months this year is also not making it very attractive.
Also very bad performance of the︀ stock market (MCB e.g.).
Although they have relaxed some visa requirements, it does not help︁ much if one can only reach that remote place with huge hassle.
May be because Mauritius is money laundering hub for Giant Indian corporate houses. Every corporate house has so called investment fund there controlled or fully own. Money round tripping in India though Mauritius. May be they decided to go tougher and want to clean their image. Something happening behind the door
Albula Investment Fund, Cresta Fund and APMS Investment Fund hold about $6 billion in Indian Stock market .Funny part is 95% money invested︀ in one group company (Adani group).
Nobody knows who owns this fund ?
Even with︁ billion dollar investment these Mauritius bases investment fund does not have working website.
https://www.aljazeera.com/economy/2...ore-money-this-week-than-anyone-else-on-globe
You will be shocked all this Fake invoices, Money laundering happen in Day-light . Funny things︂ happening in India.
https://trendlyne.com/portfolio/superstar-shareholders/53827/latest/apms-investment-fund-ltd/https://trendlyne.com/portfolio/superstar-shareholders/53858/latest/cresta-fund-ltd/https://trendlyne.com/portfolio/superstar-shareholders/53818/latest/albula-investment-fund-ltd/
Albula Investment Fund, Cresta Fund and APMS Investment Fund hold about $6 billion in Indian Stock market .Funny part is 95% money invested︀ in one group company (Adani group).
Nobody knows who owns this fund ?
Even with︁ billion dollar investment these Mauritius bases investment fund does not have working website.
https://www.aljazeera.com/economy/2...ore-money-this-week-than-anyone-else-on-globe
You will be shocked all this Fake invoices, Money laundering happen in Day-light . Funny things︂ happening in India.
https://trendlyne.com/portfolio/superstar-shareholders/53827/latest/apms-investment-fund-ltd/https://trendlyne.com/portfolio/superstar-shareholders/53858/latest/cresta-fund-ltd/https://trendlyne.com/portfolio/superstar-shareholders/53818/latest/albula-investment-fund-ltd/
Yep, that is for sure︀ an issue and I also think there is something happening there behind closed doors. Although︁ I have no confirmed knowledge as of now.
They are also have a privileged position︂ for African investments and good DTAs with Africa, yet even that cannot offset some of︃ my contacts in Africa to move there these days.
My guess is they let themselves︄ impress and threaten by EU.
https://www.mondaq.com/money-launde...ion-on-the-eu-list-of-high-risk-jurisdictions
They are also have a privileged position︂ for African investments and good DTAs with Africa, yet even that cannot offset some of︃ my contacts in Africa to move there these days.
My guess is they let themselves︄ impress and threaten by EU.
https://www.mondaq.com/money-launde...ion-on-the-eu-list-of-high-risk-jurisdictions
Also one of Wirecard's shady︀ PE deals (an Indian company being bought and then sold for a 10x within a︁ few months) was done through a probably-fake Mauritius fund
https://investmentpreview.com/2020/...an-company-used-in-suspicious-wirecard-deals/
https://investmentpreview.com/2020/...an-company-used-in-suspicious-wirecard-deals/
If you have to state this then its probably not a legitimate business as the saying goes. Seriously two Ukrainians and an Israel using a bank on an African Island for their affiliate marketing business tells me all I need to know.......lol.
all due respect man, it doesn't matter what you or I are thinking or think that we know. I came here to ask if someone could recommend a solution not to take a compliance seminar.
i'm guessing the term benefit of the doubt is something you never heard of. Thanks for the wishes.
IF It's a legitimate business and the UBO is an Israeli (ignore the Ukrainian part for now), then look no further than payoneer.
they onboard a lot of freelancers and affiliate marketers and the likes, it was specifically built for these needs, and the whole team of payoneer are Israelis, I can confirm without a shred of︀ a doubt that they have preferential treatment for Israelis (obviously), but I say this because︁ this was confirmed long ago by someone who works in the company. So, if your︂ business is legit, then you won't have any problem opening a bank account there.
they onboard a lot of freelancers and affiliate marketers and the likes, it was specifically built for these needs, and the whole team of payoneer are Israelis, I can confirm without a shred of︀ a doubt that they have preferential treatment for Israelis (obviously), but I say this because︁ this was confirmed long ago by someone who works in the company. So, if your︂ business is legit, then you won't have any problem opening a bank account there.
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