Euro Pacific bank is a scam
- Thread starter sonato
- Start date
- Status
Novo Banco is majority owned by Lone Star Funds (PE outfit) who have quite a high risk appetite so they may continue to run with EPB for some time. I find it fascinating and hilarious in equal measure that EPB's USD correspondent bank is the New York Fed, surely that's like the headmaster making the naughtiest kid in school do homework in his office. They must be under surveillance and audit...I've used︀ EPB for a while (USD and EUR but never huge amounts) and can confirm they're︁ still breathing, although USD wire delays in particularly are beyond painful.
You hit nail on head. US Government can watch you for literally years before they pull trigger. They do this quite often in RICO operation...no pun intended smi(&%.
Why would there be delays with US wire's? 🙁 They have direct Fedwire clearing unless they are being extra cautious with those wires. Not being funny but how many shell company wires can the Fed allow through from one little offshore bank. The bank is purely being used for tax evasion and︀ other criminal activity as has been discovered.
P.S Peter walking out of his own living︁ room and hiding during a zoom call with 60 minutes still makes me laugh. Me︂ personally I would have just closed the laptop 😕.
Why would there be delays with US wire's? 🙁 They have direct Fedwire clearing unless they are being extra cautious with those wires. Not being funny but how many shell company wires can the Fed allow through from one little offshore bank. The bank is purely being used for tax evasion and︀ other criminal activity as has been discovered.
P.S Peter walking out of his own living︁ room and hiding during a zoom call with 60 minutes still makes me laugh. Me︂ personally I would have just closed the laptop 😕.
They do indeed have direct Fedwire clearing but they're now obligated︁ to be forensically anal about every single wire (even the tiddlers) hence the delays. Ironically,︂ their KYC and DD in the last 6 months is now one of the strictest︃ I have ever witnessed, it's bananas.
I'm still on the fence about Peter, if one︄ listens to his podcast (my guilty pleasure sometimes) it's difficult to argue with much of︅ what he thinks about the Fed, debt monetisation and the ever-worsening US trade & budget︆ deficits. But on the other hand, there's a whiff of Allen Stanford about him hence︇ I've always kept my EPB balances fairly modest...
I'm still on the fence about Peter, if one︄ listens to his podcast (my guilty pleasure sometimes) it's difficult to argue with much of︅ what he thinks about the Fed, debt monetisation and the ever-worsening US trade & budget︆ deficits. But on the other hand, there's a whiff of Allen Stanford about him hence︇ I've always kept my EPB balances fairly modest...
Must be because of all the attention they generated. They will know all eyes on on them now. Problem is they need to offload the clients that are shell companies to even appear credible to other correspondence banks. When 90% of their wires are coming from Seychelles and BVI companies etc correspondence banks panic and even the US Fed must do also. Every bank even Fed has international obligations to prevent money laundering.
Peter talks great and his︃ arguments are decent. But he is a charlatan I am afraid.
Glad I am not the only one︆ that sees that.
According to their own 2017 paperwork EPB had 13,000 customer and $168,000,000︇ in deposits. That's a rough average of $13,000 a customer. So clearly people don't choose︈ to keep money with EPB. Probably choosing to just pass it through their shell companies︉ and on to proper banks.
https://prcorpfiling.f1hst.com/Corr...-383e-4a0e-bf89-c14249ad4fc3&SEQ=7343549&IE=0
Peter talks great and his︃ arguments are decent. But he is a charlatan I am afraid.
Glad I am not the only one︆ that sees that.
According to their own 2017 paperwork EPB had 13,000 customer and $168,000,000︇ in deposits. That's a rough average of $13,000 a customer. So clearly people don't choose︈ to keep money with EPB. Probably choosing to just pass it through their shell companies︉ and on to proper banks.
https://prcorpfiling.f1hst.com/Corr...-383e-4a0e-bf89-c14249ad4fc3&SEQ=7343549&IE=0
I can also confirm that USD wires with EPB are working, a bit delayed, but still working. This bank has been burried soooo many times, but a cat's got 9 lives.
P.S. it takes around 7 days to make a USD wire, but I ain't complaining ... for now.
P.S. it takes around 7 days to make a USD wire, but I ain't complaining ... for now.
US Dollar (USD)
Important: You may send and receive USD wire transfers until August 16, 2021. Afterwards, we will temporarily suspend this payment route until further notice.
Link: https://files.europacbank.com/docs/EPB_MT103.pdf
Important: You may send and receive USD wire transfers until August 16, 2021. Afterwards, we will temporarily suspend this payment route until further notice.
Link: https://files.europacbank.com/docs/EPB_MT103.pdf
Interesting change in their pricing with high minimum deposit that's blocked. Smells like a desperate cash grab ca#"!.
1Account application fee is not refundable.
2The minimum initial deposit will be withheld from your available balance upon arrival and will be used for the first year’s worth of monthly maintenance fees. If your account is closed within the first year, the first year’s worth of maintenance fees will not be refundable.
| Clients activated on/after May 1, 2021 | Personal | Corporate |
|---|---|---|
| Application fee1 | FREE | $150.00 |
| Activation fee | FREE | FREE |
| Online banking | FREE | FREE |
| Minimum initial deposit2 | $1,000.00 | $1,000.00 |
| Monthly maintenance | $5.00 | $40.00 |
| Monthly maintenance for each additional currency account | $1.00 | $1.00 |
1Account application fee is not refundable.
2The minimum initial deposit will be withheld from your available balance upon arrival and will be used for the first year’s worth of monthly maintenance fees. If your account is closed within the first year, the first year’s worth of maintenance fees will not be refundable.
Nothing cheap about EPB but if your benchmark is CSB then ok fair enough. Anything is better than EPB smi(&%.
Seems the Fed has terminated EPB's account. I can no longer find EPB's routing number listed on the Fed website of participants eek¤%&. EPB also totally removed the USD wire instructions on their own website now also.
Anybody know whats going on?
P.S Has their years of banking shell companies and tax evaders finally caught up with them? How come Novo Banco in Portugal still offers them correspondence banking service? ca#"!
Seems the Fed has terminated EPB's account. I can no longer find EPB's routing number listed on the Fed website of participants eek¤%&. EPB also totally removed the USD wire instructions on their own website now also.
Anybody know whats going on?
P.S Has their years of banking shell companies and tax evaders finally caught up with them? How come Novo Banco in Portugal still offers them correspondence banking service? ca#"!
Money secret in EPB? rof/% I wonder how many other countries have access to their data?
https://www.offshorecorptalk.com/threads/euro-pacific-bank-dataleak.24445/
-----start quote
(Google Translation)
FIOD INVESTIGATES 'OFFSHORE' SAVERS EURO PACIFIC BANK IN CARIBBEAN
UPDATE 24 April 2018
The FIOD started an investigation into black savers at this bank in the Caribbean, the islands of Saint Vincent and Puerto Rico. In his own words , the FIOD has 'hundreds of names of Dutch and Dutch legal persons' with hidden assets. What is the source of the list of︀ account holders that the FIOD has acquired is still unclear. The FIOD has visited several︁ people, where savers are initially considered as witnesses. But that status as a witness can︂ just change into a suspect if the information given gives rise to this. With this︃ research the FIOD tries to map out as many people as possible and to gather︄ information about the relevant black savers. This also expressly informs about any debit and credit︅ cards that are linked to the accounts. It is unclear what this information is based︆ on and who is already in the picture as a suspect. Black savers who have︇ not yet received a message can still volunteer . For declarations made up to 1︈ January 2018, the criminal indemnity can still be invoked .
----- end quote
Where has︉ EPB's USD Fedwire account gone? ns2
https://www.offshorecorptalk.com/threads/euro-pacific-bank-dataleak.24445/
-----start quote
(Google Translation)
FIOD INVESTIGATES 'OFFSHORE' SAVERS EURO PACIFIC BANK IN CARIBBEAN
UPDATE 24 April 2018
The FIOD started an investigation into black savers at this bank in the Caribbean, the islands of Saint Vincent and Puerto Rico. In his own words , the FIOD has 'hundreds of names of Dutch and Dutch legal persons' with hidden assets. What is the source of the list of︀ account holders that the FIOD has acquired is still unclear. The FIOD has visited several︁ people, where savers are initially considered as witnesses. But that status as a witness can︂ just change into a suspect if the information given gives rise to this. With this︃ research the FIOD tries to map out as many people as possible and to gather︄ information about the relevant black savers. This also expressly informs about any debit and credit︅ cards that are linked to the accounts. It is unclear what this information is based︆ on and who is already in the picture as a suspect. Black savers who have︇ not yet received a message can still volunteer . For declarations made up to 1︈ January 2018, the criminal indemnity can still be invoked .
----- end quote
Where has︉ EPB's USD Fedwire account gone? ns2
Official announcement:
https://files.europacbank.com/docs/pub/20210802.html
As of August 17, 2021 (last︀ revised), "Funds" has changed from "Eligible" to "Ineligible"
https://www.frbservices.org/EPaymen...l?referredBy=fedwireResultsPage&aba=021502820
https://files.europacbank.com/docs/pub/20210802.html
As of August 17, 2021 (last︀ revised), "Funds" has changed from "Eligible" to "Ineligible"
https://www.frbservices.org/EPaymen...l?referredBy=fedwireResultsPage&aba=021502820
Why is this happening?
A few︁ months ago, the Federal Reserve issued new jurisdictional requirements to Puerto Rico licensed international banks︂ in order for them to have continued access to a USD master account. We are︃ working on providing all required documents and are optimistic that we will be able to︄ restore US dollar services in the near future.Yeah, everyone received a notification. I would not count them off just yet, a cat's got 9 lives ...
- Status