Euro Pacific Bank - Peter Schiff Banked Known Criminals, Tax Probe Claims
- Thread starter Flatworld
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Huh ?
All jokes aside, these days what I use the most are Paypal, Transferwise, Payoneer and EPB ..
Payoneer because "they suck bro I can't send money to my card from my bank and they ask for documents"
Paypal, Transferwise and EPB because "bro they scammed me they closed my account without explanation I'm 100% clean"
All jokes aside, these days what I use the most are Paypal, Transferwise, Payoneer and EPB ..
Payoneer because "they suck bro I can't send money to my card from my bank and they ask for documents"
Paypal, Transferwise and EPB because "bro they scammed me they closed my account without explanation I'm 100% clean"
Canada is not known to be a very compliant country when it︂ comes to AML. Money laundering is rampant there to the point where most criminal groups︃ have a base there for this very purpose. Canadian banks are good at pretending to︄ be compliant but a lot of their wealthy clients are your typical chinese/russian/italian mob families︅ with questionable-yet-decently-explained wealth that bankers don't bother asking many questions on as long as the︆ deposits come in. I have ex-colleagues who used to work in private banking in Canada︇ and they saw a lot of shady practices.
Euro Pacific Bank had its days numbered:︈ No CRS, extremely high risk business clients accepted, under american supervision (The feds probably let︉ all that dirty money flow freely through EPB just to keep an eye on the︊ operations and investigate more efficiently).
The wealthy criminals with serious operations don't need these shell︋ banks to launder money or bank freely, they just go on-shore with complex legal set︌ ups and a pre-cooked story in case anyone asks them about it. EPB was mostly︍ targeting the amateurs, small time criminals, and hacking groups who absolutely needed the privacy and︎ couldn't afford banking in on-shore jurisdictions.
Euro Pacific Bank had its days numbered:︈ No CRS, extremely high risk business clients accepted, under american supervision (The feds probably let︉ all that dirty money flow freely through EPB just to keep an eye on the︊ operations and investigate more efficiently).
The wealthy criminals with serious operations don't need these shell︋ banks to launder money or bank freely, they just go on-shore with complex legal set︌ ups and a pre-cooked story in case anyone asks them about it. EPB was mostly︍ targeting the amateurs, small time criminals, and hacking groups who absolutely needed the privacy and︎ couldn't afford banking in on-shore jurisdictions.
If EPB closes your account, don't tell me you are 100% clean ... I heard that story way too many times, just like every prisoner is innocent 🙂
Address somewhere in Eastern Europe. When I signed up they said it was fine. They just said no Russia or Ukraine.
I think they must have changed rules when they moved to Puerto Rico.
Then when they were checking my documents for a seemingly five year KYC update they flagged the address.
I think they must have changed rules when they moved to Puerto Rico.
Then when they were checking my documents for a seemingly five year KYC update they flagged the address.
The fact that they flagged your address after 5 years shows that they had no real KYC/Screening procedures in place, and they probably don't even screen for sanctions either. That by itself is enough to get the bank's license revoked altogether as they probably let a s**t load︀ of criminals/corrupt PEPs/sanctions busters from countries like North Korea/Venezuela get in and bank without too︁ much hassle.
The auditors are going to lose their mind going through their client list︂ lol...
The auditors are going to lose their mind going through their client list︂ lol...
Ok but do your research properly here and avoid Jersey like the plague as the restrictions are outrageous worse then a Gulf country and pretty much any third world country.
Exactly there business︀ model is dead. Although they cleaned it up from banking pure out and out criminals︁ its too late. They made no effort to weed out tax cheats or do proper︂ KYC until last few years. They simply did not care until they found no correspondence︃ bank would work with them. I am pretty sure Fed is watching every transaction and︄ has a strong picture of what the bank is doing after it sees the majority︅ of wires are done by shell companies. Use of shell companies in itself is high︆ risk and EPB has always been the go to bank if you got shell company.︇
Exactly there business︀ model is dead. Although they cleaned it up from banking pure out and out criminals︁ its too late. They made no effort to weed out tax cheats or do proper︂ KYC until last few years. They simply did not care until they found no correspondence︃ bank would work with them. I am pretty sure Fed is watching every transaction and︄ has a strong picture of what the bank is doing after it sees the majority︅ of wires are done by shell companies. Use of shell companies in itself is high︆ risk and EPB has always been the go to bank if you got shell company.︇
This is again true. Even︀ going back to Alan Stanford fraud that TD Bank facilitated questions have to be asked︁ about what is going on there in Canada.
Now with EPB having opened an Intermediary︂ bank account with:
Bank Name: Bank of Montreal
Address: 800 De La Gauchetiere, Suite 5600,︃ Montreal, Canada
SWIFT Code: BOFMCAM2XXX
One needs to ask questions about what is in it︄ for them to service a shell bank in Puerto Rico that only Novo Banco in︅ Portugal would touch and Mizuho Bank in Japan would allow to process JPY.
Now with EPB having opened an Intermediary︂ bank account with:
Bank Name: Bank of Montreal
Address: 800 De La Gauchetiere, Suite 5600,︃ Montreal, Canada
SWIFT Code: BOFMCAM2XXX
One needs to ask questions about what is in it︄ for them to service a shell bank in Puerto Rico that only Novo Banco in︅ Portugal would touch and Mizuho Bank in Japan would allow to process JPY.
I clearly referenced Jersey which you should well know is a joke to relocate too even if you are a UK citizen the same rules apply. I am advising you do proper research before setting foot on any channel island.
For example with Jersey there are restrictions on where you can live and what you can do for work in Jersey. You need to have lived on the island for 5 years before you can start your own business and work for︀ yourself unless you apply for a special business license that has a special permission which︁ allows you to do so. The license is granted against a strict criteria with the︂ main one being 'economic value' of the business you are starting to the island. This︃ includes amongst other thing income of the business owner. It also includes local job creation︄ and the level of those jobs and the wider benefit to the island such as︅ community engagement, Corporate social responsibility and forced use of local firms for professional services. To︆ even get a license it is expected you offer a salary level for any full︇ time employee in excess of £72,000 per annum. You are also not allowed to buy︈ property in Jersey unless you have lived there for 10 years or you have licensed︉ permission attached to your business license. The license permission if you do get it in︊ end is only valid for 3 years and can only be renewed if you met︋ the agreed criteria of the business plan you submitted. There are other schemes for residency︌ for digital sector but as I said avoid this BS.
So I repeat do your︍ research before looking at any channel island as they are protectionist states. If you have︎ done your research on Isle of Man and you found no crazy hidden restrictions like️ the above then all is good. Move there freely. But if you don't do research and find out about restrictions later then its your own fault.
For example with Jersey there are restrictions on where you can live and what you can do for work in Jersey. You need to have lived on the island for 5 years before you can start your own business and work for︀ yourself unless you apply for a special business license that has a special permission which︁ allows you to do so. The license is granted against a strict criteria with the︂ main one being 'economic value' of the business you are starting to the island. This︃ includes amongst other thing income of the business owner. It also includes local job creation︄ and the level of those jobs and the wider benefit to the island such as︅ community engagement, Corporate social responsibility and forced use of local firms for professional services. To︆ even get a license it is expected you offer a salary level for any full︇ time employee in excess of £72,000 per annum. You are also not allowed to buy︈ property in Jersey unless you have lived there for 10 years or you have licensed︉ permission attached to your business license. The license permission if you do get it in︊ end is only valid for 3 years and can only be renewed if you met︋ the agreed criteria of the business plan you submitted. There are other schemes for residency︌ for digital sector but as I said avoid this BS.
So I repeat do your︍ research before looking at any channel island as they are protectionist states. If you have︎ done your research on Isle of Man and you found no crazy hidden restrictions like️ the above then all is good. Move there freely. But if you don't do research and find out about restrictions later then its your own fault.
The 800 De La Gauchetiere Branch︀ in Montreal has a lot of chinese clients, probably more than any other in the︁ city. They are used randoms showing up with millions in unexplained wire transfers. They are︂ more scared about obvious AML risks like smurfing/e-transfer movements for canadians/etc than a rich guy︃ who showed up with a ready-to-serve story to alleviate any concerns and to be frank,︄ Canada runs on criminal money. Without it the country sinks into the abyss, the banks︅ know it too so if you're having a very high turnover/deposits coming in they won't︆ question you as much. They close accounts of students trying to buy $2000 in bitcoin︇ however, that's a major risk in their books (lol).
EPB probably was playing with a︈ f**k load of cash and they also probably lied with their nature of business/operations to︉ bypass compliance checks. A shell bank doing forgery/cooking the books to appear more legitimate than︊ they are is not uncommon and compliance checks in Canada are basically university grads pulling︋ 45k/year doing most of the work so i doubt the quality of the checks are︌ of high standard or anything serious to begin with. Financial Intelligence Units at banks there︍ only deal with known/suspected cases of fraud, not with new clients or onboarding. It's very︎ easy for a serious operation to bypass these checks and get onboarded as long as️ the transactional profile of the client doesn't ring any red flags.
For BMO it's simple: No red flags spotted + a lot of cash coming in = good client no questions asked.
Some even go as far as getting an MSB license from Fintrac to pass onboarding more easily (An MSB license is a clown license, anyone can get it, but to canadian banks it shows you are "regulated").
EPB probably was playing with a︈ f**k load of cash and they also probably lied with their nature of business/operations to︉ bypass compliance checks. A shell bank doing forgery/cooking the books to appear more legitimate than︊ they are is not uncommon and compliance checks in Canada are basically university grads pulling︋ 45k/year doing most of the work so i doubt the quality of the checks are︌ of high standard or anything serious to begin with. Financial Intelligence Units at banks there︍ only deal with known/suspected cases of fraud, not with new clients or onboarding. It's very︎ easy for a serious operation to bypass these checks and get onboarded as long as️ the transactional profile of the client doesn't ring any red flags.
For BMO it's simple: No red flags spotted + a lot of cash coming in = good client no questions asked.
Some even go as far as getting an MSB license from Fintrac to pass onboarding more easily (An MSB license is a clown license, anyone can get it, but to canadian banks it shows you are "regulated").
@Martin Everson the above restrictions are just plain outlandish....Lets imagine what it would take for an Offshore Crypto Company to set up operations outhere...
I would sure bet they would Request 1billion Bitcoins In Physical form next to Gold Bullion Bars...SMH
I would sure bet they would Request 1billion Bitcoins In Physical form next to Gold Bullion Bars...SMH
I always do and would never sign with a bank before I didn't ask you😱 you know your s**t @Martin Everson
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