Revolut to offer local banking details worldwide within 3 to 6 years

[yngmind]

Martin Everson said:
Yes Russia has very good developers



We are talking Russian finance companies here not Russian emoji developers or Russian software companies with apps on google appstore....lol. None of the EMI's or banks outside Russia controlled by Russians along its border are 100% legit. Every single Eastern european banks in Latvia to Estonia that has had problem is because of Russian money laundering from ABLV (dead now) in Latvia to Danske bank in Estonia etc etc etc. You can't make it up.



Revolut is not a bank in UK its an EMI. The £85k UK deposit protection applies to banks which Revoult is not. If Revolut went under you would be relying only on client assets being properly segregated to get your money back.
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Sure, but Russians won't launder money in Revolut since it's hard to register, they are asking permit residence in Europe or any European id. So I still don't understand what you are afraid too,

yeah its EMI, my bad, knew that but forgot.

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[Martin Everson]

yngmind said:
Sure, but Russians won't launder money in Revolut since it's hard to register, they are asking permit residence in Europe or any European id. So I still don't understand what you are afraid too,
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So Russians don't live in Europe? 🙄

You need to be living in Russia to be Russian?

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[yngmind]

Martin Everson said:
So Russians don't live in Europe? 🙄

You need to be living in Russia to be Russian?
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Russians do live in Europe, you didn't get my point, for some Scandinavian banks you mentioned been much easier to apply without permit residence, that's why so much money been laundered.

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[Perry8]

Martin Everson said:
Every single Eastern european banks in Latvia to Estonia that has had problem is because of Russian money laundering from ABLV (dead now) in Latvia to Danske bank in Estonia etc etc etc. You can't make it up.
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No, you cannot make this up. Danske Bank is the biggest scandal so far, and the amount of money that "went through" their Estonian branch was absolutely unbelievable. Personally, I struggle to understand that the alarms did not sound loud in Copenhagen a long time before the bubble bursted.

yngmind said:
Russians do live in Europe, you didn't get my point, for some Scandinavian banks you mentioned been much easier to apply without permit residence, that's why so much money been laundered.
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One of the reason why this happend was that the Baltic states are full of Scandinavian (and Nordic) Banks. In the Nordic countries AML precedures have traditionally been relatively relaxed (societies with a high degree of trust). Combine that with a large russian expat community and you are bound to get into trouble.

 

[JohnLocke]

Perry8 said:
Combine that with a large russian expat community and you are bound to get into trouble.
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You nailed it.

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[Martin Everson]

yngmind said:
Russians do live in Europe, you didn't get my point, for some Scandinavian banks you mentioned been much easier to apply without permit residence, that's why so much money been laundered.
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I think you find its not a residency issue....lol its a Russian issue. They are ruthlessly efficient at money laundering. Wherever they pop up they launder money like its a sport or hobby. Look at what they did with i.e Cyprus and its banks. Just google "Cyprus russian money laundering" 😕. If they enter your countries financial system you only need to see past performance to determine how your banks and financial service industry will end up. When local regulators failed to weed them out then the US always does as it did with threatening Malta, Cyprus etc.

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[Sadhu]

Martin Everson said:
I think you find its not a residency issue....lol its a Russian issue. They are ruthlessly efficient at money laundering. Wherever they pop up they launder money like its a sport or hobby. Look at what they did with i.e Cyprus and its banks. Just google "Cyprus russian money laundering" 😕. If they enter your countries financial system you only need to see past performance to determine how your banks and financial service industry will end up. When local regulators failed to weed them out then the US always does as it did with threatening Malta, Cyprus etc.
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I would generally agree with that, except the part "ruthlessly efficient" 🙂 I think the reason there is much talk about Russian money laundering connections is because the methods they use are sort of outdated and rather primitive, and to be honest, the amounts they launder is fairly small, compared to what's happening in the US and their Caribbean friends. Once Russians start using same methods as their US colleagues (and they are starting on this way already), they will fall under the radar for a while and pass this torch to other developing countries... or not 🙂 All I'm saying, it's never this straightforward.

 

[Martin Everson]

Sadhu said:
Once Russians start using same methods as their US colleagues (and they are starting on this way already), they will fall under the radar for a while and pass this torch to other developing countries... or not 🙂
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What about the Russian money launderers that have not been caught and operate already under the radar...lol? Media only focuses on those caught. May well be those caught are the small fish and the whales are still out there operating.

The Russian government itself has a history of money laundering btw. It hid $50bn in Jersey to avoid creditors during its bankruptcy. Money laundering is a way of life in Russia...lol. Not to say other countries are any better.

Riddle of Russian billions sheltered in Jersey account

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[Tax Cow]

With some prior experience in Russian projects, I can confirm that stealing from the public is the way of life. This will possibly never change. Big part of why Russia stays in tact as a nation is what I'd like to call "theft allowance" - an unwritten rule.

Once the heads of rural areas lose personal access to incoming public funds deemed for public good, they will start to seek independence. Even with Sochi Olympics, funds went missing, delays were rampant, and Putin himself had to show up to keep "ratting" at bay. But even with his powers, he knows that he can't weed out ratting completely without putting his nations integrity, and his presidency at risk.

Approximately 60% of what Moscow issues for public spending in rural areas will be used according to plan. Like a network of old pipes, the rest will leak somewhere in transition. Every middleman, and heads of a municipalities will pocket some. That's how the country works.

On a positive note, this generally does not harm non-Russians. Slimy funds from the EU, on the other hand, are commonly bribes for an unfair corporate advantage, hidden somewhere in 500+ page legislative changes: "who pays sets the rules", and competition does not know what hit them until its too late.

Last edited: Apr 28, 2020

 

[FinTech Avenger]

Martin Everson said:
I think you find its not a residency issue....lol its a Russian issue. They are ruthlessly efficient at money laundering. Wherever they pop up they launder money like its a sport or hobby. Look at what they did with i.e Cyprus and its banks. Just google "Cyprus russian money laundering" 😕. If they enter your countries financial system you only need to see past performance to determine how your banks and financial service industry will end up. When local regulators failed to weed them out then the US always does as it did with threatening Malta, Cyprus etc.
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They've already found much more spots for money laundering in the mainland EU and the UK - it's pretty pointless to name each country.

From my experience dealing with the permits for EMI's and PI's in countries like UK or Czech Republic, ownership and management of regulated companies by Russians isn't perceived as factor that precludes negative decisions. At some point not so long ago, there were over 250 small and authorized payment institutions regulated by Czech National Bank owned or controlled by former CIS residents.

The fact is that Russians are superior technology makers, especially in the FinTech field, so many EU "FinTech's" seem obsolete in terms of their tech offering, and some features that were implemented years ago in Russian banking apps are now being pitched by those FinTech companies as something very novel.