Status of Loyal Bank in SVG

[Leomor]

What is the status of this bank? I know they are under audit (investigation) since two months but a month ago I was still lucky to wire the money out.
Anybody recently used them? Do they transfer money in and out?

 

[mrau]

It seems they continue to allow outward transfers. A friend of mine did so about‌ 2 weeks ago. I don't know about inward wires.

 

[Martin Everson]

Last article I read is below dated 12 April 2018. Yikes, they face some serious‌ charges.

http://www.menafn.com/1096730324/Loyal-Bank-Execs-Face-More-Charges-In-50M-Fraud---NEWS784

 

[Leomor]

Thanks!

 

[Leomor]

It seems like, at the same time‍ it seems that they continue operating, and someone somewhere said that it is not the⁠ first time they are involved into something fishy, yet still above water

 

[Martin Everson]

Yes the bank was implicated in the FIFA scandal and others. However those were cases‌ of client criminality and not bank criminality. This however is different, the CEO and CBO‍ of Loyal bank are both personally charged with conspiracy to defraud the U.S. government. This time it is no joke this charge....this is not no AML lapse, a slap⁠ on the wrist and do better next time but a conspiracy charge under 18 U.S.C.⁤ § 37 which carries a prison sentence. They are looking at a large fine and⁣ up to 5 years in prison on each charge. I don't think a bank can⁢ remain credible if its Chief Executive Officer and Chief Business Officer will be sat in︀ a US prison cell.

Nb. Everyone is innocent until proven guilty in court....but it does︁ not sound good for them.

 

[cristiansilva33as]

Outgoing transfers are working. They took about 3 weeks to process my transfer. But despite‌ the delay, they are not creating many difficulties to take money from the bank.

The bank's credit cards are no longer working and I do not think they will work‍ anymore. I noticed that they modified the website last week, they removed a lot of⁠ information. I think the bank should close in the next few months.

 

[mrau]

I agree. I also have some acquaintances that didn't have any issue withdrawing⁣ their funds but had to convert their accounts to EUR.
Were you able to wire⁢ out USD or had to do it in EUR?

 

[cristiansilva33as]

Yes, I had to convert the funds into EUR to transfer.

 

[lostguy]

What's the problem to convert the money into EURO it is also much more stable‌ compared to the USD !

 

[mrau]

Loyal Bank charges about 3~4%‍ for the conversion 😉. So you loose that share of your USD deposit in the⁠ blink of the eye if you need to wire it out. Not to say the⁤ amount the receiver bank charges to convert it back to USD in case you need⁣ to make payments in that currency and prefer not to keep the Euros (regardless if⁢ you think it's stable or not)

 

[lostguy]

but isn't that the price we have to pay for it in order to keep‌ our banking offshore?