Transferwise (Wise) Legal Action in process
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Take a look at this website: https://wise.com/help/articles/2932693/how-is-wise-regulated-in-each-country
All of the companies in their group are licensed. Do you really think they would be able to get all those licenses if they were all shell companies?
TransferWise is not a laundromat EMI based in Latvia, they are a publicly listed company with subsidiaries all over the world (ok, so was Wirecard but still...)
All of the companies in their group are licensed. Do you really think they would be able to get all those licenses if they were all shell companies?
TransferWise is not a laundromat EMI based in Latvia, they are a publicly listed company with subsidiaries all over the world (ok, so was Wirecard but still...)
Neteller is also licensed in Europe and has the reputation of not cooperating with law enforcements and have lax AML laws
Western Union is based in the United States and available all over the world, and is still used as a laundromat and often fined for lax AML
Last edited: Aug 30, 2021
it would be interesting in did if TW has a licence too operate in Australia.. if not, then you local law could apply.. but not easy usually you need to apply in the country of residence of the other party, so not in Australia, I guess your local court will declare itself not competent
usually financial institutation can close account for any reason and don't disclose, as for example SAR are not disclosed to clients and can justify a closure
I would say the most efficient thing to do to bulls**t them is to contact their bank LHV.EE and send tons of complains... they will forward to TW.. Banks don't like complain, cost time, people..
They will just advise them to take proceedings against Wise. The bank is not responsible for this kind of matter.
LHV has no relationship with you, so they will just ignore the complaints or tell you to go speak with Wise. It doesn't take up much time to ignore unsubstantiated complaints. They might ask Wise to explain where these complaints come from but it's extremely unlikely you'd be able to get LHV to kick out Wise.
Wise is such a big customer of LHV that it would be a significant financial loss for the bank.
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This is the probably the answer to your question.
Wise is such a big customer of LHV that it would be a significant financial loss for the bank.
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This is the probably the answer to your question.
of they will not ignore, even without a relation, they must treath all complain when the funds went through them
it is a question of number of complain received, kick out no, but wise solving the issues on complains yes
Do you have much personal experience working in compliance at financial institutions? These complaints go right to the bin. The bank has zero obligations towards you. They are not legally required to help or even listen to you.
A record might be kept of them and if a disturbing pattern emerges (signs of money laundering), action might be taken. For trivial matters such as customer dissatisfaction, it'll go nowhere.
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This is the probably the answer to your question.
in did, i work in this business especially, complains goes to bin, without answer but they are counted. this is a part of compliance regulatory obligation to monitor complains on a client...
Here is an update for my situation:
today after about 11 day later the account closing, they have refunded me.
So all is good, you may be happy and move on to the next EMI?
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Would love to ask the same, I think he is a dreama and won't along with the law suite.
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why not lol, at their size and the way they operate having bank accounts in gazillion countries and transfer funds across countries using local banks in each (just read about how their business works, it's brilliant, and shady at the same time) I assume that's exactly the way they had to structure their legal entities and licenses in all these countries they work with.
it's not bad at all, just 11 days, kudos to Wise. I expected this to be much worse when I started reading the thread. Did you end up suing them for holding a large sum for 11 days and impacting your business? Does it get covered by any insurance and such? Pretty scary, I am glad I don't keep funds inside TW themselves, and only use for point to point transfers.
Wonder if you do any progress or if you left the forum and don't intend to let us know on further development in this case.
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how can they be used for laundering? you have to provide KYC sending money around the world!??!
That's fair enough, nothing bad about Wise in this case !
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