white label EMI

[void]

I don't get︀ it - consider any B/C class EMI... what kind of compliance they represent and provide?︁ most of them run by 5 people using questionable third party EMI software and MS︂ Excel (maybe exaggerating a bit but you got my point I guess) - I don't︃ care if the main purpose of 50% of them is money laundering, no surprise...

for example Bankera (not saying they launder money) - they are a nice example of bulls**t︄ EMI, fancy public website, lots of features promised - you pass the KYC, open an︅ account and the only function that the client zone contains is receiving and sending EUR︆ - that's it, nothing more

I'm not looking for anything more or less - I'm︇ just having a legit business case and limited set of clean customers, knowing everything about︈ their source of income so I have no problem to take any responsibility - on︉ the other hand I can't report every single transaction and share supportive documentation on a︊ daily basis with some external compliance officer

 

[Martin Everson]

Unfortunately with compliance at an FI you need⁣ a Chinese wall and clear division of duty between yourself and the compliance officer. You⁢ cannot be the payments officer and compliance officer at same time. You will not get︀ licensed as an EMI doing this and neither will any white label accept you doing︁ any sort of compliance on your own.

Even if you use the treasury and swift︂ services of a large bank like Unicredit to operate your own swift service and in-house︃ payment network you will never be truly independent from their compliance. It's just the way︄ it is.

 

[Paul Panzer]

I am Looking for a white label solution for quite a while now and with‌ my experiences so far i can only say that i realized the same what Martin‍ Everson is saying. We are not any morte interested to do anything like having control,⁠ we just would like to sell banking services to our existing customers worldwide. We could⁤ probably sell around. 50.000 Bank Accounts and credit cars worldwide per year, but even with⁣ this in my eyes high volume, no Bank is interested so far. What else we⁢ will do is to stay out of responsibility for the accounts. So it will be︀ our Name and it will say "powered by xy" Bank. If someone wants this kind︁ of control that the User "void" is looking for i can imagine two ways and︂ both of them are very very expensive. One will be to build an entrepreneur group︃ and build a cash pool. The other one would be to get a real banking︄ license and make the compliance right in advance. Considering that the Business is legit and︅ the compliance can be done on the other Hand, there will be no reason to︆ open an own Bank. Just do the compliacne right once and find a suitable Banking︇ Partner. Interesting would be to know which countries will be involved. If i know the︈ exact countries being involved i could amybe give a Tipp. In our case we did︉ not find any perovider that can do all countries. Best bet will be Aplle Pay︊ and credirt cards. Also an easy way to solve this could be with iban credit︋ cards, that can be topped up to 250.000Euro Each Card. And you could order several︌ cards per client and top them all up from one master account. However doing the︍ compliance in advance would be the exact same work as in all other possible examples︎ and the same way if opening your own EMI. I personally prefer Liechtenstein for tghis️ kind of company, but thats just my very personal opinion.