Premium Advertising Partner swissmoney

[lopukhin]

I paid them 500 EUR to open an account and the denied me to open an iban. I asked them why and they told me that it is their internal decision. I asked them to provide a full answer regarding my EU rights but they prefer not to answer me anymore.

 

[maxmoney]

You have no right to demand a full explanation, you don't have that with any bank, and to be honest, you won't get it with your local bank either! So stop whining, if they can't onboard you as a customer, it's probably because you are considered high risk.

 

[lopukhin]

Right of Access - General Data Protection Regulation (GDPR)

The right of access plays a central role in the General Data Protection Regulation (GDPR). On the one hand, because only the right of access allows the data subject to exercise further rights (such as rectification and erasure). On the other hand, because an omitted or incomplete disclosure is...

gdpr-info.eu

How to Make a GDPR Request for Information - PrivacyEngine Data Protection Software and Consultancy

This right enables individuals to understand how their data is being used and to verify the lawfulness of the processing.

www.privacyengine.io

It is very strange, because after they they opened me foxpay account with the same iban. Where is the logic?

 

[maxmoney]

You need to learn LAW if you think what you linked to give you the right! I have a clue now why you don't got that account opened.

 

[lopukhin]

Why?

 

[Sols]

GDPR does not supersede AML regulations. Courts and regulators have been clear about this. If you were rejected for reasons related to AML and customer screening, you have no legal right to know why.

The rationale for that is that if banks have to start telling people why they were declined, they can use that information to reverse engineer how banks' compliance frameworks function, and use that to their advantage to get around the checks.

 

[lopukhin]

Thank you for a clear answer

 

[csp dubai]

no one stlll answer my question can some one fiend their license , because i cannot, may be i am retarded

 

[Sols]

no one stlll answer my question can some one fiend their license , because i cannot, may be i am retarded

They don't technically have a license.

Swiss Money is a member of SO-FIT which is a private sector self-regulatory organization (SRO). SO-FIT is supervised by FINMA, but its members are not. So Swiss Money does not hold a license.

However, Swiss Money provides IBANs to its customer through a partnership with an EMI licensed in Lithuania.