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SWISSMONEY Iban Accounts with Sepa

ABC Banking Corporation Mauritius

O

Oknow

New member
Mar 15, 2019
4
0
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#1
This Bank has been unprofessional in replying to all e-mails. In addition they know have new requirements that is far from customer business friendly. looking for a new Bank. Any suggestions?


INWARD

  • Supporting documents ie invoices/contracts/agreements / Board Resolutions to support the transaction
  • Bill of Ladings are required for all Trading accounts.
  • Incoming amounts should be as per the business plan with regards to name of remitter and incoming volumes specified
  • Latest Audited financial statements / financial summary / profit & loss or balance sheet – duly certified by a practicing account
  • SKYPE call would be done with the UBO for the initial funding (if no SKYPE was done at time of account opening)
  • SKYPE call will be done for at least 1 incoming remittance (if no SKYPE call has been done with the UBO previously)
  • For any consultancy activities , we would require a copy of the consultancy agreement+ breakdown + feasibility report
  • Updated business plan if exceed expected amount
  • If the amount of transaction exceeds the forecasted amount on the business plan , we will request an Updated business plan

OUTWARD

  • Supporting documents ie invoices/contracts/agreements / Board Resolutions to support the transaction
  • Bill of Ladings are required for all Trading accounts.
  • Outgoing amounts should be as per the business plan with regards to name of beneficiary and outgoing volumes specified
  • Latest Audited financial statements / financial summary / profit & loss or balance sheet – duly certified by a practicing account
  • For amounts over USD 50,000 ,SKYPE call will be done with the authorised call back person for the call back verification . If there has been a recent SKYPE call , then normal telephone call back verification will be done
  • For any consultancy activities , we would require a copy of the consultancy agreement+ breakdown + feasibility report
  • Updated business plan if exceed expected amount
  • If the amount of transaction exceeds the forecasted amount on the business plan , we will request an Updated business plan
 
#2
Sounds totally reasonable what they are asking. What part is business unfriendly for you?

You can always try an Eastern European EMI they don't ask too many questions if that's what your looking for.
 
#4
Oknow said:
The Bank is micro managing every transaction.
Click to expand...

It is the banks duty to do so unfortunately. A single bad payment can lose a bank its correspondence banking relationship and end their operation. Banks on small islands don't get second chances like a retail bank in western country. AML is the life blood of these banks survival and it requires micro managing every payment and every customer you deal with. Speak to Bank of Asia they lost their correspondence bank almost immediately and guess why?????

If you want lax AML then try an Eastern European EMI like MisterTango as EMI's in Lithuania can have direct Euro clearing meaning no correspondence bank is having to look over their shoulder at any payment. They can launder as much money as they want and they often do.
 
#6
Go with an EMI as @martin already suggested, it will be much easier for your day to day handling of your business.
 
#7
ran into this procedure with them when transferring a 5 digit number in. They were patient until I had all papers provided and then no problem. Luckily a local accountant could do the P&L and Balance for my BZ IBC
 
#8
Martin Everson said:
Sounds totally reasonable what they are asking. What part is business unfriendly for you?

You can always try an Eastern European EMI they don't ask too many questions if that's what your looking for.
Click to expand...
I banked with HSBC hk for several years and were never asked for any documentation on transfers, so this definitely sounds more business unfriendly.
Also banks in EU have never asked me for any documents for transfers.
 
#10
fshore said:
I banked with HSBC hk for several years and were never asked for any documentation on transfers,
Click to expand...

That's exactly why HSBC was one of the worlds biggest laundromats for decades. We are in 2019 you need documentation for everything. Eastern European EMI's have not yet realised this and take the approach of freezing your account after the fact and the asking questions. I applaud ABC for staying ahead of the curve and it is a necessity in 2019 in order to stay in business.

https://www.news.com.au/finance/bus...w/news-story/fb0cd7e82efa062f8d186065c7a67fff
 
#14
Yes Russian owned Revolut with the CEO's father being Putin's buddy I forgot :eek:.
 
#16
fshore said:
Hsbc also didn't ask for documents for transfers this year. Nor did EU banks. Its definitely more hassle to bank in Africa or or carribean.
Click to expand...

The West does not have time to investigate each transfer as labour is expensive and systems are all STP. Its preferable for them to be reactive and freeze your account than be proactive with AML. In third world countries human capital is cheap and non-local currency transfers are often not STP but manually processed. Ironically Africa and Caribbean is way ahead with compliance due to the pressure they are under to keep correspondence bank accounts open by avoiding bad payments.
 
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