Did they give you a reason for that ? Was it because you didn't provide documents proving you are paying your taxes maybe ?
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Euro Pacific Bank - Peter Schiff Banked Known Criminals, Tax Probe Claims
- Thread starter Flatworld
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Did they give you a reason for that ? Was it because you didn't provide documents proving you are paying your taxes maybe ?
Do they need a reason at Euro Pacific Bank? If Peter needs a new car he first look what accounts to close to even get a bigger one.
Huh ?
All jokes aside, these days what I use the most are Paypal, Transferwise, Payoneer and EPB ..
Payoneer because "they suck bro I can't send money to my card from my bank and they ask for documents"
Paypal, Transferwise and EPB because "bro they scammed me they closed my account without explanation I'm 100% clean"
Canada is not known to be a very compliant country when it comes to AML. Money laundering is rampant there to the point where most criminal groups have a base there for this very purpose. Canadian banks are good at pretending to be compliant but a lot of their wealthy clients are your typical chinese/russian/italian mob families with questionable-yet-decently-explained wealth that bankers don't bother asking many questions on as long as the deposits come in. I have ex-colleagues who used to work in private banking in Canada and they saw a lot of shady practices.Those clients are screwed. Can any EPB customers confirm the bank is still allowing wire transfers?
When you see Peter Schiff walk out of Zoom video interview with 60 minutes in his own living room you know its bad. Peter just had to hang up the video call on his computer why walk out of your own living room in your own home to avoid difficult questions when interviewer is not even there just hit the end call button...lol
I have no doubt EPB cult members will say its fake news when I called it all along....lol.
P.S Still wonder how Bank of Montreal in Canada opened a new CAD correspondence bank account for them.....very strange
Euro Pacific Bank had its days numbered: No CRS, extremely high risk business clients accepted, under american supervision (The feds probably let all that dirty money flow freely through EPB just to keep an eye on the operations and investigate more efficiently).
The wealthy criminals with serious operations don't need these shell banks to launder money or bank freely, they just go on-shore with complex legal set ups and a pre-cooked story in case anyone asks them about it. EPB was mostly targeting the amateurs, small time criminals, and hacking groups who absolutely needed the privacy and couldn't afford banking in on-shore jurisdictions.
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If EPB closes your account, don't tell me you are 100% clean ... I heard that story way too many times, just like every prisoner is innocent 
Thank you, ehm, dirty harry, for your input.
It's like I don't even have to try to make my point here
Address somewhere in Eastern Europe. When I signed up they said it was fine. They just said no Russia or Ukraine.
I think they must have changed rules when they moved to Puerto Rico.
Then when they were checking my documents for a seemingly five year KYC update they flagged the address.
The fact that they flagged your address after 5 years shows that they had no real KYC/Screening procedures in place, and they probably don't even screen for sanctions either. That by itself is enough to get the bank's license revoked altogether as they probably let a s**t load of criminals/corrupt PEPs/sanctions busters from countries like North Korea/Venezuela get in and bank without too much hassle.
The auditors are going to lose their mind going through their client list lol...
Ok but do your research properly here and avoid Jersey like the plague as the restrictions are outrageous worse then a Gulf country and pretty much any third world country.
Exactly there business model is dead. Although they cleaned it up from banking pure out and out criminals its too late. They made no effort to weed out tax cheats or do proper KYC until last few years. They simply did not care until they found no correspondence bank would work with them. I am pretty sure Fed is watching every transaction and has a strong picture of what the bank is doing after it sees the majority of wires are done by shell companies. Use of shell companies in itself is high risk and EPB has always been the go to bank if you got shell company.
This is again true. Even going back to Alan Stanford fraud that TD Bank facilitated questions have to be asked about what is going on there in Canada.
Now with EPB having opened an Intermediary bank account with:
Bank Name: Bank of Montreal
Address: 800 De La Gauchetiere, Suite 5600, Montreal, Canada
SWIFT Code: BOFMCAM2XXX
One needs to ask questions about what is in it for them to service a shell bank in Puerto Rico that only Novo Banco in Portugal would touch and Mizuho Bank in Japan would allow to process JPY.
Why do you advise such diligence? In reference to The Isle of Man.
I am a UK citizen.
I clearly referenced Jersey which you should well know is a joke to relocate too even if you are a UK citizen the same rules apply. I am advising you do proper research before setting foot on any channel island.
For example with Jersey there are restrictions on where you can live and what you can do for work in Jersey. You need to have lived on the island for 5 years before you can start your own business and work for yourself unless you apply for a special business license that has a special permission which allows you to do so. The license is granted against a strict criteria with the main one being 'economic value' of the business you are starting to the island. This includes amongst other thing income of the business owner. It also includes local job creation and the level of those jobs and the wider benefit to the island such as community engagement, Corporate social responsibility and forced use of local firms for professional services. To even get a license it is expected you offer a salary level for any full time employee in excess of £72,000 per annum. You are also not allowed to buy property in Jersey unless you have lived there for 10 years or you have licensed permission attached to your business license. The license permission if you do get it in end is only valid for 3 years and can only be renewed if you met the agreed criteria of the business plan you submitted. There are other schemes for residency for digital sector but as I said avoid this BS.
So I repeat do your research before looking at any channel island as they are protectionist states. If you have done your research on Isle of Man and you found no crazy hidden restrictions like the above then all is good. Move there freely. But if you don't do research and find out about restrictions later then its your own fault.
The 800 De La Gauchetiere Branch in Montreal has a lot of chinese clients, probably more than any other in the city. They are used randoms showing up with millions in unexplained wire transfers. They are more scared about obvious AML risks like smurfing/e-transfer movements for canadians/etc than a rich guy who showed up with a ready-to-serve story to alleviate any concerns and to be frank, Canada runs on criminal money. Without it the country sinks into the abyss, the banks know it too so if you're having a very high turnover/deposits coming in they won't question you as much. They close accounts of students trying to buy $2000 in bitcoin however, that's a major risk in their books (lol).
EPB probably was playing with a f**k load of cash and they also probably lied with their nature of business/operations to bypass compliance checks. A shell bank doing forgery/cooking the books to appear more legitimate than they are is not uncommon and compliance checks in Canada are basically university grads pulling 45k/year doing most of the work so i doubt the quality of the checks are of high standard or anything serious to begin with. Financial Intelligence Units at banks there only deal with known/suspected cases of fraud, not with new clients or onboarding. It's very easy for a serious operation to bypass these checks and get onboarded as long as the transactional profile of the client doesn't ring any red flags.
For BMO it's simple: No red flags spotted + a lot of cash coming in = good client no questions asked.
Some even go as far as getting an MSB license from Fintrac to pass onboarding more easily (An MSB license is a clown license, anyone can get it, but to canadian banks it shows you are "regulated").
@Martin Everson the above restrictions are just plain outlandish....Lets imagine what it would take for an Offshore Crypto Company to set up operations outhere...
I would sure bet they would Request 1billion Bitcoins In Physical form next to Gold Bullion Bars...SMH
I always do and would never sign with a bank before I didn't ask you
you know your s**t @Martin Everson
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