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Revolut has Lithuanian Banking License Now

Martin Everson

Martin Everson

Offshore Retiree
Moderator
Jan 2, 2018
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#1
"Revolut, the London-based financial technology startup, has obtained a European banking license as Brexit looms, with plans to launch checking and savings accounts as well as retail and business lending."

Bloomberg - Are you a robot?

Wonder how this will change the companies policies ns2. Whatever they do let them not give me a LT IBAN for my euro account :(.
 
#2
it was expected - this is probably to goal of every EMI provider
does it mean they will automatically start reporting the ownership of accounts starting this year?
 
#4
Now they can get UK and US licence instantly through European Licence. US allows foreign bank branches but it cannot serve US residents. UK allows any EEA zone bank to operate inside country without a UK licence.
 
#5
void said:
it was expected - this is probably to goal of every EMI provider
does it mean they will automatically start reporting the ownership of accounts starting this year?
Click to expand...

They will have to start reporting and likely for this current year sometime in late 2019.
 
#6
devnull said:
I wonder how a EU-Banking license affect the safety of the Company.
Click to expand...

They said they want to start lending operations. So basically now your funds will go from being in custody to being on their balance sheet to secure their liabilities. Hopefully they offer deposit insurance as a bank and not e-money accounts like Satabank did otherwise it is Satabank 2.0 :(.

If they don't offer deposit insurance then your funds will be less secure than if held under an EMI license as there is no segregation of assets with the banking license plus they are deciding to bank in a poor country Eastern European country like Lithuania as opposed to a top tier European country with solid reputation and regulation.
 
#7
Every time I hear of these stories of bankers in Eastern Europe that run away with the banks money I always question why anyone would want to bank there especially Revolut ns2.

However Revolut being founded by Russians it all makes sense now. I hope Revolut does not turn out to be yet another Eastern European laundromat :(.

The Wayward Millions of Lithuania’s Runaway Banker

---------------quote

"Vladimir Romanov, on the lam from Lithuania, is suspected of robbing his own bank. Investigators say evidence contained in the Paradise Papers leak of offshore financial data points to how it was done.

The story starts with a small patch of ground on the outskirts of Lithuania’s capital city of Vilnius. It was supposed to be developed into a modern residential neighborhood, funded by a €10.3 million (US$ 15.62 million) loan from Romanov’s bank. The money was used instead to buy a £14.9 million ($29.6 million) property in London at 43 Grosvenor St., Mayfair. The ultimate beneficiary of the deal was Romanov’s niece, Julija Goncaruk. "

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#9
#11
Yes they are. All the dirty money seems to end up in the London high end property market.....without exception. I am not kidding you when I say that if London banned dirty money the sale of properties over £5m sold in London will go down 99%. London is the biggest money laundering centre by far.

However if I had to choose between Lithuania/Latvia and UK/Switzerland for my main banking well I know which I would choose......bla-"!.
 
#12
Yeah. UK suspended Investor Visa Route last week. I had already secured it. They ask 0 questions. All you have to do put money in bank for 3 months then show them 3 month statements.
 
#13
niggashit said:
Yeah. UK suspended Investor Visa Route last week. I had already secured it. They ask 0 questions. All you have to do put money in bank for 3 months then show them 3 month statements.
Click to expand...
If you put big money in a UK bank it will ask many AML questions about the funds for sure.
Specially if it's an account recently opened by someone who just arrived to Britain.
 
#14
mrau said:
If you put big money in a UK bank it will ask many AML questions about the funds for sure.
Specially if it's an account recently opened by someone who just arrived to Britain.
Click to expand...

Oh no. I used Barclays Private Bank. They used Ellipce and Chainanalysis Blockchain Analytic Software to verify me. It took 2-3 weeks to prepare everything. Lot of departments.
 
#18
mrau said:
Barclays used a blockchain analysis tool? Do they provide any crypto services?
What did you then deposit at the bank: Bitcoins or fiat money?
Click to expand...

Yes. They ran check front of me. Everything from Wallet age to scores. I used OTC to deposit Bitcoin to account after approval. .....They kiss my a*s now. Very friendly. After approval, They arranged call with their tax optimization experts.
 
#20
niggashit said:
Yes. They ran check front of me. Everything from Wallet age to scores. I used OTC to deposit Bitcoin to account after approval. .....They kiss my a*s now. Very friendly. After approval, They arranged call with their tax optimization experts.
Click to expand...
How much are we talking here about to make them love you? What's your deposit if you can share?
 
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