The worst EMI in the world

[DerAufklaerer]

WIREX

 

[JohnnyDoe]

WIREX

Why? Apart from rubbish customer service. I use its debit card daily.

 

[EliasIT]

September 2021 Wise CEO fined hundreds of thousands of pounds
https://www.telegraph.co.uk/business/2021/09/27/billionaire-wise-founder-fined-uk-tax-violation/
August 2022 Abu Dhabi's free zone financial centre said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements.
https://www.reuters.com/technology/fintech-firm-wise-fined-360000-by-abu-dhabi-regulator-2022-08-30/
Oct 2024 The founder of the money transfer service Wise has been fined £350,000 for failing to inform the City regulator that he had failed to pay his taxes.
https://uk.finance.yahoo.com/news/billionaire-tech-boss-fined-failing-091802781.html
Remind me again about their AML requirements?

I consider this to be pocket money for him and Wise, still it is one of the best services I ever have been using for several years.

 

[Steve3000]

The thread is rather redundant as it depends on the person or company using a particular EMI (Electronic Money Institution) to determine which they think is bad or good. And then there are those who constantly have problems with banks and EMIs, and those who never have any issues.

I don't think it's redundant at all. When a bank examines the details and banking history of a client, they examine data containing both good and bad points over the years. The bank then makes a decision about that individual. This is part of KYC and AML. However, the client also has a duty and even an obligation to do their own due diligence. This may involve public data such as market capitalization, profit, liquidity, history of CEO etc but also information gathered from other sources. Websites like this one serve as a very important source of such information. Since the fiasco that was the Great Financial Crisis, a client's KYB and AML checks are more important than ever. Simply do an internet search for 'bank's name' + court+ fine+ corruption+money laundering...etc and you see what I mean.

 

[Steve3000]

I consider this to be pocket money for him and Wise, still it is one of the best services I ever have been using for several years.

Elias, I agree with you. Wise provides a good service. My post was really to emphasise the irony and sarcasm in the hoops through which we have to jump in order to satisfy their 'checks' while the banks continue their own agenda of turning those checks on their head when it comes to their own shortcomings.