What's your experience with pervesk ?

[Irration4l]

For your information Bankera and Pervesk are the same company.

Oh wow, never noticed that. They even use some of the same web assets for both of the companies.

I also just found Pervesk quite recently got fined for lack of AML/KYC compliance:
https://www.lb.lt/en/news/board-of-the-bank-of-lithuania-imposes-a-fine-of-eu0-7-million-on-company-eu0-5-million-on-its-manager

Hopefully, thats why their compliance process is stricter, but that's still seems like a red flag at least a bit.

 

[Gediminas]

Hopefully, thats why their compliance process is stricter, but that's still seems like a red flag at least a bit.

This is how conspiracy theories are born.

https://www.offshorecorptalk.com/threads/whats-your-experience-with-pervesk.27805/post-121684

 

[Irration4l]

This is how conspiracy theories are born.

https://www.offshorecorptalk.com/threads/whats-your-experience-with-pervesk.27805/post-121684

Oh, thanks, I missed that. As I said, if the compliance is stricter after the sanctions it might be a good indicator they are at least trying to go the right way.

 

[Cryptobabaji]

An Emi run cost in Lithuania is arround 6k or 7K/month. with local and 3 employees

i wonder how much is to buy a EMI readymade licence

 

[Sols]

i wonder how much is to buy a EMI readymade licence

Budget at least a million for it.

You need to maintain the EMI's minimum capital requirements which start at 300,000 EUR but tend to go higher. On top of that, you need to show you have enough Own Funds to support your business.

Then you have all the usual running costs, such as salaries, software, insurance, licenses, and so on.

The purchase has to be approved by the relevant competent authority. You must convince them that you are a fit and proper owner of the institution.

 

[andres33]

i wonder how much is to buy a EMI readymade licence

depending the jurisdiction starting arround 100/150K till 1/3M. Normally you must to count arround the doble that the normal cost to setup one. But also depend the numbers of clients, turnover, amounts deposited, how many corresponsal banks it have, if sepa/swift, etc...
you can find financial institutions to sale on the world here DealStream | Businesses For Sale, Real Estate, Oil and Gas, More
For exemple this week deal: Banking Business For Sale in Auckland, New Zealand

 

[MrTony]

Any updates by Pervesk. I was on the process of application, but since the quarantine regime, they didn`t answer me. Gediminas, maybe you can comment this?

 

[Gediminas]

Any updates by Pervesk. I was on the process of application, but since the quarantine regime, they didn`t answer me. Gediminas, maybe you can comment this?

Hi, send me an email or PM with your application #. I will find it out for you.

 

[clemens]

You need to maintain the EMI's minimum capital requirements which start at 300,000 EUR but tend to go higher. On top of that, you need to show you have enough Own Funds to support your business.

does this apply for the entire EU or for the a particular country?

 

[Sols]

does this apply for the entire EU or for the a particular country?

It's the minimum requirement set out in the EU Directive and applies to all EU/EEA and UK. Some countries have even higher minimums.

 

[Irration4l]

Budget at least a million for it.

You need to maintain the EMI's minimum capital requirements which start at 300,000 EUR but tend to go higher. On top of that, you need to show you have enough Own Funds to support your business.

Then you have all the usual running costs, such as salaries, software, insurance, licenses, and so on.

The purchase has to be approved by the relevant competent authority. You must convince them that you are a fit and proper owner of the institution.

There is actually sort of a way around it. In one conference I've heard that Globalnetint.com are offering some sort of whitelabel solution. The costs where quoted as 30000 to 50000 for the setup, and there is some profit share agreement (said they would give the details only if we sign an NDA), but supposedly they give you their core banking system, you can use their compliance team, etc. In that case you act as an EMI agent and can offer all the services they have, such as IBAN issuance and SEPA and SWIFT payments.

 

[Sols]

There is actually sort of a way around it. In one conference I've heard that Globalnetint.com are offering some sort of whitelabel solution. The costs where quoted as 30000 to 50000 for the setup, and there is some profit share agreement (said they would give the details only if we sign an NDA), but supposedly they give you their core banking system, you can use their compliance team, etc. In that case you act as an EMI agent and can offer all the services they have, such as IBAN issuance and SEPA and SWIFT payments.

The question was about buying a license. Being an EMD (E-Money Distributor) is a bit different. You are reliant on the EMI for the underlying architecture, correspondent relationships, and they can impose ultimate say-so about clients you onboard and business you conduct. It depends on what you want to achieve. Might be a good solution in some cases.

 

[DGTLOTC]

Also you need to think about what rev share you’ll get above the buy rate and if that will work for you under a whitelabel program

 

[Irration4l]

Fully agree with both of you, it's just the most "ready made" solution I've ever heard of.

Checking the Lithuanian central bank page they seem to already have 12 of these EMI agents already.

GlobalNetint, UAB

So they probably must be doing something right.

 

[Cryptobabaji]

i see that perversk has sanction from bank of lithuania worth 700000 euros ? is this true ?gediminas?
https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1

 

[Gediminas]

i see that perversk has sanction from bank of lithuania worth 700000 euros ? is this true ?gediminas?
https://www.lb.lt/en/sfi-financial-market-participants?business_form=32&market=1

This was pointed out in my previous post of this thread. They were not sanctioned, but fined, unfairly. Then the Pervesk took them to court, to fight it. And they won it, the fines were removed.

https://www.offshorecorptalk.com/threads/whats-your-experience-with-pervesk.27805/post-121684

 

[Cryptobabaji]

thanks for the clarification, the bank of lithuania should really update their site then

 

[Gediminas]

thanks for the clarification, the bank of lithuania should really update their site then

Yeh... But they won't do that, on purpose. Nobody wants to tell people they lost the fight, especially the central bank of Lithuania.

 

[rey skywalker]

they have sepa not target2, they use centrolink connections , anybdy did manage open accunt with them?

Account is not that hard to open if you compare with offshore banks nowadays
I think its better if they are ''strict'' instead of other emis /processors that do not even check documents. Those are the ones that don't last, get their licenses revoked....and then you lost your assets

Also, introducer/assistance of any firm is not required at all, you simply do it alone in the website

Its just a matter of trying....

 

[Gediminas]

Also, introducer/assistance of any firm is not required at all, you simply do it alone in the website

Exactly, if your case is straight-forward - you can do it on your own, that's what I always suggest to my clients.