white label EMI

[void]

Yes because there is a thing called compliance. This is fantasy stuff. When reality dawns on you that in 2020 you cannot do this any longer than perhaps you may adjust your expectations. Wouldn't every criminal love to move their money about and have full control of the AML and compliance process....oh wait that's what Eastern European EMI's setup by Russians do I forgot.

P.S Privacy is all but dead in banking/EMI's. I wouldn't be thinking along the lines of privacy in 2020 unless you opt for non-bank/EMI solutions sadly or masking transactions which is criminal.

I don't get it - consider any B/C class EMI... what kind of compliance they represent and provide? most of them run by 5 people using questionable third party EMI software and MS Excel (maybe exaggerating a bit but you got my point I guess) - I don't care if the main purpose of 50% of them is money laundering, no surprise...

for example Bankera (not saying they launder money) - they are a nice example of bulls**t EMI, fancy public website, lots of features promised - you pass the KYC, open an account and the only function that the client zone contains is receiving and sending EUR - that's it, nothing more

I'm not looking for anything more or less - I'm just having a legit business case and limited set of clean customers, knowing everything about their source of income so I have no problem to take any responsibility - on the other hand I can't report every single transaction and share supportive documentation on a daily basis with some external compliance officer

 

[Martin Everson]

I'm not looking for anything more or less - I'm just having a legit business case and limited set of clean customers, knowing everything about their source of income so I have no problem to take any responsibility - on the other hand I can't report every single transaction and share supportive documentation on a daily basis with some external compliance officer

Unfortunately with compliance at an FI you need a Chinese wall and clear division of duty between yourself and the compliance officer. You cannot be the payments officer and compliance officer at same time. You will not get licensed as an EMI doing this and neither will any white label accept you doing any sort of compliance on your own.

Even if you use the treasury and swift services of a large bank like Unicredit to operate your own swift service and in-house payment network you will never be truly independent from their compliance. It's just the way it is.

 

[Paul Panzer]

I am Looking for a white label solution for quite a while now and with my experiences so far i can only say that i realized the same what Martin Everson is saying. We are not any morte interested to do anything like having control, we just would like to sell banking services to our existing customers worldwide. We could probably sell around. 50.000 Bank Accounts and credit cars worldwide per year, but even with this in my eyes high volume, no Bank is interested so far. What else we will do is to stay out of responsibility for the accounts. So it will be our Name and it will say "powered by xy" Bank. If someone wants this kind of control that the User "void" is looking for i can imagine two ways and both of them are very very expensive. One will be to build an entrepreneur group and build a cash pool. The other one would be to get a real banking license and make the compliance right in advance. Considering that the Business is legit and the compliance can be done on the other Hand, there will be no reason to open an own Bank. Just do the compliacne right once and find a suitable Banking Partner. Interesting would be to know which countries will be involved. If i know the exact countries being involved i could amybe give a Tipp. In our case we did not find any perovider that can do all countries. Best bet will be Aplle Pay and credirt cards. Also an easy way to solve this could be with iban credit cards, that can be topped up to 250.000Euro Each Card. And you could order several cards per client and top them all up from one master account. However doing the compliance in advance would be the exact same work as in all other possible examples and the same way if opening your own EMI. I personally prefer Liechtenstein for tghis kind of company, but thats just my very personal opinion.