Bank of Lithuania restricted activities of SatchelPay

[dutchnik]

Thoughts? Just gave them 1k to open my account

"The Bank of Lithuania suspended the activities of SatchelPay, UAB by prohibiting it to issue electronic money and provide part of its payment services. The decision was based on the fact that the electronic money institution has failed to provide the mandatory financial data on its activities since the beginning of 2019."

More: Bank of Lithuania restricted activities of SatchelPay

 

[Tax Cow]

We had an in-depth thread about SatchelPay in this forum which is unfortunately no longer available. This could have helped you better understand the risk and bank elsewhere.

Let's hope they will continue their activities so your funds are not wasted, but from the looks of it, it could take a month or two before they are up on their feet.

Overall, their KYC/AML compliance was done right. Many users reported difficulties getting an account despite high account opening fees. In that regard, I don't see why they would not be given a second chance if they fix other problems. In a thread now closed, we discussed the people in charge, main concern being their colorful past. It's offshorecorptalk forum, but even to us, it felt like their EMI is a casino slot machine with not too good odds in favor of the gambler.

Best of luck!

 

[Spinat]

OP you paid 1.000 EURO / USD to open an account with them?

 

[dutchnik]

We had an in-depth thread about SatchelPay in this forum which is unfortunately no longer available. This could have helped you better understand the risk and bank elsewhere.

Let's hope they will continue their activities so your funds are not wasted, but from the looks of it, it could take a month or two before they are up on their feet.

Overall, their KYC/AML compliance was done right. Many users reported difficulties getting an account despite high account opening fees. In that regard, I don't see why they would not be given a second chance if they fix other problems. In a thread now closed, we discussed the people in charge, main concern being their colorful past. It's offshorecorptalk forum, but even to us, it felt like their EMI is a casino slot machine with not too good odds in favor of the gambler.

Best of luck!

Thanks. Yes their KYC was hard to do. From the other side this is their first warning. If you look at other sublicenses from Bank of Lithuania they got 3 or others sometimes 7 warnings lol

 

[dutchnik]

OP you paid 1.000 EURO / USD to open an account with them?

Yes because my company is based outside European Union

 

[Spinat]

Yes because my company is based outside European Union

Okay I understand, they told you they could accept your business for banking needs after you told them that your company is based outside of the EU?

 

[dutchnik]

Okay I understand, they told you they could accept your business for banking needs after you told them that your company is based outside of the EU?

Yes, they did

 

[Martin Everson]

Well SatchelPay didn't last long before it ran into trouble....hopefully they will disappear quitely. As @xzars mentioned we discussed at length the company and its management in a thread that is gone now.

Why is Bank of Lithuania only now asking the below question in that link provided? Was this BASIC question not asked when the EMI license was granted to them or was he not manager then?..lol .

---start quote

"By 2 September, the institution is required to provide evidence on the fact that the manager Th**as No*l C******r J**ks*n has the adequate qualification and experience for this position."

------ end quote
(I edited out the name - view link from OP to see name)

It is a similar issue they have with Revolut after granting them a banking license. They came back probably after reading this forum and worked out they granted a banking license to the son of a Russian Oligarch with connections to Putin. As far as I am concerned the Bank Of Lithuania are clueless idiots when it comes to granting licences coming only second to Malta MFSA. No wonder people get EMI and banking licenses in these places...lol.

 

[blizz]

But they are not a SCAM because they have troubles with the license right?

 

[Martin Everson]

But they are not a SCAM because they have troubles with the license right?

No they maybe not, but they are clearly incompetent and unfit to hold a license. SatchelPay is supposed to be a regulated EU financial entity. It is not no Seychelles IBC run by a fulltime postman as a Sunday hobby.

 

[peliuuks]

There was really big thread about them. I had many problems with them also. Most likely they are scam, not going to mention the names that was in the last thread, but I'm pretty sure they are not legit.

 

[JohnLocke]

There was really big thread about them. I had many problems with them also. Most likely they are scam, not going to mention the names that was in the last thread, but I'm pretty sure they are not legit.

Second or third time someone post this, there may be reason for why this thread has been removed. One could be that no one on this forum has been able to prove them to be a scam!

 

[Gediminas]

As far as I am concerned the Bank Of Lithuania are clueless idiots when it comes to granting licences coming only second to Malta MFSA.

As far as I know, they are not giving licenses that easy anymore. But yeah... It remains a mystery to me how the phuk they are giving licenses to some of the EMIs I saw...