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Compliance departments outsourcing

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OffMyBack

New member
Some banks seem to have outsourced the compliance to an external provider which - especially in Lithuania - provides these compliance services to multiple banks and emi’s

One problem at one emi will be shared to others - so this causes a problem should you have issues

Anyone knows what compliance services each emi uses - rather who got shared compliance.

Also transferwise offers their currency exchange to partner emi as well, so again - should you do happen to use an emi that uses tw exchange - and your emi causes issues - you can forget about your tw account too
 

Sir Gelato

New member
There are a lot of compliance outsourced companies and even for emis it is quite difficult to know. You can always filter the big compliance service companies in Lithuania, make a call saying that you are setting up some kind of emi and if they have experience with them. Maybe they say that they work with Tw and others...
 

lory

Mentor Group Gold
Would it be a conflict of interest to share a compliance department? they will sooner or later mix the data and misuse it.
 

OffMyBack

New member
It is not - depends on the country but check transferwise a d revolut for example they refer to information coming from banking partners .

Be aware that yes you might be dealing with 5 different emis but in effect it’s the same compliance as if you deal with one baNK

Also I believe banks get 20 percent bounty of blocked accounts that subsequently get grabbed by authorities
 
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