KEABANK - Review

[commonsenseguy]

Colleagues
Recently stumbled upon another "bank" named KEABANK. Turned out, run by the same people who owned and operated Migom Bank, very well known, which have stolen millions of account holders' funds. I am afraid that this is yet another scam from the same people. Modus operandi is the following: establish a "bank" or a payment system by some supposedly respectful financial guys, get deposits, then sell it to some fool, who would be told that it's a great chance at investment to have him and only him on paper, which seemingly disconnects them from the new establishment. Then run away at some point. And establish another scam.
For a moment, I thought that I might be wrong and they are OK people, but I was proven wrong after an investigation.

 

[ilke]

What led you to believe that this is the same company as Migom? There isn't much information about Keabank available, and it's not actually a real bank (Migom was (and is, but has no more correspondents) a licensed bank). It is operated by an unlicensed Cyprus company and a Canadian MSB, and they don't seem to have launched or started to scale yet according to their site.

 

[Sols]

Thanks for sharing! Would be interesting to know more about how you connected it to Migom.

Regarding Keabank, they don't even pretend to have a bank license. They just link to an MSB registered with FINTRAC in Canada. MSBs aren't banks.

Is it really this easy to scam people? Financial literacy and critical analysis should be taught more in schools.

 

[commonsenseguy]

I didn't say it's the same company. I said it's the same people to a large extent. They were already cought on a lie - they say in their leaflet that they are licensed/authorized by Canada, UAE, Spain and Dominica. I know that they did not even apply in Dominica, no information about UAE or Spain, only Canadian MSB - GULLIVER PAY INC (ok, many companies use trademarks, but still strange). Completely different unlicensed company is on Cyprus - KGH GROUP name even doesn't completely match with what is put on their website. A lot of pieces here and there, very little information, exactly like Migom did. So account holders' money wouldn't be kept under a correspondent account held by a Canadian MSB, but some shady unrelated company, as Migom did. If this doesn't look like a scam, then what it? Also, technologically, their website has certain indications that it was designed by the same people as Migom. For now, I can't say 100%, but we are working on getting documents. I think, one Migom was enough.

If you look at KGH GROUP in Cyprus (registry is public), you will see G. Parrik, who was the owner Migom via some complex company structure (the most public of which is Migom Global, which even has the same logo as Migom "bank", and apparently may even be still operational, unlike Migom bank). That is quite a direct connection, I would say, and a public one.

As for Migom, btw, their operations are suspended by their regulator and an administrator is appointed. So, not "is". Account holders are still trying to get their funds out of them.

 

[csp dubai]

Why migom is consider a scam ? wich correspondent they used?

 

[commonsenseguy]

Why migom is consider a scam ? wich correspondent they used?

Because it turned out that they used account holders' funds for their own risky needs, which is forbidden. Also, major parts of the deposits were funnelled to accounts (said to be correspondent) completely unrelated to the bank. Their choice of clients (high risk, who would be hesitant to contact authorities). It did *look* like a shady, but legitimate bank, until the moment came for them to cash out, turned out to be scam all along.

That's the thing. They used a large number of "correspondent" accounts, which were actually not correspondent, but belong to unrelated companies, which sometimes contained "Migom" in its names, but were NOT on the name of the license holder. They did have a single correspondent account at Incore bank (Swiss), but it had only part of all funds, to keep up some legitimacy.

 

[Keaofficial]

Attention forum members-


This thread, which contains significant misinformation and rumors, has caught the attention of the Keabank legal department.


Our office asks you to refer only to official information sources maintained by our company; and the only official website of the company is Keabank.com.


Since our company has entered an active phase of development and operation in the format of a payment service provider/money service business, we have received all relevant licenses and authorizations from the authorities to perform such services. These are referenced on our official website and more information can be requested from our customer service department.


Our company is also consistently obtaining new licenses to expand our capabilities and provide exceptional, reliable service to our customers. As the company receives additional licenses, corresponding announcements will be made on our website, which we encourage you to check frequently.


The project is backed by a respected investment group with an impeccable reputation. Legal action will be taken for any slanderous and/or defamatory activity, which will not be tolerated in any form.

 

[Sols]

Attention forum members-

Hello and good day to you too!

This thread, which contains significant misinformation and rumors, has caught the attention of the Keabank legal department.

I know it's easy to be defensive when facing criticism and concern, but if you engage and respond instead of throw around threats, you'll be able to build trust and respect much more quickly.

Our office asks you to refer only to official information sources maintained by our company; and the only official website of the company is Keabank.com.

You can ask all you want but the reality is that people will share their own opinions and experiences, not just repeat what's on a company's website. In a free and open discussion, you can't dictate the discourse.

Since our company has entered an active phase of development and operation in the format of a payment service provider/money service business, we have received all relevant licenses and authorizations from the authorities to perform such services. These are referenced on our official website and more information can be requested from our customer service department.

Bearing in mind that FINTRAC does not issue licenses, MSBs are not financial institutions under Canadian law, and an MSB is a supervised but not a licensed entity, where are you licensed?

You use the word "bank" in your branding but I haven't been able to find any independently verifiable source to corroborate your status as a bank. I'm happy to retract my previous concerns if you are, in fact, a bank.

Our company is also consistently obtaining new licenses to expand our capabilities and provide exceptional, reliable service to our customers. As the company receives additional licenses, corresponding announcements will be made on our website, which we encourage you to check frequently.

That's great! Looking forward to it and hope all goes well.

The project is backed by a respected investment group with an impeccable reputation.

Amazing. Who are they? Where can we read more about them? People with impeccable reputation usually have no qualms about being public and transparent.

Legal action will be taken for any slanderous and/or defamatory activity, which will not be tolerated in any form.

Why you gotta be like that, homie? Unlock the Gates of Success: Mentor Group Gold!

 

[csp dubai]

i think sols like usual not give any chance to new operator , can you suggest a bank or istitution that is not a scam?

 

[Sols]

i think sols like usual not give any chance to new operator , can you suggest a bank or istitution that is not a scam?

I know this is very difficult for you to understand, but the topic of this thread is Keabank, not which banks or financial institutions I have more confidence in. However, if you do just a little bit of research into what I've posted before, you'll find I many times have brought up specific banks and financial institutions.

If you want to go ahead and become a client of Keabank, go for it. I'm not actually your parent. You don't have to listen to what I say. You're free to do as you wish.

But let's stay on topic, though.

 

[csp dubai]

the problem is starting from fbme , europacific, satabank, cyprus crisis , all this reputable jurisdictions goes banana , i not see anthing bad in keabank , is not a hsbc . clear . but for sure will be more easy to deal with i hope

 

[Keaofficial]

Dear forum members-


Greetings to all. We surely support transparency and openness in business operations.


Following a discussion with our management regarding the concerns raised, we wish to clarify that one of our organization's members, whom 'commonsenseguy' is referring to was contracted to set up a US public company for Migom. This individual's involvement was strictly limited to the setup of the legal entity, and he had no operational role within that project. While he initially served as a director, this was merely a continuation of his initial responsibilities.


Drawing baseless conclusions (fueled by the imagination) solely based on past workplace affiliations, as one forum member has done, undermines the integrity of any FinTech ventures. Therefore, we reiterate our stance against such unfounded speculation.


As for the financial group and other matters, we are excited to announce that within the next month, we will be launching a new website. This platform will provide comprehensive disclosure regarding our partners, owners, and advisors. We are gearing up for an extensive launch, securing relevant licenses and authorizations, and actively exploring new markets. Rest assured, once the new website is live, we will share the news with this forum thread.

Once again thank you for your attention forum members and we will keep you posted.

 

[Sols]

Thanks for the update! Looking forward to seeing the new website and knowing more about the bank's owners, managers, and regulatory framework.

The way Migom went under, it's understandable for people to be a little concerned when a new financial service provider appears with some ex-Migom people involved. Unfortunately, sometimes that means innocent people get lumped in and viewed with suspicion. The added context is appreciated.

 

[commonsenseguy]

Person you are referring to is the current CEO of Migom Global (public information), where we can also find Mr. Shaetti (public website), who is current shareholder/director of Migom Bank (public information). Even if the referred person only did the establishment, the company itself stuck around for quite a while, there are many "Migom" branded companies, where the referred person is still a participant. There are many companies, where the deposits were accepted (mostly US and Europe), with the relevant shareholders/directors. If we are to assume for a moment that these people were somehow also defrauded by the UBO, then it's extremely strange that they are actively preventing relevant authorities from getting information about the whereabouts of the funds of Migom Bank's account holders, and for the UBO to take over. It only leads to the conclusion that this group of people hold the keys to the account holders' funds.

Lets return to the topic. It's not only that person, there are some other people who were active participants of Migom bank currently at so called Keabank. What's adds oil to the fire is the following:
1) "Bank" in the name, whereas Keabank is not even remotely a bank.
2) Disinformation regarding current "licenses".
3) Canadian MSB is relatively easy to get, minimum amount of due diligence required. Also cheap, if not cheapest. No other "licenses".
4) "Respected investment group" would establish a nice private bank in Luxembourg or Switzerland, with direct SWIFT connection, not some 30k cheap MSB.
5) It would be easy for a "Respected investment group" to go through any due dilligence, but it wasn't the case, "licenses" are being applied for in the easiest places, with least amount of compliance requirements.
6) Why there's a website for Keabank (a), GULLIVER PAY for the MSB (b), and Cypriot company for... (c) what exactly? Everything to make it as non-transparent and complex as possible. From that, I can assume that deposits would go to third party unrelated companies, just like with Migom Bank (same people, same ideas).

Last but not least. Issuing threats from get go? "Legal department"? Are you some gangsters? "Official sources"? Are you The Big Brother? "Respectful investment group" would not go into lengths for all of the above and would invest much more money in order to establish a solid foundation, with a single name and I am sure would not even react to such posts, and last thing would be to issue threats. What I am doing here is trying to analyze publicly accessible information. Preventing dissent is the job of any western government... )

 

[commonsenseguy]

I have two points:
- How what you said is even relevant to what was said before (above)? Instead of answering bullet points one by one, you came up with something completely wild. And you are carefully not disclosing the information, which this individual may have on you. Also, given the mentioned apparent connection between Migom and this new "business" (a few of its members to be completely precise), I am not so sure this individual's demands are "ransomware".
- But what's completely wild, is that your message above shows your group's attitude (or rather total disregard) towards apparently private internal information. If I would be a potential customer reading this forum, I'd never become your customer ONLY because of your last message. Because I'd know that you can disclose any of my information at any moment. And I'd recommend to stay away from you as far as possible ONLY because of your last message! It just proved the points made.

Given the above, people would have even more questions remain to your "business", and your "legal team", which allowed you to post it...

 

[Sols]

The user @Keaofficial has been temporarily banned for posting personal information (the post has been deleted to protect that person's privacy).

The user is welcome back in the future. The ban is not a comment on their viability or suitability as a financial service provider. It's simply a standard enforcement of forum rules that would apply to any member.

 

[commonsenseguy]

The user @Keaofficial has been temporarily banned for posting personal information (the post has been deleted to protect that person's privacy).

The user is welcome back in the future. The ban is not a comment on their viability or suitability as a financial service provider. It's simply a standard enforcement of forum rules that would apply to any member.

Their own message was a comment on their viability and suitability and not a good one...

 

[alain]

Posting personal info on a public forum is a big no-no. But now that you've banned them, how are we supposed to hear their side?

 

[commonsenseguy]

Posting personal info on a public forum is a big no-no. But now that you've banned them, how are we supposed to hear their side?

Good point, but didn't we already hear it, several times? Each time with threats and not answering actual concerns. Only some vague denials (like the lies about holding certain licenses never happened), general assertions ("respectiable investors" without any names), etc. After disclosing personal information, I think, we can also conclude that entrusting them your personal information during the supposed onboarding is a big no-no. Do you wanna hear more of this? It's just dispicable.

 

[alain]

Do you wanna hear more of this? It's just dispicable.

I'm always all ear if someone has something to tell and it is the truth.

Absolutely, if a company’s dropping personal details on a public forum, that’s all their trust out the window! And if they can't back up their big talk with solid sources everyone can check out, then you gotta start wondering.

But you know, I’m always down to hear both sides. Sometimes, it’s the stuff they’re not saying that you gotta keep an eye out for.