PNB Banka (former Norvik Banka) anyone ?

[Mr Magoo]

it is more like a latvian bank with a russian owner may find a loophole not to pay you a dime when the s**t hits the fan, pointing to the small letters somehwere in an obscure contract. Besides that, the EU will not care so much about such a bank in case of problems.

 

[Evidence Alpha]

You must be right, I will swallow the pill.

Otherwise, I’m considering banks from Mauritius : MCB and ACB to name them

 

[Mr Magoo]

As mentioned previously: open multiple accounts where you can. Also: make clear your intentions with the bank so they are not surprised when using it as a bridge. I had that issue with Mauritius: had to deliver all kinds of docs plus certified financial statements to justify where the money came from etc.

 

[Evidence Alpha]

Thanks, I’m seeking this kind of info.
Which are the banks you believe were the most easy to deal with ? CIM over Mauritius ? Like some french minister, I’m allergic to administrative paperwork joking, I’m always law abiding
Right now, looking at Bank Fricks (Lichtenstein) and Falcon Bank (Switzerland) too

 

[Evidence Alpha]

What’s the general stance about admitting openly to use the banks as bridge ? They generally do get along with the thought ? Andorra made me fear rejection painfully

 

[Mr Magoo]

CIM is definitely more expensive than Mauritius but as said you have a deposit insurance. Due to the jurisdiction of my company I went with Mauritius via an introducer. So far so good. If you can get an account with Frick I would say go for it. Maybe dont telll them you use the account as a bridge but dont give them false hope your clients will pay their invoices in the account.

 

[Martin Everson]

What’s the general stance about admitting openly to use the banks as bridge ? They generally do get along with the thought ? Andorra made me fear rejection painfully

You want to tell a bank the account is "pass through account"......NEVER DO THIS!!!! . Pass through accounts are used primarily for money laundering i.e concealing origin or funds. Sorry but this is AML handbook page 1 for a compliance officer and the reason you will run into problems at ANY bank .

 

[Martin Everson]

Doing a high number of transactions for high amounts will attract attention anywhere in 2019....

This is FACT.

You do not want to use a small Bank/EMI and end up on top of the compliance officers spreadsheet report for highest number of transactions. They have no choice but to flag you for extra due diligence. You want to fit in and not stand out when transacting.

 

[Evidence Alpha]

Re passthrough, not chaining accounts to lose the trail, but more as the center of an asterix structure, where that account acts as the feeder, so related to other accounts 1 by 1 outwards then inwards.

In Andora, I had much other activities on top of “bridging”. Really, it did not matter to them.

 

[Martin Everson]

Sometimes the best advice is the simplest i.e (May 18th)....

Stay away from PNB Banka and Latvia in general.

PNB Banks is finally toast i.e dead and shut down by ECB. Never ever ever ever contemplate banking in Eastern Europe...lol

------ Start quote

The Financial Capital and Market Commission (FCMC) in charge of Latvian banks has decided to halt the operations of PNB Banka (formerly Norvik Banka) to prevent the outflow of bank’s funds. The decision followed after the European Central Bank (ECB) decided to recognize the bank as a failing, or likely to fail, financial institution.

------end quote

 

[Marc Jacob]

PNB Banks is finally toast i.e dead and shut down by ECB. Never ever ever ever contemplate banking in Eastern Europe...lol

Martin, the bank was closed for not complying with the EU requirements in terms of liquidity, i'm handling right now the transfer of accounts from the PNB to the Citadele bank, that's a very specific and awkward case (No one really knows what lead to that decision - most probably a political decision).

 

[Martin Everson]

Martin, the bank was closed for not complying with the EU requirements in terms of liquidity, i'm handling right now the transfer of accounts from the PNB to the Citadele bank, that's a very specific and awkward case (No one really knows what lead to that decision - most probably a political decision).

Would you recommend anyone to bank in Latvia then?

 

[Marc Jacob]

Would you recommend anyone to bank in Latvia then?

Definitely ! But only in major banks such as swedbank, Luminor or SEB (not that easy to bank there without residency btw)

 

[Martin Everson]

Definitely ! But only in major banks such as swedbank, Luminor or SEB (not that easy to bank there without residency btw)

I guess we have to agree to differ. I would stay away from all Latvian banks like your life depended on it even branches of foreign banks in the country. Latvia is not a place to bank and will remain suitable only for locals with no choice and foreign criminals. No human being in their right mind should contemplate Latvia for banking.

 

[Marc Jacob]

Buddy, i know a bunch of west banks which are much worst than the Latvian banks i previously mentionned. I have to agree with you on the fact that banking in the EU nowadays is probably not the wisest decision