they still party with Putin from the money Russian Bunga Bunga.Only locals and Russian are left. Eugene Dugaev runs 3s Money. No more non resident accounts are opened. Bank owners are happy with the money they made in the past.
that may be true, just wondering how they slip away with it.That was just small change. Most of the profits came from the laundromat.
Consider yourself lucky. Others have lost much more.Let me share my story with Rietumu Banka
I opened my account with them in early 2012 for my old BVI company. From 2012-2018 I probably did a turn over of about 25million USD with them. Once in a while they'll inquire for invoices, reports etc. I always complied and everything was well. I also met them several times of course in Riga.
I paid them about 70k in wire fees and other account management fees as they increased their out going wire fees etc to about 120-130 eUR per each out going wire for dark jurisdiction companies like the BVI.
Then one clear day early 2018 they wanted to meet while I was living in Amsterdam, told me they were there on a conference of some sort. They informed me they lost their USD interm (probably due to being sued and losing in a French court for aiding to money launder for French citizens, plus I think they had some other suits they lost), and that all USD (all my money was in USD) will be converted to EUR within 2 weeks or so, and there will be no USD accounts anymore.
I said fine....
Then a week passes I login to the online banking and see my account is frozen with about 700k USD on it.
I call my AM, asking WTF. She eventually told me they decided to close the account due to blah blah blah who gives a **** not what they told me a week before in person.
So, I fly over to Riga to meet them.
This is the deal they offered me and I bargained a bit as well. So here goes:
From the 700k they took a 5 digit sum which I cannot remember as some bizarre fee. Then about 200k was frozen as a 2%/yearly investment for 2 years. I cannot touch the money for 2 years. After the 2 years passed, I also got taxed Latvian capital gains tax for whatever was the tax for that.
The rest of the money? They opened a personal account for me and pretty much transferred all the BVI funds to a personal. They made me sign something electronically and that was it.
So - from my experience - Rietumu Banka is a small scam bank that took every bit of business and processed every possible online diet/scam rebill in the old days. They did probably help launder for rich russians and other EU citizens. They knew what they were doing but they did it for the money and the business. Then when they saw they will get shut down they decided to become less shady, heck even white.
That's all. Pure dirty banking, but heck what else is new in the world of banking. Not like the monster that is HSBC didn't help the triads launder cash in billions, so what is small Rietumu Banka with about 2b in assets for us to complain.
**** you Rietumu, but thanks for the 6 years you did take my BVI business which btw was online marketing and affiliates, all clean, no binary/crypto scams or diet rebills.
Rietumu Banka has included a clause in its contracts that alows to inform its customers on unilateral changes to the contract on its website and it is not necessary to notify the client individually.