Question Sogexia EMI request for proof of salary?

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Steve3000

New member
I started opening a few EMIs and Neobanks over 5 years ago, simply as a way to diversify my savings between many accounts, just in case the Italian system goes down a hole or tightens the rules even more. It is only my salary that I send. No business interests and nothing remotely illegal or suspicious. We are not talking huge amounts here and I make sure to keep under 5K in each account to avoid automatic reporting. All is traceable back to my account that receives my salary. However, I am becoming increasingly paranoid about the behaviour of these organisations. In an age when the authorities talk about privacy, we seem to have less and less every year.

Anyway, my point is that I have an account with the EMI Sogexia, based in Luxembourg, formed by Kilian Füg, who from what I can find on the internet I assume is French. His story of how and why he founded Sogexia is a sort of cut/paste from Revolut's CEO!!

So far no problems. But last week, I received:

Additional information
Due to changing regulations, we are now required to collect the following additional information about you.
Proof of income : Mr xxxxxxxx xxxxxxx
Average monthly income (€) *
Your situation
147 days remaining to provide the requested information.
After this period, payments associated with your account will be automatically suspended.

This information is very easy to send but I feel that it can't be legal, surely? I was happy proving my I.D. and address, and would be okay with giving the name of where I work, but proof of salary and income?? I have the feeling that my employer would not be too happy with this as well!

Any advice, guys?
 

Steve3000

New member
You have the same sense of humour as me, and I would like to do as you say. ;)

But....I am actually asking about the legality of this. In addition, the message appeared on the Sogexia app and the website with no contact email, name or any way of me checking that it is a real request.

In any case, I will pass all this onto our IT and legal experts for advice, but I'd like to hear what you Offshore guys say. As I'm sure you know, Luxembourg has a certain reputation and I'm not sure that they can ask me for this sort of info in such an anonymous way.

.... or maybe they can?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
This information is very easy to send but I feel that it can't be legal, surely? I was happy proving my I.D. and address, and would be okay with giving the name of where I work, but proof of salary and income?? I have the feeling that my employer would not be too happy with this as well!

It is perfectly legal unfortunately :confused:. Be lucky they don't ask for your tax return.
 

GlobalConsult

Active Member
Of course it's legal, otherwise a regulated EMI wouldn't request it, right?

They can request proof of income, income tax return, source of funds/wealth etc. everything (see in AML regulations). regardless of whether EMI is based in Luxembourg, Lithuania or elsewhere.
 

Steve3000

New member
Of course it's legal, otherwise a regulated EMI wouldn't request it, right?

They can request proof of income, income tax return, source of funds/wealth etc. everything (see in AML regulations). regardless of whether EMI is based in Luxembourg, Lithuania or elsewhere.


Thanks guys. In fact, after doing some reading around on French sites, I realised that they are allowed to do this.

But what annoys me is just how difficult it is to US to do OUR due diligence, AML, KYB checks etc. Some of the info I found about Sogexia is a bit strange. Shouldn't every bank have a page with all the information required to perform due diligence? Apparently not.

One example and some homework: Find out as much as you can about Blackcat card/Papaya card in Malta. Some of the links I found were mind-blowing. e.g. All the places where you can pay cash into your account. ;)
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
But what annoys me is just how difficult it is to US to do OUR due diligence, AML, KYB checks etc.

Yes that's very true.

Shouldn't every bank have a page with all the information required to perform due diligence? Apparently not.

That would be perfect. Because some of these EMI's (especially Eastern European ones) and even banks were mafia owned and just laundromats. You can see past threads on the topic.
 

Steve3000

New member
Martin, when you have time, could you start a list of all this info? Maybe start a new thread? I think that we'd all be interested in knowing more about these organisations.
I never fail to be amazed at how, following the financial crisis, financial organisations spent so much time and energy on damage limitation and pretending to be totally reformed and very honest, while in fact, simply pushing all of this onto their customers. Despite the crisis, they have succeeded in making their clients feel guilty for demanding their own money and those clients are now automatically guilty of money laundering and corruption until they can prove otherwise.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Could possibly work with a utility bill but not with passport any longer.
Photoshop + printer for utility bills and other documents.
For IDs you need a reliable provider of physical docs, you can’t DIY.
 

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