Premium Advertising Partner swissmoney

[lopukhin]

I paid them 500 EUR to open an account and the denied me to open an iban. I asked them why and they told me that it is their internal decision. I asked them to provide a full answer regarding my EU rights but they prefer not to answer me anymore.

 

[maxmoney]

You have no right to demand a full explanation, you don't have that with any bank, and to be honest, you won't get it with your local bank either! So stop whining, if they can't onboard you as a customer, it's probably because you are considered high risk.

 

[lopukhin]

Right of Access - General Data Protection Regulation (GDPR)

The right of access plays a central role in the General Data Protection Regulation (GDPR). On the one hand, because only the right of access allows the data subject to exercise further rights (such as rectification and erasure). On the other hand, because an omitted or incomplete disclosure is...

gdpr-info.eu

How to Make a GDPR Request for Information - PrivacyEngine Data Protection Software and Consultancy

This right enables individuals to understand how their data is being used and to verify the lawfulness of the processing.

www.privacyengine.io

It is very strange, because after they they opened me foxpay account with the same iban. Where is the logic?

 

[maxmoney]

You need to learn LAW if you think what you linked to give you the right! I have a clue now why you don't got that account opened.

 

[lopukhin]

Why?

 

[Sols]

GDPR does not supersede AML regulations. Courts and regulators have been clear about this. If you were rejected for reasons related to AML and customer screening, you have no legal right to know why.

The rationale for that is that if banks have to start telling people why they were declined, they can use that information to reverse engineer how banks' compliance frameworks function, and use that to their advantage to get around the checks.

 

[lopukhin]

Thank you for a clear answer

 

[csp dubai]

no one stlll answer my question can some one fiend their license , because i cannot, may be i am retarded

 

[Sols]

no one stlll answer my question can some one fiend their license , because i cannot, may be i am retarded

They don't technically have a license.

Swiss Money is a member of SO-FIT which is a private sector self-regulatory organization (SRO). SO-FIT is supervised by FINMA, but its members are not. So Swiss Money does not hold a license.

However, Swiss Money provides IBANs to its customer through a partnership with an EMI licensed in Lithuania.

 

[kkein]

GDPR does not supersede AML regulations. Courts and regulators have been clear about this. If you were rejected for reasons related to AML and customer screening, you have no legal right to know why.

The rationale for that is that if banks have to start telling people why they were declined, they can use that information to reverse engineer how banks' compliance frameworks function, and use that to their advantage to get around the checks.

However, how can one tell if the bank isnt simply charging to reject? after all, lets say they charge 100 bucks to open the account only to reject 95-100% of the applicants, and maybe pay someone to post around that they succeeded and are super happy. After all, these EMI would probably take a long time to earn 100 bucks, and this would seem a pretty easy way to just get some money in with no actual work required..
I still remember a time when everyone in here who tried to open an account with a specific EMI from LT got rejected after paying something like 500bucks or so

 

[Sols]

However, how can one tell if the bank isnt simply charging to reject?

You can't.

after all, lets say they charge 100 bucks to open the account only to reject 95-100% of the applicants, and maybe pay someone to post around that they succeeded and are super happy. After all, these EMI would probably take a long time to earn 100 bucks, and this would seem a pretty easy way to just get some money in with no actual work required..

The risk is there. Although the regulator will find is strange that they have such a low approval rate. Financial institutions with unusually high or unusually low approval rates will be questioned about the customer acquisition and customer onboarding/screening methods.

 

[I'mRobot]

no one stlll answer my question can some one fiend their license , because i cannot, may be i am retarded

You may contact them [email protected] and ask them, if they answer you, you could post their answer here

 

[Compliance Circle]

no one stlll answer my question can some one fiend their license , because i cannot, may be i am retarded

You can find mostly accurate data on whether the particular entity is a member of one of Swiss SRO's here SRO member search and further verify information by searching/enquiring directly with SRO (SO-FIT, VQF, Polyreg)

They don't technically have a license.

Swiss Money is a member of SO-FIT which is a private sector self-regulatory organization (SRO). SO-FIT is supervised by FINMA, but its members are not. So Swiss Money does not hold a license.

However, Swiss Money provides IBANs to its customer through a partnership with an EMI licensed in Lithuania.

Switzerland has a very interesting regulatory system, which is totally different from what we see in the EU and elsewhere. Actual level of regulatory scrutiny on financial intermediary/SRO member is somewhere in between VASP and small payment/e-money institution registration.

I can't say, based on first hand experience, that FINMA doesn't monitor and/or indirectly influence supervisory control over activities of SRO members. Under Article 16 of AMLA Act, "FINMA shall have the following duties in terms of its supervision of the financial intermediaries under Article 2 paragraph 3

a) it recognises the self-regulatory organisations or withdraws such recognition;
b) supervises the self-regulatory organisations;

c) it approves the regulations issued by the self-regulatory organisations in accordance with Article 25 and any amendments thereto;
d) it ensures that the self-regulatory organisations enforce their regulations"

However, most powers are still vested with SRO itself. There are SROs with different quality of monitoring standards and there are different AML auditors who do most of actual risk assessment works for the SRO.

SO-FIT is "mid-quality" SRO compared to VQF and Polyreg.

 

[Kranders]

Virtual cards be added to apple wallet instantly?

Also private Vaults function can be enabled on APPLE IOS?

 

[swissmoney]

Dear Kranders,

Please note that Accessing Vaults can be done through Settings tab, After that you can access your private wallets.

 

[clemens]

Personal account can be opened with how much KYC required?