verification

[michael reader]

someone told me this about most if not all offshore banks.


The bank reserves right to verify your current residence by any of their methods, which they do not disclose.

how would offshore banks or emi or digital banks verify someone current residence if they dont disclose how they go about it then? does anyone know what they mean by not disclosing? how would they go about doing so then? anyone have any thoughts or opinions? im all ears. rsvp.

 

[Tax Cow]

Are you talking in the context of CRS by OECD?

Most banks will want to rely on your own self-certification obtained during initial KYC and verify this with utility bills every few years. This is the cheapest option and makes most business sense. There are other soft indica they may refer to, most notably:

- Standing order payments to another country (most notably, utility and cellular companies), or just frequent payments to another country in general. There are no fixed criteria and the bank may insert their own point of view in place of "frequent payments".

If you defer from the default which can be automated, costs will jump significantly. If report is relayed to 2 countries instead of 1, the ratio of false positives will already be too high. This comes back as extra work burden on the tax offices and bank support department.

My rough guess is that OECD CRS will loosen up in the years to come. It's already too harmful even for legitimate citizens as the banking services are becoming increasingly unavailable or too costly.

 

[michael reader]

its not only crs but also tax information exchange agreements and automatic exchange of information. ive downloaded many oecd pdf files that explain very good in fine detail how all of this works but the problem is that its not in plain and simple english for some reason! if i were to send you the pdf files, would you be able to understand the jargon because i sures hell dont! if ive downloaded many oecd pdf files that go into really fine detail about exchange of information and tax treaties and still dont understand what or how most of it works! should i hire a professional tax advisor for this? do you want the files? rsvp.

Are you talking in the context of CRS by OECD?

Most banks will want to rely on your own self-certification obtained during initial KYC and verify this with utility bills every few years. This is the cheapest option and makes most business sense. There are other soft indica they may refer to, most notably:

- Standing order payments to another country (most notably, utility and cellular companies), or just frequent payments to another country in general. There are no fixed criteria and the bank may insert their own point of view in place of "frequent payments".

If you defer from the default which can be automated, costs will jump significantly. If report is relayed to 2 countries instead of 1, the ratio of false positives will already be too high. This comes back as extra work burden on the tax offices and bank support department.

My rough guess is that OECD CRS will loosen up in the years to come. It's already too harmful even for legitimate citizens as the banking services are becoming increasingly unavailable or too costly.

 

[Martin Everson]

how would offshore banks or emi or digital banks verify someone current residence if they dont disclose how they go about it then? does anyone know what they mean by not disclosing?

They check electoral register online or use third party agencies to do this. They simply don't want to tell you how they do it. The software they use under license does not often allow them to disclose this detail i.e for checking if you are on a sanction list they can sue Thompson Reuters world-check. Thompson Reuters does not allow users to send the information they have on you in their database to yourself as it could be wrong and they can be sued . They prefer to keep it all hush hush to absolve themselves from any liability or inaccuracies .

 

[countryfree]

Also, banks want to have their hands free. They don't want to be limited, and their methods may change in the future.
But you shall not worry much. Unless you deal with very high sums, and make many transactions, you shall be under the radar.

 

[michael reader]

electoral register online? third party agencies do this but how? if someone who was born and living in el salvador opened a ton of offshore bank accounts, digital banks, and electronic money institutions but one day moved to argentina or venezuela and on purpose didnt notify their banks about this because they have a girlfriend back in el salvador who receives their mail, correspondence, debit cards, ect...... then how would the financial institutions figure this out eventually assuming that they do????? 25 million dollar question. rsvp.

They check electoral register online or use third party agencies to do this. They simply don't want to tell you how they do it. The software they use under license does not often allow them to disclose this detail i.e for checking if you are on a sanction list they can sue Thompson Reuters world-check. Thompson Reuters does not allow users to send the information they have on you in their database to yourself as it could be wrong and they can be sued . They prefer to keep it all hush hush to absolve themselves from any liability or inaccuracies .

 

[niggashit]

Social Media
Card Location Data
Data Brokers like Lexis Nexis.

 

[niggashit]

Mobile Apps also sell data for company called Trulioo. They offer 50k to each developer.

 

[michael reader]

so then what youre saying is that the person from el salvador who moved to venezuela or argentina permanently even though they have a girlfriend back home in el salvador picking up their correspondence at their old mailing address which is still listed for all offshore banks, digital banks, emi once this is found out, what would happen then assuming that something immediate would happen to that individual who in sense lied to their banks? is this the exchange of information that were talking about here? tax treaties as well like tiea?????? who would find out first? the banks and any other financial institutions involved? governments also involved like el salvador, venezuela, or argentina? so this loophole would be discovered this way then? lexis nexis and trulioo essentially will cross reference the information then by any which way you can then? am i correct in making this assumption? can you at least tell me if im on the right track here because i think that you are! rsvp. thank you!

Mobile Apps also sell data for company called Trulioo. They offer 50k to each developer.

 

[niggashit]

so then what youre saying is that the person from el salvador who moved to venezuela or argentina permanently even though they have a girlfriend back home in el salvador picking up their correspondence at their old mailing address which is still listed for all offshore banks, digital banks, emi once this is found out, what would happen then assuming that something immediate would happen to that individual who in sense lied to their banks? is this the exchange of information that were talking about here? tax treaties as well like tiea?????? who would find out first? the banks and any other financial institutions involved? governments also involved like el salvador, venezuela, or argentina? so this loophole would be discovered this way then? lexis nexis and trulioo essentially will cross reference the information then by any which way you can then? am i correct in making this assumption? can you at least tell me if im on the right track here because i think that you are! rsvp. thank you!

No one give f**k for small fishes. If you are multi millionaire then maybe.

 

[Martin Everson]

electoral register online? third party agencies do this but how? if someone who was born and living in el salvador opened a ton of offshore bank accounts, digital banks, and electronic money institutions but one day moved to argentina or venezuela and on purpose didnt notify their banks about this because they have a girlfriend back in el salvador who receives their mail, correspondence, debit cards, ect...... then how would the financial institutions figure this out eventually assuming that they do????? 25 million dollar question. rsvp.

Well this is a third world example and you would probably be ok if your moving from sh*thole to sh*thole - no offense intended .

 

[michael reader]

probably or yeah? how can i investigate even deeper on my own? googling on my own that is to know things with absolute certainty? rsvp.

Well this is a third world example and you would probably be ok if your moving from sh*thole to sh*thole - no offense intended .

 

[niggashit]

pipl.com probberly. Other ones are closed.

Google will give their 2 cents.

 

[michael reader]

im talking about serious investigating. im not joking around. should i hire a private investigator in this case? im being serious here? i have to assume that the tiea, aeoi, and crs creoss reference information in some way without disclosing and so do banks. im trying to be serious here and do my homework. what if that person from el salvador decided to move to canada? i know that the exchange of information and tax treaties will cross reference information but i dont know exactly how and so do banks and thats what i would like to investigate if you dont mind..... im just trying to do my homework here if thats ok with you? im sorry it wasnt my intention to offend you or anyone else on this forum but i love doing homework on my spare time even when i dont go to school. does this make sense? i love cross referencing information just in general let alone much less how oecd and banks do it. im trying to be serious here. when u said trulioo and lexis nexis at least you gave me some hints as to where to look for. this is exactly what im talking about here. at the very least i wanna be on the right track here if u know what i mean here? rsvp

pipl.com probberly. Other ones are closed.

Google will give their 2 cents.

 

[niggashit]

im talking about serious investigating. im not joking around. should i hire a private investigator in this case? im being serious here? i have to assume that the tiea, aeoi, and crs creoss reference information in some way without disclosing and so do banks. im trying to be serious here and do my homework. what if that person from el salvador decided to move to canada? i know that the exchange of information and tax treaties will cross reference information but i dont know exactly how and so do banks and thats what i would like to investigate if you dont mind..... im just trying to do my homework here if thats ok with you? im sorry it wasnt my intention to offend you or anyone else on this forum but i love doing homework on my spare time even when i dont go to school. does this make sense? i love cross referencing information just in general let alone much less how oecd and banks do it. im trying to be serious here. when u said trulioo and lexis nexis at least you gave me some hints as to where to look for. this is exactly what im talking about here. at the very least i wanna be on the right track here if u know what i mean here? rsvp

Even my info there. No one can remove it. That's why people are using Trustees and Shells to avoid any public info.

Banks has alliance with other banks to cross reference balances, names. In USA it's called ChexSystems.

 

[michael reader]

but lets assume that the person from el salvador decided to move to canada permanently. in your opinion/to your knowledge, would there be anyway possible that they could somehow beat the system as far as to how its setup? just your opinion/to your knowledge. with the oecd and its exchange of information and tax treaties assuming that, that persons money has been deposited in offshore banks, emi, or digital banks when they opened their bank accounts but moved and purposely didnt notify all of their banks so like that those banks would still believe that they lived in el salvador when in fact have moved to another country permanently. if by using trustees and shells can they somehow beat the system of tax treaties and exchange of information by the oecd and also the banks way of doing too since they too will not disclose how they go about it? lets say that i was born and live in honduras when i opened my offshore bank accounts, emi, digital banks. one day i moved to paraguay but on purpose didnt notify my banks of the move since my girlfriend back in el salvador is still receiving my banks correspondence in honduras. if i use trustees and shells can this loophole remain undiscovered? it would be under the old honduras taxation bracket and not paraguay. how would this loophole be discovered if i decided to use trustees and shells then? rsvp

Even my info there. No one can remove it. That's why people are using Trustees and Shells to avoid any public info.

Banks has alliance with other banks to cross reference balances, names. In USA it's called ChexSystems.

 

[burnmehot]

digital banks can't check and don't do check the passport I know because I have used not real passport.