Question What would be the best story for the Proof of Funds question ?

[flashbang]

I (and the people I work with, whose experiences I learn from) don't have a problem declaring SOW/SOF in detail going back years, so I'm not sure if my experience is helpful for you.


Can they trust you? Can you be completely 100% honest and transparent about where your money come from?

I meant the SafeGuard of BCC as well - their website says the following:

The Malta Depositor Compensation Scheme does not apply to your Account and BCC. But we take the security of your money very seriously. We shall safeguard all funds received from you.
Such funds shall be deposited in a separate bank account in a credit institution domiciled in a reputable jurisdiction. So in the unlikely event of any insolvency, funds that have reached your Account will be protected against claims by creditors.

What if they decided to go bankrupt and cash out all the money from their clients....

 

[Sols]

The safety of all EMIs is the same across the EU/EEA: they hold at least 100% reserves.

An EMI cannot lose your money. Doing so would be both criminal (and prosecuted, the directors would be going straight to jail) and difficult (practical restrictions on moving that money around).

A bank can lose your money. There, you are limited to the deposit guarantee which is typically 100,000 EUR across EU.

If you're asking whether the owners and directors of Fidor are more or less likely than the owners and directors of BlackCatCard to commit crimes, we're so far into the hypothetical you might as well ask if Luke Skywalker prefers to scratch his butt with his real or cybernetic hand.

 

[flashbang]

The safety of all EMIs is the same across the EU/EEA: they hold at least 100% reserves.

An EMI cannot lose your money. Doing so would be both criminal (and prosecuted, the directors would be going straight to jail) and difficult (practical restrictions on moving that money around).

A bank can lose your money. There, you are limited to the deposit guarantee which is typically 100,000 EUR across EU.

If you're asking whether the owners and directors of Fidor are more or less likely than the owners and directors of BlackCatCard to commit crimes, we're so far into the hypothetical you might as well ask if Luke Skywalker prefers to scratch his butt with his real or cybernetic hand.

Okay then, thanks for the detailed response.

Then which one would be more lenient in the SOF question ? Fidor or BlackCatCard

 

[GPT]

The money originated from something. Gift, business, name it. There is always a story where the money comes from. If its from a different (bank)account, share the statement. If that is enough you are ok (for now).

Stick to the truth though. Until recently made up stories were ok-ish. Lately that is more and more difficult due to all the information being shared by the various governments. Basically what has been said in various ways. Don't wait too long. There are already horror stories out there about blocked accounts which take forever to unblock.

Crypto's used to be the "easy" way out. Lately that also has become a problem with more and more exchanges requiring SOF.
This currently proofs to be a nightmare for the crypto hodlers of the first hour as you cant download anything from those days anymore as most of the early exchanges etc don't exist anymore let alone the OTC activities.

 

[12345]

This works until it doesn't. And when it doesn't, you've turned "We don't like this customer" into "This customer has committed provable crimes".

As long as you're dealing with petty amounts (say under 50-100,000 EUR), you might not be worth the time and effort today. But if you grow or if systems catch up with the backlog even for smaller amounts, you're in for a treat when they start asking for proof and proof of proof.

Yes I agree but in general some people are too fearful thinking that when they twist some details they are going straight to jail, that's not realistic
On the other hand sending fake docs especially pure quality is not good idea
As always don't let both fear and greed control you

 

[ShillGates]

The safety of all EMIs is the same across the EU/EEA: they hold at least 100% reserves.

An EMI cannot lose your money. Doing so would be both criminal (and prosecuted, the directors would be going straight to jail) and difficult (practical restrictions on moving that money around).

A bank can lose your money. There, you are limited to the deposit guarantee which is typically 100,000 EUR across EU.

If you're asking whether the owners and directors of Fidor are more or less likely than the owners and directors of BlackCatCard to commit crimes, we're so far into the hypothetical you might as well ask if Luke Skywalker prefers to scratch his butt with his real or cybernetic hand.

The safety of all EMIs is the same across the EU/EEA: they hold at least 100% reserves.

you would think, however.......https://www.lb.lt/en/emi-performance-indicators

go figure, these balances dont add up!

 

[Sols]

The safety of all EMIs is the same across the EU/EEA: they hold at least 100% reserves.

you would think, however.......https://www.lb.lt/en/emi-performance-indicators

go figure, these balances dont add up!

Any specific examples?

 

[uplana]

Yes I agree but in general some people are too fearful thinking that when they twist some details they are going straight to jail, that's not realistic
On the other hand sending fake docs especially pure quality is not good idea
As always don't let both fear and greed control you

While I totally agree with you on that point. There is no need to fake any documents, if you are not the owner of a aged company already then you could simply buy a ready-made aged company somewhere, doesn't matter where. Make invoices back in time using this company and you are good to go.

It would require to pay attention to how you do it, but that said, it's well possible. The EMI and Banks have to accept it unless they can proof you in doing something wrong.

 

[flashbang]

While I totally agree with you on that point. There is no need to fake any documents, if you are not the owner of a aged company already then you could simply buy a ready-made aged company somewhere, doesn't matter where. Make invoices back in time using this company and you are good to go.

It would require to pay attention to how you do it, but that said, it's well possible. The EMI and Banks have to accept it unless they can proof you in doing something wrong.

Are you sure it is safe to make invoices back and show it to the bank as SOF lol

 

[countryfree]

If you want to fly under the radar, you've got to fly low.
If you want to fly under the radar, you've got to fly low.
If you want to fly under the radar, you've got to fly low.

That's the only rule.

 

[GPT]

Are you sure it is safe to make invoices back and show it to the bank as SOF lol

With a shelf company where you need to create a history; yes it is as you will also do all the backfilling of accounts etc.

It is however not something you can do on a rainy Sunday afternoon. If going this route then you need expert help.

 

[flashbang]

With a shelf company where you need to create a history; yes it is as you will also do all the backfilling of accounts etc.

It is however not something you can do on a rainy Sunday afternoon. If going this route then you need expert help.

and where do you find these experts at ?

 

[GPT]

and where do you find these experts at ?

9 out of 10 times the service provider that sells you the shelf is also the expert help you need.