Most of the telephone calls we receive every day are regarding client problems with Banks, and the problems with Banking Compliance are getting worse, week by week. We live in a world of total compliance, with Bank officers and relationship mangers having little say over the opening of new client accounts, or even dealing with daily problems with existing customer accounts. Today, Banks are ruled by Compliance officers, who have no commercial awareness at all.
As an example, last week the new CEO to one of the international Banks we have been licensed to for many years, telephoned me to introduce himself and thank us for the many clients we have introduced to the bank over the years. After the initial pleasantries, he asked why the number of clients we have introduced to the bank this year had gone down by 75%. My answer was simply. It's your compliance department was my quick reply. His reply was "so tell me Charles", what is the problem with our compliance department?" My reply was, well, they are certainly the most efficient Compliance team in the industry, but the problem is, your bank will probably go bankrupt in three years as you won't have any bloody clients, because you reject everyone. To be fair to the guy, he did take my comments seriously and came back to me a few days later after having spoken with his compliance team, instructing them to ease up and modify their attitude towards clients. The so-called modified attitude and period of leniency lasted approximately 72 hours before the compliance department of the bank were back to the same old tricks. It appears to me, that today, we are all guilty until proven innocent. I just don't know how you prove yourself innocent in the eyes of bankers.
Many calls we handle each day are from business people who have purchased an offshore IBC company from one of our competitors and have been unable to get a bank account for the company. It appears in general, our competitors are more interested in selling you a company without even mentioning a bank account. Buying an offshore company or any company without the company service provider ensuring that the bank account is available is a bit like buying a car and when you lift the bonnet it would appear, that an engine was an optional extra.
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