Quote:
Originally Posted by epitome
Someone mentioned that on the St. Kitts website there was some text that made it seem like they were going into the same biz as Epass.
Wouldn't it suck if Epass was really doing everything right and the bank found the tiniest compliance problem to get them shut down and to take over their business?
Remember folks, banks are just as shady as the worst adult companies!
Epass keeps saying they have no idea why they were shut down and St. Kitts isn't cooperating.
Oh well, just throwing something else out there for everybody to ponder as we sit and wait.
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no they can't. Simple as that. SKNANB is a retail bank for its domestic area and a wholesale bank for international area. Due to VISA regulations, SKNANB should create an international financial institution that can be controlled by SKNANB, but can't be the same bank. Furthermore, SKNANB should never have more than 49% of the stocks of such company. Otherwise, they should enter into a co-branding contract and be fully responsible for the money, plus they won't be able to keep the "bank secrecy" (besides some financial and accounting issues which varies according to many variables such as location, range of operations and so on).
The sole fact of having to give up on bank secrecy makes me hard to believe they're going that way since it's their bread and butter.
But there's more: if even then they choose to go this way, each and every former Epass member has to sign a form for funds release which allows them to move the funds from Epass account to the new account OR pay former users up to the last cent plus accrued interest.
Now, this scenario is possible ONLY if SKNANB and Epass were the same company. Legally, SKNANB can't steal the money from an account and move it to a new one, it simply won't work, just think about it and you'll realize why it's impossible.
Now, although nobody knows, I'm quite positive they're not the same company, and what happened is usually related to an interdiction by a higher financial court, such as FDIC or in this case, probably the CARICOM Single Market (CSME). So why look for the most strange and bizarre possibility when there's a very common one (which I think is the right one, btw)? Keep in mind they lied about VISA, then they lied about SKNANB, so it's very hard to believe they're in the right but they have to lie for whatever reason, and on top of that, there's a conspiracy between VISA and SKNANB to take down Epass. Just in case VISA's business is to have as much Epassporte-like companies as possible
anyway, the short answer is no way José!