David MAO

David MAO

Paymaster Service

Law Firm or Company with a Banking License

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Published on October 08, 2017 -

We offer a Paymaster Service to individuals, corporations, and companies, both domestic and international. We assist and work with individuals and companies to facilitate prompt payment of their fees within the guidelines of authorities and regulations.

The Paymaster acts as a trusted, arms-length, neutral third party that facilitates the payment of large sums of money by receiving Funds from any transaction between two or more separate individuals or entities.

If you need a Paymaster Service, we need to know in advance:
  • The amount of the Funds to be received
  • The currency of the Funds to be received:
  • The number of tranches: One tranche or several tranches
  • The amount per tranche
  • The date(s) of the anticipated transfer(s)
  • The name of the Sender Bank
  • The Country(ies) of the Beneficiary(ies):
  • The origin of the Funds and the explanation about the transaction: economic reason...
Funds to be received either in SEPA or SWIFT MT-103 (as a reminder, we will not take Server to Server situations such as DTC).

CIS/Passport(s) and the Contract, RWA letter issued by the Sender Bank (who confirms the Bank is ready to wire the Funds), will be requested...

In order to do so, the process will be as follows:
  • Each partner for each transaction transmits to my/ourselves the legal and compliance documentation of the anticipated transfer.
  • Such transfer(s) and transaction are approved by the board.
  • Then, I/we send you the Paymaster Agreement for signature.
The Paymaster is not party to the transaction. Part of the Paymaster’s job is to insure that the payment has been transferred into the paymaster account, then to disburse the Funds in accordance with the parties’ directions. The Paymaster is prepared to accept and disburse Funds on the Client(s) behalf to ensure the integrity of Client upcoming transaction(s) and to expedite receipt of Funds to all nominated parties involved.

The Client(s) engage(s) the Paymaster, to act in the Client(s) best interest and that will guarantee the accurate and timely transfer of Funds to all the nominated accounts, once the Paymaster has received the Funds on behalf of the Client(s).

Client represents that the receipt of these Funds is in full and complete compliance with the laws of the Jurisdiction in which they are received and that the Funds are clean and of non-criminal origin. The Paymaster will verify the source of Funds for compliance with any domestic or international laws; the Client agrees to promptly submit the required documents so that the Paymaster may expedite your disbursement.

Client(s) agree to provide a “Client Information Sheet” (complete with a colour copy of current passport) for each person or entity receiving Funds.

The Paymaster does not withhold taxes. The individual or company is solely responsible for paying any taxes due.

We remain at your availability should you require any additional information.

Important:

This text is provided for general informational purposes. This is not intended to be legal advice; it is information and opinion only. Do not rely on this information as legal advice. You must first see your own attorney and apply the facts of your particular situation to the law of your state and country. Do not engage in any area of the subject of this article without first seeing an attorney.

Information non-contractual - Shall not be considered as a regulated financial proposal or sale of financial product in any applicable jurisdiction. All the elements mentioned in the text are only informative and don’t constitute in any case a solicitation or a contractual commitments.

Notes:

Anti-money laundering regulations: The Luxembourg, Swiss, International and European Union anti-money laundering regulations impose obligations to obtain sufficient knowledge of the Clients, their identity, their business, background and the nature of Funds. These rules also require us, under certain conditions, to report any suspicious activity where we know or suspect that money or property is the subject of money laundering. In the event that we have any such suspicion, our obligation to report to the authorities will prevail. This legal duty overrides any duty of secrecy that we owe you.

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