KTT PAYMASTER

KTT stands for Key Telegraphic Transfer. They simply Key in the transfer. They do not actually send any money – just send a telegram asking the receiving Bank to “cover it” and put the money into Y’s account, and X’s bank will cover it. X’s bank takes money out of X’s account so you, X think the money has been sent – when in fact it hasn’t. It goes to X’s Bank’s account only and all Banks are subordinate to their country’s Central Bank. All banks have an account with their Central Bank which how SWIFT works so effectively.

With regards this transaction, in X’s Paymaster statement it will show that this transaction has gone to Y. But in fact, NO money has gone to Y. It has simply been in a telegram from Bank X to Bank Y. Based on this Bank Y puts “monies” into their client’s account. But these monies have not come specifically from X – they are in effect “promised monies” and in reality, the monies from Bank Y. The receiving client is credited with the Bank Y money – and this used to take two days. At this juncture Bank X owes a debt to Bank Y. It is a bank-to-bank debt.

Unfortunately, there are a number of people wrongfully doing KTT transactions – illegally and illegitimately. Going back to Bank X sending a transfer notice to Bank Y, based on the telegram, Bank Y credits its client. But the sending bank has not sent it yet. So, if a fake document is presented to Bank X to act on, and X KTT sends the telegram to Bank Y, Bank Y acts in good faith the monies will follow. Bank Y credits its own funds to its client irrespective it has or will receive the funds.

To the cheating receiving client, they see they have $N million in their account and start to distribute it. But funds have never actually been received and should not be able to be distributed.

This is the risk for the Pro Law KTT paymaster accounts. If the funds are not real irrespective whether they have been distributed – once reconciliation occurs the funds get sucked back from the Pro Law Paymaster account. And this is what many of the crooks do to try to cheat and take advantage of the KTT system.

There are many crooks and fraudsters who are wise to this flaw in the KTT system and who want to take advantage of it. This is why with any Client looking to use KTT Pro Law requires open and honest presentation of the origins and history of the funds. This may require order sheets, invoices, and photographs of proof of delivery. The Client will also have to produce a Proof of Transfer (POT) of the sent funds from their sending bank.

KTT PAYMASTER – WHO WE CAN HELP

  • KTT fund holders who are looking for a regulated KTT service provider - where the fees are considerably less - and not the "normal" 45+5 / 45+5 Sender / Receiver "deal"
  • High net worth individuals or corporations from NON SWIFT Countries or who have a genuine "legacy" reason why funds are still held in KTT Accounts
  • Mandates, Intermediaries and Brokers within the commodity business from NON SWIFT Countries
  • Large trading companies looking for simpler and cost effective inbound and outbound payments of high value from NON SWIFT Countries
  • Off-ledger funds holders (funds genuinely released for Humanitarian Projects)

KTT PAYMASTER – WHAT WE AVOID AND CANNOT WORK WITH

    • Scammers and those looking to launder illegal proceeds
    • Anyone who refuses to provide KYC and Proof of Address
    • People who do not have or are unwilling to present Origin and History of Funds proof
    • Middle-men asking for KTT Codes
    • Pro Law are particularly vigilant of people in SWIFT based countries requesting KTT funds transfer
    • See our Statement on Illegal Activity - CLICK here for more Information

    KTT PAYMASTER – PRO LAW REQUIREMENTS & TIMIING

    • KYC for the Client
    • After light due diligence Pro Law will invoice for the $35,000
    • Copy of Client Proof of Address
    • Copy of Client Passport (Photo and adjacent page)
    • Approximate funds value expected in total or weekly/monthly tranches
    • History, provenance and origin of funds proof – IMPORTANT!!
    • Location of Funds and bank details
    • Proof of Transfer from the sending bank
    • If in a SWIFT system country, a full explanation why they are unable to remit funds via SWIFT and require the KTT transfer facility at all
    • TIMING – assuming all client information is present, correct, verified and acceptable it takes up to 5 Banking Days to set up KTT Paymaster

    KTT PAYMASTER FEES

      • $35,000 Set up fee which guarantees the client with a working unique KTT receiving facility and Paymaster Account (which ensures Attorney Client Privilege). However, if the funds are illegitimate or have no history/origin/provenance, the Paymaster reserves the right to refuse the funds without any refund or recourse available to the client
      • Paymaster receipt fees in line the current Paymaster Charges tariff shall be charged and deducted at source with the balance being retained in the client Paymaster Account
      • Upon Client request a quote can be provided for other services such as SafeESTATE - CLICK to learn more
      • Funds held in the Paymaster for over sixty days without moving them to another account within or outside the Pro Law services attract a minimal long stay fee
      • There are other fees chargeable which are disclosed to all Paymaster prospects and Clients during discussions and quoted for in the Paymaster Trust Agreement (PMTA)

      TECHNICAL DATA
      KTT Paymaster Account can accept all types of KTT transactions including KTT Analog, MT199, MT103, MT202, MT910, and MT940

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