SWIFT PAYMASTER

The majority of countries run on the SWIFT payment system which is a US based funds transfer facility which the US government have a great deal of influence over. With a SWIFT Transfer, monies have to be in the Sending account before the can be sent to the Receiving account. The funds are transferred via the Central Bank controls of both countries from one account to the other.

For the majority of transactions undertaken these are of low value or within established ranges. For high value transactions, these require different treatment. Should an individual who normally has say $10 to $20 thousand dollars – and probably less – moving in and out of that account per month suddenly receive several hundred thousand let alone millions, it is highly likely that the account would be suspended pending investigation. This can take months to resolve.

A Paymaster facility answers that problem because Paymasters can accept very large and legitimate transaction values without the resulting account suspension and investigation. Consequently, any person or company in Commodity Trading, Private Placement Platforms, have to move funds to a safe location, significant private asset sales or other high net worth activities may wish to consider using a Paymaster.

Many clients have both a company as well as a private Paymaster Account so received funds can be compartmentalised from the start for the client. Paymaster Accounts can be in US Dollar, Euro, GB Pounds Sterling. The Paymaster Accounts can receive funds from over 100 recognized currencies, and the funds arrive in the currency of the specified Paymaster Account i.e. USD, GBP, Euro. If required clients can have additional Paymaster accounts for regularly used major currencies.

Funds can remain in the Paymaster account for a period of 6 months, and this can be extended for a small fee. The funds at this stage are not in the name of the client and as such could not be considered as earnings.

Once funds have been received (or before if needed), Pro Law can set up Offshore Foundations, Companies and bank accounts as required under the SafeESTATE service. See the SafeEstate explanation in the manual for more information.

SWIFT PAYMASTER – WHO WE CAN HELP

  • High net worth individuals
  • Mandates, Intermediaries and Brokers within the commodity business
  • Lottery winners or others who have received through inheritance or other means “a fortune” and would benefit from assistance
  • Large trading companies looking for simpler and cost effective inbound and outbound payments of high value
  • Off-ledger funds holders (funds genuinely released for Humanitarian Projects)

SWIFT PAYMASTER – WHO WE CAN'T 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
  • See our Statement on Illegal Activity - CLICK here for more Information

SWIFT PAYMASTER – PRO LAW REQUIREMENTS AND TIMING

  • KYC for the Client
  • Copy of Client Proof of Address
  • Copy of Client Passport (Photo and adjacent page)
  • Approximate funds value expected
  • History and origin of funds proof
  • Note: Coprorate Accounts require additional company related information
  • TIMING – assuming all client information is present, correct, verified and acceptable it takes 48 hours (Banking Days) to set up SWIFT Paymaster

SWIFT PAYMASTER FEES

  • No fees are payable until monies are received in the Paymaster Account
  • On receipt of initial funds there is a one-off documentation charge of $6,000
  • Paymaster receipt fees in line the current Paymaster chart of Charges shall be charged and deducted at source with the balance being retained in the client Paymaster Account
  • On receipt Pro Law can quote on the SafeESTATE Offshore Company (OSC) structure and associated Offshore Bank Accounts (OSBA) - CLICK to learn more
  • Funds held in the Paymaster Account for over six months without moving them to another account within or outside the Pro Law services attract an annual fee of $500 deducted from the client Paymaster Account, only if the funds remain stagnant in the Paymaster Account

Quick Register for The Paymaster Services