We hope that your 2023 is off to a great start and that you are enjoying all of your
Paxum products and services.
This is a short note to let you know that your account at Paxum.com has been assigned
to Paxum Bank Limited (“Paxum Bank”), a financial institution located in the Commonwealth of Dominica. At Paxum Bank, you’ll continue to receive the same great Paxum branded products and services that you enjoyed with Paxum.com, plus additional available products.
You can log onto your account in the manner that you always have (paxum.com).
As always, thank you for your business, and we look forward to continuing our relationship with you through Paxum Bank.
It’s always something with them. They also want us to provide all this to them WTF.
A proof of identity document issued under your name.
One of the following items will suffice:
Passport
Driver’s License.
A proof of address document issued under your name, such as:
Utility Bills such as Gas, Water, Internet, Electricity, Cable, Garbage, Landline Phone (issued within the last three months)
Bank/Card Statements (issued within the last three months).
Memorandum of Association/By-laws (or equivalent) for BluMedia Inc : The LLC Agreement will suffice.
Register of Members/Owners (issued by a public authority/notary) for BluMedia Inc, along with identity/business documents and proof of address documents (issued within the last three months) for all individuals/entities who own or control 10% or more of the company.
Note: The Register of Managers/Members/Owners must be issued by a public authority/notary.
Register of Managers/Directors (issued by a public authority/notary within the last three months) for BluMedia Inc, along with identity documents and proof of address documents (issued within the last three months) for the managers/directors.
Company Shareholder Register for BluMedia Inc, along with identity/business documents and proof of address documents (issued within the last three months) for all individuals/entities who own or control 10% or more of the company.
Proof of registered address: A registry extract that indicates the registered address of BluMedia Inc, such as:
Utility Bills such as Gas, Water, Internet, Electricity, Cable, Garbage, Landline Phone (issued within the last three months)
Bank/Card Statements (issued within the last three months)
Registered Office Certificate.
Proof of place of business (the document must be issued in the Company Name), such as:
Utility Bills such as Gas, Water, Internet, Electricity, Cable, Garbage, Landline Phone (issued within the last three months)
Bank/Card Statements (issued within the last three months).
Estimated monthly deposits to your Paxum account:
Estimated monthly withdrawals from your Paxum account:
Company Industry:
Source of Funds:
Purpose of Account:
Please explain which services you will be providing:
Please specify which services are provided to you by other users:
Please provide a few examples of the companies/users with whom you will be receiving funds/sending funds via your Paxum account:
That sounds ridiculous. You are opening a bank account, not a bank. All this documentation is absurd, but I guess it’s some sort of regulatory requirement. A selfie, an ID card, bank statements, and paid household bills were enough for me, so I can’t complain about very heavy documentation, but apparently, it depends on the address of the registration.
Yes its a lot of documents and information but it’s due to money laundering regulations. It seems daunting but I went through it a few months back and worked fine. What they are asking for is very similar to what banks do here in-fact most of what they’re asking for is exactly the same. I don’t know about Paxum but banks here are required by law to have this information. Opening bank accounts is becoming harder and harder.
I’ve had far worse with my existing “normal” bank where I had to provide invoices and proof of who’s sending me the money, full company returns and more… and that’s even after being a client of theirs for 10 years.
I just had something similar from PayPal now, they froze my account until I verify my company details. Pretty much same questions as paxum. I don’t know if its only in Sweden they do this or something they will roll out everywhere.
It makes me appreciate Paxum a lot as we have so few avenues of getting paid and its getting harder moving money around despite it being legal and not doing anything wrong.
European officials who know nothing about banking created this mess. This Know Your Customer process is as cumbersome as anything that comes out of Brussels. I recently had my debit card frozen and spent 1 hour at a bank employee’s desk filling out a “short” 10-page questionnaire. Then I asked why they were freezing my card and the clerk cited some European regulation that says they have to do this with the questionnaire periodically, freezing the funds until it is filled out.
It happened to me with CCBill. They froze my account, without telling me of course, until I had jumped through all their burning hoops. Anti-money-laundering and know-your-customer policies they called it.
Trump Media needed a bridge loan to keep the company afloat. But it struggled to get financing until DWAC’s chief executive Patrick Orlando sourced a $2m loan wired from Paxum Bank registered in Dominica, according to the wire transfer receipt reviewed by the Guardian.
The wire transfer identified Paxum Bank as the beneficial owner, although the promissory note identified an entity called ES Family Trust as the lender. Two months later, an unexpected second $6m payment arrived in Trump Media’s account from ES Family Trust, the transfer receipt showed.
Though the two payments to Trump Media ostensibly came from two separate entities – first Paxum Bank and second ES Family Trust – the trustee of ES Family Trust, a person called Angel Pacheco, appears to have simultaneously been a director of Paxum Bank.
Ruth from Paxum always comes on XBiz to comment when there’s an issue. She’s been MIA in this case. Some are comparing it to ePassporte.
For us it is business as usual, everything is operational, all is good with our regulator and banking partners. It’s basically non-news. We are exploring an option to legally go after the Guardian in the near future (the Guardian was the originator of this story). If anyone has any questions or concerns, we’re available, email us!
Of course, I wouldn’t leave more than $100 there because the Russian connection is too disturbing.
Yes i did read the new story. Who knows what’s actually true or behind it. The thing is that it’s a very useful tool and paying employees and getting paid without paxum would be very difficult.
Yes, for affiliates and some producers its very valuable vs having to send wires. Though we wire in the bare min for payments and send out asap just to be careful.