So who are Global Transaction Services (HK)?
Well here is their website;
They state: Global Transaction Services (HK) Ltd is a Hong Kong licensed financial institution regulated by the Customs and Excise Department Money Service Supervision Bureau of Hong Kong. Verify our license online at:
Somewhat disappointed to find out that there is a GTSHK registered (I’m sure when I tried previously there was no registration). What is actually covered with the registration I’m not sure.
But you’d be reasonably confident that it doesn’t include a quick rinse and spin-dry in Eastern Europe.
Will the real slim shady please stand up?
When all else fails, have a look at the small print. (Privacy, T&C’s, AML Policy at the bottom of the page).
Privacy - Global Transaction Services LLC…….wait hold up. "LLC" what happened to this being a HK company?
…"together with its parents, subsidiaries and affiliates" ….So LLC might be the parent entity of HK, but LLC also may have a parent. Interesting. Whats this another entity http://gts.epsilon-technologies.eu 😔 its a dead link. (I’ll be honest I didn’t even notice this link previously, but I have come across Epsilon before ….also worth noting that the domain is available for sale via domain names in Germany. Perhaps Brian Cook would be interested, as he is already quite local and appears so far to be a good cultural fit).
I digress….moving onto the T&C’s. Lots of you won’t do this, and can’t do that. Fortunately, I’m not a client, otherwise I wouldn’t be allowed to type this email. I also wouldn’t be allowed to transfer those funds as described above. But then again I’m not sure in that situation I would be a client of GTS maybe its only UGHL that is the client and they have a ‘special’ arrangement.
What about GTS obligations?
- Complaints. GTS has a policy. So if you have a complaint. you let GTS know what it is. They will then let you know what their policy is in regards to that complaint. There’s to be no cheating by having a peak at the policies first.
- Our obligations under the Payment Services Regulations. Finally, an actual regulation to reference and cuddle for some comfort. Lets find out just how comforting HK’s regulations are.
Not being a full bottle on HK’s regulatory frameworks. Google as always is my trusty sidekick
…... Oh thats confusing, Payment Services Regulations 2009 is UK and Europe not HK. wtf. Oh
I see, its a riddle!!
So GTS LLC is the parent of GTS HK…….that means GTS UK is the parent of LLC.
Obvious really. Duh.
The great thing about the UK is that Companies House being in Beta means you can look at all the
records you want for free. Either directly or through Opencorporates.com
Its worth having a look through them. But the suspense is killing me…..I have to fast forward to the end.
Here’s another riddle….
Whats better than one Daniel Andrew Barrs?
Its two Daniel Andrew Barrs (Senior and Junior).
Daniel Andrew Barrs (yeah you guessed it Snr)
and here's junior.
Ironically, both Barrs are well well…they are behind bars. I wonder if that gag got used at last years Policeman’s Ball.
It appears providing advice and services into the opaque offshore world does have its risks.
I must note the UK government appears to have been very proactive and motivated in this instance to chase down those that nicked GBP11m of VAT off the HMRC.
Pity there isn’t the same enthusiasm to chase those that nick billions off the naive after all thats money that will never earn any taxes, and god forbid if they actually defrayed some of that pain by seeking a deduction.
Companies House UK
Here’s the GTS link to Companies House;
Last of all but not least.
Poor old Daniel Barrs senior. Appears he can’t can’t a break. But then again thats what you get for being loose as a goose.
Presumably, you don’t have to appear in person at a grand jury….
Its worthwhile noting that Barrs senior is a family man. …."Barry hired individuals with no experience with the BSA - such as his teenage grandson to be compliance officers". I wonder if his name is Daniel as well. That would make him Daniel Barrs the III. and odds on at some time to be the 3rd Daniel behind bars!
November 6th, 2016