Paymaster services in 2024

Occasionally, multi-national Clients need our help to pay their global expenses, including their staff and suppliers. For a temporary period, Healy Consultants Group LLC’s Dubai multi-currency corporate bank account will receive and pay our Client funds.

Mr. Aidan Healy (click link) is the sole bank signatory of the Dubai multi-currency corporate bank account, and he will action daily and weekly outgoing funds transfers.

• How do paymaster services work?

  • Healy Consultants Group completes Know Your Customer due diligence, including source of funds.
  • Our Client signs our Paymaster Professional Services Agreement.
  • When all parties are ready, our Dubai multi-currency corporate bank account receives our Clients’ incoming funds transfer.
  • Once approved by our in-house compliance team and on behalf of our Client, our Group Financial Controller Ms. Sharon Tham processes the pre-approved outgoing funds transfers.
  • At least once a week, Healy Consultants Group will supply our Client with a statement of transactions processed, as well as a copy of the remittance slips for control purposes.

• Why do some Clients need a paymaster service?

  • During business set up in a new country, it is difficult and time consuming to secure multi-currency corporate bank account approvals with a top-tier international bank. Depending on the country and bank, in-house Legal and Compliance Department approval of a new customer multi-currency corporate bank account could take up to six months.
  • In the meantime, our multi-national Clients need to fast receive customer sales income or fast pay operating expenses. For example, our multi-national Clients may already have i) local customers willing to immediately settle their sales invoice fees or ii) local suppliers or employees waiting to get paid.
  • While multi-national Clients await Healy Consultants Group to fast secure multi-currency corporate bank account approvals, our firm supplies paymaster services.

• How do I feel more secure about this paymaster service arrangement?

  • Both our Client and Healy Consultants Group have a common interest to eliminate all reputation, litigation and financial risk arising from the paymaster services arrangement. Examples below of strategies to be put in place to minimise the risk of misuse of the service include:
    • Paymaster service is a licensed activity and is regulated by the Qatar Financial Centre Regulatory Authority.
    • All transaction activities, carried out by Healy Consultants Group’s Qatar-licensed entity (pending structure setup or partner arrangement) on behalf of our multi-national Clients, fully comply with prevailing Anti-Money Laundering and Counter Terrorism Financing regulations.
    • Our Client and Healy Consultants Group pre-agree and sign a Professional Services Agreement (PSA) laying out i) engagement terms and conditions and ii) the professional paymaster’s roles and responsibilities.
    • Immediately upon request from our Client, Healy Consultants Group will supply our Client with due diligence documents confirming all of the above.
    • Immediately upon request from our Client, Healy Consultants Group will supply our Client with due diligence documents about Ms. Sharon Tham and Mr. Aidan Healy including i) passport copy and ii) proof of address and iii) resume and iv) driving license.
    • For a professional reference, you can call or convene a video call with other Healy Consultants Group multinational Clients who have used our paymaster services.
    • Only our Group Financial Controller Ms. Sharon Tham (click link) will access e-banking on behalf of Aidan Healy and our Client. Our e-banking platform tokens and passwords are stored in a 500kg safe beside Ms. Sharon’s desk. Only Sharon knows the password for this safe so your funds are secure.
    • Ms. Sharon will only communicate with Aidan Healy and our Client regarding the payments made on behalf of our Client. For supervision and security reasons, Aidan Healy will be CC’ed in all e-mails between Ms. Sharon and our Client.
    • Immediately upon our Client’s request Ms. Sharon will email our Client a screenshot of the fund transfer reflecting our Client’s payment. Aidan Healy will investigate irregularities (if any); and
    • At least once a week, Ms. Sharon will log into e-banking to i) download bank statements and ii) email update our Client re activity on the bank account.
  • Healy Consultants Group partners with an Abu Dhabi Global Market (ADGM)-licensed service provider, which adheres to the FSRA Conduct of Business Module, to provide paymaster and Escrow services to our multinational Clients.

• Healy Consultants Group’s fees

  • To be advised.

• Other considerations

  In compliance with Healy Consultants Group’s regulatory licence, Healy Consultants Group reserves the right to request additional due diligence documentation from our Client.

  To mitigate any financial, reputational or litigation risks to our Firm, Aidan Healy or Healy Consultants Group staff may request documents to explain large transactions.

• Conclusion

  Healy Consultants Group’s professional paymaster service assists multinational Clients with business set up in new countries.