Euro Pacific Bank Liquidation
Frequently Asked Questions
Frequently Asked Questions
To address the questions and concerns brought by different parties through the liquidation portal we have decided to compile and publish some standard responses to these questions.
Bear in mind that claims will be reviewed individually and that these are general answers that do not take in consideration special facts or circumstances that may be present in individual cases or accounts. These answers are intended for general information purposes and in no way substitute the individual review of claims that “Eligible Customers” must file if the wish to participate in the liquidation process conducted by the Trustee.
All parties are advised to closely monitor official announcements and adhere strictly to the directives provided on the liquidation portal: (https://epbprliquidation.com). Compliance with published guidelines is essential to ensure a structured and transparent liquidation process. Additional reference materials, including the Compliance Documentation Checklist, are available for individual personal accounts, corporate entities and estates of deceased clients.
Accounts holding precious metals are excluded from the liquidation process. These assets, once held by EPIB, were transferred to the Purchaser in accordance with the Joint Order and the Voluntary plan of Liquidation approved in September 2022. The precious metals inventory has never been under the administration or custody of the Trustee and is not part of the assets to be distributed within this liquidation process.
Holders of claims should not interpret the contents of this FAQ as legal, business, financial, securities, or tax advice. It is advisable for customers to consult with their independent advisors to fully understand the liquidation procedures applicable to this entity
General Questions
Why am I required to fill out a claims form and include supporting documents on the account and the account holder.
Aside the specific guidelines adopted by the Office of the Commissioner for Financial Institutions of Puerto Rico, the return of funds to customers must strictly adhere to anti-money laundering (AML) regulations outlined under the Bank Secrecy Act (BSA), the US PATRIOT Act, and the Office of Foreign Assets Control (OFAC) guidelines. These laws mandate financial institutions to:
- Maintain transaction records and monitor financial movements.
- Report suspicious activities that may indicate fraudulent or illicit transactions.
- Follow compliance protocols to prevent financial crime.
As an international financial entity, the bank liquidation process remains under the supervision of Puerto Rico’s Office of the Commissioner of Financial Institutions, ensuring alignment with both local and federal banking requirements.
Commitment to Lawful Fund Return
The trustee’s primary responsibility is to ensure that the return of funds to “Eligible Customers” is executed legally, maintaining compliance with all applicable laws and regulatory frameworks. This process must be carefully structured to:
- Guarantee transparency and accountability in financial transactions.
- Prevent unintended regulatory violations that may impact claimants.
- Uphold customer protection while facilitating fund distribution in accordance with established protocols.
The term “Eligible Customers” indicates that not all customers qualify for fund returns, whereas “customers” may broadly suggest that all account holders are included, which is not the case.
Identification and Documentation Requirements
Do identity documents need to be certified by a notary public?
Yes, notarization is required for corporate accounts and deceased account documentation.
Which documents require an Apostille?
Corporate account and deceased account filings require an Apostille, as well as any documents issued by a government authority or those that have been notarized.
Do Ultimate Beneficiary Owner (UBO) identity documents require an Apostille?
Yes, but only for corporate accounts. UBO IDs must be authenticated by a Foreign Ministry office with an Apostille.
Does proof of address, such as a utility bill, need to be notarized?
No, but it must include the customer’s or corporation’s physical address and be issued within the last 90 days.
Claim Forms and Payment Processing
What address should be used for payments to creditors in claim forms?
Businesses must provide their corporate address for claim processing.
Will checks be sent to the address listed in the claim form? Can payments be made electronically?
The distribution of allowed claims following the approval of the Liquidation Plan may be made through electronic payments. Specific instructions on the method of payment will be coordinated and confirmed with each claimant close to the date of distribution.
Liquidation and Accounts Status
What notice will opt-in customers receive regarding the liquidation plan?
From the Trustee, none. Notices, instruction or distribution to customers which are not “Eligible Customers” as this class is defined in the documents mentioned in the liquidation documents should be provided by the acquiring entities identified in the liquidation plan and not by trustee.
What documentation is required if an EPB account-holding company has been dissolved?
If a company has been dissolved, the client must submit the official closing or dissolution certification issued by the country of incorporation or jurisdiction to verify its status. Moreover, the UBO for the dissolved entity will still have to validate by means of a Court Order or some other document validated in their jurisdiction allowing the disposition or transfer of the funds of the now dissolved company.
Can a transfer of claim form be filed for a dissolved entity?
In general terms, transfer of claims is not permitted after companies have been dissolved. In order to consider a transfer of claim as a valid claim for distribution purposes the UBO for the dissolved entity will still have to validate by means of a Court Order or some other document validated in their jurisdiction allowing the disposition or transfer of the funds of the now dissolved company.
Apostille and Language Requirements
Must Apostilles be bilingual (English or Spanish)?
The preferred language is English, though some jurisdictions may issue Apostilles in other languages.
What is the reference for “Bank Statements Available” in documentation?
This refers to EPB bank statements, generated or maintained by the customer. All bank statements available should be provided.
Special Cases and Additional Requirements
What alternatives exist if a customer does not have a utility bill for proof of residency?
A government-issued certification of address in English may be accepted.
Are trustees requesting additional details for Ultimate Beneficiary Owners (UBOs) beyond the KYC form?
Yes, but only for corporate accounts. The final beneficiary(ies) must be clearly identified, and a copy of the last meeting minutes must be submitted.
Politically Exposed Persons (PEP) and Compliance
Must all customers submit a PEP (Politically Exposed Person) form, even if they are not PEPs?
Only individuals who hold or have held a prominent public position, including their family members and close associates, must complete the PEP form.
Tax Forms and Compliance
What is the purpose of the Tax Forms (Certificate of Foreign Status of Beneficial Owner for U.S. Tax Withholding and Reporting), and are they required for liquidation claims?
Individual or Personal Accounts
The W-8BEN form is required for non-U.S. individuals to certify their foreign status and claim applicable tax treaty benefits.