HELP!!!! Bank Account Frozen / No-ops

grumbler

TheBanker wrote: »

They do - Natwest have given the OP £200.

Only after the OP, presumably innocent, pushed them. This is after wasting almost whole day in their branch.
Do you really call this a 'procedure'?

Are you familiar with the Money Laundering legislation? If I fail to report suspected money laundering, I can go to jail. My report could trigger an account being frozen whilst an investigation is carried out. I regret the inconvenience that causes to the customer but I'm not going to risk being sent to jail for failure to report.

No, I am not.
I know some other more general principles, like 'innocent until proven guilty' - hence, supposed not to suffer meanwhile. Nothing wrong with investigating presumably innocent people to comply with AML. Just make sure that you do this in a civilized manner.

I know, I am saying something that The Banker et al. might find difficult to understand.

dalesrider

grumbler wrote: »

I know some other more general principles, like 'innocent until proven guilty' - hence, supposed not to suffer meanwhile. Nothing wrong with investigating presumably innocent people to comply with AML. Just make sure that you do this in a civilized manner.

I know, I am saying something that The Banker et al. might find difficult to understand.

Sadly as far as AML goes, then the bank has no choice if a staff member raises a issue.
If they fail in this, then as HSBC found out the fines are massive.

They won't just block a account on one persons say so. It will have been looked at by somone well versed in AML and fully aware of the regulations.

Which is why I think AML is not at play here and there are other issues.

grumbler

dalesrider wrote: »

Sadly as far as AML goes, then the bank has no choice if a staff member raises a issue.
If they fail in this, then as HSBC found out the fines are massive.

The bank always has a choice to provide access to their own money, e.g. a small free emergency loan if the customer needs it.
And, as I said, in the case in question they could have and should have proactively offered the OP to get a piece of the OP's own money - like they did after the OP pushed them. Not all victims of their arrogance have a nerve to do this.

benog1985

dalesrider wrote: »

Sadly as far as AML goes, then the bank has no choice if a staff member raises a issue.
If they fail in this, then as HSBC found out the fines are massive.

They won't just block a account on one persons say so. It will have been looked at by somone well versed in AML and fully aware of the regulations.

Which is why I think AML is not at play here and there are other issues.

Other issues such as what though?

TheBanker

grumbler wrote: »

I know some other more general principles, like 'innocent until proven guilty' - hence, supposed not to suffer meanwhile. Nothing wrong with investigating presumably innocent people to comply with AML. Just make sure that you do this in a civilized manner.

I know, I am saying something that The Banker et al. might find difficult to understand.

I think you're venting your anger at the wrong people here. Banks have absolutly no choice when it comes to complying with the regulations. Failure can mean massive fines and individual members of staff being convicted and sent to jail. If you feel strongly about this perhaps raise the matter with your MP and ask them to have the law changed?

TheBanker

benog1985 wrote: »

Other issues such as what though?

Fraud or attempted fraud by a third party.
Your name could match the name of someone on a sanctions list/watchlist.

grumbler

benog1985 wrote: »

Other issues such as what though?

I start thinking that you do have some hidden reasons for being worried.

benog1985

TheBanker wrote: »

Fraud or attempted fraud by a third party.
Your name could match the name of someone on a sanctions list/watchlist.

Fraud?? Bloody hell....now you have got me worried!! I'm thinking its easier to keep money at home as opposed to a bank, this is scaring me half to death; money-laundering, fraud, frozen accounts.

Think I need to sleep until its all sorted so I can stop worrying!!

benog1985

grumbler wrote: »

I start thinking that you do have some hidden reasons for being worried.

What makes you say that?

grumbler

You look really worried. If you have nothing to hide and have not done anything wrong, just relax and wait until they do you the honor to finish their lengthy 'investigation'. If it takes more than couple of days, ask for more cash.