International wire transfer

Bizzleb109

On the 12th Feb 2018 a wire transfer was done from a Canadian bank to my Barclays account in the UK. The amount was over 1000.00 sterling. I was told it can take up to 10 working days but money still has not arrived. I made contact with sending bank and was advised that anti money laundering where involved. It's a legitimate business account money is coming from and legitimate personal savings account. What does this mean also does it mean money will not be transferred to my account and how long can all this take. They have not asked me for any further details as of yet either.
Any I formation would be of help.

Thanks

eDicky

Where anti money laundering checks are involved you are unlikely to be told anything, it's surprising you were told even that. Is it the Canadian bank doing this or Barclays? The Canadian account holder (yourself?) should have source of funds documentation ready, initiate a complaint if it takes much longer, and request transfer confirmation details to present to Barclays if it has actually been sent already (do you know?).

Bizzleb109

I'm not the sender but receiver, I've contacted Barclays here but they can't see the transfer at all. They asked for a transaction number but the one given by the Canadian bank does not bring anything up it's actually too short of a number. Don't know what information is needed to enable Barclays to bring up details of transfer.

Ballard

Unsurprisingly I know nothing about Canadian law but it’s very surprising that the sending bank have given you any information whatsoever about this because you’re not their customer. I would not expect any UK bank to even acknowledge that a payment had been made let alone say that it’s being held up for money laundering checks.

Also, there’s no reason why this payment would take 10 days. Even with the time difference this should be done in a couple of working days at most.

Something seems wildly amiss here.

eDicky

I also don't see, if you or your own business don't hold the Canadian account, how that bank would be giving you any information.

Zanderman

You don't seem to have much luck with Canadian Bank to UK transfers.

How does the current problem relate to your previous one - is it the same transaction re-begun? Or something entirely different?

https://forums.moneysavingexpert.com/discussion/comment/73740114#Comment_73740114

Anthorn

Bizzleb109 wrote: »

On the 12th Feb 2018 a wire transfer was done from a Canadian bank to my Barclays account in the UK. The amount was over 1000.00 sterling. I was told it can take up to 10 working days but money still has not arrived. I made contact with sending bank and was advised that anti money laundering where involved. It's a legitimate business account money is coming from and legitimate personal savings account. What does this mean also does it mean money will not be transferred to my account and how long can all this take. They have not asked me for any further details as of yet either.
Any I formation would be of help.

Thanks

Grossly oversimplified, cash credits have to come from a recognised source or otherwise it is suspected of being fraud including money laundering. As I understand it all foreign sources are unrecognised when the credit is cash. You might possibly have been better to request a cheque and deposit that even though you would have to pay fees.

You probably won't hear anything at all while they investigate. The investigation will likely be started by Barclays with reference to the Canadian bank which will likely respond with a statement showing where the money has come from. If that is the result of a cash deposit start worrying.

Bizzleb109

My uncle owns quite a few motels in Canada and USA the money is coming from a legitimate business account ie maybe personal account which he has had for many years. In regards to a cheque that was already deposited but for some reason didn't meet regulations hence reason for wire transfer. If it's being investigated for money laundering how long does a investigation normally take and won't they make contact for further information?

Ballard

Your bank will take as long as they feel necessary to clear the funds and have the absolute right to return them to the remitter if they are not completely satisfied. They will not communicate to you about it unless they have questions.

The same level of checks would be performed on a cheque.

The bank (whether yours, the Canadian or their intemidiary) are following the law in what they are doing. As frustrating as this is I’m afraid that all you can do is wait.

Bizzleb109

I'm not really concerned about the investigation but just wanted to know how long it could possibly take?

eDicky

Bizzleb109 wrote: »

I'm not really concerned about the investigation but just wanted to know how long it could possibly take?

Your guess is as good as ours, could be days or several weeks. It's probably a simple case, electronically flagged, and is waiting its turn to come to the attention of the relevant department. You have never made it clear whether the money has actually been sent and who is doing the checks, but if you know and you're impatient then a complaint to them may or may not focus their attention.