Santander blocked my account with no explanation

mcplums

EachPenny wrote: »

Yes, but do you really think that corporates like Tesco, Sainsbury's, Amazon all the way down to your local corner shop will be using VPN's to illegally conduct their business in bitcoins?

Therefore banks will not be 'wiped out' by the use of unregulated and unpoliced virtual currencies.

Oh no, of course not. If they are banned it'll be individuals holding the fort, until any ban is removed. Certainly however, any businesses with heavy involvement in bitcoins will simply move country to where they are allowed (as is currently happening with Chinese mining companies who are relocating in Europe).

As much as I didn't intend for this thread to be a debate about bitcoin I am somewhat enjoying it

Comms69

The issue you have is that bitcoin isn't a currency you can use in everyday life (whether that happens in the future isn't really the issue) you need you bank to convert it into the currency you need.

EachPenny

mcplums wrote: »

Oh no, of course not. If they are banned it'll be individuals holding the fort, until any ban is removed. Certainly however, any businesses with heavy involvement in bitcoins will simply move country to where they are allowed (as is currently happening with Chinese mining companies who are relocating in Europe).

That's great , but it doesn't support your hypothesis that virtual currencies will 'wipe out' the banks because it is impossible to freeze virtual currencies.

In effect what you are saying is virtual currency will remain the preserve of geeks, speculators and crooks and never become a mainstream means of exchange which would challenge the existing banking system.

In order to become mainstream, virtual currency will have to become something which is regulated and policed, and with that comes the ability (and expectation) that funds will be frozen if suspicious activity is detected.

Banks 1 - Virtual Currency 0.

jonnygee2

mcplums wrote: »

I do KYC and AML for 100% of my customers.

Sorry, what do you mean by your customers?

mgdavid

OP I may have missed something here, if I have could you please point it out?
If, as you assert, virtual currencies will wipe out the banks, how will you continue to operate - as you seem to depend on a bank at the moment, hence this thread?

mcplums

jonnygee2 wrote: »

Sorry, what do you mean by your customers?

The people I sell bitcoin to.

Thrugelmir

mcplums wrote: »

Still doesn't warrant them holding my money hostage.

Depends on the source of the money i.e. who your "customers" are.

If your business is regulated by the Money Laundering Regulations you must try to identify any activity linked to money laundering or terrorist financing, for all parts of your business.

If you know about or suspect money laundering or terrorist financing you must consider telling the National Crime Agency (NCA) by sending a Suspicious Activity Report (SAR).
Anyone in your business must report any suspicious transaction or activity they become aware of to the nominated officer. It’s the nominated officer’s responsibility to decide whether they need to send a report or ‘disclosure’ about the incident to the NCA. They do this by making a SAR.

The nominated officer must normally suspend the transaction if they suspect money laundering or terrorist financing. If it’s not practical - or not safe - to suspend the transaction, they should make the report as soon as possible after the transaction is completed.

The NCA receives and analyses SARs and uses them to identify the proceeds of crime. It counters money laundering and terrorism by passing on important information to law enforcement agencies so they can take action.

mcplums

Guys I'd like to draw a line under the questions about bitcoin that are unrelated to my Santander issue. Trust me, there is nothing I enjoy more than debating the merits of bitcoin but this is not the right thread for it. If anyone wants to continue discussing with me please send a private message or start a new thread on the subject, I will happily join you there!

mcplums

Thrugelmir wrote: »

Depends on the source of the money i.e. who your "customers" are.

Oh yes I 100% agree with you here. And I can't blame Santander really- they have no way of knowing I'm following the rules (that you referenced) and are just being prudent. However what I would like is for them to actually find out if I'm following the rules by asking me questions instead of just blocking my access.

mgdavid

mcplums wrote: »

..... . find out if I'm following the rules by asking me questions instead of just blocking my access.

I think the bank will be looking for a more substantial source of information than just relying on what you might tell them. They will be doing background checks, audits and traces, all of which take time.


While you are waiting could you answer post #26 please?