Missing Swift transfer WHAT TO DO

samosam

Hello,

I am working for a private client as Senior Security and Risk advisor and he meets some issues from an MT103/202 that the Deutsh bank issued to January 4th, 2019.
We have the Swift MT103/202 issued by the Deutsh bank, but the receiver (Brunei PND) had no trace of the funds.
We contacted the Deutsch Bank and they apparently do nothing for helping. What can we do and what is the procedure for being able to trace the funds?

Thank you for any advise and helps....

John_G_Jones

Do you mean Deutsche Bank?

Why do so many on this forum struggle with that name?

Anyway, could you possibly have another go at explaining what the issue is, and maybe give a few lines on why on Earth a senior security and risk advisor would need to ask on here about this sort of problem?

If I found one of my risk officers seeking advice like this about a work issue they’d swiftly be a former risk officer.

jonnygee2

I am working for a private client as Senior Security and Risk advisor and he meets some issues from an MT103/202 that the Deutsh bank issued to January 4th, 2019.
We have the Swift MT103/202 issued by the Deutsh bank, but the receiver (Brunei PND) had no trace of the funds.
We contacted the Deutsch Bank and they apparently do nothing for helping. What can we do and what is the procedure for being able to trace the funds?

Putting aside the fact that a 'Senior Security and Risk Advisor' is coming to a public forum for help...

There really isn't much anyone can do to trace missing SWIFT tranfsers. It's an antiquated system that really is a nightmare when stuff goes missing. The best I can say is that in the vast majority of cases the money lands back up in the sender's account in about 20 working days or less. The problem is, there are a lot of intermediary banks and few official protocols for what to do when stuff goes missing.

If it doesn't come back, the sending bank can normally put a 'trace on the funds'. This is a pretty manual process so it normally costs you money.

Eventually if it's really lost, under UK rules the bank would have to compensate the sender. That only applies if it was sent from the UK though.

Coming back to this 'Senior Security and Risk Advisor' thing - how does one apply?

londoninvestor

Imagine the junior security and risk advisors!

nyermen

OP - In short, nothing we can tell you will help over talking to the originating bank. They have the information you need - were the swift message(s) ack'd or nak'd, etc etc etc, that are all part of the system process.
The fact you mention an MT202 presumably means there's an intermediary bank (correspondent bank) where the money may be stuck for example (perhaps in compliance issues). DB need to contact them to find out if they've received it, and if so, have they transmitted it. If they have, then the final bank's nostro accounts will have been credited, and the end bank can't claim they've not got the cash...

[Deleted User]

Can anyone else smell spam in here?

nyermen

camelot1971 wrote: »

Can anyone else smell spam in here?

We're a couple of p's short in the OP's name but...