Natwest frozen account

Thrugelmir

sveni wrote: »

I am no concerned about an AML enquiry, I have all paperwork to demonstrate the source of funds and reason for payments.

Perhaps the source is the concern for the bank.

Chino

Deleted_User wrote: »

What they can't and won't do is give you any information about why.

If you read the bank's response in post #11 you would see that the bank very much can provide the OP with the reason why it has frozen the OP's account but simply chooses not to because, well, it's only a customer's livelihood it's destroying:

sveni wrote: »

but the Bank is not obliged to enter into any discussion or provide a reason for our decision.

maas

Chino wrote: »

If you read the bank's response in post #11 you would see that the bank very much can provide the OP with the reason why it has frozen the OP's account but simply chooses not to because, well, it's only a customer's livelihood it's destroying:

No they cant divulge the reasons if the account is frozen due to suspected money laundering.

If the bank makes a referral to MLRO or NCA they cant inform the client/customer (tipping off).

See ML section of the POCA (Section 333)
http://www.legislation.gov.uk/ukpga/2002/29/part/7/2016-03-01

older_wiser

How long do these investigations take ? i understand why these must happen when ML fraud etc are suspected but you would hope they have the manpower and ability to carry them out in a timely fashion rather than weeks.

I hope for the OP the investigation is quickly concluded and its found to be incorrect.

sveni

Update: I've successfully opened another business account with a major UK bank.

I have applied for a subject data access request from CIFAS but that can take a couple of weeks.

Given I opened another account seems to demonstrate that NatWest hasn't put a marker against my name.

I would have guessed that a SAR to NCA would lead to a marker with CIFAS??

[Deleted User]

If you do indeed have a CIFAS marker then upon further investigation this account with the nameless bank may well be closed too.

sveni

Surely they check before opening

sveni

@Gary Dexter aka Mr Doom and Gloom

Ed-1

sveni wrote: »

Surely they check before opening

Not with most mainstream banks who operate automatic account opening systems at stage 1 with surface credit and ID checks and then all applications made that day are sent in bulk to fraud prevention agency databases overnight and anything is then picked up at stage 2 when the application will be declined and the account closed.

sveni

Ok let's wait and see