A bank is holding my funds

sal_III

First of all Revolut are not a UK bank. they hold EU banking license, facilitated by the Bank of Lithuania.

And Yes they can do that - it's most likely in the Terms and conditions you signed (probably without reading) when you opened the account.

Sounds like a AML (anti-money laundering) investigation. They usually run for about 2-4 weeks.

For the future I suggest you have a backup account for receiving payments from your customers, obviously that won't allow you to pay your suppliers, but is still something.

p00hsticks

sal_III wrote: »

First of all Revolut are not a UK bank. they hold EU banking license, facilitated by the Bank of Lithuania.

They do appear to have a registered subsiduary in the UK which is regulated by the FCA though, From their website.....


Our site is operated by Revolut Ltd (we or us). We are registered in England and Wales under company number 08804411 and have our registered office at 9th Floor 107 Cheapside, London, United Kingdom, EC2V 6DN.

We are regulated by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 for the issuing of electronic money. We are included in the FCA's registered of electronic money institution firms (Firm Registration Number 900562) which can be found on the FCA website.

To contact us, please contact customer services using the chat function on our site.

born_again

sal_III wrote: »

Sounds like a AML (anti-money laundering) investigation. They usually run for about 2-4 weeks.

I manage an online store and they are killing my business, so to speak. I really need your help, all the more as I am not a UK resident and English is not my native language.

Could also be tax based given the OP said non UK company. So could take a long time is different countries tax is involved.
Just as banks take responsibility for AML. They are also now tasked with ensuring tax evasion is not taking place.
I hope the OP filled in the application with the correct details where lives & tax paid.

The OP is not helping thinking that closing account to release funds, will solve the problem.

[Deleted User]

Junior3388 wrote: »

They are abusive at best, scammers at worst, period.

No that’s usually the people whose accounts are frozen...

Terry_Towelling

Junior3388, you shouldn't worry about the standard of your English - it has improved in leaps and bounds with each of your posts.

As for the content of your opening post, if you are suspected of money laundering or some other financial (fiscal) crime, then your bank can't and won't tell you anything whilst investigations go on. That's it - exclamation mark.

abz88

Junior3388 wrote: »

Hey thanks for these quick replies

Am I really allowed to write the name of the company? Well, it's Revolut LTD.

This is a business account. I have business accounts in my native country but UK accounts are better fiscally speaking.
I run online stores (as you can imagine, I don't want to be more precise because this is not good for customers in case they know the owner is a bit struggling with a lack of money)

I don't know what this bank is suspecting about me and I don't care as I have nothing to feel bad about.
They have said nothing about the reasons of this review.
By the way, over the last few months, they required some additional reviews about my business and I passed them successfully (twice!)

Anyway, is it legal in UK for a bank to hold funds so long?

Thanks

Is there a chance that Revolut think you are sending money to a UK account as a non-UK business to avoid paying the necessary taxes on it?