HSBC suspended account - help!

Thrugelmir

pittbakes said:

Thrugelmir said:

What's the nature of the investment in the company?  Unusual to be gifted money for such a purpose. 

It's just an investment in a start up. We previously invested in it last year (from the same account) and wanted to put in a bit more. Seriously nothing untoward.

I don't see what's unusual about that. Surely plenty of people are gifted money by relatives that they then use for investments, deposits and so on.  

Are you being given share certificates?

Putting money into a start up business is exactly how money laundering operates. Legitimises the cash. 

pittbakes

Thrugelmir said:

pittbakes said:

Thrugelmir said:

What's the nature of the investment in the company?  Unusual to be gifted money for such a purpose. 

It's just an investment in a start up. We previously invested in it last year (from the same account) and wanted to put in a bit more. Seriously nothing untoward.

I don't see what's unusual about that. Surely plenty of people are gifted money by relatives that they then use for investments, deposits and so on.  

Are you being given share certificates?

Putting money into a start up business is exactly how money laundering operates. Legitimises the cash. 

Yes, of course we'll get share certificates. 

I get what you're saying but in that case surely anyone who invests in a business would get flagged up for fraud and have their accounts frozen?! 

In any case, my assumption is that they can't be too concerned that anything illegal is taking place (which it isn't), as presumably they'd have frozen the entire account if so, and I wouldn't be able to use or access it. 

Thrugelmir

pittbakes said:

Thrugelmir said:

pittbakes said:

Thrugelmir said:

What's the nature of the investment in the company?  Unusual to be gifted money for such a purpose. 

It's just an investment in a start up. We previously invested in it last year (from the same account) and wanted to put in a bit more. Seriously nothing untoward.

I don't see what's unusual about that. Surely plenty of people are gifted money by relatives that they then use for investments, deposits and so on.  

Are you being given share certificates?

Putting money into a start up business is exactly how money laundering operates. Legitimises the cash. 

Yes, of course we'll get share certificates. 

I get what you're saying but in that case surely anyone who invests in a business would get flagged up for fraud and have their accounts frozen?! 

Why didn't your relative simply give the money to the business direct? Would have avoided an unusual transaction being flagged up.  Onus is then on the bank to satisfy themselves. That's the nature of the regulatory enviroment they operate in these days. People are known to lie and attempt to deceive. 

pittbakes

Thrugelmir said:

pittbakes said:

Thrugelmir said:

pittbakes said:

Thrugelmir said:

What's the nature of the investment in the company?  Unusual to be gifted money for such a purpose. 

It's just an investment in a start up. We previously invested in it last year (from the same account) and wanted to put in a bit more. Seriously nothing untoward.

I don't see what's unusual about that. Surely plenty of people are gifted money by relatives that they then use for investments, deposits and so on.  

Are you being given share certificates?

Putting money into a start up business is exactly how money laundering operates. Legitimises the cash. 

Yes, of course we'll get share certificates. 

I get what you're saying but in that case surely anyone who invests in a business would get flagged up for fraud and have their accounts frozen?! 

Why didn't your relative simply give the money to the business direct? Would have avoided an unusual transaction being flagged up. 

I assumed that with the investment in our name, it needed to be made from our bank account. Ironically enough, I was worried that if they'd transferred the money directly from their bank account but the investment was in our name, that would look dodgy! Lesson well learned for next time.

Daliah

pittbakes said:

The other account is with NatWest 

Oh dear.

Given Natwest's propensity to close accounts for no apparent reason - if the Facebook group with several thousand members is to be believed - it would not be my go-to account for shuffling money about.

pittbakes

Daliah said:

pittbakes said:

The other account is with NatWest 

Oh dear.

Given Natwest's propensity to close accounts for no apparent reason - if the Facebook group with several thousand members is to be believed - it would not be my go-to account for shuffling money about.

At the moment I certainly don't feel confident moving ANY money about! 

pittbakes

Just to give an update for anyone who has a similar issue in the future and wants to know the outcome - it's all been sorted this morning after a visit to the branch with ID. 

Thrugelmir

Glad to hear all resolved.