Blocked bank account due to UK statutory tax laws

billyshepherd1234565

Hi,

My bank account has been blocked for over a week now and my bank can not tell me the reason as they are complying with UK statutory tax laws... I do not know what this means, and they will not explain either.

I have googled what this could mean and it appears to be for small to medium sized buisnesses - I am neither. I am a student, and I have never earnt over the threshold to pay tax. Therefore I have no idea why I am being investigated.

Worse of all I have no ability to transfer my money and I have been given no indication as for when I will get access to my account again.

if anyone has any knowledge of what I can do next, how long it might take or why it might have happened id really appreciate it.

Thanks

Momanns

It is likely the bank complying with their AML obligations. Has any strange activity gone through the account recently?

Google - POCA and SAR/DAML reporting by banks

DE_612183

How did the money get into your account in the first place?

Was it earned in uk / overseas?
Was it a gift?
How much is it?

I would suspect the bank are carrying out anti-money laundering checks.

Ergates

billyshepherd1234565 said:

Hi,

My bank account has been blocked for over a week now and my bank can not tell me the reason as they are complying with UK statutory tax laws... I do not know what this means, and they will not explain either.

I have googled what this could mean and it appears to be for small to medium sized buisnesses - I am neither. I am a student, and I have never earnt over the threshold to pay tax. Therefore I have no idea why I am being investigated.

Worse of all I have no ability to transfer my money and I have been given no indication as for when I will get access to my account again.

if anyone has any knowledge of what I can do next, how long it might take or why it might have happened id really appreciate it.

Thanks

It's possible your account has, for some reason, trigged the banks AML (Anti Money Laundering) system.  If this happens, the bank *must* freeze your account and are legally forbidden from telling you the reason why (as in, they can go to jail if they tell you kind of forbidden).

The account will remain frozen until the investigations are completed.  There is nothing the bank staff can do about this.  It sucks, but it's the law.

danny13579

Has anyone other than you had access to your account?

Has anyone deposited money into your account and asked you to move it to another account, possibly allowing you to keep a small amount of it for yourself?

Shakin_Steve

Ergates said:

billyshepherd1234565 said:

Hi,

My bank account has been blocked for over a week now and my bank can not tell me the reason as they are complying with UK statutory tax laws... I do not know what this means, and they will not explain either.

I have googled what this could mean and it appears to be for small to medium sized buisnesses - I am neither. I am a student, and I have never earnt over the threshold to pay tax. Therefore I have no idea why I am being investigated.

Worse of all I have no ability to transfer my money and I have been given no indication as for when I will get access to my account again.

if anyone has any knowledge of what I can do next, how long it might take or why it might have happened id really appreciate it.

Thanks

It's possible your account has, for some reason, trigged the banks AML (Anti Money Laundering) system.  If this happens, the bank *must* freeze your account and are legally forbidden from telling you the reason why (as in, THEY CAN GO TO JAIL if they tell you kind of forbidden).

The account will remain frozen until the investigations are completed.  There is nothing the bank staff can do about this.  It sucks, but it's the law.

What? The whole bank?

tacpot12

Shakin_Steve said:

Ergates said:

billyshepherd1234565 said:

Hi,

My bank account has been blocked for over a week now and my bank can not tell me the reason as they are complying with UK statutory tax laws... I do not know what this means, and they will not explain either.

I have googled what this could mean and it appears to be for small to medium sized buisnesses - I am neither. I am a student, and I have never earnt over the threshold to pay tax. Therefore I have no idea why I am being investigated.

Worse of all I have no ability to transfer my money and I have been given no indication as for when I will get access to my account again.

if anyone has any knowledge of what I can do next, how long it might take or why it might have happened id really appreciate it.

Thanks

It's possible your account has, for some reason, trigged the banks AML (Anti Money Laundering) system.  If this happens, the bank *must* freeze your account and are legally forbidden from telling you the reason why (as in, THEY CAN GO TO JAIL if they tell you kind of forbidden).

The account will remain frozen until the investigations are completed.  There is nothing the bank staff can do about this.  It sucks, but it's the law.

What? The whole bank?

No, not the whole bank, but the staff member that tips you off can be sent to jail.

Placitasgirl

It's correct that the bank cannot disclose information to you whilst they're conducting an investigation. Under Money Laundering rules this is known as "tipping off" and it's also correct that staff members could face disciplinary action and the bank could be fined for any breaches of these rules. 

Shakin_Steve

tacpot12 said:

GShakin_Steve said:

Ergates said:

billyshepherd1234565 said:

Hi,

My bank account has been blocked for over a week now and my bank can not tell me the reason as they are complying with UK statutory tax laws... I do not know what this means, and they will not explain either.

I have googled what this could mean and it appears to be for small to medium sized buisnesses - I am neither. I am a student, and I have never earnt over the threshold to pay tax. Therefore I have no idea why I am being investigated.

Worse of all I have no ability to transfer my money and I have been given no indication as for when I will get access to my account again.

if anyone has any knowledge of what I can do next, how long it might take or why it might have happened id really appreciate it.

Thanks

It's possible your account has, for some reason, trigged the banks AML (Anti Money Laundering) system.  If this happens, the bank *must* freeze your account and are legally forbidden from telling you the reason why (as in, THEY CAN GO TO JAIL if they tell you kind of forbidden).

The account will remain frozen until the investigations are completed.  There is nothing the bank staff can do about this.  It sucks, but it's the law.

What? The whole bank?

No, not the whole bank, but the staff member that tips you off can be sent to jail.

Right. Thanks for explaining.

boingy

I quite like the idea that you could jail a whole bank. I might have a few nominees... 

Ergates

Shakin_Steve said:

Ergates said:

billyshepherd1234565 said:

Hi,

My bank account has been blocked for over a week now and my bank can not tell me the reason as they are complying with UK statutory tax laws... I do not know what this means, and they will not explain either.

I have googled what this could mean and it appears to be for small to medium sized buisnesses - I am neither. I am a student, and I have never earnt over the threshold to pay tax. Therefore I have no idea why I am being investigated.

Worse of all I have no ability to transfer my money and I have been given no indication as for when I will get access to my account again.

if anyone has any knowledge of what I can do next, how long it might take or why it might have happened id really appreciate it.

Thanks

It's possible your account has, for some reason, trigged the banks AML (Anti Money Laundering) system.  If this happens, the bank *must* freeze your account and are legally forbidden from telling you the reason why (as in, THEY CAN GO TO JAIL if they tell you kind of forbidden).

The account will remain frozen until the investigations are completed.  There is nothing the bank staff can do about this.  It sucks, but it's the law.

What? The whole bank?

Yes!  It's a little extreme.   They knock down all the buildings and put the rubble in jail too.