Source of funds and source of wealth

fire_in_progress

I’d like some advice, please.

I added some cash to my GIA with AJ Bell in January and then requested to transfer it out to Barclays, so that I could qualify for the latter provider’s transfer incentive.

I inquired a couple of times with AJ Bell as to why the transfer-out was taking so long and they mentioned some internal regulatory checks. They also requested some documents and I sent them my P60 plus bank statements. Incidentally, their initial e-mails asking for documents were so poorly formulated that they seemed to be written by a kid fresh out of university who had learned to write by posting on Instagram (which added to my aggravation).

Eventually, I became so frustrated with the delay that I cancelled my transfer-out request and decided to withdraw my funds.

However, at the moment, AJ Bell is not releasing my funds and also refusing to provide any additional information about the checks they are conducting and when they will be able to release my funds. Essentially, my GIA has been frozen, I think.

I also filled a complaint with AJ Bell, but I am not getting anywhere through that route either.

I have seen quoted earlier in this thread something like 42 days, a judge etc. Can anyone explain what’s happening behind the scenes and whether I should do something? 

Any link or resources would be very much appreciated. AJ Bell is absolutely refusing to clarify what’s going on.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81904567#Comment_81904567

yes it does. It doesn't remove it altogether as the hardcore will use Bitcoin and will become cleverer, but it makes it harder for mainstream abuse, which used to be significant. Just ask all those small businesses and sole traders who used to be cash heavy. Its harder for them to get away with it today.

I added some cash to my GIA with AJ Bell in January and then requested to transfer it out to Barclays, so that I could qualify for the latter provider’s transfer incentive.

Quick movements of money like that is like waving a red flag to be checked. Its one of the text book examples used for checks being carried out.

I also filled a complaint with AJ Bell, but I am not getting anywhere through that route either.

AML triggered checks resulting in delays won't result in an upheld complaint or redress as long as delays are not due to errors.

I have seen quoted earlier in this thread something like 42 days, a judge etc. Can anyone explain what’s happening behind the scenes and whether I should do something? 

You cannot do anything. And you cannot find out what they are doing, who they are discussing if with (as data protection goes out of the window somewhat with AML checks). They are not allowed to explain anything or discuss it with you.

This is not a source of wealth/source of funds issue though. You have triggered a long standing process that existed in the 90s.

fire_in_progress

https://forums.moneysavingexpert.com/discussion/comment/81904770#Comment_81904770

Thanks.

Do you happen to know for how long I won't be able to access my funds? it's been already 3 weeks now.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81904782#Comment_81904782

As mentioned earlier in the thread, if it has been reported as suspicious activity and the National Crime Agency has taken an interest, the freeze can last a maximum of 42 days without a court order.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/81902650#Comment_81902650

There is no legal requirement to keep records for 20 years, it's a corporate decision to be made. The backstop wouldnt even be 20 years as if the injured party doesnt have the mental capacity to comprehend their situation then the 3 year clock never starts ticking.

Companies take a risk based approach and dont keep all their records for 100+ years. People should too on how long they keep their statements and other items.

You seemly to oddly think that I believe everyone should keep everything indefinitely which is neither what I've said nor what I've implied. I've just pointed out that for the majority there is no legal set period and it's up to you to decide what's appropriate.

Routine AML won't get your account locked before they have even asked for information. Now if you have triggered a check via your actions then that is a different matter. There are several FOS cases of people being locked out because of some intelligence the bank has received, the FOS routinely will verify that the instant lock was appropriate rather than giving notice. Unfortunately such evidence is given "in confidence" and so the FOS simply acknowledges that they received it and either they agree or disagree that immediate action was required.

x44

Looking at what info is in my recent Lloyds statements (or rather the lack of it) I would wish anyone deducing anything from it the best of luck.

Payments out to building socs are just listed as a faster payment out to my name and the B.Soc account number - being the data in the reference field. Payment out to banks or those B.Socs with their own sort code are better as I put the name of the destination in the reference field. Most payments coming in are stated to be from the Savings group - but obviously nothing about from where/what account No. within that savings group.

Not that I myself these days are likely to be asked to supply source of funds but frankly without a copy of my MS Money file which correctly and precisely records each of these transactions, frankly the bank statements are just incomprehensible.

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/81907822#Comment_81907822

Perhaps that's why it takes 42 days or more before regaining access to the account.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81904782#Comment_81904782

Any update on this? I would have thought you'd have it sorted by now.

fire_in_progress

https://forums.moneysavingexpert.com/discussion/comment/81938414#Comment_81938414

Yes, I do. Thanks for the reminder.

In short:

• Funds were paid into my bank account past the 7 days mentioned above, but much earlier than the 42 days also mentioned in previous posts.
• AJ Bell also wrote to let me know they would be closing my GIA with them, which I would have done anyway. They say the closure can take up to 5 days, it was a bit longer in my case.
• They also looked into my complaint. They said their internal checks were justified on the basis of financial regulations, but they also admitted that, once the checks had concluded, they were slow in processing my withdrawal requests (i.e. it took them longer than 3 working days). I was offered £150 in compensation, which I accepted.

Once I started investigating, I found the material here https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/suspicious-activity-reports

quite useful (obviously, you have to put yourself in the shoes of the financial institution submitting a SAR) to understand what was going on.