Santander blocked my account with no explanation

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    mcplums wrote: »
    I do KYC and AML for 100% of my customers. Will Santander even ask for evidence of this? I'm not holding my breath.

    If you are operating a business through the account. Are you contravening the terms and conditions of the account. A read of same will soon provide the answers you seek.

    As any business has the right to. They don't have to accept your custom if they have no wish to.
  • Tallaght
    Tallaght Posts: 1,632 Forumite
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    800k volume of bitcoins in just 6 months may have triggered a marker for a watch list.
  • mcplums
    mcplums Posts: 42 Forumite
    edited 5 November 2018 at 9:36AM
    EachPenny wrote: »
    Try using your decentralised currencies when it is made a criminal offence to handle/trade them and ISPs are required by law to snitch on anyone attempting to access any part of the internet associated with trading or storage of virtual currency. :)

    When we get anywhere near that point, the decentralised system will find a way to work under a system of regulation and policing.

    Do you know what a VPN is?
  • mcplums
    mcplums Posts: 42 Forumite
    Thrugelmir wrote: »
    If you are operating a business through the account. Are you contravening the terms and conditions of the account. A read of same will soon provide the answers you seek.

    As any business has the right to. They don't have to accept your custom if they have no wish to.

    Yeah they may have a point here. I'm not using a business account and I probably should be. Still doesn't warrant them holding my money hostage.
  • mcplums
    mcplums Posts: 42 Forumite
    Browntoa wrote: »
    Expect to supply a whole raft of paperwork to show where the money is made , the origin and a proper audit trail.

    For example £xxx from account A to account B , statement for account B showing £xxx arriving on same day etc and again if the money is moved to Account C later on

    It may take longer than you think if it's a large volume of movements between accounts and , as you admit , a large amount of money

    What if I decide I'd rather to have my account shut down then bother to do any of this? I guess it depends on the situation?
  • eskbanker
    eskbanker Posts: 31,000 Forumite
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    mcplums wrote: »
    What if I decide I'd rather to have my account shut down then bother to do any of this?
    Then you'll probably find out the hard way who has the stronger position in any negotiations to release your money!
  • Browntoa
    Browntoa Posts: 49,299 Forumite
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    mcplums wrote: »
    What if I decide I'd rather to have my account shut down then bother to do any of this? I guess it depends on the situation?

    Then they can still hold your money until they are satisfied it's legit

    Which would need evidence as above
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  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    mcplums wrote: »
    Do you know what a VPN is?
    Yes, but do you really think that corporates like Tesco, Sainsbury's, Amazon all the way down to your local corner shop will be using VPN's to illegally conduct their business in bitcoins?

    Therefore banks will not be 'wiped out' by the use of unregulated and unpoliced virtual currencies.
    "In the future, everyone will be rich for 15 minutes"
  • meer53
    meer53 Posts: 10,217 Forumite
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    OP, did you really think Santander would ignore what you were doing ? You can decide what you like but you'll have to wait until Santander have finished their investigation.
  • mcplums
    mcplums Posts: 42 Forumite
    meer53 wrote: »
    OP, did you really think Santander would ignore what you were doing ? You can decide what you like but you'll have to wait until Santander have finished their investigation.

    Nah I knew it would happen eventually, it happened to my colleagues as well. It's just with them their account was just shut down. That isn't what has happened to me.

    I just rang Santander to lodge a complaint about them taking their sweet time to resolve this, they basically said that I was not able to lodge a complaint in this instance but couldn't tell me why. Lovely!
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