Why can a foreign bank block your account

In today’s financial world, every bank has an obligation to closely monitor the actions of its customers and respond to potentially suspicious transactions. Such measures are taken to combat money laundering and illegal financial transactions. To ensure the safety of your account and avoid trouble, we are proud to present you with a detailed study of the criteria that attract the attention of foreign banks.

  1. Unusual settlements between different types of business that do not correspond to their profile of activity or do not make logical sense, arouse suspicion.
  2. High volumes of transfers, which stand out among similar businesses in the same region, may also attract the attention of the bank.
  3. Frequent and similar non-cash transactions carried out on the same accounts are considered as potentially suspicious.
  4. A sharp increase in activity on a previously underused account is also a criterion that attracts the bank’s attention.
  5. The absence of transactions that match the profile of the client may raise suspicions of money laundering or other illegal transactions.
  6. Replenishment of the account with large amounts, with subsequent transfer to other banks, is one of the operations to which the bank pays special attention.
  7. Frequent exchanges of small bills for large bills or the exchange of cash for other currencies may be considered as potentially suspicious.
  8. Replenishment of an account from abroad, followed by withdrawal of funds without additional transactions, may raise suspicions in the international money circulation.
  9. Avoiding contact with bank managers and ignoring requests for documents can also attract attention and arouse suspicion.
  10. The reluctance to provide reliable information when opening an account and the use of minimal or fictitious data are also considered as suspicious factors.
  11. A large number of individuals making payments to the same account without explanation can be a sign of questionable activity.
  12. The use of the same persons by different companies for cash transactions or currency exchange can also attract the attention of the bank.
  13. The presence of accounts in several banks in one locality for the consolidation of money with subsequent transfer is one of the criteria that attracts the attention of banks.
  14. Purchases of securities that do not match the profile of the customer or unusual cash settlements of securities may also be considered suspicious transactions.
  15. Requesting investment management or administration services without a clear source of funds may raise suspicions of money laundering or the financing of illegal activities.
  16. The use of letters of credit and other trade finance instruments in unusual situations may also draw the bank’s attention.

To avoid problems associated with account blocking due to suspicions of illegal transactions, we recommend contacting professionals from White and Partners. Our team will help you prepare all the necessary documents for opening an account in foreign banks, where you can safely conduct business and carry out personal financial transactions. Do not delay, contact us right now and get access to profitable and safe banking services!

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