A friend of mine was sending a wire offhsore for a rather large amount. The bank froze his wire and the compliance dept of his bank sent him a 12 page questionairre to fill out. Anyone ever have this happen to you. They want too know what the nature of his business is. I told him its just a security measure implemented after 9/11. Could that be it, or can he be in some trouble?
Sending a wire is not illegal per se. Sending a wire for an illegal purpose is. The bank is enforcing a know your customer and source and use of funds policy as is their right and obligation per the patriot act.
This is the new reality in offshore banking and your friend should get used to it
EF
This is the new reality in offshore banking and your friend should get used to it
EF
drunk,
It depends on the bank, and even on who you talk to inside the bank.
I was recently told by my local branch that my bank had implemented a "one wire transfer per month" policy. So, I actually had to make alternate arrangements with some places to get / send money.
When I called the wire department on a different issue, I asked about the policy, they told me that my local office was misinformed and that while they might have that "official" policy, it is broken all the time and I should have been able to make several wires without getting hassled.
As another example of banks not even being in sync with themselves regarding their rules, I had deposited a decent sized check, and there was disagreement on when the funds would clear between the local branch and the customer service rep. I had been told by the on-line customer service that it would clear the day I went to the bank to do some transfers. The branch personnel were telling me that the money would not clear for another day. So, I called the customer service number and put them on the phone. The head of the branch is arguing with their own customer service people right in front of me, talking on my cell phone, over when my money will be available. Happily for me, the customer service people convinced the branch manager that the funds were indeed available now and I was allowed to do the transfers.
Bart
It depends on the bank, and even on who you talk to inside the bank.
I was recently told by my local branch that my bank had implemented a "one wire transfer per month" policy. So, I actually had to make alternate arrangements with some places to get / send money.
When I called the wire department on a different issue, I asked about the policy, they told me that my local office was misinformed and that while they might have that "official" policy, it is broken all the time and I should have been able to make several wires without getting hassled.
As another example of banks not even being in sync with themselves regarding their rules, I had deposited a decent sized check, and there was disagreement on when the funds would clear between the local branch and the customer service rep. I had been told by the on-line customer service that it would clear the day I went to the bank to do some transfers. The branch personnel were telling me that the money would not clear for another day. So, I called the customer service number and put them on the phone. The head of the branch is arguing with their own customer service people right in front of me, talking on my cell phone, over when my money will be available. Happily for me, the customer service people convinced the branch manager that the funds were indeed available now and I was allowed to do the transfers.
Bart
