3 ms·

> I don't know if you can in the US, but not in my country. A bank working like paypal would be in trouble, and quickly. Closing accounts without prior notice?

> I don't know if you can in the US, but not in my country. A bank working like paypal would be in trouble, and quickly. Closing accounts without prior notice? Deciding unilaterally to freeze assets? A bank can't do that unless ordered by a judge. A bank would absolutely be expected to freeze an account if it suspected illegal activity as part of its AML obligations - filing a SAR would come later. A judge wouldn't be involved until later on in the process to avoid tipping a potential criminal off and allowing them to move the money. Neither should accounts like this necessarily be taken at face value - trying to apply social pressure through forums and social media is standard social engineering.

luckylion 7y ago
> A bank would absolutely be expected to freeze an account if it suspected illegal activity as part of its AML obligations - filing a SAR would come later. And this would take months, and the bank wouldn't be able to respond to inquiries? > Neither should accounts like this necessarily be taken at face value - trying to apply social pressure through forums and social media is standard social engineering. Certainly. I tend to lean towards believing them because I've witnessed a similar case with PayPal that nearly ruined the company of a friend. It got resolved after all, but it took around eight months, lawyers and our local equivalent of a DA to get involved before PP realized they might not want to pursue it any further and released the assets. That doesn't mean that everyone of these stories is accurate, of course, but it indicates to me that not all is well in the PP HQ.
- kristianc 7y ago
  > And this would take months, and the bank wouldn't be able to respond to inquiries? Yes. Legally they're not allowed to give any more information other than that the account has been frozen. Money launderers would be quite relaxed if they knew they just had to wait six months and they could take the money out. > "Being concerned in arrangements which the defendant knows or suspects will facilitate money laundering is also an offence. To put it crudely, if Dave suspects that the money in John's account might be dirty then the Bank cannot allow John to move or access the money and he must file a report to the NCA." [2] [2] https://www.brettwilson.co.uk/blog/frozen-bank-account-no-explanation-suspicious-activity-reports-high-street-bank-customer-post-april-2017/ https://www.brettwilson.co.uk/blog/frozen-bank-account-no-ex... [Example from a bank:] https://www.ft.com/content/96840328-3b6b-11e9-b856-5404d3811663 https://www.ft.com/content/96840328-3b6b-11e9-b856-5404d3811...

luckylion 7y ago

> A bank would absolutely be expected to freeze an account if it suspected illegal activity as part of its AML obligations - filing a SAR would come later. And this would take months, and the bank wouldn't be able to respond to inquiries? > Neither should accounts like this necessarily be taken at face value - trying to apply social pressure through forums and social media is standard social engineering. Certainly. I tend to lean towards believing them because I've witnessed a similar case with PayPal that nearly ruined the company of a friend. It got resolved after all, but it took around eight months, lawyers and our local equivalent of a DA to get involved before PP realized they might not want to pursue it any further and released the assets. That doesn't mean that everyone of these stories is accurate, of course, but it indicates to me that not all is well in the PP HQ.

kristianc 7y ago
> And this would take months, and the bank wouldn't be able to respond to inquiries? Yes. Legally they're not allowed to give any more information other than that the account has been frozen. Money launderers would be quite relaxed if they knew they just had to wait six months and they could take the money out. > "Being concerned in arrangements which the defendant knows or suspects will facilitate money laundering is also an offence. To put it crudely, if Dave suspects that the money in John's account might be dirty then the Bank cannot allow John to move or access the money and he must file a report to the NCA." [2] [2] https://www.brettwilson.co.uk/blog/frozen-bank-account-no-explanation-suspicious-activity-reports-high-street-bank-customer-post-april-2017/ https://www.brettwilson.co.uk/blog/frozen-bank-account-no-ex... [Example from a bank:] https://www.ft.com/content/96840328-3b6b-11e9-b856-5404d3811663 https://www.ft.com/content/96840328-3b6b-11e9-b856-5404d3811...