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AML/KYC laws require you to freeze accounts if you suspect anything. Traditional banks blocked my transfers a few times and required proof of source.
by khweroii 7y ago
AML/KYC laws require you to freeze accounts if you suspect anything.
Traditional banks blocked my transfers a few times and required proof of source.
- luckylion 7y agoDid you do anything "weird" or was it just during your average months that they suddenly went ballistic? I know they're supposed to alert the authorities on suspicious activity, but I believe(d) freezing an account unilaterally is the ultima ratio for extreme cases and wouldn't be done easily, as it will leave the bank open for damages claims, and really makes banks somewhat useless if it happens frequently.
- ValentineC 7y agoWhen Revolut first launched in Singapore, it was almost common knowledge that depositing more than $5,000 SGD (approximately $3,500 USD) would more or less cause one's account to be limited for weeks (until one tweets at them to hurry up), because they've triggered the Source of Funds check.