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They have specific laws that BAN them from giving detailed reasons for why they froze your accounts. Giving you a reason, or sometimes even hinting that there m
by valdiorn 3y ago
They have specific laws that BAN them from giving detailed reasons for why they froze your accounts. Giving you a reason, or sometimes even hinting that there might be a problem, would be classified as "tipping off", which is a federal crime and can land even the lowliest finance worker in jail.
People need to read up on AML (anti-money laundering) laws. They are a bit insane.
Know them because I've worked in regulated financial companies for years and have had to do the mandatory training about a dozen times.
- denton-scratch 3y agoSo even if there are no suspicions of money-laundering, they can't tell you why the account is frozen? Because otherwise, if they won't tell you why, it must be AML?