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I have a friend that is constantly being debanked and his wires getting lost because he has the same name as politically exposed Russian person. Banks do not n
by miohtama 2y ago
I have a friend that is constantly being debanked and his wires getting lost because he has the same name as politically exposed Russian person.
Banks do not negotiate. They just kick him off and sometimes even lose his money.
There is nothing he can do, even though everyone who would look the issue would figure out it's just a shitty automatic system flagging it because of an unrelated person 's name. It would cost too much time and money for banks to fix this mistake, so giving a boot is cheaper.
- sroussey 2y agoI’m surprised there is no redress number like for plane flights.
- nick3443 2y agoSounds like a big inconvenience, did he try to change his legal name? Edit: I have no idea why this legitimate question is being down voted. I'm not suggesting that he should change his name or even that such a solution is an acceptable state of affairs. And the replies received re:past names are furthering discussion.
- voxic11 2y agoApparently AML/KYC programs do consider past names so that people can't simply change their name to avoid sanctions. But one would think if they were going into that much detail they would be able to tell that you aren't the same person as the sanctioned entity.
- elric 2y agoKYC is a joke. Source: I worked on a KYC system.