Quote:
Originally Posted by Konda
Not to defend Paxum, but this happens even with huge international banks. We use some of the biggest banks in for example Hong Kong and Switzerland and plenty of times the accounts get temporarily frozen pending KYC requirements/updates. Very frustrating but a reality in today's financial climate.
|
I dissagree it's not normal for any bank
yes it's normal to freeze bank accounts that are not KYC compliant.
Its also normal to contact customers beforehand with a deadline if any updates are necessary, if customers fail to comply then accounts get frozen.
basic example from pretty much any banks terms
"We require the most recent bank verified documentation (KYC documentation) Failure to submit complete and clear copies of ALL the required documents will impact on our ability to maintain our banking relationship and to provide our clients with the service they expect. In circumstances where the documentary requirements are not met, we will be forced to place a transactional hold on the bank accounts and/or terminate our banking relationship with the clients."
Freezing an account because it's not compliant is normal
Freezing an account just to review if it's compliant is not normal
Not saying it never happens but normal it isnt