Frozen bank account

[Russty]

I have had my bank account frozen by Nationwide now for over three months.

Cdd department don't help

nationwide just say they will not talk to me anymore

and the CEO of their company just passed me to some one in his department that has cut communication.

 

In more info.

I have a letter from my solicitor stating the money has come from selling of my home and I have receipts for every penny

still nothing from nationwide policy

 

so bad I have tried financial ombudsman

they are busy for next few months

so it's a waiting game

 

any one got any advice 

[brassnecked]

Welcomre to CAG, so that the team and Caggers can advise further, have Nationwide given any specific reason for freezing the account? You say that the proceeds from a property sale was paid in so are they alleging money laundering or some such thing?

[BankFodder]

How much are we talking about?  Are you British?

[Russty]

It is about 20,000 I'm from the UK. They gave no reson for the frozon account it was all put in £1000 a day for twenty days in cash. So I gather it's a investagtion into why cash. Instalments I have proof of founds and receipts for every £1000 put in in instalments 

[brassnecked]

It might be that it was paid in over the 20 days, I'm sure BankFodder might have some thoughts on this.

[BazzaS]

The scenario you describe (both the pattern of cash AND the 'won't communicate), is compatible with if you've triggered an anti-money laundering alert.

 

If so, they'll have 2 competing pressures:

a) your complaints (including any about lack of communication)

b) the anti-money laundering regulations, which will include the criminal legislation, which includes 'tipping off' as an offence.

 

If this AML, I'd not be surprised that they aren't responding to you, rather than facing jail for saying "ohh, yes, you've triggered an anti-money laundering alert".

 

https://www.cms-lawnow.com/aczone/money-laundering/offences-under-poca/tipping-off-offences

 

(Obligatory statement to protect me and CAG: I have no direct knowledge of your situation, but am making assumptions and suggestion based on the publicly available facts on existence of anti-money laundering legislation.)

 

Edited February 29, 2020 by BazzaS

[fkofilee]

1 hour ago, Russty said:

It is about 20,000 I'm from the UK. They gave no reson for the frozon account it was all put in £1000 a day for twenty days in cash. So I gather it's a investagtion into why cash. Instalments I have proof of founds and receipts for every £1000 put in in instalments 

 

This would have triggered their AML Procedures because of the way the transactions were done due to the way the transaction was handled. 

They will be undergoing KYC Checks again. 

 

Please check in with CIFAS. 

Have you another bank account to use?

[Russty]

On 29/02/2020 at 23:37, fkofilee said:

 

This would have triggered their AML Procedures because of the way the transactions were done due to the way the transaction was handled. 

They will be undergoing KYC Checks again. 

 

Please check in with CIFAS. 

Have you another bank account to use?

I had to go and open a new account (with a different bank lol)  and of course I'm putting very little money in now 

[BazzaS]

Better to wait it out, or if you HAVE to open another account: use only basic banking functions and no large sums, otherwise it just looks more suspicious for another AML alert.....

[fkofilee]

Your new account maybe become useless to you if Nationwide have registered CIFAS. 

[Russty]

10 hours ago, fkofilee said:

Your new account maybe become useless to you if Nationwide have registered CIFAS. 

I have only put min just to pay some bill and that's it thank you all for your answer and talking your time to aid me in this