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Invitation to a meeting at our Bank.

Posted by zadora - Created: 4 years ago
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10 replies (Showing replies: 11 to 20)

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Posted by Chrispy-108529 - 4 years ago

In broad terms a transaction or a computerised review has raised a flag with the bank's compliance department.  The bank will never tell you what this is as it will mean that people will take avoidance measures.  The consequences of not fulfilling the bank's request may be that your account is closed because you no longer fulfil the bank's client profile as with HSBC Jersey, or that if there is an unsatisfactory answer, what used to be called a suspicious transaction report will be filed with the a police unit that monitors financial crime!  If your account is closed the bank may just send you a cheque for the balance and if you do not have an account to pay it into or an account to receive incoming payments  and to make standing orders, you will be up the proverbial creek without a paddle!

To add to what has been said, yes you do need to show the source of funds, but you may also be asked about the economic activity that generated the funds.

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Posted by countrydweller - 4 years ago

Bank s throuhgout the EU are required to verify their customers identity and the sources of their income otherwise they may be open to fines etc.If you do not want to comply then do not but if they cannot verify the details they may close your account.So the choice is yours

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Posted by Fish24 - 4 years ago

Surprised at Z's  bank's request, I have looked on my Credit Mutual bank site (in French) and it appears that banks have had and still do, the right to ask for that information:-

Google - blanchiment d'argent obligations des banques (French)

or Google  - money laundering and banks (English)

You may have also noticed that the IR have changed their formats for Declaration of IR and much information is now pre-printed according to certain declarations being made direct to the IR.

It would appear that things are tightening up in France and elsewhere so I wouldn't be surprised if there are others who will be invited for a 'chat'!!  If you have nothing to worry about, just go along and be helpful as you have nothing to loose except your account but if not, on your own head be it.

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Posted by buster-784461 - 4 years ago

As a french resident I get letters with forms to fill in with similere questions! When I went to the bank with the form she told me they came from the head office & are something to do with money laundering!!

Maybe you deposited a large sum of money ??

If I was non resident I would bin it!!

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Posted by Kanak - 4 years ago

Hi Zadora,   sorry you've been bothered, but maybe you have made recent or even on-going transactions across territories?   Sounds a total invasion of privacy, but in fact they call it  'la lutte contre le blanchiment des capitaux et le financement du terrorisme'   (I am absolutely not suggesting you are in any way corrupt, but these things can be random enquiries too.)  Any bank can ask for this, so changing banks may not be the answer.  Why not pop in before the appointment, and ask in a friendly way why it is your turn?  I would let them see passport and utility proof of address, and tell them that exchange transactions etc. are things they have on their own records.

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Posted by zadora - 4 years ago

Hi All.

Thanks for all your replies. Interesting.

We spend 24 weeks of the year in France. The rest of the year we are in the UK. We have been very happy with our bank for 25 years. We cannot understand why they are suddenly seeking this totally intrusive information.

 

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Posted by Fitter - 4 years ago

Open another account at another bank-then tell them at the meeting to poke their account where the sun don't shine because of their attitude.

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Posted by janes-394036 - 4 years ago

Change bank.

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Posted by Emu-408495 - 4 years ago

"Within the framework of the current banking regulations in France"

Ask them to provide you with a copy of these regulations or to give you an internet link to them.

I would not attend the meeting unless I could verify that the bank is within its rights to demand to see such personal information.  I have never heard of this happening to anyone else.

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Posted by Anonymous - 4 years ago

Your bank sounds nosier than the NSA.  Change banks.