All UK Bank not allow to open account for money transfer anymore?

[bee10270]

Hi, Caggers

 

I'm so new in CAG, also this is my first post as well.

 

I have wondering that All UK bank do not allow to open the account for money transfer business anymore?

I have operated this business since 2009, But I have a plan for company new project then I go for a new bank.

 

Over 5 Bank has been reject me suddenly when they know of my nature of business. Does anyone know what Bank are welcome for this case?

 

I believe that FSA and HMRC won't issued the licence for money remittance. if they not allow bank to support then.

 

Please advise.

Bee

[renegadeimp]

Probably something to do with money laundering. Especially since you seem to be opening a ton of account and switching around.

[bee10270]

I've admit the money remittance unavoidable to deal with money launder itself. But we have operated under MLRO and FSA procedure under their check regularly.

I guess Mostly of Bank may see that point. that a main reason to take us away. But I think if the money launder has under control seriously. Is it the one of business in High street isn't it?

[renegadeimp]

I think the main issue here is on two points, and not something you might want to hear.

 

Going by your posts, it seems you arent originally a british citizen and you have multiple accounts with multiple banks and regularly transfer large amounts of money around. Both of these points are scrutinised in great detail by the banks, and if they even suspect that something untoward could be happening, they will instantly decline your application.

 

Also, it is MUCH easier for you to open several accounts with the same bank, as they can joint hem together while acting as separate accounts. You can then transfer whatever amounts you like around the accounts. The reason the banks are refusing you an account with them is because, for some reason you are opening up multiple accounts with banks, and passing around large sums. This can very easily be seen as money laundering, or attempted laundering.

 

As i said, go back to your original bank, speak to the personal business manager and open up a few accounts there and have them linked. Theres no real reason not to. Once you build up a stable and solid reputation, other banks will be much more inclined to offer you an account. Remember, they want the money to stay IN they account so they can make money off it. If you regularly transfer it out and keep the account at a zero or very low balance, they will be reluctant to offer you one.

[bee10270]

Thank you for advise renegade, I will get back to my Bank for business purpose.

 

My origin from Thailand, I do operated money transfer business for Asians people who's worked here and send money to their homeland.

 

As I research the UK bank, I have wondering why some bank like CitiBank has provide for the personal account only? They are not equal licence in provider?

[renegadeimp]

Oh i understand what you are doing. Plenty of people do the same. However, you have to look at it from the banks point of view. They have to abide by the law and be very careful who they offer accounts to now. If there is ANY doubt about what the account would be used for, they will just say "sorry. Find another bank". Just like they are doing to you now.

[Old Cogger]

Try HSBC they are always in the news worldwide!

Edited April 14, 2013 by Old Cogger

[bee10270]

Thank you Mike,

 

I will call HSBC for get an ideas from them.

[san_d]

Thank you Mike,

 

I will call HSBC for get an ideas from them.

 

Mike was probably being ironic. Hsbc is quite known for their money laundering allegations.