Revolut business bank has frozen our accounts for over a month without explanation.

[Skål AB]

Hi,

 

Revolut business bank has had our accounts frozen for over a month without giving an explanation.

 

This has greatly harmed our business considering our funds are stuck and our merchant services are also tied to this bank.

 

When I use the chat function i get the same scripted message that " there is an account review in progress and the relevant team is looking into this."

 

When I ask for an explanation they refuse to give me one. We can't pay our employees because of this and it drastically effecting our business, especially during the holidays.

[BankFodder]

I suppose that the bank is concerned that you may be involved in money laundering. The banks are very sensitive about this kind of thing nowadays.

How long have you had the account? Has there been any particularly unusual activity with the account? How much money is stuck in the account?

Also you may as well start reading this thread

 

[Skål AB]

1 year, usual business activity only and we have about $30k left in the account.

[honeybee13]

Hi.

 

Which country is your account in please? We're a UK based website.

 

HB

[Skål AB]

UK

 

 

Our business is based in Sweden but the revolut account is in that UK

[BankFodder]

And are you a limited liability company? Or are you trading as sole traders or a partnership or something?

Have you checked the CIFAS register? Have you checked your credit files?

[Skål AB]

We are a limited company in Sweden. It's AB

[BankFodder]

I'm afraid I think you are going to have a very tough job.

First of all, have you read the thread that I have linked above? That will give you some idea about the issues involved and how it can be handled – but it is extremely difficult.

Once the banks suspect that you are involved in money laundering, they seem to act without any kind of accountability or responsibility to the customers. Everything becomes a closed book and you don't have access to anything.

If you read the same try linked above, you will see that there are apparently some statutory duties including duties under the proceeds of crime act which require that they inform the NCA within a certain number of days.

We are getting the impression that the banks are rather casual about these duties because nobody seems to know about them and so the banks make unilateral decisions without any justification.

Because you are a business entity, I don't think that you can make a request for a statutory data disclosure because that only refers to personal data. On the other hand, presumably they know the names of the directors and it might be a good starting point at least to make SARs in respect of the directors of the company as individuals. It may produce nothing – but you never know and it doesn't cost anything.
Get going on that.

Secondly, you need to understand a little bit about BCOBS which is a duty to treat customers fairly and it applies to all customers – not only individuals.

I hope you have started to make other banking arrangements because this will go on a long time unless you are extremely lucky. You should definitely open a second bank but of course if you have a CIFAS marker placed against you, then you probably won't even be able to open a second account. This is why you should check the CIFAS register and also credit files.

Eventually you may have to start a legal action but this means that you will have to have a UK address from which to serve and also to receive documents. Do you have this?

[fkofilee]

I dont think its Money Laundering - I think its because you are a Biz in Sweden with a UK Account. 

Have they said anything about proving you have a right to trade in the UK etc? 

 

Keep in mind when we left the EU - Banks up their rules regarding international companies and having account where they may not trade in that country.

Wonder if that is what has them spooked.