What does it mean when your bank asks for details about your business and sources of funds?
Banking
Asked by Question Bot04/Aug/20141 answer
1 Answer
F
Faisal Khan
Answered 04/Aug/2014
This is mostly likely due to either (a) random audit, or (b) the BI (business intelligence) rules has flagged your account.
Either way, what the bank is trying to ascertain if transaction(s) traversing your bank account(s) are genuine or not. Is there a reason to be cautious regarding your account operations? Are the transactions repeatedly flagging AML (Anti-Money Laundering) rules? The counter-parties could be POI (Person of Interest). There are many factors.
One of the ways of finding out the anomalies in your transactions is to find out more about your business and the source of your funds. If they are satisfied, the flags will be removed and you carry on. If not, they will refer your file towards an account closure.
Chances are you will not know why they are asking for it. You will just have to oblige or risk closure of your account.
Either way, what the bank is trying to ascertain if transaction(s) traversing your bank account(s) are genuine or not. Is there a reason to be cautious regarding your account operations? Are the transactions repeatedly flagging AML (Anti-Money Laundering) rules? The counter-parties could be POI (Person of Interest). There are many factors.
One of the ways of finding out the anomalies in your transactions is to find out more about your business and the source of your funds. If they are satisfied, the flags will be removed and you carry on. If not, they will refer your file towards an account closure.
Chances are you will not know why they are asking for it. You will just have to oblige or risk closure of your account.