Financial Monitoring: Why a bank can refuse service


You need to do this so that you don’t have a bank account blocked.

Why bank may refuse service: Reminder to Monobank customers

Oleg Gorokhovsky, co-founder of Monobank Mobile Bank, explained how financial monitoring would affect banks’ work with customers. In particular, the banker stated that consumers of financial services need to do this so that they do not get bank account blocked.

At first, Gorokhovsky sang several points:

  1. Banks are prohibited from disclosing details of financial monitoring procedures so that customers are not friendly to them.
  2. Financial monitoring procedures, which are set by financial monitoring institutions (banks, insurance companies, etc.), have nothing to do with customer attention. The banker said that mere inhuman efforts allow some subjects of financial surveillance to use more or less “friendly”.
  3. The Financial Monitoring Department is an independent body in banks and the board of banks is restricted from coercion and / or influence.
  4. There is a letter and a sense of law on financial surveillance. The following is the spirit of the law – you can carry out any kind of operation, but you should stop the actions related to suspicious action, drug trade, terrorism, crime and stop those works where you do not understand the source of funds . More precisely, it is also not the source of origin of wealth, but the economic nature of the operation (including the source of origin of wealth). You must know your customer. And there are recommendations on how best to “know” him. But the responsibility for the “ignorance” of the customer rests solely on the bank.

How banks implement the requirements of the law on financial monitoring:

  1. When opening an account, a customer fills out a financial monitoring form. Here he indicates the sources of his income and the origin of wealth.
  2. Analyze the movement of money in bank accounts. As a rule, after the sum of revolutions of 300–500 thousand per month. But the boundaries are set individually and are not a strict criterion, given that, the customer will not be asked questions.
  3. Some use of accounts is of great interest. For example, using the same type of account, similar to business activities, recouping small amounts from different locations and withdrawing credit and financial support from the cryptocurrency market.
    Atypical account behavior may also raise questions. For example, a once large transfer of money that does not match declared income.
  4. Very important for banks in the analysis is the “domestic” use of the account by the customer. If the customer actively uses the card for life – he spends money in stores on the Internet, refills his mobile phone and pays utility bills, as a rule, banks may have There are rarely questions for such accounts, and if so, they are rhetorical and simple.
  5. If the bank wants to clarify the nature of the operation of the account, it suspends the account for more information. What information does the bank expect? Ideally, it is a declaration of income or a certificate of salary. Banks are also suitable for agreements verifying the genuineness of transactions and the income of the customer for such transactions. In this case the regulation of such inspection and communication with the customer is the moment where you can “squeeze” the customer. Here you can try to create a convenient, fast communication. But one must understand that the bank does not have the right to say that it does not conform to it, the bank can ask clear questions and it is appropriate to give detailed answers in a non-invasive manner.
  6. If the customer’s responses do not satisfy the bank, it may Refuse customer further service Or ask for no more than a fixed monthly turnover on the account, which he will determine based on the client’s certified income.

Gorokhovskiy said that the Ukrainian practice of implementing financial monitoring procedures is “much simpler and easier for customers than in Western countries”. “There, banks were only too eager to study toughness and customer profiles if their account business was different from declared income. I was full and did not like it very much, although all my income is transparent like a tear, ”said the entrepreneur.

Gorokhovsky also said that Monobank updates information from 20–30 customers daily.

Oleg Gorokhovsky

Paypal magazine help

Earlier we wrote that Monobank decided to refuse to cooperate with Taskcombank from 1 June, which belongs to Sergei Tigipco. Monobank will have cash desks from Universal Bank, A-Bank and iBox Network.

This was told by Monobank co-founder Oleg Gorokhovsky, who also apologized to all customers who did not receive the expected level of service with Monobank’s collaboration with Taskcombank.

Earlier, some customers started having difficulty withdrawing cash from Taskbank deposits, which limited the issuance of $ 150 thousand. Despite the fact that the new law on financial monitoring has raised the bar of operation to 400 thousand UAH.

Oleg Gorkowski, co-founder of Monobank: We are not going to rest on our laurels
Law on Financial Monitoring: How to Transfer and Pay for Services Now


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