Question about a Bank wire?

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A friend of mine was sending a wire offhsore for a rather large amount. The bank froze his wire and the compliance dept of his bank sent him a 12 page questionairre to fill out. Anyone ever have this happen to you. They want too know what the nature of his business is. I told him its just a security measure implemented after 9/11. Could that be it, or can he be in some trouble?
 

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Sending a wire is not illegal per se. Sending a wire for an illegal purpose is. The bank is enforcing a know your customer and source and use of funds policy as is their right and obligation per the patriot act.

This is the new reality in offshore banking and your friend should get used to it

EF
 

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How should he fill out this form. NAture of business: offshore investing and consulting?
 

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<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by drunk:
How should he fill out this form. NAture of business: offshore investing and consulting?<HR></BLOCKQUOTE>


I would find another way sounds like they will target this guy to watch
 

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You can thank Nazis like KMan, Outandup and Patriot that voted for our "big brother" Neo-Conical "PATRIOT ACT" creating administration.

Thanks again guys
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Let us know when you stimulate the ecomony or find WMD or have another duct tape tip.
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He has recieved wires before with no hassles? He actually is a credit client trying too pay. Its not even too fund the account, its too pay off his losses. what if he just sent a bank check..would the bank do the same thing?
 

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drunk,

It depends on the bank, and even on who you talk to inside the bank.

I was recently told by my local branch that my bank had implemented a "one wire transfer per month" policy. So, I actually had to make alternate arrangements with some places to get / send money.

When I called the wire department on a different issue, I asked about the policy, they told me that my local office was misinformed and that while they might have that "official" policy, it is broken all the time and I should have been able to make several wires without getting hassled.

As another example of banks not even being in sync with themselves regarding their rules, I had deposited a decent sized check, and there was disagreement on when the funds would clear between the local branch and the customer service rep. I had been told by the on-line customer service that it would clear the day I went to the bank to do some transfers. The branch personnel were telling me that the money would not clear for another day. So, I called the customer service number and put them on the phone. The head of the branch is arguing with their own customer service people right in front of me, talking on my cell phone, over when my money will be available. Happily for me, the customer service people convinced the branch manager that the funds were indeed available now and I was allowed to do the transfers.

Bart
 

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he needs a detailed, reasonable explanation as to where the funds came from and where they are going. A reference from a CPA or reputable lawyer would help too.
 

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The funds are coming from his bank. They guy is a multi-millionairre. They came from his business.
 

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don't lie. tell them it's for re-payment of debt... leave out the part about gambling
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It is not illegal to bet in NY only to book. Tell him to tell the truth that he lost the money betting on sports and his friend that won the money lives wherever he is wiring it to. END OF STORY!
 

Another Day, Another Dollar
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Terribly sad that there is even a need to worry over this. land of the free. rights to privacy. Im thinking the books may need revised.
 

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Bush and Attorney General ASScroft need to be defeated in 2004. Very good chance of that happening as each day passes.
 

Another Day, Another Dollar
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Chuck, if we re-elect this regime, I will have lost all faith.
 

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