Standchart eSaver

[twosix]

likely but not sure. He just said his account has nothing inside, didn't mention the nature and amount$ of transactions in his account before his account got frozen.

True, but no reasons why the authorities want to freeze accounts, and with scam/fraud so notorious nowadays, these 2 r the likely reasons. Only the account owners will know what they use their accounts for.

Last month I was transferring some funds between different banks because of interests rates changes. The bank actually called me to verify it is me before allowing the transactions to go though. So the authorities are really on the ball nowadays.

 

[lzydata]

True, but no reasons why the authorities want to freeze accounts, and with scam/fraud so notorious nowadays, these 2 r the likely reasons. Only the account owners will know what they use their accounts for.

Last month I was transferring some funds between different banks because of interests rates changes. The bank actually called me to verify it is me before allowing the transactions to go though. So the authorities are really on the ball nowadays.

That's interesting. Were they all accounts in your own name?

 

[Squaredot]

True, but no reasons why the authorities want to freeze accounts, and with scam/fraud so notorious nowadays, these 2 r the likely reasons. Only the account owners will know what they use their accounts for.

Last month I was transferring some funds between different banks because of interests rates changes. The bank actually called me to verify it is me before allowing the transactions to go though. So the authorities are really on the ball nowadays.

may I ask which bank called u to verify on your fund transfers? Most times I don't pick up unknown numbers or I could just missed the calls.

 

[twosix]

That's interesting. Were they all accounts in your own name?

Yes. But the banks do not know mah.

 

[twosix]

may I ask which bank called u to verify on your fund transfers? Most times I don't pick up unknown numbers or I could just missed the calls.

DBS and CIMB.

 

[vsvs24]

DBS and CIMB.

Wow. Is your transferred amount very large or you transfer in foreign currency to have 2 banks call up.

 

[twosix]

Wow. Is your transferred amount very large or you transfer in foreign currency to have 2 banks call up.

5 digits. I dun do fcy.

The banks are on the ball due to the fujian gang.

 

[Devilsire]

DBS and CIMB.

Yes. But the banks do not know mah.

all accounts in your own name right?
initially i tot bank would be able to automatically filter out any false flagging as long as the transferor and transferee are the same person i.e account under same name.

 

[twosix]

all accounts in your own name right?
initially i tot bank would be able to automatically filter out any false flagging as long as the transferor and transferee are the same person i.e account under same name.

How will one bank knows my account # in another bank? They hold the transfer and checked with me first to ensure I'm not scammed or doing anything illegal. I appreciate what they did. And not only local bank. Foreign bank too. Kudos to them.

 

[Devilsire]

How will one bank knows my account # in another bank? They hold the transfer and checked with me first to ensure I'm not scammed or doing anything illegal. I appreciate what they did. And not only local bank. Foreign bank too. Kudos to them.

as in how paynow / ibanking works, where the payee will receive the payer's account name info via email/alert.
i was hoping, or assumed that banks have a system in place where they are able to retrieve payer & payee account name to automatically whitelist self name transfer

 

[Ark Law]

all accounts in your own name right?
initially i tot bank would be able to automatically filter out any false flagging as long as the transferor and transferee are the same person i.e account under same name.

Nope. Bank systems are aged and stupid. Ownself transfer to ownself even under self-registered Paynow NRIC/mobile number will get flagged. Go figure.

 

[vsvs24]

Nope. Bank systems are aged and stupid. Ownself transfer to ownself even under self-registered Paynow NRIC/mobile number will get flagged. Go figure.

Aiyoh. Why lei ?

Eg GXS cannot add payee. Or some banks I lazy to maintain payee, I will paynow to myself to get funds into the bank account I use for operating expenses.

 

[Ark Law]

Aiyoh. Why lei ?

Eg GXS cannot add payee. Or some banks I lazy to maintain payee, I will paynow to myself to get funds into the bank account I use for operating expenses.

Because the logic is that it is an external account. Even if the recipient is the same name. So as long as it is outbound or within same bank but different name, plus amount transferred is a significant amount, it will red flag.

 

[zippo1979]

all accounts in your own name right?
initially i tot bank would be able to automatically filter out any false flagging as long as the transferor and transferee are the same person i.e account under same name.

Your logic / understanding WAS correct in the past before Fujian Gang. Last time, same name to same name transfers, banks will hardly bother to give it a second look.

It has all changed now. As long as their anti money laundering system picks up certain patterns in fund movements (sizes / frequency), it does not matter whether it is same name or not, it will be flagged and up to the Bank if they want to investigate further like give you a call, or ask you for documentary information, or even send you account termination notice (which you can try to appeal).

This is all thanks for Fujian gang.

 

[bambooshoots]

It’s good that banks are checking. FAST transfers are done using account numbers, the recipient’s account name was just for reference only. Payor banks don’t or probably cannot ‘cross-check’ that is is a ‘same name’ transfer.

 

[royalmix]

Simple common sense, if people spread falsehoods that banks dun monitor own account transfers, "ML guys" who believe and use that route to clean their money will obviously will be caught lah!

 

[wira]

Because the logic is that it is an external account. Even if the recipient is the same name. So as long as it is outbound or within same bank but different name, plus amount transferred is a significant amount, it will red flag.

singapore banks currently don share customer account data between banks so when you set payee to send from Bank A to Bank B, Bank A does not know the payee details in Bank B hence cannot verify if its your account or not.

 

[Ark Law]

singapore banks currently don share customer account data between banks so when you set payee to send from Bank A to Bank B, Bank A does not know the payee details in Bank B hence cannot verify if its your account or not.

Bank B may not be able to fully verify, but they can identify the account owner's name from FAST transfer transaction.

You ownself transfer from Bank A to Bank B, you can see your own name in Bank B's ledger.

 

[sglandscape]

Bank B may not be able to fully verify, but they can identify the account owner's name from FAST transfer transaction.

You ownself transfer from Bank A to Bank B, you can see your own name in Bank B's ledger.

only after the fact and after the transfer is done. Before that domt have unless use paynow

 

[twosix]

I believe one needs to know the details only if they want to beat the system.

Else nothing to worry about and continue to do your business as usual.