Standchart eSaver

[henrylbh]

Simple answer: they now have more stringent risk management.

When they cannot verify your source of funds, and u refused to disclose your salary and wealth in stocks, they would rather not have relationship with u. AML.

But all transactions requested were supported and explained. Unless they dumb to understand. There is no reason to know my salary and shareholdings that are not related to the transactions. I only made 3 share payments from my accounts and they are not significant compared to my many in and out share transactions in the people's bank

 

[henrylbh]

Funds coming in suspicious, funds going out also suspicious. U cannot proof to retain your relationship, is your fault, AML.

What so suspicious when the biggest amount came from 4 cashier order amounting to 490k is supported by lawyer's letter.

I also wondering why seller paid by 4 COs from different banks through seller's lawyer I can't answer that for the bank and my own lawyer cannot answer when I questioned

 

[wutawa]

What so suspicious when the biggest amount came from 4 cashier order amounting to 490k is supported by lawyer's letter.

I also wondering why seller paid by 4 COs from different banks through seller's lawyer I can't answer that for the bank and my own lawyer cannot answer when I questioned

I tink if the seller put all his money into 1 bank, he will be queried by the bank instead.

I was being queried by ocbc staff when i transfered $200k from cimb, to open co to hdb.

A possibility: buyer is suspicious, causing your source of funds to be suspicious

There r ppl who will split their savings into diff banks to optimise the int earnings. It is also good for sdic coverage.

 

[henrylbh]

A possibility: buyer is suspicious, causing your source of funds to be suspicious

That should not concerned me or the bank. I received money for asset sale at fair value. Hence my 'wealth' should not questionable.

 

[henrylbh]

I was being queried by ocbc staff when i transfered $200k from cimb, to open co to hdb.

They never queried me when I bought cashier order of 443k to pay HDB after I sold my EC.

 

[pinpinpin]

That should not concerned me or the bank. I received money for asset sale at fair value. Hence my 'wealth' should not questionable.

i guess as long u receive payment from the buyer, who cares where the $ comes from?

 

[henrylbh]

Its got to do with AML, bank have the final say, layman will not understand, and u refuse to disclose your salary/assets, that's the killer!

But I don't have much in the bank except for interbank transfer because of the promo interest. Now left about $700 only

Their reading of AML is zero

Disclosing my shareholdings with another round of questioning

 

[LexusIS]

No wealth. But they queried me when I deposited 4 cashier orders of about 480k from different banks relating from sale of my EC.

Then I loan 50k to X.

Then I paid 3 shares transactions amounting to about 40k.

Then I transferred 3x amounting to about 48k to my sis.

So simple, yet they are speculating.

Only I refused to disclosed my salary and amount of shares holdings.

The rather huge inward funds plus outwards could have triggered the review.

For 4x cashier order should be ok, if you have the lawyer’s letter confirming it. My Guess is it can be issued from different parties, 1) Buyer; 2) Buyer’s Lawyers CVY account; 3) Buyer’s bank? To form the final payment?

Probably the $50k loan plus your refusal to provide proof on source of wealth resulted in discomfort from their compliance team and they might rather err on the side of caution by choosing to exit you, even though it seems to be a simple conveyancing case.

Nowadays banks are very jittery especially after the 1MDB case. Most likely they don’t have updated docs on you to justify your source of wealth.

Why don’t you try to appeal and also submit your income tax plus other available requested docs?

 

[henrylbh]

but now, I will also think twice before consolidating family's $ with my account

Better to avoid.

 

[Squaredot]

Better to avoid.

me too
...

 

[henrylbh]

Too bad, u just have to end your relationship with the bank. I cannot teach u how to AML, or explain more, against my professional ethics!

I am not into AML. No incoming funds except mainly from inter-bank transfers which they never queried

 

[henrylbh]

me too
...

That's the most probable reason for knocking me out.

 

[Squaredot]

for such purpose, I usually give them any number as salary or equity holdings ...they still accept it without asking for further proof

I think they just need some reason / justification ... so better provide something, rather than nothing at all

but now, I will also think twice before consolidating family's $ with my account

Hsbc also made a lengthy check with my personal account.
That time my income is not fixed and the RM kept asking the source of my funds.
Alamek! Only 250k want to dig my assets so deep. Why should I tell them?! Anyway a person with brains will know at my age it is not difficult to have 250k. I'm not 25 years leh

 

[Squaredot]

That's the most probable reason for knocking me out.

bro, just move your money to another bank. SCB is not the only bank with higher interest.
Try to put your money in separate accounts..

 

[Squaredot]

I am not into AML. No incoming funds except mainly from inter-bank transfers which they never queried

I recall Hsbc security do call up when I made fund transfer (merry go round)
They stopped calling don't since when I also cannot remember.

Anyone still recg calls from Hsbc security when u do "large transfers"? Just curious.

 

[henrylbh]

Its got to do with AML, bank have the final say, layman will not understand, and u refuse to disclose your salary/assets, that's the killer!

If AML, the law should come after me.

I suspect the reviewing officer is dumb to understand or see the picture

See post 2238.

 

[henrylbh]

bro, just move your money to another bank. SCB is not the only bank with higher interest.
Try to put your money in separate accounts..

Early this month OCBC just upgraded me to premier even though I said no need .... just because I bought an investment product of 200k. My premier account got zero balance. They also open another premier dividend account

Dunno what to do with these two accounts.

 

[Squaredot]

It does not work like this. Just move your business to another bank and hope u dun make the same mistake

U can curse and swear at the bank, no use, they have the final say and know what they are doing for risk management

what is "the same mistake" may I ask?

 

[oceanicmanta]

what is "the same mistake" may I ask?

appearing "uncooperative by not providing info requested" ??

 

[wutawa]

AML may not be an A to B thingy. It can go through many layers, branch out and merge in. The middle layers may not even know about it.