“You don’t have to be a criminal to get your bank account frozen”

Enzo Caputo Attorney

It is completely legal to optimize your tax situation and structure your assets in a tax-efficient manner.

However, in the face of international pressure and strict compliance regulations posed by States and International Organizations, banks are becoming ever more suspicious and overcautious in relation to bank accounts owned by foreigners that show unusual transactions.

In order to better protect the bank, compliance officers require specific explanatory documents, which are sometimes difficult to provide or insufficient.

When dealing with complex transactions, it is in your exclusive advantage to involve us from the beginning, so that we can secure the bank’s approval before effecting the transaction, avoiding the bank account to be frozen by your bank.

Frozen accountIf you provide poor documentation you risk creating misunderstandings, especially if the transaction involves multiple foreign languages or involves various jurisdictions with different legal systems.

Therefore, it is very important that the economic background of your transaction is crystal clear documented if you do not want your bank account frozen. For large amounts, it is beneficial not only to provide the necessary agreements behind the deal but also to compose a one page memorandum addressed to the banker explaining the source of funds and the scope of the transaction. Otherwise, you risk that your account is blocked by your