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.
If 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 bank without warnings and further explanations.