Bank transfer through reference bank "on hold" since 2 weeks - any experiences?

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Forester

Mentor Group Light (Private use!)
Sadly this is legally acceptable. It is what the sending bank and receiving bank signed up to in order to have a correspondence banking relationship with the reference bank :confused:. Plus Dubai is a grey listed country.
Exactly. Just to add, if you want to learn more, keywords are: MCMAATM (The Multilateral Convention on Mutual Administrative Assistance in Tax Matters), FATF (The Financial Action Task Force) and consequently AML/CFT regime (anti-money laundering and combating of terrorism financing regime).
These measures, in fact, give the banks right to do practically anything (OK, perhaps except openly to steal your money).

Hopefully it all gets solved.
+1
This is really bad and now I am afraid of giving european customers again this bank details for payments.
Fully understandable :(
Hope this was a exzeption and not all transfers to my Dubai company in Euro will blocked now
Well, as claimed above, it is (IMO) almost surely related to the customer or to the customer's bank. As the customer's nature of business seems relatively innocent and the substance of transaction is really clear, perhaps with different banks in action it should not appear. BTW, could you disclose the names of the banks (customer's bank and correspondence bank)?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Hope this was a exzeption and not all transfers to my Dubai company in Euro will blocked now

No idea but when you read articles like the below. Who knows what EU maybe thinking.

 

misterta

New member
Short Update.
My Customer was Last week thuesday in his Bank and canceled the Transfer. Until now he hasnt back his Money. 1 week now and nothing comes. This is a so Crazy and Bad Situation What the reference Bank do here!
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Short Update.
My Customer was Last week thuesday in his Bank and canceled the Transfer. Until now he hasnt back his Money. 1 week now and nothing comes. This is a so Crazy and Bad Situation What the reference Bank do here!

Thanks for update.

Well money is not lost. You know where it is at least. Reference bank may have thousands of similiar transactions to manually handle before they get to yours.
 

misterta

New member
Yes thats true but I have lost this customer forever. It is a really bad situation only because of this reference bank in Brussel.

I am also afraid of giving this Bank details other customer but I must taste it. When next transfer also hold by referencebank then I can not use anymore…
 

Forester

Mentor Group Light (Private use!)
Reference bank may have thousands of similiar transactions to manually handle before they get to yours.
May be, of course. Although honestly I would rather suspect them that they are still performing some investigation, because they feel obliged to do it, regardless of the fact that the transaction is cancelled. But this idea is really worth 2 cents :) (Frankly, I am really curious what a bank it is. But I understand well that @misterta does not want to disclose this detail.)
Yes thats true but I have lost this customer forever.
:( :( My sympathies are with you. Unfortunately, I can imagine that this is the consequence, regardless of fact that you are innocent. :(
I am also afraid of giving this Bank details other customer but I must taste it.
Yes. Good luck. (Or you can change the bank, or currency.)
 

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