EPB complience control

[DMX]

Hi,

for years I have an EPB corporate account, I receive payement almost every month and I use to withdraw money almost every month.
The compliance department sent me a message asking me to send proof on how I spent the money....I can't believe that...how I spent the money : gazoline, food, clothes...daily expenses...and I don't always keep receipts...I can't believe that...

 

[Sols]

What's the exact wording they used? Maybe they are just asking normal questions to understand your business model but it's not being clearly communicated.

 

[DMX]

Thanks for the feedback, here is their message :

Dear, Advise the client compliance department is performing a review on the account activity, this request will help us to understand the activity that will be flowing through his account. 1. Please submit invoices/ receipts to support purchases made during the month of <XXX> 2019. Please note that there are no retained transactions, however we appreciate providing the details as soon as possible to prevent future payments from being withheld unnecessarily. Please re-submit the documents through this message thread. Thank you for your time. Any questions/comments feel free to give us a call at Euro Pacific Bank, you can contact us at 1888-527-4041. Kind Regards, Client Services - EPB. Like I said I only use the card for withdrawals and I don't always keep receipts

 

[Martin Everson]

How did you make the withdrawals by card or wire transfer? Is the month in question recent or in the past? Also was the volume during the month higher than usual?

Best case is that its just normal random due diligence. Worse case is its a thirdpary request from either correspondence bank or card provider and they lack the data to provide the thirdparty with info on your activity.

 

[DMX]

Hi, thanks for the feedpack.
Withdrawals only by card during years ans years ans not every month.
I used to withdraw from 1000 € to 2000 € but for that month it was about 5000€

 

[Martin Everson]

Hi, thanks for the feedpack.
Withdrawals only by card during years ans years ans not every month.
I used to withdraw from 1000 € to 2000 € but for that month it was about 5000€

Ok then you see the problem. You changed your pattern and they need to know why. Is it also outside the range of values you gave them for total deposit and withdrawals each month when you signed account opening docs?

If you withdrew cash via ATM then just print of a report showing the withdrawals if possible and say you made some extra withdrawals to keep cash on-hand due to brexit uncertainty, planned holiday or something.

 

[DMX]

What I don't understand they have a trace of what has been withdrawn...I'll follow your advice...thanks

 

[Martin Everson]

What I don't understand they have a trace of what has been withdrawn...I'll follow your advice...thanks

They may have a trace showing cash withdrawals but they don't have a reason to support it. They need paperwork for their records. btw who is their card provider now? Could be the card provider asking.