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

[Forester]

Martin Everson said:
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 😕. Plus Dubai is a grey listed country.
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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).

Martin Everson said:
Hopefully it all gets solved.
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+1

misterta said:
This is really bad and now I am afraid of giving european customers again this bank details for payments.
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Fully understandable 🙁

misterta said:
Hope this was a exzeption and not all transfers to my Dubai company in Euro will blocked now
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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)?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Martin Everson]

misterta said:
Hope this was a exzeption and not all transfers to my Dubai company in Euro will blocked now
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No idea but when you read articles like the below. Who knows what EU maybe thinking.

https://www.offshorecorptalk.com/th...e-sanctions-for-sheltering-dirty-money.37809/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JackAlabama]

misterta said:
This is really bad and now I am afraid of giving european customers again this bank details for payments. Hope this was a exzeption and not all transfers to my Dubai company in Euro will blocked now
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Well, you can only know this if you try again.
Switch to other payment methods like Bitcoin or Tether.

 

[misterta]

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]

misterta said:
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!
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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.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[misterta]

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]

Martin Everson said:
Reference bank may have thousands of similiar transactions to manually handle before they get to yours.
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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.)

misterta said:
Yes thats true but I have lost this customer forever.
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🙁 🙁 My sympathies are with you. Unfortunately, I can imagine that this is the consequence, regardless of fact that you are innocent. 🙁

misterta said:
I am also afraid of giving this Bank details other customer but I must taste it.
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Yes. Good luck. (Or you can change the bank, or currency.)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[PinkCat]

As of few days Dubai is out of this list, so OP please update us what happened.
Yeah I know it's been 2 years.

 

[wellington]

JackAlabama said:
That is not so crazy for the correspondence bank to be in Belgium if your customer sent you Euro. In fact it is how this works. There is no actual money being sent around and there are no "flying cash envelopes". It is just a credit / debit entry in several databases by licensed banks of the currency in question.
So for Euro in EU, for gbp in UK and for USD in new york. Even if you send US$ from Indonesia to Philippines, it clears thru NY.

What currency did he use? My bet would be euro (the eu should be happy however someone uses that garbauge voluntarily).

Next time use Bitcoin.
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All EURO transactions route through the ECB (Belgium)
All $ transactions route through SDNY (New York)
All CHF transactions (International) route through SDNY (New York)

Most other currencies route through their respective central banks then SDNY as the $ is the medium of exchange (or EuroDollar) in the process of transactions, except for EURO.

China likewise has it's own payment rails that have been adopted in Asia/Africa.

That's why you see so many indictments from the US due to the touch points the transactions have with the US.

 

[PinkCat]

Where is the AED routed?

 

[icecold]

misterta said:
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”¦
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did you ever received the money or did it returned to the sender? What happened after all this time with the money?

 

[clemens]

Would have been nice with an update to all of this, just for a reference to others if they get similar problems.

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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity