Received a SMS message from First Abu Dhabi Bank, UAE "we need more information on transactions on your credit card / FAB account..."

[5K1PP3R]

Dear Customer, we need more information on transactions on your credit card / FAB account. Please contact your RM or the FAB Branch that holds your account as soon as possible to discuss this further. Reference number: xxxxxxx
Click to expand...

I am UAE resident and FAB account is personal one. I did some deposits from my company's account in currenxie.com and also was buying USDT from a local seller. I can easily give them the source of funds contract, invoices, dividend resolution. But will they accept it via email? Also will they question the outgoing transfers? If yes, what should I say what was the purpose?

 

[uplana]

If they will accept it by e-mail or not is easy to ask them about!‌

If you provide honest answers to them you won't have difficulties to provide documentation. Unless‍ you have spend the money on hookers, drugs or firearms. Or had a dinner with⁠ Putin.

 

[5K1PP3R]

This can get my account frozen, who know‌ what will FAB do if they know I was buying crypto.

The seller told me‍ if bank asks, I should say I was buying Amazon gift cards. I wonder how⁠ that will workout

 

[Martin Everson]

If they have‍ contacted you they may already know whats up.

Do you really want to lie to⁠ them? Fraud issues you don't with UAE.

Maybe @Fred can offer some insight here.

 

[turtle]

I suggest you‍ withdraw your remaining balance before saying something like this because your account will probably be⁠ frozen. I don't know what you're dealing with exactly but if the bank notifies the⁤ authorities, you will be in trouble.

 

[5K1PP3R]

I was just getting dividends from my Dubai company and converting them to Crypto, that's all.⁠ I probably should have used an exchange, but it was easier using p2p binance market⁤ buying for AED. I was told before by people here that this shouldn't be a⁣ problem. There is a good chance they will just ask for source of funds and⁢ I will show them dividend resolution. But I wanted to check maybe people here have︀ some first hand experience

 

[Mike Forman]

From the notification indicated they require info about the transactions, not the source of funds.‌
There is a chance already one of the accounts you transferred to for p2p was‍ flagged so now they check all the transactions.

I'm not sure about lying to them⁠ would work out well and an incomplete or vague response will as well higlikely result⁤ in closing of the bank account.

Best as others mentioned is to move the funds⁣ out first

So that's what︄ you best tell them. If crypto p2p is not allowed then you violated the terms︅ and you should say goodbye to this account.

We have had similar thing in Hong︆ Kong, though not for crypto but using the account to get cny out of China.︇ They closed all accounts with that bank.

Someone with on hand experience with banks in︈ UAE might be able to provide more accurate info

 

[Sols]

It's better to apologize and exit peacefully than try to lie to the bank. One‌ is taking responsibility for a mistake, the other is a potential crime in a totalitarian‍ regime with harsh penalties for criminals.

 

[5K1PP3R]

tbh I still don't⁠ see it as a problem yet, buying crypto p2p is not illegal iiuc.

This is⁤ what ChatGPT has to say:

 

[Sols]

You might not see a problem but the‍ bank seemingly does. Many if not most banks have their own policies against crypto, which⁠ is usually spelled out in the terms and conditions. Something doesn't have to be illegal⁤ for a bank to refuse to offer services to it.

Just like how it's not⁣ illegal to dress like a slob but restaurants can still refuse to serve you.

Irrelevant, for a whole⁢ bunch of reasons. One such reason being that ChatGPT's data ended in 2021 so even︀ if it were able to understand a bank's policies and accurate tell you about it,︁ it wouldn't know about 2022 and 2023 information.

 

[5K1PP3R]

Seems like FAB is not too against crypto after all
https://www.agbi.com/articles/first-abu-dhabi-bank-to-launch-crypto-services/

and another source
https://www.coindesk.com/business/2023/02/15/abu-dhabi-starts-2b-initiative-to-back-web3-startups/

 

[Mike Forman]

So just tell them the truth if there is no‍ issue and update us here if they accept or close the account

 

[Fred]

@5K1PP3R as far as I recall are you existing client of us - please use‌ what we gave you on hand without exposing here to keep it in the longterm.‍

Always go through the Business Bank Account as UAE Banks nowadays are not happy to⁠ see anything on the Personal Bank Accounts beside of Salary, Dividend, Rent Income or from⁤ time to time some Property or Car Sale.

 

[5K1PP3R]

Hi, @Fred , yes I am your client, I already sent you a PM on Telegram.

 

[5K1PP3R]

OK I am still at the same place, thinking should I tell FAB I was‌ buying crypto or not. Can I tell them this was some kind of investment?

 

[Martin Everson]

You not reached out to FAB yet to ask what the actual problem is and‌ what exactly they want? At least do that first 😀.

 

[5K1PP3R]

I can't even call them actually, there is no way to talk to operator,⁠ only voice robot.
Emailed, no answer.
Contacted them on Facebook but they can't reach me⁤ on my local number. That's biggest Asian bank for you or how do they call⁣ themselves. Yeah, big contrast vs Wise/Revolut

 

[Martin Everson]

That's quite worrying actually. Makes⁤ you think what would happen in a crisis.

 

[extremedox101]

why you don't try to call them from another number then let them know about‌ your registered number and confirm your identity in the call .
or contact your account‍ manager to sort out your problem.

 

[Martin Everson]

Btw this makes‍ me wonder. Hope the seller was not a terrorist or has been arrested or something.⁠ Better hope this is all just a simple case that can be resolved amicably 😀. I would not be paranoid just yet...lol.