How to clear my mate's name

[BertBert]

Not sure if right here or better in the finance section...

My mate thinks that he may have some form of suspicious activity report going on. He's a normal well built PH company director type of advanced years (60+) but has had some issues with trying to open new bank accounts (specific uses, not just a general lets open bank accounts). And (tellingly?) there is no explanation from the banks as to why. Now I'm sure he is paranoid, but assuming for a minute that he's not, how would he find out what's going on and then take action to clear any suspicions.

FAOD he is not funding terrorism or laundering money, but if the powers that be incorrectly suspect stuff is there any way to find that out and get it cleared? I'm expecting the answer to be no, but it seems right that someone could clear their name.

Cheers
Bert

[Canon_Fodder]

Perhaps he could try complaining to the banking ombudsman and see what that brings to the surface - if anything?

[arfur]

Likely to be a CIFAS marker or a SAR

You can make a data request to CIFAS and that would tell you if it's come from a SAR along with any other reasons for the marker

They do get it wrong occasionally

[BertBert]

Thanks I'll suggest he does the CIFAS DSAR and see what that brings up.

[BertBert]

told him and he's submitted the DSAR

[Pixelpeep 135]

bookmarked.

[selwonk]

If he signs up with Clear Score, the CIFAS registration will show:

https://www.clearscore.com/

[OutInTheShed]

Aren't banks generally a bit snotty about opening normal 'free' accounts for 'specific uses'?

These days they want you to pay for a business account.
Not sure they are even very helpful to bona fide members' clubs or associations?

I suspect if you want to open a personal current account with most banks, they will be expecting you to close the existing?

I suspect he's just got the wrong side of general policy?

[mcflurry]

Would one of the online tech banks work for your friend (such as Starling, Chase, Tide, Monzo, Revolut etc) ?

[OutInTheShed]

mcflurry said:

Would one of the online tech banks work for your friend (such as Starling, Chase, Tide, Monzo, Revolut etc) ?

One might add Paypal to that list?

[BrettMRC]

Is your friend one of those that likes to be deliberately vague/obtuse when it comes to sharing details of his trading reasons and source of funds?

If he clams up, doesn't want to share proofs etc then it's quite likely this is what you'll get.

[BertBert]

BrettMRC said:

Is your friend one of those that likes to be deliberately vague/obtuse when it comes to sharing details of his trading reasons and source of funds?

If he clams up, doesn't want to share proofs etc then it's quite likely this is what you'll get.

Understood, but he's fairly open to the kyc checking. His lifetime gains are fairly straightforward and easy to explain.

[BrettMRC]

BertBert said:

BrettMRC said:

Is your friend one of those that likes to be deliberately vague/obtuse when it comes to sharing details of his trading reasons and source of funds?

If he clams up, doesn't want to share proofs etc then it's quite likely this is what you'll get.

Understood, but he's fairly open to the kyc checking. His lifetime gains are fairly straightforward and easy to explain.

In that case, as alluded to above by other posters; he is trying to do something that isn't within the banks appetite, or at least not in the appetite at whatever level he is attempting.

[BertBert]

Yes that's a much more sensible explanation than having an SAR registered against him. You'd have thought that the backs would just have told him that though

[samjlevy]

BertBert said:

Yes that's a much more sensible explanation than having an SAR registered against him. You'd have thought that the backs would just have told him that though

A SAR wouldn't stop him opening accounts at other banks, over 500,000 of those are filed in the UK every year.

Even an Account Freezing Order, which is what comes after a SAR if they have suspicion of fraudulent activity, wouldn't stop him opening another account.

A DSAR is pointless as usually they are not allowed to tell you the reason the application was rejected.

If his current bank account is fine, I expect what is listed above would be correct, the industry he is trying to open an account up may be classed as high risk.

[BertBert]

Thanks, very helpful. I suspect it'll remain a mystery!