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SCB: Invasive Account Review

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  1. #21

    Join Date
    Dec 2009
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    311
    Quote Originally Posted by clh_hilary:
    They don't have to do business with me. But can I reactivate my account simply to collect all my money in a few years without going through this?

    I now have very little connection to Hong Kong, and the account just needs to be kept open for a few more years so my investments (made years ago) can be materialized.
    It's been a few years now where banks are force-closing many accounts because of these excessive reviews. If your account gets closed, you can't just "re-activate" at a later date. They'll give you about a month to arrange for the funds to be shipped out to a different institution or they'll just send you a cheque to your registered address with the balance remaining. I'm not sure how transferrable the investments you're talking about are. You would have to sort that out with them prior to the account closure if it came to that.

    I agree with HowardCoombs, just make something up. It's an admin checklist for them. They don't really care and no one other than the bank will call you out on your answers. Worst case at that point is they just close your account anyways. Same same.
    clh_hilary likes this.

  2. #22

    Join Date
    Jul 2013
    Posts
    128

    I dont think anyone remember their source of fund in details, there should be a way of filling it or lie. hahaha. Sorry, I don't have that problem because I still have a full time job. I have an overseas account, but its really little money, no investment product and I dont live in mexico.

    I involved in AML work to certain extend, not to the operational extend. So, I don't know how do they terminate overseas customer + with investment.

    I am not sure how good or bad is sc's representative, but now that you understand their are just doing their job, try to talk to them in kindly manner might help rather than angry.


  3. #23

    Join Date
    Dec 2002
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    薄扶林
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    47,964
    Quote Originally Posted by Tcresident011:
    It varies from bank to bank. The said bank has been in the media a number of times for being fined by regulators for weak controls, so what they are doing is not surprising. If you deem it to be excessive then either close or you can write to the banking regulator who asks banks to explain why they are doing and what..
    Indeed Iran enquiry is being reopened.

  4. #24

    Join Date
    Sep 2018
    Location
    México
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    25
    Quote Originally Posted by foxwendal:
    It's been a few years now where banks are force-closing many accounts because of these excessive reviews. If your account gets closed, you can't just "re-activate" at a later date. They'll give you about a month to arrange for the funds to be shipped out to a different institution or they'll just send you a cheque to your registered address with the balance remaining. I'm not sure how transferrable the investments you're talking about are. You would have to sort that out with them prior to the account closure if it came to that.

    I agree with HowardCoombs, just make something up. It's an admin checklist for them. They don't really care and no one other than the bank will call you out on your answers. Worst case at that point is they just close your account anyways. Same same.
    Well, their threat was that it may be suspended, not that it would be closed, So it seems like that's the consequence if this is not done. But in the light of that, I will pay extra attention to whether it'd be a suspension or a closure. Pretty sure they can't just send me a cheque internationally, but I guess they could do a banker's note. The investments are with another company they are affiliated to, with the instruction that at the end, the funds will be transferred to my SC account. So I guess if it comes to that, I'll just need to make sure I find a way to change that instruction before they materialize (I don't even remember when they will be tbh).

    Well, in my last email, I did point out the fact that I don't have a copy of the form. I'll probably fill in something then if they ever get back to me (which from experience doesn't always happen - they seem reluctant to have written communication and I'm never going to call them). Probably will email again next week if I haven't heard from anyone again.

    According to HowardCoombs's HKMA document, I would normally have only 30 days, and 2 weeks have probably been passed already.

  5. #25

    Join Date
    Dec 2009
    Posts
    311
    Quote Originally Posted by clh_hilary:
    Well, their threat was that it may be suspended, not that it would be closed,
    Don't take their wording too literally. If they're asking questions, outright closure is always on the table. But it's not as dire or severe as you may think it to be. Just get back to them with some reasonable answers and they'll likely move onto the next box to tick.
    clh_hilary, spode and shri like this.

  6. #26

    Join Date
    Sep 2018
    Location
    México
    Posts
    25
    Quote Originally Posted by bobobo:
    I dont think anyone remember their source of fund in details, there should be a way of filling it or lie. hahaha. Sorry, I don't have that problem because I still have a full time job. I have an overseas account, but its really little money, no investment product and I dont live in mexico.

    I involved in AML work to certain extend, not to the operational extend. So, I don't know how do they terminate overseas customer + with investment.

    I am not sure how good or bad is sc's representative, but now that you understand their are just doing their job, try to talk to them in kindly manner might help rather than angry.
    I have a full-time which is why I can provide an estimate now, but my incomes, even from the same employer, is very complex, with the different bonuses, subsidies, benefits, profits sharing, then for some reason several separated payments (paid in a third currency). After working there for several years, I have a better idea of what I'm making than before (I didn't even know how much the subsidies were!), but I still can't give anyone an exact number.

    Whilst I was quite obviously upset by the whole form to begin with, I'm also quite annoyed by their not answering my enquiry and only asking me to call them. But as I've said, the specialist finally did email me albeit without addressing all my concerns, so perhaps they have accepted the reality that I'm not going to call them and communication will be easier from this point on.

  7. #27

    Join Date
    Sep 2018
    Location
    México
    Posts
    25
    Quote Originally Posted by foxwendal:
    Don't take their wording too literally. If they're asking questions, outright closure is always on the table.
    Oh OK. Well if anyone gets back to me with the form attached, I'll do something anyway. Just don't know if they'll be satisfied.

  8. #28

    Join Date
    Jan 2018
    Location
    Taiwan and HK
    Posts
    6,158

    You could make some blanket statement that "amounts are estimates" or "amounts prior to 2000 are estimates" somewhere or a cover letter or some such.

    Seriously, if you can't figure it out, who can? There is no way I could figure out my "lifetime earnings" even with all my tax returns for my life (does the IRS even keep them for my whole life?).

    So they know it's an estimate- that's not a lie, you are doing it to the best of your ability (that said, don't waste a lot of time with it). Really, it is just a piece of paper they are going to file away, it will never be reported to anyone.

    Even when I do my taxes, where the numbers are supposed to be exact, I usually can only estimate what the previous year's medical expenses were, I don't keep spreadsheets on my entire life. You do the best you can.

    Yeah, a stupid hassle, sux.


  9. #29

    Join Date
    Sep 2018
    Location
    México
    Posts
    25
    Quote Originally Posted by MABinPengChau:
    You could make some blanket statement that "amounts are estimates" or "amounts prior to 2000 are estimates" somewhere or a cover letter or some such.

    Seriously, if you can't figure it out, who can? There is no way I could figure out my "lifetime earnings" even with all my tax returns for my life (does the IRS even keep them for my whole life?).

    So they know it's an estimate- that's not a lie, you are doing it to the best of your ability (that said, don't waste a lot of time with it). Really, it is just a piece of paper they are going to file away, it will never be reported to anyone.

    Even when I do my taxes, where the numbers are supposed to be exact, I usually can only estimate what the previous year's medical expenses were, I don't keep spreadsheets on my entire life. You do the best you can.

    Yeah, a stupid hassle, sux.
    Oh well. Yeah, I think I'll just fill in something. Perhaps I can also write those statements on the form somewhere too just in case.

  10. #30

    Join Date
    Dec 2013
    Location
    Hong Kong
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    12,323
    Quote Originally Posted by clh_hilary:
    Thanks. Yeah I know about the money laundering for drug cartels. Dormant accounts with little money are prime suspects too.

    The issue is not just that I'm unwilling to do it, but that I'm unable to do it. I can't tell you how much money I'm going to make in 2018, and I can't even tell you for certain how much I made in 2017, and these years are the least complex years for me. I simply don't know how much money I've made more than a few years ago. Literally n0 idea especially if I'm expected to include gifts from family and relatives (which I assume would be the majority of my "earnings" up to some years ago). If they are asking me to declare my current net worth, I may be able to do that (but not certain either). Putting aside not having a record kept as a child then a teenager, with all the moving and changes in the banking system, I also have practically no records of my ins and outs in the accounts from c11 banks (I'm not even sure about how many banks I have been in) across 4 continents.

    Make it up. Seriously. It's the only way. I've been through this KYC for my business account and they asked rediculous questions suitable for a widget manufacturer not a service company. They just kept asking until there was something in each "box". The people doing this are twits, they have no clue, the don't cross check. Just fill in the boxes with something plausible and move on.
    clh_hilary and spode like this.