In fresh years, banks have become increasingly stringent in verifying the sources of client financing. The situation that late met the client of ING Bank Śląski shows that it is now not only the taxation office that demands explanations, but besides financial institutions. By sending a call to 1 of his clients, ING Bank Śląski openly stressed that they must prove the origin of the money that affects their accounts. Although this is simply a serious obstacle for many customers, the banks explain that these are actions that comply with the applicable law and are designed to counter money laundering and terrorist financing.
Why do banks request explanations from customers?
Banks have a work under the Law of 1 March 2018 to counter money laundering and terrorist financing, to check the sources of financing of their customers. In practice, this means that erstwhile a bank identifies irregularities in transactions or in a client account, it may request clarifications and papers confirming the origin of the measures. What seems suspicious to the bank may include a abrupt increase in the receipts on the account, especially if these are cash transfers which the bank is incapable to verify explicitly. specified actions aim both to safeguard the bank's financial interests and to counter possible illegal financial practices.
Client situation of ING Bank Śląski: No debt agreement
An example of the client of ING Bank Śląski, who received a call from the bank regarding the origin of the funds affecting his account, shows that the deficiency of documentation confirming the origin of backing may lead to serious problems. A man whose account was affected by additional funds in the form of a debt from a colleague did not have a contract to confirm the transaction. Without specified a document, he is threatened with failure of access to the funds in his account and even filing a complaint with the taxation office.
Banks explain their actions: Financial safety and prevention of money laundering
Responding to the allegations, banks explain that their actions are aimed at ensuring the financial safety of their customers and preventing money laundering. Although specified controls may be burdensome for customers, banks must comply with the laws and their interior safety procedures. In view of the expanding number of cases of money laundering and terrorist financing, specified measures are essential to keep the integrity of the financial system.
How to avoid problems with the bank?
The expert advises that if the bank requests the client to explain the origin of funding, it is worth contacting the financial institution as shortly as possible and explain the situation. Documenting the origin of money can be crucial to avoiding serious consequences. In the absence of a contract or another papers confirming the transaction, the client is advised to take action as shortly as possible to settle the case and supply the bank with the essential documents.
The proposal is clear: awareness of the rules and the preservation of applicable documentation can prevent financial problems related to banking control. In the face of increasingly stringent rules, it is worth ensuring that our financial transactions are clear and in line with the laws, so as to avoid unpleasant surprises.
Ignacy Michałowski
OSINT investigator with experience in global journalism projects. It has been publishing materials for over 20 years for the largest releases. In social activities he engaged in various projects and initiatives aimed at improving the quality of life of people, especially those of mediocre communities. He was besides active in the fight for human rights. Contact: [email protected]
