Watch out erstwhile you send a transfer! That mistake in the title can cost you dearly

Sending bank transfers is everyday for most Poles. However, fewer realize that an inconspicuous mistake in the title of the transfer may consequence in serious problems – from IRS checks to blocking the account.

Some terms in the transaction description may rise suspicions of the bank or even be treated as a violation of the law. See what to avoid before it's besides late.

Don't put it in the transfer title! You might be in trouble.

Banks and financial institutions are increasingly examining transfers under anti-money laundering and terrorist financing procedures. Some keywords can automatically trigger an alarm and consequence in additional controls.

Here. common errorswhich may origin problems:

• ‘For services’ or ‘for black work’ – Treasury officials pay peculiar attention to transfers that may indicate Illegal employment.
• ‘Prezent’, ‘gift’, ‘loan’ – if the amounts are higher, the bank can study the case to the taxation office, which will check whether the donation taxation should be paid.
• “For drugs” or “for bribe” – although many people kind specified phrases for a joke, banking systems take this very seriously. It could even end with a study to the D.A.
• “Money for gambling” – transfers related to illegal gambling may consequence in a blockage of funds and intervention by law enforcement authorities.
• ‘Under the table’, ‘without tax’ – it's almost a certain way to increase fiscal control.

When will the bank block the transfer?

Banking systems continuously monitor client transactions and if they detect anything suspicious, they may take the following action:

1. Blocking the transfer and requesting explanations – the bank can ask to paper the origin of money or the intent of the transaction.
2. Notification by the gross Office or the General Financial Information Inspector (GIIF) – if the transaction raises serious doubts, it will be notified to the applicable services.
3. Suspension of access to the account – in utmost cases where suspicions concern, for example, money laundering, the bank may temporarily block the account.

A money transfer? The taxation office may be interested

If you send or receive larger transfers, the taxation office has the right to request explanations. Especially when:

• You regularly receive transfers from different peopleWhich are not your employers.
• You do cash paymentsThat doesn't match your authoritative income.
• The transfer title contains phrases suggestive donation, debt or payment for undocumented services.

In Poland, the taxation office has the right to check transactions for more than EUR 15,000but smaller transfers are besides increasingly controlledIf they look suspicious.

A gag in the title of the transfer? It could end in a call to the police.

Some view the transfer titles as an chance to make jokes, including, for example, “for bribery”, “for coup” or “for weapons”. It seems funny, but banks and law enforcement have no sense of humor in this matter.

Such entries may lead to:

• Interrupt transfer and call for clarification.
• Notices of service if content suggests criminal action.
• Temporary bank account lock Until the case is resolved.

How to safely describe transfers?

To avoid problems, usage neutral and precise transfer titlesFor example:

• "Fund returns", "rent fee", "birthday gift" – if it's transfers between friends or family.
• ‘Facture No X, payment for services’ – if the transfer relates to a business transaction.
• ‘Repayment of the debt in accordance with the contract’ – in case of a refund.

If you're handing higher amount as a donationIt's worth it. Official Agreement and, if necessary, study it to the taxation office to avoid suspicion of taxation avoidance.

Be careful before you click “send”

Although the title of the transfer seems to be a insignificant detail, it may have serious consequences. Some keywords can trigger bank control, taxation office and even lead to law enforcement intervention.

To avoid problems:

• Do not enter humorous or ambiguous phrases.
• Describe the transfers carefully, especially erstwhile they concern larger amounts.
• If you make a donation or loan, paper the transaction.

Before you send the transfer, Think about what you compose in the title. It can spare you quite a few unpleasantness.