Support to a UK based Russian client in lifting restrictions applied to assets in their accounts at a European bank.
Our client, a Russian and UK tax resident, had a longstanding commercial banking relationship with a Latvian bank. He wanted to transfer the assets to his account with a UK bank. However, the UK bank compliance was concerned about receiving the funds, and our client did not understand the issue. We were quickly able to identify that the UK bank compliance department had not even looked at the origin of the funds, but simply refused to accept any money from Latvia, due to recent negative news about instability in the Latvian banking system.
Our experts worked closely with the client and our partner lawyers to prepare a comprehensive dossier (KYC/CDD package) confirming the legitimacy of the client's funds origin, as well as providing all necessary explanations about the funds held on the Latvian account. Thanks to our explanations, the UK bank confirmed that our client could transfer his assets to them.
Our experts worked closely with the client and our partner lawyers to prepare a comprehensive dossier (KYC/CDD package) confirming the legitimacy of the client's funds origin, as well as providing all necessary explanations about the funds held on the Latvian account. Thanks to our explanations, the UK bank confirmed that our client could transfer his assets to them.
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Our client, a Russian and UK tax resident, had a longstanding commercial banking relationship with a Latvian bank. He wanted to transfer the assets to his account with a UK bank. However, the UK bank compliance was concerned about receiving the funds, and our client did not understand the issue. We were quickly able to identify that the UK bank compliance department had not even looked at the origin of the funds, but simply refused to accept any money from Latvia, due to recent negative news about instability in the Latvian banking system.
Our experts worked closely with the client and our partner lawyers to prepare a comprehensive dossier (KYC/CDD package) confirming the legitimacy of the client's funds origin, as well as providing all necessary explanations about the funds held on the Latvian account. Thanks to our explanations, the UK bank confirmed that our client could transfer his assets to them.
Founder of Monopoly Advisers
Mikhail Khodurskiy
“The reality is that changes in regulation of private wealth, which are taking place around the globe, rapidly diminish the value of private capital from “unexplained” sources. International financial legislation and regulation of private capital now dictate that all sources of wealth must be explained - even from many decades ago. Any client that does not do so exposes themselves to significant financial and reputational risk. They will also be declined access to banking in Europe.
Think about it beforehand and don’t allow your hard-earned money to become a burden.”
Think about it beforehand and don’t allow your hard-earned money to become a burden.”
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