International transfers are an essential element of global business. However, increased control from banks and regulators raises the risk of account blocking. In this article, we will discuss the main reasons for account blocks, ways to prevent them, and actions to take if problems arise.
Main reasons for account blocking
Before choosing a method to send funds from Russia to Europe, it is important to consider a number of key aspects:
Non-compliance
with regulator requirements
Regulators require strict adherence to international AML (Anti-Money Laundering) and KYC (Know Your Customer) standards. Any discrepancies can lead to audits and account blocking
Suspicion
of violating
sanctions regimes
Working with counterparties from sanctions lists or conducting suspicious transactions is one of the key reasons for account blocking
Errors
in document
Incorrect or incomplete transaction documents raise suspicions with banks and can lead to payment suspension
Exceeding
transaction limits
Banks set limits on transfers, and exceeding these limits can automatically trigger an audit and account block
Counterparty
errors
Incorrect details or missing necessary information from a partner can lead to delays or payment blockage
Recommendations from the RSI GARANT service
Check counterparties and prepare documents in advance
Work with reliable payment services
Monitor transaction volumes
Consider the specifics of the jurisdiction
How to avoid account blocking
contact the bank and clarify the reason for the block.
Then, request an official notice with an explanation and provide additional documents.
Prepare contracts, invoices, and correspondence with partners. Write an explanatory letter to the bank.
Seek legal support. Lawyers specializing in international transfers will help you properly file inquiries with the bank or regulatory authorities.
Use alternative accounts or services. If you have other financial tools or intermediaries, use them to continue operations.
Consider filing a complaint, and if the bank is not acting in your best interest, you can file a complaint with regulatory authorities.
What to do if access cannot be restored?
Open an account in another jurisdiction: Consider countries with more favorable currency control policies, such as the UAE or Singapore
Use cryptocurrency payments: Under restrictions, cryptocurrencies can become an alternative tool for transactions
Optimize business processes: By working with reliable financial
