How to open a bank account in England to a non-resident?
Over the past few years, the opening of a foreign account in the Bank of England to a non-resident has grown into an impossible mission, despite the fact that the…

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Modern loyalty programs of commercial banks
In the modern world, it is difficult to imagine a person who would not use bank cards. Due to its advantages and wide possibilities, this means of cashless payment has…

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Questions to ask a banker before investing
A private bank, managing other people's assets rarely takes a large commission. Often we are talking about 1-2% per annum of the size of the assets. The proposal looks tempting,…

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Good reason to open a foreign bank account
The litigation that is currently unfolding between the Federal Tax Service and Sberbank may be a significant precedent that will affect the entire banking sector in Russia. The FTS accuses…

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economy as a whole

Know your customer: this is why banks WILL ask you awkward questions

Banks are fined hundreds of millions of dollars for insufficient customer verification. This is exactly what happened with the largest bank in Pakistan, which received a $ 225 million fine and is now forced to close a branch in New York.
In early September, Habib Bank, which is the largest in Pakistan, was sentenced in New York. According to the Department of Financial Services, the bank did not conduct sufficient customer audits that are required by New York law. The bank was fined $ 225 million for not combating money laundering and financing terrorism, for ignorance in an adequate form of reporting, and they demanded to close the branch in the city. Continue reading