By successfully engaging with the bank and forcing them, as far as they are able, to be more transparent with regards to their processes, we enable our clients to at least retain some control of the situation and launch a more targeted response if appropriate. We also regularly advise clients on steps to take to decrease the chances of this occurring in the first place.

Bank Account Freezing Orders

Why has my account been closed?

Banks are progressively adopting a more risk-averse approach.  This has led to us increasingly seeing circumstances where individuals have their bank account(s) frozen and then closed.  This is done without explanation and often with very short (or no) notice and can cause much inconvenience to the individual concerned.

Wider implications of Bank Account Freezing and Closure

Unfortunately, the freezing or closure of accounts can have further reaching consequences for the individual targeted than just a limited access to funds.  It can cause devastating reputational damage and an adverse profile by firms specialising in Know Your Customer services (KYC services), leading to an inability to open accounts or gain credit in the future.

Our team successfully works with clients to correct or rectify their media profile by utilising the Data Protection Act 2018 to force the correction of any incorrect or misleading information that might be published or is displayed by firms specialising in KYC services.  We have also assisted many clients in finding alternative banking arrangements. We have recently started a series of blogs for those who fear that such firms might be displaying incorrect or misleading information about them.

If you are concerned by any of the above, or for more information about us and our Criminal Litigation, Investigations and Regulatory services, please contact a member of the team who will be able to assist.