Bank Account Freezing and Closures
Our team of highly-skilled business and financial crime lawyers have extensive experience in making successful representations to the relevant banks and challenging account freezing and closures on behalf of our clients.
By successfully engaging with banks and forcing them, as far as possible, to be more transparent with regard 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.
Wider implications of Bank Account Freezing and Closures
Unfortunately, the freezing or closure of accounts can have further-reaching consequences for the targeted individual than just a limited access to funds. It can cause devastating reputational damage and the creation of an adverse profile by firms specialising in Know Your Customer (KYC) services, which may lead to inability to open accounts or improve credit score 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 inaccurate or misleading information that may be published by firms specialising in KYC services. We have also assisted many clients with 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.
Recent cases
- Acted for various individuals and significantly sped up the time it took the bank to unfreeze accounts.
- Assisted various individuals by utilising data protection legislation in obtaining the bank’s reasoning for closing an account and launched a targeted challenge.
- Acted for a successful Russian businessman to remove incorrect / inaccurate information displayed on Word-check database .
- Acted for a successful businessman to remove incorrect / inaccurate information displayed on Word-check database (including incorrect characterisation as PEP).
- Acted for versuccessful businessman to remove incorrect / inaccurate information displayed on Word-check database.
